Typical applicant profile University of Michigan's IB-BE PhD at the Ross School of Business is a leading program with a history of producing highly analytically oriented researchers in the areas of International Business and Business Economics. We are renowned for our rigorous program, highly regarded faculty and individual attention to our PhD students. The program is a highly selective, with 1-3 students admitted per year. See the personal profiles of the Current Students for their previous experience and research interests. The program has significant economics and quantitative content. Hence, persons with an undergraduate major in economics or mathematics, or a graduate degree (M.S., M.A., M.B.A. or M.P.A. in economics, business, or public policy) would be a good fit. Since we expect our students to research real world, business-related problems, we believe that a certain amount of work experience could be an advantage. Hence, unlike many PhD programs in departments of Economics, we encourage applicants with work experience. However, we also consider highly qualified fresh graduates with the relevant background. Application procedure The application procedure is the same for all PhD programs in the Business School. You can find detailed information on the application procedure here. Many frequently asked questions about the application procedure are answered on the FAQ webpage. Financial Aid As discussed in the Program Brochure, The Ross School of Business provides merit-based financial aid to all students admitted to the doctoral program. We provide four years of full funding, contingent upon satisfactory progress in the program. A separate financial aid application is not required. Current students typically receive fellowships of about 11,100 per year and a year-round research assistantship that provides a full tuition waiver, health insurance and a stipend of approximately $11,400. Thus the fellowship and research assistantship totals about $22,500 per year. Research assistantships typically entail 10-12 hours of work per week. These are not just a source of financial assistance but the centerpiece of the program's mentorship philosophy. Students also are paid as graduate student instructors while they satisfy the program's teaching requirements. In addition to the above, students can apply for external sources of support when available. We also nominate students for University Fellowships when possible. Research Areas The Business Economics and Public Policy group comprises faculty members with a wide range of research interests. The main areas of research in the group are listed below. Note that for most research areas, there is considerable focus on applications in a cross-country or international context. Also, for each research area, students in the program will be able to tap into the expertise of researchers in other Departments, Centers and Schools at the University of Michigan, as highlighted below. Students are strongly encouraged to involve faculty from other departments within the business school, as well as faculty from other parts of the university, in their dissertation work. Economics of Organization (Incentives & Contracting and governance) Professors Francine Lafontaine, Mario Macis and Scott Masten work on topics related to the economics of organizations. In addition, Professor Jan Svejnar's research interests include examining the effects of corporate governance on firm performance, and some of the work by Jagadeesh Sivadasan and Mario Macis also relates to this field. A number of faculty members in the Finance group at the Ross School of Business work in this area, as do several faculty members in other groups at the Ross School of Business, including the Finance group, as well as faculty members in the Department of Economics. Environmental Economics and Sustainable Enterprise This is the focus area of Professor Tom Lyon's research. Professor Lyon is also the director of the Erb Institute for Global Sustainable Enterprise. A number University of Michigan faculty are associated with the Erb institute (click here for a full list). Faculty members in the School of Natural Resources and Environment and the Ford School of Public Policy also work on related topics. Entrepreneurship ProfessorsLafontaine, Sivadasan and Terrell all study questions related to entrepreneurship. Professor Katherine Terrell focuses in particular on determinants of the self-employment decision. Professors Lafontaine and Sivadasan study industry dynamics, or firm entry, exit, and growth. Health Economics & Insurance This is the focus of Professor Tom Buchmueller's research. Research in related areas is also carried out by faculty at the University of Michigan's School for Public Health as well as at the Ford School of Public Policy. The Economic Research Initiative for the Uninsured based at the University of Michigan, also initiates, commissions, and disseminates research on health coverage issues. Industrial Organization Many of the BE faculty carry out work that fits under the general heading of Applied Industrial Organization. This includes, but is not limited to, Professor Lafontaine, who works on vertical integration and vertical restraints, Professors Valerie Suslow and Maggie Levenstein, who study cartels, Professor Lyon who studies energy markets, and Professor Sivadasan who studies patenting and firm productivity dynamics. International Business & Policy Professors Jan Svejnar, director of the International Policy Center (IPC) at the Ford School, and Katherine Terrell, area director of IPC, along with various professors in the Finance group and the Department of Economics, work on research issues related to Foreign Direct Investment as well as Globalization and Emerging Markets. In particular, they ask whether FDI spurs the economic development of poor countries. What determines where FDI flows? What is its effect on host countries? Have capital market liberalization and the increased number of free trade agreements (FTAs) since the 1990s improved the welfare of workers and the performance of firms in developing countries and transition economies? Labor Economics Professors Terrell and Svejnar have worked extensively on topics related to labor economics. Professor Macis also works on labor-related topics, particularly on incentives within organizations. Professor Sivadasan has examined the impact of job security regulations on firm behavior. In addition, a number of faculty members at the Department of Economics and the Ford School of Public Policy work in this field. A number of labor economists are also associated with the Populations Studies Center. Regulation & Public Policy Almost all faculty members in the Business Economics and Public Policy group work on regulation and public policy questions. In particular, Professors Suslow and Levenstein have studied international cartels and anti-trust regulations around the world. Professor Terrell has examined a number of aspects of labor regulation, particularly minimum wage regulation. Professor Jan Svejnar has looked at the effects of labor and capital market regulations on firm behavior and labor market outcomes. Professor Tom Buchmueller has examined the effects of healthcare regulations on insurance costs and other outcomes. Prof Joel Slemrod's research has examined the effects of tax and fiscal policies. Professor Sivadasan has looked at the effects of labor regulations in Chile and across the world and product market regulations in India. In addition to the BE group faculty members, many of the faculty at the Department of Economics and the Ford School of Public Policy work on regulation and policy related questions. Tax & Public Finance Professor Joel Slemrod is a leading expert on US Tax policy and public finance. He is the director of the Office of Tax Policy Research at the Ross School of Business. A number of faculty members at the Department of Economics and the Ford School of Public Policy also work on Public Economics and related topics.