finance thesis in pakistan

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Submissions from 2021 2021

School quality and teacher quality - an impact evaluation on student's educational outcomes in a public-private partnership school program in Pakistan , Neha Ahmed

Oil prices and financial performance of firms in corporate sector of Pakistan , Zahra Mazhar Ali

Public debt and economic growth in Pakistan: evidence from a nonlinear analysis , Maha Asad

Hybrid query execution on linked data with complete results , Samita Bai

A bibliometric review of green financing, implication for Islamic Finance , Umaira Danish Dervi

Smokeless tobacco: socio-economic and environmental cost – a case study , Dania Farah

Forecast comparison of competing macro-econometric models of Pakistan economy , Uzair Bin Farid

Reexamining the EKC hypothesis in Pakistan: evidence from threshold regression , Tehreem Fatima

The product of well-composed sets , Arsalan Raza Hemani

Exploring the relationship between trade liberalization & environmental deterioration: role of governance , Iqra Hussain

Retrieval of mathematical information with syntactic and semantic structure , Sharaf Hussain

Exposure to information on family planning and its impact on fertility behaviour: evidence from Pakistan , Rimsha Irfan

Standard bases for modules over polynomial subalgebras , Nazish Kanwal

The asymmetric effect of interest rates on housing and plot prices , Shahbaz Lalani

Comparison of multidimensional and money metric poverty: insights from PSLM surveys , Muhammad Ali Raza

Deep habits: fiscal policy and banking implications , Danish Us Salam

Submissions from 2020 2020

Institutional quality and the economy , Ali Ahmed

Stress testing banks using the new Keynesian DSGE framework , Muhammad Shamil Akbar

Challenges in liquidity management faced by Islamic banking industry of Pakistan , Ehtisham Ali

A medium size macro-econometric model of Pakistan’s economy , Ijaz Ali

Hermitian Ricci Tensor of Twistor Space , Hafiza Rumlah Amer

Impact of Islamic banking on financial inclusion and economic growth , Ammar Awais

Assessment and comparison of wind potential of Berkhout and Debilt towns of Netherlands , Farheen Feroz

The determinants of household poverty and expenditure Inequality in Pakistan: evidence from the household income and expenditure survey , Afsah Khalid

Preemptive priority based data fragmentation scheme for heterogenous traffic in Wireless Sensor Networks (WSNs) , Anwar Ahmed Khan

(De) homogenization of Grobner basis for modules in a polynomial ring , Sanam Mehboob

Under-five mortality in Pakistan: the role of breastfeeding and immunization , Sumaya Falak Memon

Dust exposure and compensating wage differential: empirical evidence from textile industry of Karachi , Muhammad Zia Muneer

Performance of shariah compliant versus non shariah compliant listed companies: case study of Pakistan , Shaikh Noman

Diamond-Alpha Ostrowski Type inequalities on time scales , Danish Hafeez Rana

Re-examining the determinants of bond market development in Asia , Daniya Rana

The disposition effect in Pakistani investors , Sadaf Rauf

Estimating and forecasting term structure on interest rate (which three-factor affine model is better?) , Fatima Sadik

Infinitesimal Regulator in H3cts (GL2) (C€)), C) and Beilinson Element in H4D (BGL2(C€)), R(2)) , Muhammad Ashar Tafhim

Sierpinski cubical singular homology for finite spaces , Syed Hadi Ali Zaidi

Submissions from 2019 2019

Stock marker anomalies: empirical evidence from Pakistan Stock Exchange (PSX) , Naima Aziz

A framework of adaptive decision making for a team of autonomous agents , Asma Sanam Larik

Impact of exclusive breastfeeding and consultation with lady health workers on diarrhea in children under 5 years of age in Pakistan , Kiran Naseem

Submissions from 2018 2018

An investigation into the causes of low elasticity and buoyancy of major taxes in Pakistan : a historical perspective , Hania Afzal

Analog of Groebner bases in a polynomial ring with countably infinite indeterminates , Nazia Jabeen

An investigation into the determinants of maternal healthcare behavior in developing world , Muhammad Naumair Jadoon

Morphisms between additive higher Chow groups and cyclic variant of infinitesimal dilogarithm , Syed Ahsan Kamal

Stock market integration in South Asia: a multivariate GARCH with dynamic conditional correlations approach , Shah Munir Khan

Determinants of halal meat import demand in OIC countries: static & dynamic augmented trade Gravity Model , Imran Majeed

Understanding formal and informal financial inclusion in Pakistan – comparative study with Tanzania , Kanza Nauman

Analog of M-Grobner basis in convergent power series ring , Imran Shaheen

A study on channel polling mechanisms for wireless sensor networks , Shama Siddiqui

The impact of various entrepreneurial interventions during the business plan , Syed Waleed Mehmood Wasti

Submissions from 2017 2017

Comparison of forecasting performance of DSGE and VAR Models : the case of Pakistan , Shahzad Ahmed

Impact of corruption on economic growth through government size: an empirical analysis of three South Asian economies , Imran Ali

Welfare cost of inflation in Pakistan , Sumaira Ghafoor

Capital structure and corporate governance: evidence from Pakistan , Uroosa Jeelani

Trade openness and corruption , Ghazala Khan

Impact of indoor air pollution from cooking with solid fuels on the respiratory health of children :evidence from Pakistan , Mohammad Shayan Babar Khan

Two essays on behavioural finance issues in Pakistan stock market , Tayyaba Sami Khan

Cost efficiency of Pakistani banks: a stochastic frontier analysis , Shoaib Amin Sajwani

Guided personal learning environment model , Zaffar Ahmed Shaikh

Determinants of profit made by banks in developing countries , Sara Sharieff

Asymmetric effects of exchange rate changes on trade balances: Pakistan versus 20 major trading partners , Mutahir Sultan

Food consumption patterns and nutritional disparity evidence from Pakistan , Syed Masroor Hussain Zaidi

Submissions from 2016 2016

(DE) homogenization of Sagbi bases in free associative algebras , Anum Abbas

Impact of public-private-partnership programs on student's learning outcomes: evidence from a Quasi-experiment , Fatima Hafeez

A juxtaposition of tax expenditures and direct expenditures: case study of the manufacturing sector of Pakistan , Shagufta Hussain Lakdawala

Political and economic determinants of private investment: a case of developing and developed countries , Hasaan Anwar Mohiuddin

Approximate analytic solution of Hodgkin-Huxley equations , Khairun Nisa

A dynamic open economy model of aid-growth nexus in Pakistan , Sidra Rasool

Returns to Education and wage inequality in Pakistan: A quantile regression analysis , Syeda Subika Rizvi

Profitability and predictability of momentum investment strategy for stocks listed on Pakistan Stock Exchange , Sana Tauseef

Exchange rate pass through to consumer price: a TVP VAR analysis for Pakistan , Muhammad Zahid

On alleged defects in black-hole mathematics: black hole existence controversies hinging on solution of field equation , Muhammad Zikrya

Submissions from 2015 2015

Geometric mutigrid method with variable grid coarsening parameters, optimal parameters, analysis, and experimentation , Muhammad Shahid Ashraf

Existence of holomorphic functions with respect to almost complex structure on twistor spaces , Touseef Haider

Essays in land inequality, agrarian transition and agriculture taxation in Pakistan , Asim Bashir Khan

What influences the decision to opt for entrepreneurship? , Talha Nadeem

Child laborers and idle children: a provincial analysis of Punjab and Baluchistan , Sarah Nasir

Team learning from demonstration (Tlfd) , Syeda Saleha Raza

Homogeneous sagbi basis , Sarah Sarfaraz

Functor and categorical representation of Polylogarithmic groups , Muhammad Sami Siddiqui

Submissions from 2014 2014

Investment in non-financial corporations: a case of Pakistan , Ijaz Hussain Bajwa

A framework for the development of executable systems architecture , Imran Khan

Explaining stock returns in Pakistan: the CAPM, FAMA-French model and the Carhart model , Azam Yahya

Submissions from 2013 2013

Willingness to pay for improved water supply services in Karachi , Sidrat Asim

Load based approach for backoff process modeling & queuening analysis of IEEE 802.11 based wirless LANs , Syed Muhammad Faisal Iradat

Macroeconomic determinants of workers' remittances in Pakistan , Mirza Kaleem Ullah

Submissions from 2011 2011

A Bayesian network and ontology based semantic annotation framework , Quratulain Rajput

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Fintech and Financial Inclusion in Pakistan: An Exploratory Study

• First Online: 02 July 2020

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• Hassnian Ali 7 &
• Rose Abdullah 8  

Part of the book series: Palgrave Studies in Islamic Banking, Finance, and Economics ((IBFE))

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Fintech has the potential of promoting financial inclusion in terms of secured digital payments, financing, InsureTech, and investments through crowdfunding and P2P lending to unserved or less served businesses, start-ups, and segments of the population. Fintech is deployed using the latest technologies such as big data analytics, clouds, Internet of Things, blockchain, and artificial intelligence to provide highly secured, instant, easy-to-access, easy-to-use, low-cost, and finally more customer-centric financial services and products. For Fintech to boost Islamic financial inclusion, shariah compatibility in the applications is necessary. Empirical evidence shows that Pakistan is a highly financially exclusive country. This study provides an overview of financial inclusion and digital finance status in Pakistan, a comparative analysis of information and communication technologies (ICT) environment, and Pakistan’s performance in ICTs. This study elucidates the potential of Fintech applications and proposes a pragmatic scheme to develop a Fintech ecosystem capable of achieving the goal of financial inclusion in Pakistan.

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Hassnian Ali

Faculty of Islamic Economics and Finance, Centre for Research and Publication, Universiti Islam Sultan Sharif Ali, Bandar Seri Begawan, Brunei Darussalam

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Abdelrahman Elzahi Saaid Ali

Khalifa Mohamed Ali

International Islamic University Islamabad, Islamabad, Pakistan

Muhammad Khaleequzzaman

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Ali, H., Abdullah, R. (2020). Fintech and Financial Inclusion in Pakistan: An Exploratory Study. In: Elzahi Saaid Ali, A., Ali, K., Khaleequzzaman, M. (eds) Enhancing Financial Inclusion through Islamic Finance, Volume I. Palgrave Studies in Islamic Banking, Finance, and Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-39935-1_9

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DOI : https://doi.org/10.1007/978-3-030-39935-1_9

Published : 02 July 2020

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" CASE STUDY OF PAKISTAN TELECOMMUNICATION COMPANY LIMITED " [FINANCE THESIS]A)-IV

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Journal ijmr.net.in(UGC Approved)

The financial performance measurement is a vital part of every business. And the telecom sector is not apart from it. The telecomm companies needs to observe their competitive financial health along with their customer base. The future of the existence of any company depends upon the present financial position. In this article the financial health of major telecom service providers in India has been evaluated by using ratios. Introduction: In the telecom sector, where the main motive is to earn high profits the financial performance of the organization is most important indicator to evaluate the overall health of the organization. In the current research to examine the financial performance of the companies the ratios has been calculated for each of the selected telecom companies. The first ratio is the return on assets which is the one of the profitability ratio. The firm is expected to be in profits if the return on assets is higher than the cost of borrowing. So the return on assets (ROA) will help us to examine whether the telecom companies are earning enough profit or not. The second ratio included to examine the financial performance of the telecom companies is the debt equity ratio, which shows out of the total fund how much is raised through issues of shares and how much have been borrowed. High debt equity ratio shows that the company has been raising fund through debt where the firm has to pay fixed interest rate irrespective of the profits, which is not consider to be appropriate.

Utpal Rakshit

International Journal of Academic Research in Business and Social Sciences

Raheel Abbas

Mohammad Farhan

This paper is presenting the financial performance management report for M1 Singapore from year 2016 to 2018. In this report, Singtel and Starhub were selected as closest competitor to conduct the analysis. The agenda of the paper is calculating the financial ratios to evaluate the financial health of a company. Ration analysis including liquidity ratio, profitability ratio, leverage ratio, working capital ratio and valuation ratios. Second part of the report will develop a balance scorecard including the analysing the advantage, disadvantage, and limitation of the structure. Ultimately, this report will include the evaluation of Kaplan and Norton's Balance Scorecard based the strategic management system and application for M1 Singapore. Additionally, by applying the DuPont analysis to evaluate the organisation financial performance.

International Journal of Indian Culture and Business Management

Sadhna Shukla

The financial ratio analysis is considered as a powerful tool to illustrate the relative measures of a firm's financial strengths and weaknesses and is an indicator of potential problems of different aspects of a company's operations. The aim of this paper is to evaluate the financial performance with the help of ratio analysis of the leading telecom giants in India viz. Airtel, BSNL, Idea, Reliance Communications and Tata Communications. The key financial ratios used to estimate the financial behaviour of telecom companies are profitability ratios, liquidity ratios, solvency ratios and efficiency ratios. The data used to calculate the ratios were collected from companies' annual reports between 2009 and 2014, using the internet as the primary medium. The analysis done reveals that Airtel and Idea dominate Reliance Communications, BSNL and Tata Communications in data revenue growth and subscriber base.

muhammad asif

Telematics and Informatics

Robert Looney

JETIR Research Journal

Srishti Minz

Finance is the life blood for any organization and is always being disregarded in financial decision making since it involves investment and financing in short-term obligation. The study aims to analysis the financial performance of BSNL, a largest public sector company has been providing telecom services for the period of two years (2016-17 and 2017-18). Financial analysis is a process of evaluating the relationship between component parts of a financial statement to obtain a better understanding of a firms position and performances. It also helps in short-term and long-term forecasting and growth can be identified with the help of financial performance analysis. The financial performance analysis is the process of determining the operating and financial characteristics of a firm from accounting and financial statements. The goal of this analysis is to determine the efficiency and performance of firm’s management by comparing the balance sheet of both the fiscal years. The analysis is an attempt to measure the firm’s liquidity, profitability and other indicators that the business is conducted in a rational and normal way by doing Ratio analysis; it is a technique of analysis and interpretation of financial statements. It is the process of establishing and interpreting various ratios for helping in making decision. ensuring returns to the shareholders to maintain at least its market value. The study will help the stakeholders of the BSNL to take the necessary steps to improve the profitability position of the firm.

Vidyasagar University , Midnapore , West-Bengal , India

Satyajit Dhar

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Research Topics & Ideas: Finance

120+ Finance Research Topic Ideas To Fast-Track Your Project

If you’re just starting out exploring potential research topics for your finance-related dissertation, thesis or research project, you’ve come to the right place. In this post, we’ll help kickstart your research topic ideation process by providing a hearty list of finance-centric research topics and ideas.

PS – This is just the start…

We know it’s exciting to run through a list of research topics, but please keep in mind that this list is just a starting point . To develop a suitable education-related research topic, you’ll need to identify a clear and convincing research gap , and a viable plan of action to fill that gap.

If this sounds foreign to you, check out our free research topic webinar that explores how to find and refine a high-quality research topic, from scratch. Alternatively, if you’d like hands-on help, consider our 1-on-1 coaching service .

Overview: Finance Research Topics

• Corporate finance topics
• Investment banking topics
• Private equity & VC
• Asset management
• Hedge funds
• Financial planning & advisory
• Quantitative finance
• Treasury management
• Financial technology (FinTech)
• Commercial banking
• International finance

Corporate Finance

These research topic ideas explore a breadth of issues ranging from the examination of capital structure to the exploration of financial strategies in mergers and acquisitions.

• Evaluating the impact of capital structure on firm performance across different industries
• Assessing the effectiveness of financial management practices in emerging markets
• A comparative analysis of the cost of capital and financial structure in multinational corporations across different regulatory environments
• Examining how integrating sustainability and CSR initiatives affect a corporation’s financial performance and brand reputation
• Analysing how rigorous financial analysis informs strategic decisions and contributes to corporate growth
• Examining the relationship between corporate governance structures and financial performance
• A comparative analysis of financing strategies among mergers and acquisitions
• Evaluating the importance of financial transparency and its impact on investor relations and trust
• Investigating the role of financial flexibility in strategic investment decisions during economic downturns
• Investigating how different dividend policies affect shareholder value and the firm’s financial performance

Investment Banking

The list below presents a series of research topics exploring the multifaceted dimensions of investment banking, with a particular focus on its evolution following the 2008 financial crisis.

• Analysing the evolution and impact of regulatory frameworks in investment banking post-2008 financial crisis
• Investigating the challenges and opportunities associated with cross-border M&As facilitated by investment banks.
• Evaluating the role of investment banks in facilitating mergers and acquisitions in emerging markets
• Analysing the transformation brought about by digital technologies in the delivery of investment banking services and its effects on efficiency and client satisfaction.
• Evaluating the role of investment banks in promoting sustainable finance and the integration of Environmental, Social, and Governance (ESG) criteria in investment decisions.
• Assessing the impact of technology on the efficiency and effectiveness of investment banking services
• Examining the effectiveness of investment banks in pricing and marketing IPOs, and the subsequent performance of these IPOs in the stock market.
• A comparative analysis of different risk management strategies employed by investment banks
• Examining the relationship between investment banking fees and corporate performance
• A comparative analysis of competitive strategies employed by leading investment banks and their impact on market share and profitability

Private Equity & Venture Capital (VC)

These research topic ideas are centred on venture capital and private equity investments, with a focus on their impact on technological startups, emerging technologies, and broader economic ecosystems.

• Investigating the determinants of successful venture capital investments in tech startups
• Analysing the trends and outcomes of venture capital funding in emerging technologies such as artificial intelligence, blockchain, or clean energy
• Assessing the performance and return on investment of different exit strategies employed by venture capital firms
• Assessing the impact of private equity investments on the financial performance of SMEs
• Analysing the role of venture capital in fostering innovation and entrepreneurship
• Evaluating the exit strategies of private equity firms: A comparative analysis
• Exploring the ethical considerations in private equity and venture capital financing
• Investigating how private equity ownership influences operational efficiency and overall business performance
• Evaluating the effectiveness of corporate governance structures in companies backed by private equity investments
• Examining how the regulatory environment in different regions affects the operations, investments and performance of private equity and venture capital firms

Asset Management

This list includes a range of research topic ideas focused on asset management, probing into the effectiveness of various strategies, the integration of technology, and the alignment with ethical principles among other key dimensions.

• Analysing the effectiveness of different asset allocation strategies in diverse economic environments
• Analysing the methodologies and effectiveness of performance attribution in asset management firms
• Assessing the impact of environmental, social, and governance (ESG) criteria on fund performance
• Examining the role of robo-advisors in modern asset management
• Evaluating how advancements in technology are reshaping portfolio management strategies within asset management firms
• Evaluating the performance persistence of mutual funds and hedge funds
• Investigating the long-term performance of portfolios managed with ethical or socially responsible investing principles
• Investigating the behavioural biases in individual and institutional investment decisions
• Examining the asset allocation strategies employed by pension funds and their impact on long-term fund performance
• Assessing the operational efficiency of asset management firms and its correlation with fund performance

Hedge Funds

Here we explore research topics related to hedge fund operations and strategies, including their implications on corporate governance, financial market stability, and regulatory compliance among other critical facets.

• Assessing the impact of hedge fund activism on corporate governance and financial performance
• Analysing the effectiveness and implications of market-neutral strategies employed by hedge funds
• Investigating how different fee structures impact the performance and investor attraction to hedge funds
• Evaluating the contribution of hedge funds to financial market liquidity and the implications for market stability
• Analysing the risk-return profile of hedge fund strategies during financial crises
• Evaluating the influence of regulatory changes on hedge fund operations and performance
• Examining the level of transparency and disclosure practices in the hedge fund industry and its impact on investor trust and regulatory compliance
• Assessing the contribution of hedge funds to systemic risk in financial markets, and the effectiveness of regulatory measures in mitigating such risks
• Examining the role of hedge funds in financial market stability
• Investigating the determinants of hedge fund success: A comparative analysis

Financial Planning and Advisory

This list explores various research topic ideas related to financial planning, focusing on the effects of financial literacy, the adoption of digital tools, taxation policies, and the role of financial advisors.

• Evaluating the impact of financial literacy on individual financial planning effectiveness
• Analysing how different taxation policies influence financial planning strategies among individuals and businesses
• Evaluating the effectiveness and user adoption of digital tools in modern financial planning practices
• Investigating the adequacy of long-term financial planning strategies in ensuring retirement security
• Assessing the role of financial education in shaping financial planning behaviour among different demographic groups
• Examining the impact of psychological biases on financial planning and decision-making, and strategies to mitigate these biases
• Assessing the behavioural factors influencing financial planning decisions
• Examining the role of financial advisors in managing retirement savings
• A comparative analysis of traditional versus robo-advisory in financial planning
• Investigating the ethics of financial advisory practices

The following list delves into research topics within the insurance sector, touching on the technological transformations, regulatory shifts, and evolving consumer behaviours among other pivotal aspects.

• Analysing the impact of technology adoption on insurance pricing and risk management
• Analysing the influence of Insurtech innovations on the competitive dynamics and consumer choices in insurance markets
• Investigating the factors affecting consumer behaviour in insurance product selection and the role of digital channels in influencing decisions
• Assessing the effect of regulatory changes on insurance product offerings
• Examining the determinants of insurance penetration in emerging markets
• Evaluating the operational efficiency of claims management processes in insurance companies and its impact on customer satisfaction
• Examining the evolution and effectiveness of risk assessment models used in insurance underwriting and their impact on pricing and coverage
• Evaluating the role of insurance in financial stability and economic development
• Investigating the impact of climate change on insurance models and products
• Exploring the challenges and opportunities in underwriting cyber insurance in the face of evolving cyber threats and regulations

Quantitative Finance

These topic ideas span the development of asset pricing models, evaluation of machine learning algorithms, and the exploration of ethical implications among other pivotal areas.

• Developing and testing new quantitative models for asset pricing
• Analysing the effectiveness and limitations of machine learning algorithms in predicting financial market movements
• Assessing the effectiveness of various risk management techniques in quantitative finance
• Evaluating the advancements in portfolio optimisation techniques and their impact on risk-adjusted returns
• Evaluating the impact of high-frequency trading on market efficiency and stability
• Investigating the influence of algorithmic trading strategies on market efficiency and liquidity
• Examining the risk parity approach in asset allocation and its effectiveness in different market conditions
• Examining the application of machine learning and artificial intelligence in quantitative financial analysis
• Investigating the ethical implications of quantitative financial innovations
• Assessing the profitability and market impact of statistical arbitrage strategies considering different market microstructures

Treasury Management

The following topic ideas explore treasury management, focusing on modernisation through technological advancements, the impact on firm liquidity, and the intertwined relationship with corporate governance among other crucial areas.

• Analysing the impact of treasury management practices on firm liquidity and profitability
• Analysing the role of automation in enhancing operational efficiency and strategic decision-making in treasury management
• Evaluating the effectiveness of various cash management strategies in multinational corporations
• Investigating the potential of blockchain technology in streamlining treasury operations and enhancing transparency
• Examining the role of treasury management in mitigating financial risks
• Evaluating the accuracy and effectiveness of various cash flow forecasting techniques employed in treasury management
• Assessing the impact of technological advancements on treasury management operations
• Examining the effectiveness of different foreign exchange risk management strategies employed by treasury managers in multinational corporations
• Assessing the impact of regulatory compliance requirements on the operational and strategic aspects of treasury management
• Investigating the relationship between treasury management and corporate governance

Financial Technology (FinTech)

The following research topic ideas explore the transformative potential of blockchain, the rise of open banking, and the burgeoning landscape of peer-to-peer lending among other focal areas.

• Evaluating the impact of blockchain technology on financial services
• Investigating the implications of open banking on consumer data privacy and financial services competition
• Assessing the role of FinTech in financial inclusion in emerging markets
• Analysing the role of peer-to-peer lending platforms in promoting financial inclusion and their impact on traditional banking systems
• Examining the cybersecurity challenges faced by FinTech firms and the regulatory measures to ensure data protection and financial stability
• Examining the regulatory challenges and opportunities in the FinTech ecosystem
• Assessing the impact of artificial intelligence on the delivery of financial services, customer experience, and operational efficiency within FinTech firms
• Analysing the adoption and impact of cryptocurrencies on traditional financial systems
• Investigating the determinants of success for FinTech startups

Commercial Banking

These topic ideas span commercial banking, encompassing digital transformation, support for small and medium-sized enterprises (SMEs), and the evolving regulatory and competitive landscape among other key themes.

• Assessing the impact of digital transformation on commercial banking services and competitiveness
• Analysing the impact of digital transformation on customer experience and operational efficiency in commercial banking
• Evaluating the role of commercial banks in supporting small and medium-sized enterprises (SMEs)
• Investigating the effectiveness of credit risk management practices and their impact on bank profitability and financial stability
• Examining the relationship between commercial banking practices and financial stability
• Evaluating the implications of open banking frameworks on the competitive landscape and service innovation in commercial banking
• Assessing how regulatory changes affect lending practices and risk appetite of commercial banks
• Examining how commercial banks are adapting their strategies in response to competition from FinTech firms and changing consumer preferences
• Analysing the impact of regulatory compliance on commercial banking operations
• Investigating the determinants of customer satisfaction and loyalty in commercial banking

International Finance

The folowing research topic ideas are centred around international finance and global economic dynamics, delving into aspects like exchange rate fluctuations, international financial regulations, and the role of international financial institutions among other pivotal areas.

• Analysing the determinants of exchange rate fluctuations and their impact on international trade
• Analysing the influence of global trade agreements on international financial flows and foreign direct investments
• Evaluating the effectiveness of international portfolio diversification strategies in mitigating risks and enhancing returns
• Evaluating the role of international financial institutions in global financial stability
• Investigating the role and implications of offshore financial centres on international financial stability and regulatory harmonisation
• Examining the impact of global financial crises on emerging market economies
• Examining the challenges and regulatory frameworks associated with cross-border banking operations
• Assessing the effectiveness of international financial regulations
• Investigating the challenges and opportunities of cross-border mergers and acquisitions

Choosing A Research Topic

These finance-related research topic ideas are starting points to guide your thinking. They are intentionally very broad and open-ended. By engaging with the currently literature in your field of interest, you’ll be able to narrow down your focus to a specific research gap .

When choosing a topic , you’ll need to take into account its originality, relevance, feasibility, and the resources you have at your disposal. Make sure to align your interest and expertise in the subject with your university program’s specific requirements. Always consult your academic advisor to ensure that your chosen topic not only meets the academic criteria but also provides a valuable contribution to the field. 

If you need a helping hand, feel free to check out our private coaching service here.

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50+ Best Finance Dissertation Topics For Research Students

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Finance Dissertation Made Easier!

Embarking on your dissertation adventure? Look no further! Choosing the right finance dissertation topics is like laying the foundation for your research journey in finance, and we're here to light up your path. In this article, we will be diving deep into why dissertation topics in finance matter so much. We've got some golden writing tips to share with you! We're also unveiling the secret recipe for structuring a stellar finance dissertation and exploring intriguing topics across various finance sub-fields. Our buffet of finance dissertation topics will surely set your research spirit on fire!

What is a Finance Dissertation?

Finance dissertations are academic papers that delve into specific finance topics chosen by students, covering areas such as stock markets, banking, risk management, and healthcare finance. These dissertations require extensive research to create a compelling report and contribute to the student's confidence and satisfaction in the field of finance. Now, let's understand why these dissertations are so important and why choosing the right finance dissertation topics is crucial!

Why are Finance Dissertation Topics Important?

Choosing the dissertation topics for finance students is essential as it will influence the course of your research. It determines the direction and scope of your study. You must make sure that the finance dissertation topics you choose are relevant to your field of interest. Here are a few reasons why finance thesis topics are important:

1. Relevance

Opting for relevant finance thesis topics ensures that your research contributes to the existing body of knowledge and addresses contemporary issues in finance. Choosing a dissertation topic relevant to the industry can make a meaningful impact and advance understanding in your chosen area.

2. Personal Interest

Selecting finance dissertation topics that align with your interests and career goals is vital. When genuinely passionate about your research area, you are more likely to stay motivated during the dissertation process. Your interest will drive you to explore the subject thoroughly and produce high-quality work.

3. Future Opportunities

Well-chosen finance dissertation topics can open doors to various future opportunities. They can enhance your employability by showcasing your expertise in a specific finance area. They may also lead to potential research collaborations and invitations to conferences in your field of interest.

4. Academic Supervision

Your choice of topics for dissertation in finance also influences the availability of academic supervisors with expertise in your chosen area. Selecting a well-defined research area increases the likelihood of finding a supervisor to guide you effectively throughout the dissertation. Their knowledge and guidance will greatly contribute to the success of your research.

Writing Tips for Finance Dissertation

Writing a dissertation requires a lot of planning, formatting, and structuring. It starts with deciding on topics for a dissertation in finance, conducting tons of research, deciding on methods, and so on. Below are some tips to assist you along the way, and here is a blog on the 10 tips on writing a dissertation that can give you more information, should you need it!

1. Select a Manageable Topic

It is important to choose finance research topics within the given timeframe and resources. Select a research area that interests you and aligns with your career goals. This will help you stay inspired throughout the dissertation process.

2. Conduct a Thorough Literature Review

A comprehensive literature review forms the backbone of your research. After choosing the finance dissertation topics, dive deep into academic papers, books, and industry reports. Gain a solid understanding of your chosen area to identify research gaps and establish the significance of your study.

3. Define Clear Research Objectives

Clearly define your dissertation's research questions and objectives. It will provide a clear direction for your research and guide your data collection, analysis, and overall structure. Ensure your objectives are specific, measurable, achievable, relevant, and time-bound (SMART).

4. Collect and Analyse Data

Depending on your research methodology and your finance dissertation topics, collect and analyse relevant data to support your findings. It may involve conducting surveys, interviews, experiments, and analysing existing datasets. Choose appropriate statistical techniques and qualitative methods to derive meaningful insights from your data.

5. Structure and Organization

Pay attention to the structure and organisation of your dissertation. Follow a logical progression of chapters and sections, ensuring that each chapter contributes to the overall coherence of your study. Use headings, subheadings, and clear signposts to guide the reader through your work.

6. Proofread and Edit

Once you have completed the writing process, take the time to proofread and edit your dissertation carefully. Check for clarity, coherence, and proper grammar. Ensure that your arguments are well-supported, and eliminate any inconsistencies or repetitions. Pay attention to formatting, citation styles, and consistency in referencing throughout your dissertation.

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Finance Dissertation Topics

Now that you know what a finance dissertation is and why they are important, it's time to have a look at some of the best finance dissertation topics. For your convenience, we have segregated these topics into categories, including cryptocurrency, risk management, internet banking, and so many more. So, let's dive right in and explore the best finance dissertation topics:

Dissertation topics in Finance related to Cryptocurrency

1. The Impact of Regulatory Frameworks on the Volatility and Liquidity of Cryptocurrencies.

2. Exploring the Factors Influencing Cryptocurrency Adoption: A Comparative Study.

3. Assessing the Efficiency and Market Integration of Cryptocurrency Exchanges.

4. An Analysis of the Relationship between Cryptocurrency Prices and Macroeconomic Factors.

5. The Role of Initial Coin Offerings (ICOs) in Financing Startups: Opportunities and Challenges.

Dissertation topics in Finance related to Risk Management

1. The Effectiveness of Different Risk Management Strategies in Mitigating Financial Risks in Banking Institutions.

2. The Role of Derivatives in Hedging Financial Risks: A Comparative Study.

3. Analysing the Impact of Risk Management Practices on Firm Performance: A Case Study of a Specific Industry.

4. The Use of Stress Testing in Evaluating Systemic Risk: Lessons from the Global Financial Crisis.

5. Assessing the Relationship between Corporate Governance and Risk Management in Financial Institutions.

Dissertation topics in Finance related to Internet Banking

1. Customer Adoption of Internet Banking: An Empirical Study on Factors Influencing Usage.

Enhancing Security in Internet Banking: Exploring Biometric Authentication Technologies.

2. The Impact of Mobile Banking Applications on Customer Engagement and Satisfaction.

3. Evaluating the Efficiency and Effectiveness of Internet Banking Services in Emerging Markets.

4. The Role of Social Media in Shaping Customer Perception and Adoption of Internet Banking.

5. Fraud and Identity Theft are Accomplished via Internet Banking.

Dissertation topics in Finance related to Microfinance

1. The Impact of Microfinance on Poverty Alleviation: A Comparative Study of Different Models.

2. Exploring the Role of Microfinance in Empowering Women Entrepreneurs.

3. Assessing the Financial Sustainability of Microfinance Institutions in Developing Countries.

4. The Effectiveness of Microfinance in Promoting Rural Development: Evidence from a Specific Region.

5. Analysing the Relationship between Microfinance and Entrepreneurial Success: A Longitudinal Study.

Dissertation topics in Finance related to Retail and Commercial Banking

1. The Impact of Digital Transformation on Retail and Commercial Banking: A Case Study of a Specific Bank.

2. Customer Satisfaction and Loyalty in Retail Banking: An Analysis of Service Quality Dimensions.

3. Analysing the Relationship between Bank Branch Expansion and Financial Performance.

4. The Role of Fintech Startups in Disrupting Retail and Commercial Banking: Opportunities and Challenges.

5. Assessing the Impact of Mergers and Acquisitions on the Performance of Retail and Commercial Banks.

Dissertation topics in Finance related to Alternative Investment

1. The Performance and Risk Characteristics of Hedge Funds: A Comparative Analysis.

2. Exploring the Role of Private Equity in Financing and Growing Small and Medium-Sized Enterprises.

3. Analysing the Relationship between Real Estate Investments and Portfolio Diversification.

4. The Potential of Impact Investing: Evaluating the Social and Financial Returns.

5. Assessing the Risk-Return Tradeoff in Cryptocurrency Investments: A Comparative Study.

Dissertation topics in Finance related to International Affairs

1. The Impact of Exchange Rate Volatility on International Trade: A Case Study of a Specific Industry.

2. Analysing the Effectiveness of Capital Controls in Managing Financial Crises: Comparative Study of Different Countries.

3. The Role of International Financial Institutions in Promoting Economic Development in Developing Countries.

4. Evaluating the Implications of Trade Wars on Global Financial Markets.

5. Assessing the Role of Central Banks in Managing Financial Stability in a Globalised Economy.

Dissertation topics in Finance related to Sustainable Finance

1. The Impact of Sustainable Investing on Financial Performance.

2. The Role of Green Bonds in Financing Climate Change Mitigation and Adaptation.

3. The Development of Carbon Markets.

4. The Use of Environmental, Social, and Governance (ESG) Factors in Investment Decision-Making.

5. The Challenges and Opportunities of Sustainable Finance in Emerging Markets.

Dissertation topics in Finance related to Investment Banking

1. The Valuation of Distressed Assets.

2. The Pricing of Derivatives.

3. The Risk Management of Financial Institutions.

4. The Regulation of Investment Banks.

5. The Impact of Technology on the Investment Banking Industry.

Dissertation topics in Finance related to Actuarial Science

1. The Development of New Actuarial Models for Pricing Insurance Products.

2. The Use of Big Data in Actuarial Analysis.

3. The Impact of Climate Change on Insurance Risk.

4. The Design of Pension Plans That Are Sustainable in the Long Term.

5. The Use of Actuarial Science to Manage Risk in Other Industries, Such as Healthcare and Finance.

Dissertation topics in Finance related to Corporate Finance

1. Study the Relations Between Corporate Governance Structures and Financial Performance

2. Testing the Effects of Capital Structure on Firm Performance Across Different Industries

3. Effectiveness of Financial Management Practices in Emerging Markets

4. Integrating Sustainability and CSR Initiatives Impacts a Corporation’s Financial Performance and Enhances its Brand Reputation.

5. A Comparative Study of the Financing Strategies Employed in Mergers and Acquisitions.

Tips To Find Good Finance Dissertation Topics 

Embarking on a dissertation report on finance topics journey requires careful consideration of various factors. Your choice of topic in finance research topics is pivotal, as it sets the stage for the entire research process. We suggest the following tips that can help you pick the perfect dissertation topic:

1. Identify your interests and strengths 

2. Check for current relevance

3. Feedback from your superiors

4. Finalise the research methods

5. Gather the data

6. Work on the outline of your dissertation

7. Make a draft and proofread it

Lastly, we have discussed the importance of finance thesis topics and provided valuable writing tips and tips for finding the right topic. We have also presented a list of thesis topics for finance students within various subfields. With this, we hope you have great ideas for finance dissertations. Good luck with your finance research journey!

Frequently Asked Questions

How do i choose a dissertation topic in finance, what is the best topic for a thesis in finance, where can i find a dissertation topic in finance, what is the recommended length for a finance dissertation, how do you write a dissertation in finance.

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Footage of Pakistani defence minister's speech dubbed with anti-military remarks

A video of pakistan's defence minister khawaja muhammad asif has been dubbed with a speech to falsely claim it shows him criticising the military for some of its historic losses during a session of the country's national assembly in june. official footage showed asif in fact assailed the opposition for not supporting a military operation announced recently..

"Listen to what Khawaja Asif is saying," read an Urdu-language post published on social media platform X  on June 23.

The post -- which has been shared over 4,000 times -- included a video of Pakistan's Defence Minister Khawaja Muhammad Asif seemingly criticising the military during a speech in a session of the National Assembly.

"They lost the war in 1971. Did you ask them that they lost the 1971 war? Did you ask them that they declared a fake victory in 1965? They lost Siachen, did you ask them? They lost Kargil. Did you ask them?"  he appears to say in the clip.

The wars referenced included some of those where Pakistan lost, such as the one in 1971 when East Pakistan -- backed by India with Soviet support -- fought a war of independence to become Bangladesh. 

The false post emerged after the government announced a national campaign to "eradicate extremism and terrorism from the country" called Operation  Azm-e-Istehkam ( archived link ).

The decision came as Pakistan faced a surge in militant attacks following the Tehreek-e-Taliban Pakistan's (TTP) termination of a ceasefire with the government in November 2022.

The TTP is a militant group active in the northwestern part of Pakistan and regularly targets security forces.

The video has been shared alongside similar claims on  X ,  Facebook and TikTok .

Some social media users appeared to believe the video was genuine.

"He should be prosecuted , he is barking at the Pakistan Army, we cannot tolerate the disrespect of our army," a user said.

"Khawaja Asif's brilliant analysis on the cowardly Pakistani army," another said.

But the clip's audio was manipulated. Asif was in fact criticising the opposition party in the original video.

Military operation

A keyword search on YouTube led to a video published on the official YouTube account of the National Assembly of Pakistan on June 23.

The description of the video says it shows a general budget debate in the lower house of Pakistan's parliament.

At the  1:09:37 mark, Asif can be heard calling out the political opposition, in particular the Pakistan Tehreek-e-Insaf (PTI) and its allied party the Sunni Ittehad Council (SIC), for not supporting the Azm-e-Istehkam campaign ( archived link ).

"They are doing protest against the martyrs. They are protesting against the Pakistani Army which is making sacrifices against terrorism. Still today they have not moved away from the stance of May 9 and are standing by it," Asif said.

Below is a screengrab comparison o f the video in the false post (left) and the footage from the National Assembly's YouTube account (right):

There appeared to be sounds of shouting in the background as Asif talked, which could not be heard in the false post. The audio in the video in the false post is also out of sync with Asif's lip movements.

Asif did not criticise the military in his remarks. 

Pakistan's opposition parties have raised concerns over the Azm-e-Istehkam operation and demanded that the parliament be first taken into confidence before any such military operation is launched, according to local media reports  ( archived link ).    

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Ariba Shahid is a journalist based in Karachi, Pakistan. She primarily covers economic and financial news from Pakistan, along with Karachi-centric stories. Ariba has previously worked at DealStreetAsia and Profit Magazine.

Bangladesh extends curfew ahead of court hearing on controversial job quotas

Bangladesh extended a curfew on Sunday to control violent student-led protests that have killed at least 114 people, as authorities braced for a Supreme Court hearing later in the day on government job quotas that sparked the anger.

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• Pakistan: Indirect tax changes in Provincial Finance Acts, 2024 (Punjab, Sindh, KPK, and Balochistan)

Provincial Assemblies of Punjab, Sindh, KPK, and Balochistan approved their respective Finance Bills, which include various indirect tax changes

Indirect tax changes in Provincial Finance Acts, 2024

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The Provincial Assemblies of Punjab, Sindh, KPK, and Balochistan approved their respective Finance Bills, 2024 (with certain amendments), which include various indirect tax changes.

After the assent of the governor of the respective provinces, those Finance Acts, 2024 have been enacted.

Read a  July 2024 report  prepared by the KPMG member firm in Pakistan

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Icc’s agm: t20 world cup finances, usa cricket spotlight and test’s future.

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The T20 World Cup held in the U.S. will be a talking point at the AGM (Photo by Matt Roberts-ICC/ICC ... [+] via Getty Images)

The International Cricket Council's series of meetings started on Friday in Colombo, Sri Lanka, with a shake up of the board after the Associate Member Directors election .

Here are the pressing issues expected to be thrashed out although some may not end up being discussed.

T20 World Cup Finances

As I reported earlier in the week, the U.S. leg of the T20 World Cup has come under scrutiny with an audit believed to be in the works but likely to not be finished in time for the Annual General Meeting.

With USA Cricket mired in internal woes, T20 Incorporated was the entity established in the U.S. to deliver the T20 World Cup and its handling of the event is expected to be critiqued.

The sheen of a momentous event, with matches being played in New York, Dallas and Lauderhill, wore off due to on-and-off the field issues.

There is a particular focus on the much-hyped modular stadium in Long Island and whether there was a cost blow out on a ground that received criticism for its sluggish drop-in pitch with batting proving particularly difficult.

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The ground was built in just a few months and - as I reported in April - was pegged at $30 million.

"Need to see how much was spent on New York and whether it was worth it considering the ground was torn down straight after (the U.S. leg had finished)," an ICC board director told me.

Some teams had to battle logistical issues. Just a couple of weeks before the event, Ireland was told its accommodation would be moved to Brooklyn having originally been earmarked to stay near the ground in Long Island. The round-trip journey from the ground to their hotel took up to four hours.

Their hotel in Brooklyn was wedged between fire and police stations, with blaring sirens through the night not ideal preparation. There was no room service or restaurant inside the hotel, forcing players and staff to order Uber Eats.

USA Cricket set to be sanctioned

As I first reported, USA Cricket is set to be put 'on notice' amid ongoing turmoil, a sanction that would move the governing body closer to a suspension of its membership.

The ICC has deemed USA Cricket non-compliant of its Associate Membership criteria.

USA Cricket is also deemed to "not have a fit-for purpose administrative structure". Familiar warring has rocked USA Cricket with a spate of resignations highlighted by chief executive Dr. Noor Murad having his contract terminated in March just a few months into the role. A recruitment process to find his replacement is still ongoing.

If USA Cricket is put 'on notice' at the AGM and remains non-compliant after one year, it could then face suspension and ultimately expulsion as a member.

As I reported in April, USA Cricket's funding is being 'controlled' by the ICC.

India-Pakistan set to squabble ahead of Champions Trophy

On the sidelines, as it almost mandatory at board meetings, foes India and Pakistan will engage in likely heated discussions over next year's Champions Trophy. It is the first time Pakistan is hosting an ICC event since the 1996 World Cup.

But international cricket has steadily returned to Pakistan after a period of isolation and they hosted last year's Asia Cup.

Due to intense political differences , the countries don't play one another in bilateral cricket, but tensions have escalated with the event to be held in Pakistan. The last time India played in Pakistan was in 2008.

A hybrid format was installed at last year's Asia Cup, with matches played in Sri Lanka - including the knockout stages - due to India's refusal to travel to Pakistan.

A similar proposal is likely to be shoehorned into the Champions Trophy, but the Pakistan Cricket Board, for now, are reportedly refusing to yield and want the entire event played at home.

But as is mostly the case in cricket, the all-powerful Indian cricket board usually gets its way.

Political tension between India and Pakistan spills into cricket (Photo by Pankaj Nangia/Getty ... [+] Images)

Test cricket's future

There has been much talk over Test cricket's future, with the traditional format over five days proving too expensive for smaller countries to sustain. Dwindling popularity and relevance in some parts of the world are also issues.

As I reported in 2021, there were calls from smaller Full Member countries to resurrect a Test Match Fund.

At the ICC board's quarterly meetings in March, a blueprint to save Test cricket was presented by New Zealand board director Martin Sneddon. According to The Sydney Morning Herald/The Age , the report was ignored by cricket powers India, Australia and England.

Some board directors believe the issue is at a stalemate. "It was an informal paper by Sneddon and was never going anywhere," a board director told me.

There has been a belief that an inevitable shrinkage of Test cricket will reduce the number of nations from 12 to around 5-6.

But Zimbabwe boss and board director Tavengwa Mukuhlani said smaller countries wanted to play Test cricket, but weren't given opportunities in the nine-team World Test Championship.

"We wouldn't support any reduction of Test teams," he told me. "The best way is for the WTC to feature all 12 countries and possibly top Associates, and include promotion and relegation.

"Countries like us, Ireland and Afghanistan don't have context playing Test cricket."

Zimbabwe want to play more Test matches (Photo by JEKESAI NJIKIZANA/AFP via Getty Images)

Proposed governance overhaul

A 'single tier of membership' has been on the cards for some time amid early discussions over constitutional reforms.

It involved scrapping seemingly archaic tiered membership headed by the 12 Full Members, who receive more funding and hold greater power through coveted spots on the 17-person ICC board.

A "single tier of membership" wouldn't mimic FIFA’s contentious ‘One Country, One Vote’ rule, which has led to critics believing small countries are granted outsized influence.

The proposal advocated for a “weighted category-based voting structure based on ICC’s distribution model and performance in competition structures”, while funding would “emulate” the current Associate Member model based on performances on-and-off the field.

Membership tiers would be replaced by “format status” for both men’s and women’s - Test, ODI or T20I, the short format where every member has status.

Associate chair Imran Khwaja presented the proposal to the board at last year's AGM, saying the aim of the process was to achieve a "meritocratic and egalitarian" membership.

A discussion paper was mooted, but it's unclear if it has been finished and ready to be presented at this AGM.

High performance programme

As I reported last year, the ICC's high performance programme is set for a revival after it ran for over 15 years before being scrapped late last decade.

The programme for top Associates included player development pathways and specialized administrative structures to help professionalize those deemed close to Full Member level.

The new high performance programme, in a point of difference, would involve some of the smaller Full Members, such as Ireland, Afghanistan and Zimbabwe, along with top Associates.

Discussions are set to take place at the meetings with more specific details to be revealed, including how much total funding has been allocated and the share for each country.

The Afghanistan women's issue unlikely to be discussed in detail

The Afghanistan men's team had a spectacular run at the T20 World Cup, but the uncertainty of its women's side continues to hover uncomfortably in the backdrop.

Afghan fans celebrate Afghanistan's win against Bangladesh at the T20 World Cup (Photo by -/AFP via ... [+] Getty Images)

Fearing their safety after the Taliban's bloody takeover in 2021, female cricketers sought refuge overseas with most of the team fleeing to Australia. The situation triggered a political storm, but Afghanistan's Full Membership has not been under threat.

Members of the Afghanistan women’s cricket team have urged the ICC to help them re-form as a refugee side based in Australia.

After Afghanistan avoided ICC sanctions, as I reported last year, the working group was set to be disbanded only to remain intact due to Australia and England taking human rights stances.

The cricket powerhouses may raise the issue during the meetings, but it is unlikely much headway will be made.

"There are more pressing issues to get through right now," a board director told me.

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Global IT outage: More than 5,000 flights cancelled; how security 'arms race' led to crash | As it happened

A software update has resulted in worldwide IT chaos, causing cancelled flights, healthcare disruption and potential payroll problems. The firm responsible has apologised, but an industry expert warns it could take weeks to fix "blue screens of death" and endless loops.

Friday 19 July 2024 23:00, UK

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• News roundup as worldwide IT outage hits airports, business, NHS and TV
• CrowdStrike update triggered Microsoft system errors - prompting apology
• More than 5,000 flights cancelled worldwide
• Expert explains how security 'arms race' led to crash
• Could take 'weeks' for systems to recover, expert warns
• Most GPs in England disrupted |' Critical incident' at hospital trust
• In-depth analysis: The firm behind the world's worst IT outage | The costly cautionary tale of how CrowdStrike came to dominate
• Data & Forensics: Search data reveals scale of global IT disruption
• Watch tonight: A Sky News special on the crisis at 8pm

That's it for our live coverage of the global IT outage today.

Services from airlines to healthcare, shipping and finance have been coming back online after computer systems were disrupted for hours.

Even with the glitch fixed, companies were dealing with backlogs of delayed and cancelled flights and medical appointments, missed orders and other issues that could take days to resolve. 

Businesses also face questions about how to avoid future blackouts triggered by technology meant to safeguard their systems. 

An earlier software update by global cybersecurity firm CrowdStrike, one of the largest operators in the industry, had triggered systems problems that grounded flights, forced broadcasters off air and left customers without access to services such as healthcare or banking.

It was not a security incident or cyber attack, according to the firm and the UK's National Cyber Security Centre.

The outage shone a spotlight on CrowdStrike, an $83bn company that is not a household name but has more than 20,000 subscribers around the world including Amazon and Microsoft.

The UK government responded with its COBRA emergency team.

Here's a look at some of the services affected...

• As of 8pm, more than 5,000 were cancelled across the globe - out 110,000 scheduled;
• There were long queues at multiple UK airports, but Heathrow and Edinburgh say operations are now returning to normal;
• Ryanair told customers whose flights have been cancelled to leave airports;
• Some airlines issued handwritten tickets, while some airports - like Belfast International - are relied on whiteboards to update passengers;
• Many US carriers grounded their planes, while airports worldwide were impacted in Spain, Singapore, Hong Kong, Australia, Germany and elsewhere;
• Train services were also affected - including operators such as Avanti West Coast, Great Western Railway, Southern and Thameslink.

Hospitals and emergency services

• Some people were experiencing difficulties booking appointments at GP surgeries, with practices across England affected, according to the NHS;
• Pharmacies warned disruption could continue over the weekend;
• The Royal Surrey NHS Foundation Trust declared a critical incident as IT issues are affecting its services;
• A few hospitals warned of delays and disruption, but others said services were running normally;
• The London Ambulance Service said it experienced "huge increases" in the number of calls to its 999 and 111 services following;
• NHS Blood and Transplant urged people to keep their blood donor appointments, as there remains an "urgent need for O negative blood".
• Major UK supermarkets including Tesco, Sainsbury's, Asda, Morrisons and Waitrose reported issues with online services;
• One Waitrose in Hampshire was accepting cash only, in an example of what was thought to be a wider issue;
• Many businesses were left with issues with their payroll software, which could potentially pose problems for companies that pay weekly.

The CEO of CrowdStrike has warned "adversaries and bad actors" will try to exploit the crash.

George Kurtz encouraged "everyone to remain vigilant" and ensure they are engaging with official CrowdStrike representatives.

He promised "full transparency" on how the crash occurred.

The company was working on a technical update and root cause analysis that will be shared with everyone.

The outage was caused by a defect found in a Falcon content update for Windows hosts, he said, meaning Mac and Linux hosts were not impacted.

"All of CrowdStrike understands the gravity and impact of the situation," he said.

"As we resolve this incident, you have my commitment to provide full transparency on how this occurred and steps we’re taking to prevent anything like this from happening again."

By Ed Conway , economics and data editor

This wasn’t supposed to happen. 

We were told that as the internet matured, that this kind of thing - a single error causing a domino effect taking out millions of machines - was supposed to become less and less likely. There would be more and more servers and cables distributed in more and more places, making a single point of failure increasingly unlikely. 

Instead, what today’s episode - in which an update from a company called CrowdStrike to customers using its services around the world essentially broke the Windows operating system on their computers - has underlined is that often the more complex a system becomes, the more vulnerable it is to collapse. 

The great irony, of course, is that CrowdStrike’s raison d’être is to prevent moments like this from happening. The company’s Falcon Sensor is a product used to prevent cyber attacks - a complex program best thought of as a kind of super anti-virus package, which, in order to do its job, gets privileged access to more parts of your machine than regular software. 

But it so happens the latest update to Falcon Sensor, uploaded overnight to computers around the world, had a dodgy bit of code in it, which caused Windows machines to crash. 

Right now, it looks as if the only way it can be resolved is by technicians rebooting each machine and manually deleting a particular file (C-00000291*.sys - since you asked). 

In other words, spare a thought for your company’s technicians, because they’re about to have a long weekend. 

The more complex we get, the more vulnerable we are

But perhaps the most striking lesson from the episode is a more ancient one, laid out by historian Joseph Tainter in his 1988 book The Collapse Of Complex Societies. 

The more complex societies and systems become, the more vulnerable they are to collapse. Tainter was referring to examples like the fall of Rome or the collapse of ancient Mesopotamian civilisation, but one could just as easily apply the logic to modern examples. 

Lurking beneath Tainter’s thesis was the point that often in a complex society of organisation actors might make decisions which seem sensible but, due to the complexity of the system and their inability to understand it, could actually make it more vulnerable. 

Consider the subprime crisis which triggered the financial crisis of 2008. Mortgages were packaged and repackaged into assets sold, eventually, to banks - which had little understanding of their actual value and their risks. The more complex the system became, the less able people were to comprehend how exposed they were to a catastrophic failure, and the more vulnerable the entire edifice was to collapse. 

How all roads led to CrowdStrike

Now let’s ponder the current IT malaise. Let’s ask ourselves: how did it come to be that so many companies around the world had the very same bit of software installed on their systems, making them vulnerable to the very same lines of duff code? 

After all, the vast majority of people working at the companies affected will never have heard of CrowdStrike. Like the bankers presiding over the financial crisis, they had no idea of the potential vulnerabilities lying within their systems. 

But in recent years, as businesses have become more and more concerned about the risk of cyber attacks, they have begun to implement cyber security checks and regulations. 

These often took the form of a checklist some poor operative had to fill out: how many computers have you got? What operating system? Are they all online? 

What forms of cyberprotection do they have? And so on. 

Now, this might sound like frustrating red tape to many of you, but the reality is that these days some companies stipulate that anyone doing business with them must have fulfilled all the items on the checklist. 

So all of a sudden, salespeople trying to do a deal would discover that they couldn’t do it without complying with the checklist. The company’s financial survival depended on being able to tick the boxes! 

And invariably one of the boxes in those checklists was: do you have an endpoint detection and response (EDR) solution? And if you didn’t have an EDR solution (or, more likely, didn’t know what one was) then invariably you googled EDR and looked for the world’s biggest provider, which just so happened to be… CrowdStrike. 

Perhaps you spoke to your IT provider and insisted that you needed an EDR. Perhaps they said: "Oh I wouldn’t do that if I were you” - but then… no EDR no sale. This is a stylised example, of course, but you see how this kind of thing can happen. 

And hence, gradually and imperceptibly, a large proportion of the world’s companies came - mostly unbeknownst to their leaders - to be running the very same piece of software with direct access to the most privileged parts of their computers. 

And then all it took was a few lines of code and all of those machines were instantly dead - or rather, they faced the 'Blue Screen of Death'. 

A costly cautionary tale

So there’s a reminder here about the risks of complexity. It's way too early to put a figure on how much disruption this episode has caused and how much economic damage wrought. The short answer is almost certainly: a lot. 

Millions of people around the world have been unable to travel, to communicate, to transact. It may well transpire that it has put lives at risk, given it has affected many doctors’ ability to do their job. 

Perhaps the best thing that can be taken from today’s chaos is that it might just serve as a cautionary tale which could make our computers that bit safer and more stable in the future. 

It might remind bosses that cyber security decisions are more than box-ticking exercises - and sometimes installing cyber security software can backfire. 

It reminds us how dangerous it is if everyone in the world is relying on the same provider. 

It reminds us about the need for redundancy - to have backup systems. 

It reminds us of the dangers of complexity. 

This probably won’t come as much consolation if you’re one of those people whose holiday plans have been disrupted or your business messed around by the IT outage today. 

But it’s something. 

The National Pharmacy Association has warned disruption is likely to continue through the weekend as outlets deal with a backlog of medicine deliveries.

Pharmacies reported issues with accessing prescriptions from GP surgeries and said this would affect the delivery of medicines to patients.

Patients with "minor ailments" were also being sent to pharmacies from GP surgeries earlier today, according to the Independent Pharmacies Association.

No "serious patient safety issues" have been identified during the outage, Health Secretary Wes Streeting said, urging people to "bear with" GPs after disruption to appointment bookings and other services.

The global IT outage has impacted the EMIS Web system, NHS England says, which is understood to be used by about 60% of practices in England.

The programme enables GP practices to book appointments, examine records and help with admin.

Around 3,700 GP practices may be affected, the Press Association reported.

Professor Kamila Hawthorne, chairwoman of the Royal College of GPs, said: "Our members are telling us that today's outage is causing considerable disruption to GP practice bookings and IT systems – practices using EMIS IT systems appear to be particularly affected.

"Outages like this affect our access to important clinical information about our patients, as well as our ability to book tests, make referrals, and inform the most appropriate treatment plan."

There were issues with administrative systems in some hospitals while some ambulance services reported a surge in demand.

The disruption caused by the outage has been truly global - here are just a few examples.

Bradesco, one of the main banks in Brazil, notified its users via its app that digital services were unstable due to a global cyber outage, but its ATMs were working normally. 

Azul Airlines, a Brazilian low-cost airline, said its check-in systems were affected, causing occasional flight delays. 

Universal Studios Japan in Osaka, western Japan, said the global system outage will affect ticket sales at the park over the weekend. The park said its ticket booth sales will not be available on Saturday and Sunday. 

The outage grounded some flights, disrupted hospitals and backed up border crossings in Canada. 

Porter Airlines said it was cancelling its flights for several hours because of the outage. 

Air Canada, Canada's largest airline, said there is no major impact to its operations, adding that it's monitoring the situation closely.

University Health Network, one of Canada's largest hospital networks, said that some of its systems had been impacted by the outage. 

Windsor Police reported long delays at both the Canada-US border crossings at the Ambassador Bridge and the Detroit-Windsor tunnel. 

The National Centre for Cyber Security in Sri Lanka says four information technology companies there have been affected.

Switzerland

Landings at Switzerland's Zurich Airport have returned to normal after being suspended earlier in the day.

A German regional grocery chain, Tegut, temporarily shut its 340 stores in the country this morning due to the impact on cash register systems. By early afternoon, more than half of the stores were open again. 

South Africa

In South Africa, at least two major banks said they experienced service disruptions as customers complained they weren't able to make payments using their bank cards at grocery stores and gas stations or use ATMs. Both said they were able to restore services hours later.  

Baltic Hub, a major container hub in the Baltic port of Gdansk, Poland, says it's battling problems resulting from the global system outage. Entry gates are temporarily closed and business has been suspended, the Baltic Hub said in a statement.  

We have some updated figures now on the number of cancelled flights.

As of 8pm, 167 flights scheduled to depart UK airports have been cancelled, aviation analytics company Cirium said.

This equates to 5.4% of scheduled departures, the firm said.

Some 171 flights due to land in the UK were cancelled.

Globally 5,078 flights, or 4.6% of those scheduled, have been cancelled.

The crash occurred because the wrong file was distributed to computers, says an IT security expert.

Human error will have played a part because the faulty file must have been approved at some stage in the process, says Tim Rawlins, director of the NCC Group, a organisation which secures business data.

CrowdStrike will be "tearing their hair out" trying to find the cause of the crash. Only they will know why the wrong file was uploaded, but it will come out.

"I imagine somebody there is having an extraordinarily bad day," he said.

"It is really unfortunate, but imagine you are the person who is responsible for going: 'Right, here is the file, we have made all the changes, we've done all the testing, push it to the machine to do the distribution [and] the distributor has either grabbed the wrong file or the wrong file has been given to it.'"

Asked if human error was involved, he said: "It is probably a fully automated system but at some stage there will have been a person in the loop. Somebody would have gone 'yes I approve this one to go'.

"Who knows where that mistake is. It will come out. I'm sure CrowdStrike will be tearing their hair out trying to find that issue."

How did the mistake happen?

Mr Rawlins explained software that protects computer systems from threats, named end point detection and response (a more comprehensive package than simple anti-virus), went awry.

Update packages are constantly created and then uploaded and pushed out it out to "endpoints" - the computers - but it appears the distribution system took and pushed out "the wrong file".

"That's the file that is full of zeros, as people describe it - there is noting in there for the system to operate," said Mr Rawlins.

"And that has caused the system to glitch, which has led to this blue screen of death that everyone is talking about."

Constant security updates have to be released "because the bad guys and girls are constantly changing their attacks".

One computer will report a dodgy new file to Crowdstrike, which will then need to tell all it's other computers how to stop it.

"It's this classic arms race," said Mr Rawlins.

The IT crash has been an "early wake-up call" for the prime minister, perhaps damaging his honeymoon period, says chief political correspondent Jon Craig.

The outage overshadowed Volodymyr Zelenskyy addressing the cabinet - the first foreign leader to do so in person since Bill Clinton, he says on our special programme, Crash: The Global IT Outage.

The government will have to take a "very critical look" at precautions for this type of issue.

Craig adds there is every chance there will be a COBRA meeting with ministers over the weekend.

"The prime minister will want to be better prepared for a crisis of this sort or a different sort in the future," he says.

"I'm sure there will be a big inquest after today and the PM will bang a few heads together."

This will happen again,  science and technology editor Tom Clarke   says on our special programme, Crash: The Global IT Outage.

Continual updates and fixes are required to keep systems safe from cyberattacks, he explains.

If they are to work, those updates must be pushed out globally and immediately - or else leave networks vulnerable.

"Really the answer is: People have to rethink the way they are going to manage when they don't have access to their IT."

Much of everyday business needs to be connected, and backup systems are a question of cost, says Clarke.

Many shops and restaurants are cashless, but it may be time to think about "how do we revert to some other form of payment if we lose that".

Tune in soon for a special programme on the global IT outage, including the latest developments and analysis.

Crash: The Global IT Outage  - will air on Sky News at 8pm.

It's free to watch on TV and you can catch it on YouTube as well.

We'll be covering the key moments right here.

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