The PhD concentration in finance emphasizes theoretical economics and provides a rigorous, analytically-grounded education. The Finance Department has a long and prominent intellectual history. Ideas that we now take as commonplace, such as moral hazard problems caused by deposit insurance and the Hansen-Jagannathan bounds in asset-pricing, have their origin at the Carlson School. Faculty members are also dedicated to producing top-flight scholars by offering both doctoral courses that focus on cutting edge research as well as collaborative research opportunities. Students who have strong interests and abilities in quantitative methods, mathematics, and economics will find this program both challenging and stimulating.