PhD Candidate: Sustainable, Long-term Investment Decisions

Welcome to Maastricht University!
The world is changing rapidly—and so are we. At Maastricht University, your work makes a difference. Whether you explore financial systems, contribute to academic research, or inspire students in the classroom, you help shape knowledge that moves society forward. In our international academic community, you work on questions that matter—for today and for the future.

PhD Candidate: Sustainable, Long-term Investment Decisions

• Our goal: Develop new financial insights that support sustainable, long-term investment decisions.
• Your colleagues: An international and collaborative community of PhD candidates, researchers, and faculty members within the Department of Finance and the Institute for Adaptation.

Financial markets increasingly face the challenge of balancing economic performance with long-term societal value. Investors, policymakers, and organisations are searching for better ways to integrate sustainability, externalities, and cultural value into investment decisions. At the same time, many existing financial models still struggle to fully capture the long-term impact of sustainable capital allocation.

That is why we are looking for a PhD candidate who wants to explore the future of sustainable finance. In this project, you investigate how financial markets can better account for environmental, social, and cultural externalities when making investment decisions. Building on foundational work by economists such as Arthur Pigou (1920), Ronald Coase (1991), and Elinor Ostrom (2009), your research contributes to a deeper understanding of how long-term sustainable value can be measured and integrated into financial decision-making.

You will work with unique datasets containing firm-level stock returns and company characteristics to analyse portfolio construction, capital allocation, and sustainable investment strategies. Using theoretical and empirical methods in finance, economics, and econometrics, you develop new insights into optimal sustainable portfolios and the creation of long-term value.

You will be based at Maastricht University’s Department of Finance at the School of Business and Economics (SBE), under the supervision of Prof. Dr. Rachel Pownall and Dr. Christian Wiehenkamp. As part of your PhD journey, you will also have the opportunity to collaborate with industry partners and undertake an internship at Effctl Capital GmbH in Munich, Germany.

Alongside your research, you contribute to teaching activities for approximately 20% of your appointment, supporting the next generation of finance professionals.

Are you ready to shape the future of sustainable finance? We would love to meet you.


What you bring

It’s not about ticking boxes—it’s about who you are and what you bring. Do you recognise yourself in this?

• Analytical and curious – You enjoy exploring complex financial and economic questions and turning data into meaningful insights.
• Strong academic foundation – You hold (or are close to completing) a Master’s degree in finance, economics, econometrics, or a related discipline.
• Research-driven mindset – You are motivated to contribute to academic research and publish in internationally recognised journals.
• Quantitatively skilled – You are comfortable working with empirical methods, financial datasets, and econometric techniques.
• Future-focused – You are interested in sustainability, long-term value creation, and the evolving role of finance in society.
• Collaborative by nature – You enjoy working in an international research environment and learning from different perspectives.
• Clear communicator – You express your ideas professionally in spoken and written English.

What we offer 
At Maastricht University, you’ll work in an international, open, and engaged environment. We offer:

• A 18-month contract (1,0 fte). Upon a positive evaluation, an extension of 2.5 years will follow.
• A gross monthly salary between €3059,00 and €3881,00 (based on full-time employment of 38 hours per week). 8% holiday allowance and an 8.3% year-end bonus.
• 29 vacation days (based on full-time), four additional days off (Carnival Monday and Tuesday, Good Friday, and Liberation Day), and the possibility to accrue up to 12 extra days through compensation hours.
• Flexible working hours, a home office allowance, and the option to work from home.
• Freedom and space to shape your work independently and develop your ideas.
• A close-knit community of colleagues to collaborate and grow with.
• A solid pension plan via ABP, company fitness schemes, and access to various university sports facilities.
• An inspiring work environment in the heart of Europe.

About the School of Business and Economics (SBE)
SBE is an international faculty for economics, business, and policy. We combine academic depth with societal engagement. Our education is small-scale and interactive. Our research focuses on themes such as sustainability, inclusion, and digital transformation. Together, we work on impactful solutions for the world of tomorrow.

Curious?
Are you interested in this exciting position but still have questions? Feel free to contact Rachel Pownall at life-sbe@maastrichtuniversity.nl for more information.

Applying?
Or are you already convinced and ready to become our new PhD? Apply now, no later than 15-07-2026 for this position.


The vacancy is open for internal and external candidates. In case of equal qualifications, internal candidates will be prioritized.

Maastricht University is committed to promoting and nurturing a diverse and inclusive community. We believe that diversity in our staff and student population contributes to the quality of research and education at UM, and strive to enable this through inclusive policies and innovative projects led by teams of staff and students. We encourage you to apply for this position.