Navigation auf uzh.ch
Navigation auf uzh.ch
Interview with PhD Candidate Thea Kolasa
Thea Kolasa is a PhD Candidate at our Department of Finance, where she explores the critical role of financial institutions in fostering sustainable development. In this interview, Thea discusses her motivations, research, and the impact she wants to make in the evolving world of sustainable finance.
My Masters in Economics at the University of Bonn, and in particular my work as a research assistant at the Institute for Finance and Statistics, sparked my interest in financial markets and their role in economic development. The University of Zurich's PhD program offers perfect conditions to develop my own research identity and make an impact in sustainable finance.
First, its leading position in sustainable finance research aligns perfectly with my research interests. I investigate how financial institutions can effectively allocate resources to promote sustainable development, particularly focusing on traditional banks and multilateral development banks.
Second, Zurich's position as a leading center for sustainable finance naturally attracts researchers and creates partnerships worldwide. The program actively encourages us to collaborate with researchers worldwide, and I've already taken the opportunity of this by arranging to spend a research stay at Norges Bank in the fall term last year and at Columbia University in New York later this year.
Third, what makes Zurich special is that it's not just an academic center, but also one of the world's most important financial hubs. Being surrounded by major financial institutions, NGOs, and numerous sustainable finance initiatives means I won't be doing research in isolation. I regularly connect with practitioners and test whether my research holds up in practice.
"This direct link between theory and practice is crucial for developing academically rigorous and practically relevant research."
My primary research focus lies at the intersection of Sustainable Finance, Development Finance, and Empirical Banking. I investigate how financial institutions and markets can effectively channel resources to drive sustainable economic growth. To date, I look at this from two perspectives: On the one hand, I examine how traditional banks decide to finance firms, including the criteria they use and the impact on corporate investment. On the other hand, I focus on how multilateral development banks (MDBs) secure funding for large-scale development projects.
I research multilateral development banks (MDBs), which are crucial institutions for international development as they can leverage private capital markets to fund their operations. In particular, MDBs can multiply their impact by issuing bonds. Together with Steven Ongena and Chris Humphrey, we investigate how financial markets perceive these bonds. Unlike typical market behavior where credit rating downgrades lead to higher borrowing costs, MDB bonds showed remarkable resilience to such downgrades. Among others, this finding reveals that markets treat MDB bonds as a distinct asset class - setting them apart from both corporate and sovereign bonds. What excites me about this finding is that it challenges conventional market wisdom and suggests that MDBs' unique characteristics - their official status, development mandate, and strong government backing - are deeply valued by investors. Understanding these market dynamics is crucial because it directly affects MDBs' ability to fund sustainable development projects worldwide.
Esther Duflo's research in development economics has profoundly shaped my thinking about how we can approach complex social problems. Her groundbreaking contributions were recognized with the 2019 Nobel Prize in Economics, making her the youngest person and only the second woman to receive this honor.
What fascinates me most about her work is how she transformed the seemingly overwhelming challenge of global poverty into testable, solvable questions. By applying scientific methodology to social policy, she showed how we can move beyond ideological debates to discover what actually works in practice.
This framework has fundamentally changed how I think about problem-solving in my own field. Rather than getting overwhelmed by complex challenges, we need to break them down into testable hypotheses and look for evidence-based solutions.
"Even the most daunting problems become manageable with the right methodology."
The Initiative in Sustainable Finance positions the University of Zurich as a leading research center in this rapidly evolving field. It connects researchers across different aspects of sustainable finance and allows us to use synergies to create cutting-edge research. For me, working with Steven Ongena and Zacharias Sautner has been particularly valuable.
In July 2024, I organized the first 'Rising Scholars in Sustainable Finance' workshop, which showcases the initiative’s growing influence. This event brought together young researchers from Swiss universities to exchange ideas and build connections and faculty mentorship. Having Professor Caroline Flammer, a leading voice in sustainable finance, deliver the keynote speech exemplifies the initiative's ability to attract top scholars in the field.
The 'Women in Academia' fireside chat with Caroline Flammer created a powerful space for open dialogue among female researchers at different career stages. We particularly valued how Caroline shared her personal journey openly and addressed all our questions with remarkable candor. Such forums are invaluable for building support networks and finding role models who've successfully navigated academic careers.
The past two years have shown me that these networks are essential and a step in the right direction. However, we are at an early stage. Impactful change can be achieved with allies in leadership positions and an increased institutional commitment to addressing structural barriers. It is encouraging to see that more and more senior academics are recognizing this need and are actively working to create more inclusive academic environments.
What makes the PhD in Finance at UZH special is that you get both freedom and support to form your research identity and to create an impact. The program encourages you to take initiative, whether that's creating research stays at central banks or other universities, organizing academic workshops, and building academic networks. When you have good ideas, you'll find the backing to make them happen. It's about being proactive and recognizing that you can shape your PhD journey.
Thank you very much for your time and input during the interview. We wish you all the best in your future endeavors!
More information:
Department of Finance: Initiative in Sustainable Finance
Workshop: Rising Scholars in Sustainable Finance 2024
