Ivey’s PhD Program in Business Administration is a full-time research-based program designed to develop scholars and to place graduates at high-quality research universities around the world. Our PhD candidates are showcased at conferences around the world, and regularly featured in top-tier academic and industry publications.
To help you get to know them, we’ve asked them about their academic and personal interests.
Q&A with Andrés Riofrío-Lara, PhD candidate
What is your background?
I am from Loja, Ecuador, a small town in the middle of the Andes. I grew up quite literally in a middle-sized bank as most of my summers in high school and early college were spent understanding how the business was supposed to run. This sparked my curiosity for learning how money moves in an economy. My undergrad is in economics from the Universidad Tecnica Particular de Loja in Ecuador, and I have an MBA from the INCAE Business School in Costa Rica. I completed my second year of the program at The Fuqua School of Business at Duke, focusing on finance. Before joining Ivey’s PhD program in Business, Economics and Public Policy (BEPP), I spent over six years in insurance, consulting, and investment banking, and two years as a post-grad research fellow at INCAE.
What attracted you to Ivey’s program?
In most of my courses during my MBA, we discussed different case studies from Ivey Publishing. It was enriching to discover how Ivey’s faculty is application oriented. When I started pursuing research, I was deeply influenced by Joshua Foster’s work on behavioral economics and Guy Holburn’s work on stakeholder management and non-market strategy - and I wanted to learn from them. I am honoured that Foster and Holborn are now advisors in my PhD research.
What is your research focus?
My research is focused on the intersections between applied microeconomics, behavioral economics, decision analysis, and behavioral finance. Particularly, I study how biases and risk preferences shape decision-making in strategic and financial contexts and how they can be influenced through incentive readjustments.
Why is that area appealing to you? What big problems/issues need to be addressed?
Every day, we make many decisions – some are small, such as deciding what we are going to have for lunch, and some decisions are bigger, like whether we should spend or save money. However, there is little understanding about how we evaluate our decisions. What we do know is that sometimes our choices have unexpected outcomes in our lives. In a corporate context, the decisions of a CEO or CFO affect more people than just themselves, and my research aims to help them make better strategic and financial decisions.
How do you see your research making an impact?
As Ivey scholars, we strive to impact diverse spaces in the industry through collaboration. I see my research reaching practitioners, managers, and people in business, to help individuals make better decisions for themselves and the organizations they serve. When my work is published, I envision my research being a part of future classroom discussions to guide generations of leaders in the MBA, MSc, and MiM programs.
How do you see research as an aid to business improvement?
Researching behaviour in business supports organizations to make stronger financial and strategic decisions, improve risk management, increase profitability, and reduce negative repercussions in decision-making. Examining the influence of biases and conflicts within incentive structures and managerial duties can inspire companies to make healthier choices.
What previous experience prepared you for this?
All of my life experiences have developed my identity as a scholar and area of research. Growing up, I was raised in a household where excellence was a virtue that must be worked on every single day. This fostered my passion for learning and the necessary discipline and consistency to try and solve any question I set my mind to. Also, my previous corporate experience allowed me to see contradictions and opportunities for improvement within the organizations that are now feeding my research questions and ideas. Most importantly, I have been able to connect with people who share their insights on everyday challenges in the corporate world. Finally, my previous academic training provided me with analytical tools that are foundational to the way I approach a research question and exercise my problem-solving skills.
Who have been your strongest influences in life?
The two strongest influences in my life have been my father and grandfather. My father is the reason I focused my research on financial institutions because he shaped my passion for banking and capital markets, and my grandfather was a scholar himself and encouraged me to be curious and look for answers to my questions from a young age. He taught me the value of life-long learning. Academically, my strongest influences have been my advisors at Ivey and professors from my previous studies; Camacho, Baucells, and Fumagalli, deeply influenced the way I think about research.
What might someone be surprised to know about you?
I am a triathlete, and whenever I have a spare moment, you will find me swimming, running, or biking. I am a proud finisher of an Ironman 70.3. What's surprising is how I manage to fit in an endurance training schedule while pursuing my research full-time and spending time with my family.
What is the most played song on your playlist as of now?
My taste is diverse, but while I’ve been recently focused on writing, my playlist has been cycling instrumental music and AC/DC.
What book would you recommend to others? Why?
I would recommend my favourite author, Ken Follett. He writes historical novels and narratives built around historical events. If you pick any one of his books, I guarantee you will enjoy it and learn about how people used to live in the past. The fact that I am re-reading his book Fall of Giants right now, possibly for the fourth time, is a testimony to his writing.
