Welcome!!!

Introduction

I am a postdoctoral researcher in corporate finance at Hanken School of Economics. My work applies financial economics, applied econometrics, and machine-learning methods to capital structure, government-debt spillovers, and ESG/sustainability in multinational and cross-listed firms.I seek roles in academia.

Education

• PhD in Finance, Hanken School of Economics, Helsinki, Finland, July 2025 .
• Transitioning into Finance, Graduate School of Finance, Helsinki, Finland, 2018 – 2020
• Master of Business Administration (MBA), Mount Kenya University, 2012 – 2014
• Bachelor’s Degree in Applied Mathematics (Statistical Modelling), National University of Rwanda, 2008 – 2012

Research & Publications

Working Papers and Publications

• ”Habimana, T., Colak, G., Korkeam¨ aki, T. (2025). The Effects of Government Debt on Corporate Borrowing in Developing Economies: Evidence from Africa. Journal of International Business Studies, published online. https://doi.org/10.1057/s41267-025-00791-1
• ”Habimana, T., Colak, G., Korkeam¨ aki, T. (2025). Wartime Financing and Corporate Leverage.
• ”Habimana, T., Colak, G., Korkeam¨ aki, T. (2025). Foreign Aid Flows and Corporate Financing

Work in Progress

• ”Habimana, T., Colak, G., Senbet, L. W., Korkeam¨ aki, T. (in progress). Cybersecurity Risks, AI and Financial Resilience of Multinational and Cross-Listed Companies: A Global Perspective.
• Habimana, T., Colak, G., Senbet, L. W., Korkeam¨ aki, T. (in progress). Sustainability Reporting Quality, ESG Disclosure and Corporate Leverage in Emerging Multinational and Cross-Listed Firms
• Habimana, T., Colak, G., Senbet, L. W., Korkeam¨ aki, T. (in progress). Accounting Data Analytics for Monitoring Climate-Related Risks in Financing Multinational and Cross-Listed Corporations.
• ”Habimana, T., Colak, G., Senbet, L. W., Korkeam¨ aki, T. (in progress). Management Control Systems for Sustainable Performance: Evidence from African Multinational and Cross-Listed Firms.
• Habimana, T., Colak, G., Senbet, L. W., Korkeam¨ aki, T. (in progress). ESG-Driven Cost of Capital and Capital Structure Decisions: A Cross-Country Study of Multinational and Cross-Listed Firms.
• Habimana, T., Colak, G., Senbet, L. W., Korkeam¨ aki, T. (in progress). Optimizing Risks and Benefits of Chinese Loan: Evidence from Multinational and Cross-Listed Borrowers

Conferences & Seminars & Workshops

• 2022 FMA Annual Meeting, on 19 - 22 October 2022 in USA, Atlanta, Georgia: Paper on “The financial crowding in effect of public debt in Africa” (Presenter: My co-author)
• 2023 European Winter Finance Conference organized by Londong Business School, January 22, 2023, France, Megeve,: Paper on “The Effects of Government Debt On Corporate Borrowing In Developing Economies: Evidence From Africa
• 2023 African Economic Society Annual meeting organized by Economic Research Consortium, June 2023, Kenya, Nairobi, Paper on “The Effects of Government Debt On Corporate Borrowing In Developing Economies: Evidence From Africa”
• 2023, 12th New Zealand Finance Meeting , 7th December 2023, The Auckland Centre for Financial Research and, Auckland University of Technology, Paper on “Foreign Aid Flows and Corporate Debt Financing”
• 2024, Academy of International Business, Annual Meeting: AIB 2024 Seoul, Paper on “Foreign Aid Flows and Corporate Debt Financing”.

Conferences Reviewer

• Academy of International Business (AIB)

Professional Experience

Researcher (PhD Student) and Teaching Assistant, Hanken School of Economics, Helsinki, Finland, August 2018 – Present

• Engaged in Advanced Finance and Economic Research
• Successfully secured funding for research initiatives and collaborated with academic peers.
• Assisting in the development of comprehensive course materials and delivering engaging lectures and presentations
• Credit Analyst, Kenya Commercial Bank(KCB Rwanda), Kigali, Rwanda, January ( 2014 – August 2018)
• Analyzing the financial statements of clients to assess their financial health.
• Using credit scoring models and risk assessment tools to evaluate the risk associated with lending to a particular borrower.
• • Based on their analysis, I recommend approving or rejecting loan applications.
• Keeping up-to-date with industry trends and economic conditions that could affect lending activities.
• Preparing reports for management that detail the creditworthiness of borrowers, the status of the loan portfolio, and any risks that have been identified.

Grants & Awards

• Foundation for Economic Education Grant (€23,000) - 2022
• Center for Financial Research Grant (€12,000) - 2023
• Finland’s Sustainable Investment Forum Doctoral Studies Grant (€8,000) - 2023
• Hanken Support Foundation (€3,845) - 2023
• Hanken Support Foundation (€2,400) - 2024
• Foundation for Economic Education Grant (€23,000) - 2024
• Academy of International Business (AIB) Doctoral Student Stipend (€1000)-2024

Skills

• Professional: Proficient in Finance, Economics, Mathematics, Statistics, Entrepreneurship, Geopolitical Risks and Monetary Policy.
• Languages: Kinyarwanda (Native), English (Fluent), French (Intermediate), Finnish (Intermediate).
• Computing: Advanced proficiency in MS Office applications.
• Statistical Software: Expert in R, Python, STATA, and SPSS, with exceptional skills in R and Python.
• Driving: Licensed for Category A and B vehicles.

Professional Memberships

• FMA International
• The Econometric Society
• American Finance Association
• European Finance Association
• Academy of International Business

Referees

• Professor Gonul Colak, My Doctoral Thesis and Degree Supervisor, Mobile: +358 50 572 8834, Email: gonul.colak@hanken.f
• Professor Timo Korkeam¨aki, My Doctoral Thesis Supervisor, Mobile: +358 50 471 3120, Email: dean-biz@aalto.f
• Professor Lemma W. Senbet, My Academic Mentor, Mobile: +1 (301) 405-2242, Email: lwsenbet@umd.edu, Chair Professor of Finance at the University of Maryland’s Robert H. Smith School of Business.
• Professor Verdiana Grace Masanja, My Undergraduate Supervisor, Mobile: +255 768 347 086, Email:verdiana.masanja@nm-aist.ac.tz