Everything here suggests a PhD in Finance would be a better choice.I am sorry if it is inappropriate to upload a reference letter here, but here is a draft of my advisor's letter. What do you think?
To Whom It May Concern:
I have known XXX since he joined our master program in which I have been the director from the beginning of 2016. Our program has been designed in such a way that students are trained to be a serious researcher. As one of requirements of our master program, our students have to submit their papers to the level of Scopus journal by the time they graduate. XXX has been one of the most diligent students in our program, and has just finished up the process successfully. On the surface, he looked a bit quite, but I have observed he becomes very focused especially when it boils down to academic matters. The fact that he has received high grades on a consistent basis proves it.
I also had an opportunity to advise his thesis. In the thesis, he re-examined “AAA”. Most extant literature suggests a negative relationship between liquidity and stock returns. Some claim, however, that liquidity has a different role in the emerging market. In particular, using “aaa” stock market data, M (2014) and N (2016) showed a positive relationship between liquidity and stock returns. His paper re-investigates this subject in the framework of the augmented Fama-French model with momentum and liquidity. His study finds that the liquidity factor is priced. More importantly, there is a negative relationship between liquidity and stock return.
Although we are still in the process of making his thesis published in a decent journal, I
am certain that there is a publishable piece with interesting empirical significance in his
thesis. While he wrote the thesis, I also noted that he always responded quickly and yet
with great details to all the instructions that I gave; unless he was highly motivated and
well equipped with analytical tools, it would not have been possible. In addition, I am
sure that he is good at handling the data, because I observed that he had a solid
knowledge on many statistical softwares, such as Stata and Eviews. As a team player, he
too seemed to share what he knows with many of other students, and is willing to help
other projects every time his skills are needed.
I have a strong feeling that he is well prepared and thus will succeed in your program. First of all, he has good habits of studying, which includes his diligent and hard-working attitudes. His analytical skills with excellent statistical background will be a plus too. XXX also has a desirable character; he is humble, and yet persistent, and very focusing. Last but not the least, he is highly motivated and prepared to learn and absorb as much of economics and finance knowledge as he can.
Based on my observation for the last two years, I dare can assure you that he will be an excellent student, once accepted into your program