PhD Summer School on
Finance and Product Markets
Theory, Evidence, and Measurements
USI Lugano (Switzerland)
June 30th-July 4th 2025
Tuck School of Business (USA)
August 4th-8th 2025
Course description
The course aims to introduce participants to the growing research area focusing on the intersection(s) between finance and industrial organization. The course will cover the multifaceted interactions between firms’ (real and financial) decisions and their product market environments. Both theoretical articles and empirical articles will be covered and discussed. In addition, we will discuss issues related to the definition and measurement of firms’ product markets and competitive environments, as well as methods and settings used by researchers to estimate causal relationships. We will emphasize the link between theoretical and empirical research in both industrial organization and finance.
Lecturers
Target audience
The course is intended for PhD students who have completed their core courses (macro, micro, econometrics, etc.), interested faculty members, and for practitioners. It could be considered a necessary “field course” for those interested in corporate finance and industrial organization. The course is self-contained. Familiarity with finance and economics will be helpful.
Course Content
The course is structured around ten sessions of three hours (mornings and afternoons).
Five sessions covering the main themes linking finance and product markets, presenting, and (critically) discussing important (theoretical and empirical) articles. A strong emphasis is given on the development of the research field and the research process.
Two sessions dedicated to specific research methods: one focusing on the use of computational linguistics (i.e., text‐based methods) to measure product market boundaries, characteristics, and dynamics, and one devoted to settings used to identify causal relationships in this research area.
Two practical sessions covering (step‐by‐step) the use of computational linguistics (illustrated using Python) to replicate the latest measurements of product market boundaries based on firms annual reports. Preparation materials and replication kits will be provided.
One session of mini-seminars for participants interested to present their work and receive feedback from professors and other participants.
Here is the course syllabus.
Organization and Fees
Following the success of the past three editions in Lugano, we have decided to duplicate the summer school in 2025 with one session at USI in Lugano and one session at Tuck at Dartmouth in Hanover, NH . This is to make sure that a maximum number of interested students can participate.
June 30th-July 4th 2025
Fee: Students or faculty at an academic institution: 1'000 CHF (others: 2'500 CHF). This fee includes the lectures, tutorials, and preparation materials prior to the course for Python new users. Food and accommodation costs are not included.
A number of scholarships are available for students affiliated with the Swiss Finance Institute (SFI).
August 4th-8th 2025
Fee: Students or faculty at an academic institution: 1'000 USD (others: 2'500 USD). This fee includes the lectures, tutorials, and preparation materials prior to the course for Python new users. Food and accommodation costs are not included.
Tuck offers the possibility for accommodation in private rooms (Dartmouth student dormitory) with breakfast and lunch credit (of $100) for a total of $500 for 5 nights.
Applications
The deadline for the first round of applications for both sessions is March 31, 2025. If you are interested, please apply to one of the session (not both) by filling out one of the form below. Those who apply will hear by March 31 whether the sessions at USI Lugano and Tuck will take place (there needs to be minimum interest), and if so, whether they are admitted. We may rerun this procedure in May 2025 with a deadline in early June. However we cannot guarantee such a second round. It depends on the first-round outcome (i.e., there might not be a second round if the course is fully booked as in previous years).
Contact
If you have any questions about the summer school, please contact Prof. Laurent Fresard or Prof. Gordon Phillips
Previous editions
Edition 2024 (Aug 12-16, Lugano)
54 participants from 14 countries (Australia, Austria, Belgium, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, the UK, the USA, and Switzerland).
Some of the comments by participants on what they particularly liked:
"Informal talks with peers and lecturers ."
"The framework and the structure of the lectures and materials .
"The interaction with professors and classmates ."
"The hand-on exercise session of the TA ."
"The knowledge sharing about how a paper goes through the review process. "
"A good mix of topics with the addition of personal experiences and tips. "
Edition 2023 (July 24-28, Lugano)
50 participants from 38 institutions (Europe, US, and Asia)
Some of the comments by participants on what they particularly liked:
"Detailed walk-troughs of good papers."
"Close interactions with professors and other students."
"Deep understanding of the topic and the current trend of research in the area."
"The Theoretical Underpin and Detailed Explanations."
"Dinner with professors."
Edition 2022 (August 15-19, Lugano)
26 participants from Swiss Universities.
Some of the comments by participants on what they particularly liked:
"Close interactions with professors and other students."
"Research framework, stories behind papers, comprehensive walkthrough of the literature, and social events."
"The closeness of the professors."
"Instructors made it very easy to ask questions. Discussion of the really old papers (<2000) was very nice to get the basic ideas."
Please note
ECTS may be offered for this course. The details will be available from your local administrator .
The course will take place in-person and once registered, students need to commit to attend.
A certificate of attendance will be issued at the end of the course.
