The impact of major international events (i.e., trade agreements, Brexit, COVID-19, sanctions, wars) can have a profound short- and long-term impact on economies and financial markets.

Major international events can impact a country’s economy through changes in investments (both foreign and domestic) as well as productivity. The impact on individual firms and sectors will depend on the nature of the event and the firm/sector. For example, a trade agreement may primarily benefit firms in a particular sector. Events such as wars, sanctions and referendums may increase uncertainty in the markets, have an impact on the sentiments, and currency (these are not mutually exclusive). The impact on large firms with direct international exposures is likely to be different to that on smaller domestic firms. The impact of COVID-19 has also been asymmetrical with the hospitality sector being the worst hit while the Technology sector has done well as firms and people adapted their work practices.

The answer to these important considerations will have a broad consequence not just for market efficiency but also in context of market resilience and growth. For example, one can investigate the role of sanctions on the performance and growth of companies/or industries in affected markets; or how COVID-19 has created winners and losers across the different industries.

A prospective PhD candidate is expected to explore the controversial aspects of both the role of major events across markets and industries, and the effectiveness of trade agreements and sanctions.

Supervisors: Dr Vineet Agarwal and Dr Nemanja Radic

Application Details: The PhD candidate should hold a minimum 2.1 class undergraduate degree in a related discipline and have passed, or be expected to have passed by autumn, a master’s degree or equivalent research experience in a work setting. See admission and English language requirements.

Deadline: Expressions of interest alongside a CV are invited via email to and