USC Marshall PhD Student Applies Global Perspective to Financial Research

When Ioannis Moustakis first began considering a PhD program, he had a clear sense of direction: to pursue studies in the United States, a “culturally diverse landscape” where he could collaborate with peers from “a variety of backgrounds.”

Originally from Greece, Moustakis completed his undergraduate studies in banking and financial management at the University of Piraeus before moving to Switzerland for his master’s degree in quantitative finance at ETH Zürich. A brief experience in the private sector followed, which ultimately clarified his ambitions.

“That experience helped me realize that I was most intellectually energized by research questions and the academic process,” he told the USC Office of International Services (OIS).

That decision led him to enroll in the PhD in Finance and Business Economics at USC, a program that is already sharpening his research skills and helping him achieve goals that are “research-oriented, academically rigorous and professionally relevant.”

Central to that experience has been mentorship — he credits the entire Finance and Business Economics Department and specifically his advisor, Professor Rodney Ramcharan, as a key influence.

“Professor Ramcharan has been instrumental in shaping my agenda and the way I approach research questions more broadly,” Moustakis said.

Alongside his doctoral studies, Moustakis has also been interning with the Federal Reserve Bank of Philadelphia, where his professional interests in local banking systems and borrower behavior — particularly how individuals and institutions respond to national and international policy changes — closely align with his academic work.

At the Philadelphia Fed, he has worked under Xudong (Sean) An, whose mentorship has helped him connect his academic training to policy-relevant research in a more direct and applied way.

“There’s a great deal of overlap between my personal research agenda and what I’m currently doing,” he said. “I’m interested in understanding what is driving bank lending at the local level. The specific angle of my dissertation focuses on the political affiliations of banks.”

Through his work, Moustakis studies whether banks with political ties to newly elected officials adjust their lending behavior in regions affected by political turnover. At USC, that work has been shaped by an academic environment that emphasizes varied perspectives — one of the most meaningful aspects of the program for him.

“It’s extremely informative and beneficial in terms of widening perspectives,” he said.

Collaboration also plays a central role in the PhD experience. Whether exchanging ideas with peers or working alongside more senior researchers, Moustakis draws on a wide range of expertise to refine his work.

As he continues his PhD journey, Moustakis remains focused on a future centered on research.

“I’m keeping my options open, but academia and policymaking are both at the forefront of my pursuits,” he said. “Ultimately, the goal is to do something that is very much research-focused and to contribute to expanding what we know about financial markets, institutions and policy.”

For prospective international students, Moustakis emphasized the importance of fully engaging with the experience and immersing themselves in all possible resources.

“They shouldn’t be shying away from challenges … try to absorb as much as possible,” he said — including the social, professional and academic opportunities. “It’s going to shape your personality in ways that you cannot fathom yet.”