Urvashi Khandelwal is a final-year PhD student at the Indian Institute of Management Udaipur. She completed the School of Management’s GEAR Programme in spring 2024 and then successfully applied for a 2025 GEAR Fellowship. She shares her experiences of developing her research and the support she received.
“I really enjoyed my seven weeks in Bath as a GEAR Fellow – it was an experience full of learning, growth and great conversations.
“I applied for the Fellowship with two main motivations: first, to engage with some of the leading scholars in my field, and second, to receive constructive guidance that would help me strengthen my research project.
“My mentor, Dr Ru Xie, was exceptionally insightful and attentive to detail. Her feedback encouraged me to think critically about my research design and theoretical framing. During the Fellowship, I was able to refine my project and enhance its rigour both theoretically and empirically.
“The paper is still under development, but I now have a solid initial draft.
“My research examines how environmental, social and governance (ESG) controversies influence the market valuation of peer firms. In essence, we explore how investors respond to rival firms’ valuations when a peer company becomes involved in an ESG controversy.
“While much of the prior literature has focused on financial misconduct, ESG violations are distinct – they are not necessarily illegal and often trigger varied investor reactions. These can range from positive responses, where unaffected peers benefit from reduced competition, to negative contagion effects that spread reputational or market-based risks across the industry.
“The GEAR Programme has been immensely valuable, both in theoretical grounding and in empirical advancement. I was able to access the most recent datasets, which significantly strengthened my analysis.
“The online component was equally enriching. The seven structured sessions covered every stage of academic writing – from crafting an introduction to presenting a compelling conclusion. We were taught by leading scholars, several of whom I already knew from my own citations.
“My favourite aspects of the Fellowship were the in-depth feedback on my project and access to high-quality, up-to-date financial data. These elements have been instrumental in advancing my research.
“The Fellowship also provided opportunities to interact with other emerging scholars in my field. Many of the most valuable insights came from informal conversations with peers and faculty members. Beyond mentorship, the environment in Bath fostered both intellectual curiosity and collegial exchange.
“It has truly been a wonderful experience. Everyone I met was warm, approachable, and supportive. Bath itself is a breathtakingly beautiful city – its Georgian architecture and lush greenery make it an inspiring place to study and reflect.
“For future applicants to the GEAR Programme, I would recommend arriving with a clear set of objectives for both data analysis and writing. Having concrete goals helps maintain focus and momentum. Equally important is to engage actively with other scholars – you never know where a new perspective or collaboration might emerge."
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