AIB Centre for Finance and Business Research

Centres And GroupsAib Centre For Finance And Business Research

AIB Centre for Finance and Business Research

The mission of the AIB Centre for Finance and Business Research (CFBR) is to promote high quality research in the finance discipline with the vision of facilitating a tri partite dialogue between academia, industry and policy makers in order to expand the knowledge horizon of a number of novel research themes.

The main objective of the Centre is to produce and disseminate high quality research in the finance domain under the following key themes: (1) small firm finance, (2) behavioural finance, (3) governance and corporate responsibility and (4) personal finance.  The Centre supports a number of PhD research scholarships and hosts seminars and workshops.

The activities of the Centre are made possible thanks to an endowment from the AIB Group.  The nature of the Centre’s research and activities is governed by the academic members of the Centre with the ultimate management for the Centre residing with Management of the School of Business.

Co-ordinator: Dr. Sheila O Donohoe.

Contact details: Email: [email protected] and Telephone: + 353 51 302 422

Themes

Behavioural Finance Theme

Representing a novel research domain, the focus under this theme is on examining the  influence of psychology on the behaviour of financial markets and on the dynamics of financial decision making in order to synthesis theory with practice. Professor William Forbes of Queen Mary University of London, a distinguished academic on this topic is a Visiting Professor to the Centre. The School of Business is also the very first to offer Behavioural Finance as a module for undergraduate students. Current research projects under this theme include:

‘Momentum in the UK stock market: Cause and effect and the role of brokers and analysts.’

PhD Student: Aine Murphy (completed in December 2016)

This study aims to determine if momentum is present in the UK stock market between the years 1995 and 2013. Momentum refers to the tendency for stocks that have previously performed well to continue to do so. Employing the model developed in the seminal paper of momentum by Jegadeesh and Titman (1993) the level of momentum in the UK stock market will be determined, additionally the key causes of the phenomenon will be discussed, specifically what role brokers and analysts play in exacerbating momentum in the market.Furthermore, by examining the recommendations and forecasts of analysts, two things will be evaluated; 1) analyst behaviour during times of financial crisis and 2) the over-inference of analysts’ recommendations in the context of the law of small numbers theory.


‘Pricing of new offers in IPO clusters.’

Phd Student: Oksana Doherty

The aim of the research is to investigate the informational cascades and clustering in the Initial Public Offering (IPO) markets and empirically test the implications of the Model of Observational Learning introduced by Bikhchandani, Hirshleifer, and Welch (1992).The behavioural anomalies are the key drivers of investment fads. Clustering of IPOs and the pricing of new offers during the cluster is the point of contact between the investors and issuers that can provide an insight into behaviours of market participants and explain existing anomalies.

The learning by observing the past decisions of others (Observational Learning) can explain behavioural convergence, herding and informational cascades in financial markets.  Moreover, this learning process can often be manipulated to influence or produce the (desirable) outcome.The focus of the research is to contribute to understanding of the behaviours of market participants and investigate the role of public information and public information releases with recommendations for policy development and implementati


'An Investigation into Analysts’ Conflicts of Interest Pre and Post Financial Crisis: the impact of European Union’s Market Abuse Directive 2003/EC 6 (MAD)'

PhD Student: Nora Gordon

Purpose-

The purpose of this study is to investigate whether the Market Abuse Directive 2003/6/EC (MAD) achieved its goal to “level the playing field” [1] for all investors by mitigating financial analysts’ conflicts interest in capital markets. In particular, this study examines if the adoption of MAD enhanced transparency in financial analysts’ recommendations across three jurisdictions (Germany, Ireland and the United Kingdom). Consequently, this study seeks to determine if MAD had a veritable impact on analyst behaviour during the global financial crisis of 2008/2009.

Design/ methodology/approach-

A mixed-method approach is proposed, consisting of an analysis of an extensive dataset of analysts’ forecasts from the Irish, German and United Kingdom stock exchanges, complemented by semi-structured interviews with a representative sample of analysts from each domain. The rationale for selecting these three countries is to enable a comparative analysis across different jurisdictional disparities, namely Germany, a Eurozone country with a codified legal system and whose capital markets are grounded in a bank-centred model and Ireland and the United Kingdom, countries that both of whom employ common law with stock-market centred models (Forbes et al., 2015). Hence, the three samples facilitate the exploration of disparities in cross-country regulatory adoption. In doing so, this study will shed light on whether or not MAD ameliorated transparency and equality for investors in the three jurisdictions. Employing a mixed-methods approach will inform us as to the adequacy of market-based deterrence of conflicts of interest.

Research implications-

This research will examine how investors fared from MAD, when they had their greatest need for protection, during the financial crisis 2008/2009. The results of this research will have significant implications for the projected consequences of future regulatory developments in the on-going endeavour to harmonise regulation across Europe. This harmonisation process is central to the creation of a veritable fully integrated single-market, which is the aim of the Financial Services Action plan. This study underscores the importance of the examination of behavioural changes brought about as a result of regulatory changes. As such, this research will be of interest to academics, the investment community, regulators, governments (both national and international), the European Securities and Markets Authority, and the European Commission.

 

[1] Section 35 -Directive 2003/6/EC of the European Parliament

 


Small Firm Finance Theme

Given the significance of small and medium sized enterprises (SMEs) both nationally and across Europe, the focus under this theme is on the key facets inherent to small firm finance in order to extend the portfolio of knowledge and assist in establishing tripartite between small firms, academia and policy makers. Current research projects under this theme include:


‘The Landscape of Bank Credit Availability and Firm Leverage for European SMEs: An Evaluation of Country Characteristics’

Dr Andrea McNamara (completed in August 2014)

This study evaluates in a European context the impact of country characteristics on SME bank credit availability and on SMEs capital structure. The country characteristics evaluated include that of the information, legal, judicial, bankruptcy, social, tax and regulatory environments, derived from the US conceptual model of Berger and Udell (2006). Indeed, this study utilises its own conceptual framework which incorporates much of that of Berger and Udell (2006) and reflects the impact of these country characteristics in both dimensions of the research questions.

Employing a quantitative approach, two datasets are employed, namely the EC/ECB Survey on Access to Finance of SMEs over the time period, 2010-2011 and the Bureau Van Dijk Amadeus database over the time period, 2005-2011. Moreover, a comprehensive set of proxies are employed to represent the country characteristics, obtained mainly from the World Bank and the European Social Survey (ESS). The findings indicate that country characteristics are important, namely those of the information, legal, judicial, bankruptcy and regulatory environments.

In terms of availability, SMEs appear more likely to secure bank credit when there is less sharing of credit information, greater private property protection, lower costs to enforcing a contract, higher costs in resolving a debt and more stringent capital requirements. Furthermore, bank size appears to matter for SME bank credit availability regardless of domicile. Similarly, in the context of SME firm leverage, country characteristics also prove influential having controlled for firm and industry characteristics and macroeconomic and credit supply conditions. In particular, SME debt levels appear higher when the greater the sharing of credit information, the greater the extent of private property protection, the more time required to enforce a contract, the less time needed to resolve a debt and when there are less stringent capital requirements.

This study adds to the existing body of knowledge, considering a time period when concerns surrounding the availability of SME bank credit and indeed the capital structure of SMEs have been heightened. Utilising Berger and Udell’s (2006) conceptual model outside of its US origins, i.e. in a European context, this study devises a conceptual framework to test the impact of country characteristics on the landscape of SME bank credit availability and SME firm leverage.


'An investigation of inefficiencies in enterprise supports: A study of the Irish enterprise support system'

Dr David Pasley (Completed August 2016)

Since the 1990’s Irish government enterprise policy has recognised the contribution of indigenous SMEs to economic growth and also the need to address the challenges that such enterprises face. Such policies have resulted in the creation of agencies tasked with providing both financial and soft support to SMEs. This thesis evaluated aspects of the effectiveness of financial support issued by agencies Enterprise Ireland (EI) and The City and County Enterprise Boards (CEBs) during a recessionary period for Ireland between 2008 and 2011.

To date evaluation of enterprise supports has frequently concerned measuring additionality. However, previous evaluations have also revealed a number of inefficiencies associated with such supports. The principal inefficiency is deadweight, which is defined as activity that would have occurred regardless of support being provided. However there are other inefficiencies which have been discovered, ranging from substitution of private finance with public funds by SMEs to selection bias by government agencies. In previous research these concepts have largely been explored in isolation. However, this thesis presents a more holistic view and develops a novel framework to explain the potential relationships between these different concepts, for their simultaneous measurement.

The research was carried out over three stages using a mixed methodology. Firstly a survey was conducted on a sample of supported and unsupported enterprises. Semi-structured interviews were carried out with a sub-sample of the survey respondents to garner their responses with further detail. Finally, interviews were carried out with EI and CEB representatives.

The findings suggest that deadweight is present in the Irish enterprise support system, but is less prolific than outlined by previous research. However, the occurrence of deadweight negatively affects performance metrics of agency activities, such as cost per job measures. The findings also suggest that deadweight is perpetuated by selection biases on the part of support agencies and the enterprise’s potential to substitute private finance with public funds. However, evidence of additionality has the potential to mitigate for some of these inefficiencies.

This research has made a number of contributions. Firstly, it has developed a greater understanding of the concept of deadweight through the development and testing of a unique theoretical framework. Secondly, this research has developed a methodology based on best practice evaluation approaches, which have not been used previously in the evaluation of deadweight. Finally, this research has contributed to the enterprise policy and state support debate in what was a particularly difficult era in Ireland’s economic history. 


'SME Internationalisation and its Financing: Case of Ireland and Scotland'

PhD Candidate: Lisa Spencer (Expected completion date August 2017)

Much of the research to date on internationalisation relates to large firms with much less known about how small and medium sized enterprises (SMEs) engage in internationalisation. Given the crucial role of SMEs in contributing to future economic  growth (Beck, Demirgüç-Kunt, Laeven, and Maksimovic, 2006; Ruzzier, Hisrich, and Antoncic, 2006), there is an emphasis on the need for small to medium-sized firms to become increasingly internationalised (Coviello and Jones, 2005; Verdier et al., 2010; De Maeseneire and Claeys, 2012). Yet little is known also about how SMEs finance such expansion and whether or not internationalisation actually hinders or helps them in securing finance.

The purpose of this research is to explore the internationalisation process for SMEs, the sources of funding used in financing this expansion and support received from the state agencies in assisting their overseas expansion. A novel conceptual framework has been devised which marries the two strands of literature together (internationalisation and financing the firm). The exploratory nature of this research dictates that the most appropriate means of gathering rich data was to use semi structured interviews with SME owners; bank representatives and support agencies. In essence a triangulated approach to the topic assesses the perceptions and experiences from all sides: namely the firm, the state and the financial institutions. Our sample is drawn from SMEs operating in Ireland and Scotland where the context is confined to two small but very open economies where SMEs are the dominant form or organisation. The sample includes a range of industry sectors.

Key findings to date suggest some SMEs are born global, others are born again global whilst a significant cohort can be classed as traditional internationalisers, consistent with Bell, Mc Naughton, Young and Crick, (2003). Unsurprisingly there is a strong industry effect with firms in the high tech sector more likely to be faster internationalisers in contrast to those in traditional manufacturing sectors. Owner manager’s own funds are deemed key to financing initial internationalisation lending support for Berger and Udell’s (2006) financial growth life cycle model albeit more important for the faster internationalisers in contrast to the slower cohort who are more likely to deploy external sources especially bank finance. Retained earnings remain the predominant source of on-going financing for internationalising firms but trade credit is often used and invoice discounting is utilised quite frequently.

In terms of lending, asset based lending backed by personal guarantees appears paramount for securing bank finance. Finally there is a lack of diversified sources of funding in Ireland for internationalising SMEs with little evidence of venture capital, angel finance or crowd funding being used by firms. Supports received from Enterprise Ireland were largely deemed very valuable to the internationalisation process for Irish SME with no evidence to suggest that internationalisation impedes firms in securing finance.

Considering the paucity of studies to date on SME internationalisation and in particular the funding mechanisms deployed by them; and given the growing impact of SMEs in the European economy, this study seeks to contribute to the body of knowledge in both the international business and finance disciplines.

Governance and Corporate Responsibility Theme

Rather broader in its remit, this theme encompasses key aspects of governance, accountability and corporate responsibility including regulation, financial reporting, value creation and risk management. Current research projects under this theme include:

‘An Alternative Banking Inquiry: A Grand Narrative of Organisation Culture and Change from 1960 to 2000.’

PhD Student: Aisling Tuite (completed Septmebr 2016)

External Examiner: Professor Sally Sambrook, Cardiff University.

Banks are unusual and interesting organisations. They play an important role in both the economy and society, yet, they are not well understood beyond their regulatory or financial elements. The role and business activities of banks remained relatively static for many generations. However, in the past decades, as the economy opened up, banks were put under to pressure to modernise and become more externally and internationally focused. The project of modernisation developed steadily and produced the organisation that we see today.

The point of departure for this inductive study is to explore the often unseen side of banking organisations by drawing on the lived experiences of bank workers. The research is driven by recent public and political discourse that appears to contain little in-depth knowledge of the inherent culture of banking organisations and the changes they have gone through since 1960. This leads to concerns and queries regarding what is known about the culture of the whole organisation, what changes it has gone through and the social relations that exist between workers in banks.

The research contributes to theories of organisation culture by presenting it as reflexive of happenings in the external and internal environment of the bank. Although considered as important in the development of organisational culture models, the use of the models often play-down the importance of reflexivity in the creation, change and maintenance of culture in an organisation. In terms of organisation change the research contributes by providing an emerging ‘model of discovery’, that could potentially feed into much needed new perceptions of organisation change in the contemporary environment. The contribution to change comments on the lack of agency that managers have in controlling change and finding and ‘end’ once it has been unleashed. In a contribution to practice, the research notes that banks should consider becoming less reactive to external influences and to provide a strong ethos and boundary for worker identity.

Personal Finance Theme

As a relatively new research area with significant connotations both for individuals and society, the Centre aims to enhance knowledge of personal finance where financial literacy, regulation and consumer rights are proving most relevant in this domain.

Further Information

Refereed Journal Articles

2016:

Doyle, G, Kelly, R & O Donohoe, S.(2016) "Resource Dependence as a Mechanism for Survival: The Case of the Mater Misericordiae University Hospital", VOLUNTAS: International Journal of Voluntary & Nonprofit Organisations, Vol.27, No.4, pp.1871-1893 

2015:

Forbes, W., O' Donohoe, S., & Prokop, J. (2015) "Financial Regulation, Collective Cognition and Nation State Crisis Management: A multiple case study of bank failures in Germany, Ireland and the UK", Journal of Risk Finance, Vol.16, No. 3. (Highly Commended Paper- Emerald Literati Network Awards for Excellence 2016)

Kelly, R, Doyle, G & O’ Donohoe, S. (2015) Framing Performance Management of Acute-Care Hospitals by Interlacing NPM & Institutional Perspectives, Financial Accountability & Management, Vol 31 (1), p69-91

2014:

Gregory, A. & O’ Donohoe, (2014) Do Cross Border & Domestic Acquisitions Differ? Evidence from the acquisition of UK Targets, International Review of Financial Analysis, Vol. 31, p61-69

McCarthy, P., O'Riordan, C. & Griffin, R. (2014) The other end of entrepreneurship: a narrative study of insolvency practice in Irel&, International Journal of Entrepreneurial Behaviour & Research 20(2)p.173-192

O’ Keeffe, C. & Gallagher, L.A.  (2014). Momentum in Irish Stocks: Evidence from the Credit Crisis.  Applied Economics Letters, Vol. 21(11), p717-722.

Tuite, A. Griffin, R. & Byrne, S., (2014) Reflections on the Management Consultant as a Liminal Outsider, International Political Anthropology Vol. 7 No. 1.

2013

Boland, T. & Griffin, R. (2013), Autoethnographies of the Hard Work of Doing Nothing: Re-writing the Experience of Unemployment, Béascna Journal of Folklore & Ethnology

Burke, R. & Demirag, I. (forthcoming) Changing Perceptions on PPP Games: Dem& risk in Irish roads Critical Perspectives on Accounting

Walsh, F. D. & Byrne, S. (2013) Student placement service: an exploratory investigation of employer retention & a “Priority Partner” intervention, Education + Training, Vol. 55, No. 2, pp.139–158.


Books

2012

Casey J., Kearney C., (2012), Case Studies in Advanced Financial Reporting, Chartered Accountants Irel&, Dublin, ISBN 978-1-907214-93-6

2010

Casey, J. (2010) Introduction to Equity Investment Fund Accounting, Dublin: Blackhall Publishing


Book Chapters

2014

Burke, R. & Demirag. I. (2014) Risk transfer in public private partnership roads: Addressing some of the Accountability Issues’(ed) in Cunningham, G., Reclaiming Accounting’s Lost Identity, Atremi A.B., Mjölby, Sweden

2013

Demirag. I. & Burke, R. (2013)  Partnership Arrangements in Public Private Partnerships: Insights from Irish road Public Private Partnerships’ (ed) in  De Vries P. & E.B. Yehoue,  The Routledge Companion to Public Private Partnerships’, February 2013

2010

Conway, F. (2010) Stock Trak Trading Simulation Assignment for Graduate Investments, Stock Trak Global Portfoilio Simulations. Available from: http://education.wallstreetsurvivor.com/Stock-Trak-Professor-Examples


Refereed Conference Papers

2016:

Mc Namara, A, O ‘Donohoe, S, Murro, P. (2016) “An Evaluation of Country Characteristics in the Capital Structure of Small and Medium Sized Enterprises”, Entrepreneurial Finance Conference, University of Lyon Jean Moulin & emlyon Business School, Lyon, France, [8-9th July]

Spencer, L & O Donohoe, S. (2016) "SME Internationalization and its Financing-case of Ireland and Scotland ", Irish Accounting & Finance Annual Conference, Waterford Institute of Technology [19-20th May]

Pasley, D., O Donohoe, S,. & O Gorman, B (2016) "Displacement of Private Finance by Government- An Examination of the Irish Government Financial Support for Indigenous SMEs", Irish Accounting & Finance Annual Conference, Waterford Institute of Technology [19-20th May]

Mc Namara, A, O ‘Donohoe, S, Murro, P (2016) "An Analysis of the Lending Infrastructure and SME Credit Availability: A European Perspective", Irish Accounting & Finance Annual Conference, Waterford Institute of Technology [19-20th May]

Pasley, D., O Donohoe, S,. & O Gorman, B (2016) "Bridging the Gap: The Role of the Irish Government Supports System in Financing Indigenous Enterprise", Finding entrepreneurial and governmental investors: Approaches to SME finance in Germany and the UK, ESRC, Freiberg, Germany, [21-22 January]

2015:

Mc Namara, A, O ‘Donohoe, S, Murro, P. (2015) “An Evaluation of Country Characteristics in the Capital Structure of Small and Medium Sized Enterprises”, International Conference of the Financial Engineering & Banking Society, Audencia Nantes School of Management, Nantes, France, [11-13 June]

Doyle, G, Kelly, R & O'  ,S. (2015) "Transition from Independence through to Collaborative Partnership with the State, the case of one large Irish hospital", 10th Workshop on Challenges of Managing the Third Sector, Edinburgh, [11-12th June]

Pasley, D., O’ Gorman, B., & O’ Donohoe, S. (2015) “An Investigation of Deadweight in the Irish Enterprise Support System”, Irish Academy of Management Annual Conference, NUIG, Galway [2-4th September]

2014

Casey J & Kehoe J (2014) The Impact of Voluntary Auditor Rotation on Audit Quality: An Empirical Study of the FTSE 350 Companies, Irish Accounting & Finance Association, (IAFA) Annual Conference, Queens University Belfast, 29-30th May

Casey J & Kehoe J (2014) The Impact of Voluntary Auditor Rotation on Audit Quality: An Empirical Study of the FTSE 350 Companies, British Accounting & Finance Association, (BAFA) Annual Conference, London School of Economics, 14-16th April

Doyle, G., Kelly, R.,& O'Donohoe, S (2014) The Mater Misericordiae Hospital: From religious origins to incorporation - Have the founders come full circle?, Irish Accounting & Finance Annual Conference, Queens University, Belfast, 29-30th May

Forbes, W, O ‘Donohoe, S & Prokop, J. (2014) Financial Regulation & Nation State Crisis Management: Evidence from Germany, Irel& & the UK, Coping with Risk in Transnational Financial Markets hosted by Zentra, University of Oldenburg, 3-4th July

Gallagher, L.A. & O’ Keeffe, C.  (2014) The Winner-Loser Anomaly: Robust Evidence from Greece.  Irish Academy of Management of Conference, Limerick, 3-5th September.

Mc Namara, A. & Donohoe, S. (2014) The Availability of European SME Bank Credit: The Importance of Bank Characteristics, International Conference of the Financial Engineering & Banking Society, University of Surrey, Guildford, UK, 21-23rd June

Mc Namara, A.&  O’ Donohoe, S. (2014) Institutional Environments & SME Credit Availability: A European Perspective, INFINITI Conference on International Finance, Prato, Italy,9-10 June

Mc Namara, A. & O 'Donohoe, S. (2014) The Availability of SME Bank Credit in Europe: The Role of Country Characteristics, Irish Accounting & Finance Annual Conference Annual Conference, Queens University, Belfast, 29-30th May

Tuite, A., Griffin, R. & Byrne, S. (2014) From Gemeinschaft to Gesellschaft: The story of modernization, change & careers in banking, Irish Academy of Management Annual Conference, Limerick, Sep, 3rd – 5th 2014

Tuite, A., Griffin, R. & Byrne, S. (2014) From Gemeinschaft to Gesellschaft: The story of modernization, change & careers in banking, EGOS Paper Development Workshop, Aalto University & Hanken Business School, Helsinki on Sep 5th.

Tuite, A., Griffin, R. & Byrne, S. (2014) Towards an understanding of change & organisational culture in a major Irish bank, Irish Accounting & Finance Association Annual Conference, Belfast, 29th-30th.

Tuite, A., Griffin, R. & Byrne, S. (2014) On the Changing symbolic order of Play in banker’s lives, St&ing Conference on Organizational Symbolism (SCOS), Utrecht, July 7th -10th.

Tuite, A., Griffin, R. & Byrne, S. (2014) The process of modernising: deconstructing stories from careers in banking, Irish Academy of Management Annual Conference, Limerick, Sep, 3rd – 5th 2014

Tuite, A., Griffin, R. & Byrne, S. (2014) Foolish wisdom in the bankers’ court, British Academy of Management (BAM) Annual Conference, Belfast, September 9th – 11th 2014 [Best Development Paper Award]

2013

Burke, R. & Demirag, I. (2013) Changing Perceptions on PPP Games: Dem& risk in Irish roads, Irish Accounting Association Annual Conference, ITT Dublin, May, 2013.

Burke, R. & Demirag, I. (2013) Changing Perceptions on PPP Games: Dem& risk in Irish roads, European Accounting Association Annual Conference, Paris , May, 2013.

Butler J & Casey J (2013) An Empirical Analysis of The Change In The Provision For Credit Losses On Trade Receivables From An Earnings Management Perspective, British Accounting & Finance Association, (BAFA) Annual Conference, Newcastle Business School, Newcastle.

Butler J & Casey J (2013) An Empirical Analysis Of The Change In The Provision For Credit Losses On Trade Receivables From An Earnings Management Perspective, Irish Accounting & Finance Association (IAFA) Annual Conference, IT Tallaght

Casey J (2013) Audit Committee Activity & Review – Some Empirical Data, South East Authority Annual Workshop, WIT  

Griffin, R. (2013) On the poetics of administration. Sixth International Political Anthropology Workshop in Ireland on Poesis: The ambivalent creation of the truth. 29th & 30th November

Forbes, W., Murphy, A. & O’ Keeffe, C.(2013)  The Law of Small Numbers & the Value of Analysts’ Stock Recommendations.  British Accounting & Finance Annual Conference, Newcastle [9-11 April, 2013].

Forbes, W, O ‘Donohoe, S & Prokop, J. (2013) European Banking Regulation & Nation State Crisis Management: Evidence from Germany, Irel& & the UK, British Accounting & Finance Annual Conference, Newcastle, 9-11April 2013

Forbes, W, O ‘Donohoe, S & Prokop, J. (2013) European Banking Regulation & Managing National Crises: Evidence from Germany, Irel& & the UK, 5th International Finance & Banking Society Conference, Nottingham, 26-28th June 2013

Mc Namara, A & O Donohoe, S.(2013), Influence of institutional environments in the availability of SME credit in Europe, Workshop on SME Finance, LaRGE Research Centre, University of Strasburg, 4-5 April 2013

Mc Namara, A & O ‘Donohoe, S., (2013) The Role of Institutional Environments in Shaping SME Cedit Availability: A European Perspective, British Accounting & Finance Annual Conference, Newcastle, 9-11April

Mc Namara, A, O’Donohoe, S & Mesa Bautista ,R. (2013) Bank Characteristics in the Availability of European SME finance: More than bricks & mortar? Irish Accounting & Finance Annual Conference, IT Tallaght, Dublin, 23-24 May 2013

Pasley, D., O’Gorman, B & O’Donohoe,S (2013) An investigation of inefficiencies & additionality in enterprise support: A framework for evaluating the Irish enterprise support system, Triple Helix Association Conference XI, July 8, 2013.

Spencer, L & O’ Donohoe, S (2013), Patterns of SME Internationalisation & Sources of Finance-Empirical Evidence from Across the European Union, 12th Vaasa International Business Conference, 21-23 August 2013

Spencer, L., & O’ Donohoe, S. (2013) A Study of the Internationalisation of SMEs: theories, entry modes & financial constraints, Irish Academy of Management Annual Conference, Waterford, 2-4 September

2012

Boland, T. & Griffin, R. (2012), Negotiating the empty spaces of doing nothing: Ethnographies of the Department of Social Protection & its forms, Anthropology Association of Irel& Annual Conference, Dublin, 6-7 Dec 2012

Griffin, R. (2012) The end of the festiva, The SophiaEuropa Project Research Symposium, Kinsale, 14-16 November.

Griffin, R. (2012) Decomposing bankruptcy, insolvency & receiverships processes through narrative analysis, DIT Discourse Analysis Group & Business & Society Research Group, October 2012

Kelly, R, Doyle, G & O’ Donohoe, S. (2012) Exploring the development of performance management in Irish acute care hospitals, Irish Accounting & Finance Annual Conference, NUI Galway, Ireland, 24-25th May 2012.

Kelly, R, Doyle, G & O’ Donohoe, S. (2012) Framing Performance management of acute-care hospitals by interlacing NPM & institutional perspectives, 7th International Conference on Accounting, Auditing & Management in Public Sector Reforms, EIASM, Milan, Italy, 4-6th September 2012.

Mc Namara, A & O Donohoe, S. (2012) Shaping Small Firm Finance: The Role of Country Specific Characteristics – The Case of Ireland, British Accounting & Finance Association Annual Conference, Brighton, UK, 17th – 19th April 2012.

Mc Namara, A,& O Donohoe, S. (2012) Shaping Small Firm Finance: The Role of Country Specific Characteristics – The Case of Ireland, Irish Accounting & Finance Association Annual Conference, NUI Galway, Ireland, 24th – 25th May 2012

Mc Namara, A. & O Donohoe, S., (2012) Shaping Small Firm Finance: The Role of Country Specific Characteristics – The Case of Ireland, INFINITI, Trinity College, Dublin, 10th – 12th June 2012.

Pasley, D., O’Gorman, B. &  O’Donohoe, S.(2012) Synthesising Inefficiencies Associated with Government Intervention: A Framework for Measuring Deadweight.  RENT XXVI - Research in Entrepreneurship & Small Business, 26th Conference, November 21-23, 2012.

2011

Burke, R., &  Demirag, I. (2011) The Actual Evaluation of Dem& Risk Management in Public Private Partnership Roads, European Accounting Association Annual Conference 2011, Luiss Guido Carli University of Rome, Rome, April 2011.

Burke, R. & Demirag. I. (2011) The Actual Evaluation of Dem& Risk Management in Public Private Partnership Roads, School of Management Research Seminar, Queens University, Belfast, June 2011.

Burke, R., & Demirag, I. (2011) The Actual Evaluation of Dem& Risk Management in Public Private Partnership Roads, American Accounting Association Annual Conference 2011, Denver, Colorado, August 2011.

Burke, R., &  Demirag, I. (2011) Public Private Partnerships in the Irish transport Sector: An Analysis of Partnership Arrangements,  Irish Accounting & Finance Association Annual Conference 2011, University College Cork, Cork, April 2011.

Casey J & O’Mahony O (2011), An Analysis of the Determinants of Voluntary Impairment Disclosure Post the 2008 Credit Crisis, British Accounting & Finance Annual Conference, Ashton University, Birmingham, April 14th

Casey J & O’Mahony O (2011), An Analysis of the Determinants of Impairments under IAS 36 Post the 2008 Credit Crisis, Irish Accounting & Finance Annual Conference, University College Cork, May 18th

Daly, N., Kirwan, C., & O’Riordan, C. (2011) Comparability of Financial Statements Prepared Under IFRS: A Study of UK & Irish Listed Companies, 24th Annual Conference of Irish Accounting & Finance Association, University College Cork, Cork, 28-29 April 2011.

Kirwan, C. & Brennan, N. (2011) Investigating the Antecedents & Implication of Role Conflict for Non-Executive Directors on Boards of Unlisted Family Firms, Norefjell Board Governance Workshop, Oslo, 5-8 January 2011.

McCarthy, P. (2011) The Medicalisation of insolvency practice & its manifestations in contemporary society,  Social Pathologies of Contemporary Civilisation Conference, University College Cork, 15-16 September 2011

McCarthy, P., O’Riordan, C. & Griffin, R. (2011) Exploring the silences of entrepreneurial failure, Reassembling Organizations, 27th EGOS Colloquium, Gothenburg, 7-9 July 2011

McCarthy, P., O’Riordan, C. & Griffin, R. (2011) On bankruptcy, insolvency & receiverships: the nature of the offence. 7th Critical Management Studies Conference, Naples, 11-13 July 2011

McCarthy, P., O’Riordan, C. & Griffin, R. (2011) Towards a Typology of Government Enterprise Policy Approaches: A Thematic Analysis in Ireland. Entrepreneurship Today, Bergamo University Press

McCarthy, P. (2011) Insolvency in Ireland: the nature of the offense. 2rd IPA Workshop on Corruption & Forgery in Politics, Florence July 26th -July 2nd

Mc Namara, A & O Donohoe, S. (2011) An Investigation of the Role of Country Specific

Characteristics in the Availability of Finance for Irish Small & Medium Sized Enterprises’

Doctoral Colloquium the Irish Accounting & Finance Association, University College Cork,17th May

2010

Burke, R., &  Demirag, I. (2010) Managing Demand & Risk in Ireland’s Public Private Partnership Roads: A Network Governance Perspective Irish Accounting & Finance Association Annual Conference, University of Ulster, Belfast, May 2010.

Burke, R. & Demirag. I. (2010) Managing Demand Risk in Ireland’s Public Private Partnership Roads, School of Management Research Seminar, Queens University, Belfast, March 2010.

Burke, R., &  Demirag, I. (2010)  Managing Demand Risk in Ireland’s Public Private Partnership Roads, European Accounting Association Annual Conference 2010, University of Istanbul , Istanbul, May 2010.

Kirwan, C. & Brennan, N. (2010) Investigating the Antecedents & Implications of Role Conflict for Non-Executive Directors: A Conceptual Model, 23rd Annual Conference of the Irish Accounting & Finance Association, University of Ulster, Belfast, 6-7 May 2010.

Kirwan, C. & Brennan, N. (2010) Investigation the Antecedents & Implications of Role Conflict for Non-Executive Directors on Boards of Unlisted Family Firms, Doctoral Colloquium of the European Academy of Management, Tor Vergata University, Rome, 18-19 May 2010.

Kirwan, C. & Brennan, N. (2010) Investigating the Antecedents & Implications of Role Conflict for Non-Executive Directors on Boards of Unlisted Family Firms, 6th Workshop on Family Firms Management Research, ESADE Business School, Barcelona, Spain, 6-8 June 2010.

McCarthy, P., O’Riordan, C. & Griffin, R. (2010) Deconstructing Stories of Failure: A Multi-Perspective Study of Irish Business Insolvency,  Workshop on In-Depth & Case Studies in Entrepreneurship & Small Business Management, Brussels, December 2-3, 2010.

McCarthy, P., O’Riordan, C. & Griffin, R. (2010) Towards a Typology of Government Enterprise Policy Approaches: A Thematic Analysis in Ireland. Second International Symposium, Entrepreneurship Today, 20-21 September 2010, Bergamo, Italy

McCarthy, P., O’Riordan, C. & Griffin, R. (2010) The Evolution, Practice, & Impact on Enterprise of Insolvency Law in Ireland: A Critical Junctures & Path Dependence Analysis.13th Irish Academy of Management Conference Doctoral Colloquium, CIT, Sept.1st-3rd


Poster Presentations/Invited Presentations

2014

O ‘Donohoe, S, (2014) In Praise of Finance, Economy & Society Summer School, Blackwater Castle, Co Cork 14th May 2014

2013

Casey J, Morrissey C., Coleman D. & O’Connor S.,(2013) Determining Best Practice - Local Audit Committee  Activity Analysis, Local Authority Audit Committee Workshop, South East Region  3rd May 2013

Mc Namara, A. (2013) Country Characteristics in the Dem& & Supply Nexus of SME Finance- A European Perspective, Waterford Institute of Technology Research Day 2013, April 29, 2013

Murphy, A., (2013) The Law of small numbers & the value of analysts' recommendations, Waterford Institute of Technology Research Day 2013, April 29, 2013

Pasley, D., (2013). An investigation of inefficiencies & additionality in enterprise supports: A study of the Irish enterprise support system, Waterford Institute of Technology Research Day 2013, April 29, 2013.

Spencer, L., (2013) A study of Patterns of SME Internationalisation & the Role of Finance: Empirical Evidence from across the EU, Waterford Institute of Technology Research Day 2013, April 29, 2013

2012

Casey J. (2012) Audit Committee Effectiveness – What is the research saying?, Local Authority Audit Committee Workshop, South East Region , 3rd July 2012

Mc Namara, A. (2012) Shaping Small Firm Finance: The Case of Irel&, WIT Research Day 2012, Waterford, 1st May 2012.

Murphy, A., (2012)-Behavioural Finance: Psychology behind investing decisions. The case of momentum investing, WIT Research Day 2012, Waterford, 1st May 2012

Pasley, D (2012) An examination of the impact, causes & interconnectivity of enterprise support instrument inefficiencies: A study of the Irish enterprise support system, WIT Research Day 2012, Waterford, 1st May 2012

2011

Casey J, (2011), The Role of Audit Committees & Opportunities to Bring a Value Added Input into Local Government, County Council Audit Committees, South East Region, Clonmel, 27th May 2011

Maher J, (August 2011) Written submission to the Credit Union Commission  established by the Minister for Finance to advise on restructuring & regulation of the Credit Union Movement.

Maher J, (January 2011) Written submission to the Department of Justice & Law Reform consultation with respect to White Collar Crime .

Maher J (September 2010) Drafted & submitted the Consumer Consultative Panel submission to the Financial Regulator’s public consultation on a Stabilisation Scheme for Credit Unions.

O Gorman, B, O Donohoe, S & Crosbie, N (2011) National Recovery Plan 2011-2014 & Budget 2011, Perspectives on Competitiveness’-distributed to Enterprise Ireland, County Enterprise Boards & all the major banks.

Journal of Corporate Finance achievement a testament to finance PhD

'Countries lending infrastructure and capital structure determination: The case of European SMEs' published in renowned...

Journal of Corporate Finance achievement a testament to finance PhD

'Countries lending infrastructure and capital structure determination: The case of European SMEs' published in renowned Journal of Corporate Finance

The AIB Centre for Finance and Business Research is delighted with the publication of an article in the renowned Journal of Corporate Finance, one of top finance journals in the world. 

Co-written by one of the first PhD graduates from the Centre, Andrea Mc Namara along with her supervisor, Dr Sheila O Donohoe and their collaborator, Prof Pierluigi Murro from LUMSA University, Rome, the article is titled ‘Countries lending infrastructure and capital structure determination: The case of European SMEs’. Using a dataset of 37,198 firm observations across nine European countries a novel framework was applied in testing the impact of countries' institutional setting on SMEs capital structure.

In congratulating Andrea and Sheila, the Head of the School of Business Tom O’Toole said “This is a fantastic achievement given its classification as a 4 category journal in the UK's Associated Business School list meaning it is among the elite. In addition, it is testament to the quality of our finance PhD programme which is world class.”

Established in 2009 with the support of a stipend from AIB the Centre has to date seen five PhD candidates complete their research with a further four students under supervision.

About the AIB Centre for Finance and Business Research 

The main objective of the Centre is to produce and disseminate high quality research in the finance domain under the following key themes: (1) small firm finance, (2) behavioural finance, (3) governance and corporate responsibility and (4) personal finance.  The Centre supports a number of PhD research scholarships and hosts seminars and workshops.

For further information contact Dr Sheila O Donohoe, Co-ordinator of the Centre, [email protected]

AIBs Managing Director of Wholesale and Institutional Banking - Business Postgraduate Series

On Friday October 28th 2016 the School of Business welcome AIB’s recently appointed Managing Director...

AIBs Managing Director of Wholesale and Institutional Banking - Business Postgraduate Series

On Friday October 28th 2016 the School of Business welcome AIB’s recently appointed Managing Director of Wholesale and Institutional Banking, Dr Colin Hunt to present as part of the Business Postgraduate Series.

An experienced banker who prior to taking up his current role headed up the Irish division of Australian Macquarie bank, Dr Hunt gave a frank account of the challenges faced by Irish banks in recent years and how they are now better positioned to face the future. He outlined some details of the type of work conducted in the Wholesale and Institutional banking division before providing some advice on the job application process for graduates.

Pictured here is Dr Colin Hunt, Managing Director of Wholesale and Institutional Banking, AIB.

WIT examines the integration of residential property with private pension provision

The Finance Research Group in WIT Business School is examining the development of innovative policy...

WIT examines the integration of residential property with private pension provision

The Finance Research Group in WIT Business School is examining the development of innovative policy proposals which combine the provision of housing with the release of capital for retirement income. Possible solutions involve one or more products that finance housing provision and offer a pension on the retirement of the householders. The project is being undertaken by John Maher, Dr Richard Burke and Dr Seán Byrne. Research student Yogesh Jaiyawala who joined the research community in WIT in 2015 is also member of the investigating team. Other potential contributors include Dr Sheila O’Donohoe and Dr Cormac O’Keeffe.

This work is funded primarily through a research grant awarded by the European Commission Directorate for Employment and Social Affairs. Additional support nationally is also furnished by the Pensions Regulatory Authority, Irish Life Assurance and New Ireland Assurance. The project involves iff-Hamburg, University of Rostock, Technical University Delft, Andrássy University Budapest, Queen’s University Belfast, and the Librera University Rome. The investigation will require the conduct of focus groups and engagement with expert stakeholders on both the supply and demand side of this domain. Financial modelling of potential solutions will also be undertaken.

The international project consortium met recently in Budapest to examine six country profiles with respect to demographics, mortgage credit, housing, public policy and cultural issues and plot the next phases of the programme. The next phase will consist of data collection, based on suitably composed focus groups in each of the participating countries.

Pictured here(left to right) is co-supervisor Dr Richard Burke, research student Yogesh Jaiywala and WIT Principal Investigator, John Maher.

 

For further information refer to

John Maher ([email protected] ) Telephone 353-(0)51-302457

AIB Centre hosts network event for BBS 4 Economics and Finance & BA Finance and Investment students

Recently the AIB Centre hosted a network event for undergraduate students on the Bachelor of...

AIB Centre hosts network event for BBS 4 Economics and Finance & BA Finance and Investment students

Recently the AIB Centre hosted a network event for undergraduate students on the Bachelor of Business (Economics and Finance) stream along with those on the Bachelor of Arts in Finance and Investment. The students heard from some graduates of the BBS (E&F) and MBS (E&F) stream about their careers since graduating. Speakers included Shane Mallon, an Executive with Dawn International who outlined the nature of his work in the trading of meat and seafood across international markets whilst Aine Murphy documented her interest in Behavioural Finance which led her to undertake her PhD in same, assisted by the receipt of a scholarship from the AIB Centre for Finance and Business Research. Both speakers referred to the importance of the skills and competencies acquired over the course of their studies, serving as a motivational note for those in attendance.

Featured here is guest speaker Shane Mallon of Dawn International along with staff members in the School of Business and students from BBS 4 (E&F) and BA Finance and Investment.

Insights into New Sources of Finance for SMEs

The School of Business in WIT recently hosted a seminar titled ‘New Sources of Finance’...

Insights into New Sources of Finance for SMEs

The School of Business in WIT recently hosted a seminar titled ‘New Sources of Finance’ for local SMEs. Key note speaker, Mr Nick Ashmore, Chief Executive of the Strategic Banking Corporation of Ireland (SBCI) provided a very informative overview of SBCIs key objectives in the Irish market whilst acknowledging the ongoing challenges for SMEs in the current business environment.  Citing reference to the nature and extent of SBCIs lending to date since its establishment in 2014 (€347m to 8,619 SMEs) Nick also outlined the strong impact of such lending on growth and employment in particular with 43,349 jobs supported in SMEs across a diverse range of industry sectors. Notably SMEs in South East account for 10.9% of this lending, illustrating how SBCI are now an important part of the Irish financial architecture.

The key message for all attendees is that SBCI are very keen to enhance access to lower cost long term innovative funding via their on-lending partners.

Other speakers at the seminar included many of SBCIs lending partners namely: Paul Cleere from AIB, Ray Noonan of Bank of Ireland, Bernard O Hare of Bibby Financial, Gareth O Keeffe from Finance Ireland, Hilary Moroney from Merrion Fleet, Brian O Sullivan from Ulster Bank and Garry Stokes from Microfinance Ireland.

Pictured here at the event are a number of the PhD students in the AIB Centre along with Paul Cleere, AIB’s Retail and Business Manager for Kilkenny and Waterford.
 

AIB Centre assist in the hosting of the Irish Accounting and Finance 2016 Annual Conference

The 29th Annual Conference of the Irish Accounting and Finance Association (IAFA) took place in...

AIB Centre assist in the hosting of the Irish Accounting and Finance 2016 Annual Conference

The 29th Annual Conference of the Irish Accounting and Finance Association (IAFA) took place in Waterford Institute of Technology on the 19th and 20th May 2016.  Hosted by the School of Business, and kindly sponsored by Chartered Institute of Management Accountants (CIMA) the conference saw over 120 leading national and international academics partake in this annual conference of research, scholarship and education in accounting and finance. The conference also afforded an opportunity to show-case Waterford as a city of rich history, culture and education.

The two day event was formally opened by Dr Tom O’Toole, Head of the School of Business at WIT who spoke eloquently about Waterford – its history, its environs and its business milieu as well as of WITs vibrant School of Business, a place of ‘student learning nexus with a rich portfolio of programmes, emergent and skilful research teams and individuals respected by their peers’.

The two day event featured a series of over 40 research papers presented to delegates. The broad themes of the presentations were Financial Reporting, Auditing, Corporate Governance, Accounting Education, Management Accounting, Taxation, Finance and Accounting History.  

 

The Keynote note speaker of the conference was Professor Noel O Sullivan of Loughborough University in the UK who is the foremost authority on Corporate Governance in the UK and Ireland. Professor O Sullivan addressed delegates on the topic of the effectiveness of Non-Executive Directors on Boards.

 

One of the highlights of the conference was the gala dinner held in the Tower Hotel on the evening of 19th May where conference delegates, WIT staff and local business stakeholders dined together in an evening of social conviviality.

 

The conference was preceded by the IAFA annual Doctoral Colloquium on Wednesday 18th also in Waterford Institute of Technology and kindly sponsored by Certified Public Accountants. This annual event provides students, at all stages of doctoral research, with an opportunity to present their work and receive feedback from academics in their field.  This was the largest Doctoral Colloquium to date and was facilitated by Professor Joan Ballantine, University of Ulster and Dr Sean Byrne, WIT. Guest speaker Professor Jill Atkins, Professor of Accounting and Financial Management at Henley Business School, addressed doctoral delegates on the ‘Qualitative and Interpretive research methods and methodology in Accounting and Financial Management’. Later that evening conference delegates attended a reception by Waterford City Mayor John Cummins who said that the Three Sisters project offered an opportunity to celebrate the benefits of education across Waterford Wexford and Kilkenny. He invited the attendees from overseas and from home to share in the south east experience of life and the natural and built environment, in warm friendship and hospitality.

 

The Irish Accounting and Finance Association (IAFA)  was founded 40 years ago to provide a network for accounting and finance academics to share and disseminate knowledge through conferences, seminars, symposia, and through its journal, Accounting, Finance and Governance Review. It provides a network for academics in these domains, maintaining deep and valued relationships with professional accounting bodies such as CIMA and CPA , and through international interactions with similar academic bodies, with research networks and with individual researchers within and beyond Ireland.

Pictured here are: back row (left to right) Denis Walsh, Sean Byrne, Thomas O Toole, Aine Murphy and Dave Pasely. Front row (left to right) Sheila O Donohoe, Oksana Doherty, Nora Gordon, Professor Jill Atkins, Rosemarie Kelly, Clare Kearney and Aisling Tuite.

School of Business welcomes Visiting Lecturer from University of Oldenburg, Germany

Visiting the School this week is Suren Pakhchanyan, a faculty member in the Carl Von...

School of Business welcomes Visiting Lecturer from University of Oldenburg, Germany

Visiting the School this week is Suren Pakhchanyan, a faculty member in the Carl Von Ossietzky University of Oldenburg, Germany.  Suren is attached to  ZenTra, Center for Transnational Studies at the University of Oldenburg which has close ties with WIT’s AIB Centre for Finance and Business Research. Over the course of his stay Suren is presenting to both undergraduates and postgraduates on operational risk management, the topic of his PhD research. In addition he is delivering a research seminar to the PhD students in the AIB Centre for Finance and Business Research as well as having a number of meetings with staff members.

The University of Oldenburg is now an additional partner college of WIT under the Erasmus mobility programme and we look forward to future exchanges to/from Germany by faculty and students.

Student receives Best Paper Award

AIB Centre for Finance & Business Research are delighted to announce that Tyng Pang Gan...

Student receives Best Paper Award

AIB Centre for Finance & Business Research are delighted to announce that Tyng Pang Gan graduate of BA Finance and Investments year three received his recent ‘Best paper’ award in person from the Head of School of Business and President for International Affairs, Waterford Institute of Technology, Dr. Tom O’Toole on his recent visit to TARC College in Kuala Lumpur, as part of his itinerary to Malaysia and China. The annual best paper awards were recently held in Waterford Institute of Technology and are in recognition of excellence in research papers/dissertations in the areas of accounting, economics and finance. Tyng Pang Gan studied at TARC before coming to WIT to complete his degree.

The title of Tyng Pang Gan research paper was ‘An analysis of dividend policy of Malaysian companies: Case of consumer good sector: 2008-2012’.

AIB Centre for Finance and Business Research Best Paper Awards Day 2015

On Friday 9th October 2015 seven students (4 undergraduate and 3 postgraduate) from the last academic...

AIB Centre for Finance and Business Research Best Paper Awards Day 2015

On Friday 9th October 2015 seven students (4 undergraduate and 3 postgraduate) from the last academic year in the School of Business were presented with awards in recognition of excellence in their research papers/dissertations in the areas of accounting, economics and finance.

The Best Paper Award is hosted annually by the AIB Centre for Finance and Business Research which now has a total of 8 PhD students. Attending the awards event on behalf of AIB included Mr. Conor Maguire, Head of Service and Customer Experience, AIB Group, Mary Fogarty, Regional Sales and Service Manager, Marian Keane, Branch Manager, the Quay Waterford and Noelle Chambers, Manager of AIBs WIT campus branch. They were joined by six of the seven award recipients and their families along with members of Faculty.

Providing the keynote address Mr. Maguire spoke honestly and frankly about his own career path, about the challenges that the bank has faced in recent times and of the changes that AIB has been undertaking to enhance the customer experience.

Professor Denis Harrington, Head of Graduate Business in WIT provided an overview of the work being undertaken in the AIB Research Centre and thanked AIB for all of their support before introducing the recipients of the awards.

Undergraduate recipients and title of their Research Paper:

Paul Shanahan- ‘An analysis of the relationship between the marginal rate of income tax and economic growth in Ireland 1983-2013’

Cristina Chase- ‘Investigating the Momentum Effect in the Hong Kong and Brazil Stock Markets’

Tyng Pang Gan- ‘An analysis of dividend policy of Malaysian companies: case of consumer goods sector: 2008-2012’

Patrice Hoban- ‘Access to Finance for Italian SMEs- 2009 to 2013 a comparative analysis’

Postgraduate recipients and title of their dissertations:

Brendan Foley- An analysis of the implementation of the revised ISA 700 standard: The Extended Audit Report

James Murphy- An Analysis of European Banks Operating Performance (2006-2012)

Craig Sauvage- Accountability: A Content Analysis of disclosures made by Irish Charities.

For more information on the AIB Centre for Finance & Business Research please visit http://www.wit.ie/research or contact co-ordinator Dr. Sheila O’Donohoe on [email protected] or telephone +353 51 302422.

AIB Centre for Finance & Business Research Best Paper Awards 2015

The AIB Centre for Finance & Business Research is pleased to announce that on Friday...

AIB Centre for Finance & Business Research Best Paper Awards 2015

The AIB Centre for Finance & Business Research is pleased to announce that on Friday 9th October, seven students in total (four undergraduate and three postgraduates) will be recognised for excellence in their research papers/dissertations in the disciplines of accounting, economics and finance. This marks the 6th year of these awards which are kindly sponsored by AIB via the AIB Centre for Finance & Business Research in WIT.

The awards will be presented by guest speaker Conor Macguire, Head of Service and Customer Experience of the AIB group. The recipients and their guests will be joined by senior managers of AIB both locally and regionally along with faculty and undergraduate and postgraduate business students for the event, commencing at 11.30am in the Auditorium on the main campus.

The undergraduate winners and title of their research includes:

Paul Shanahan- ‘An analysis of the relationship between the marginal rate of income tax and economic growth in Ireland 1983-2013’

Cristina Chase- ‘Investigating the Momentum Effect in the Hong Kong and Brazil Stock Markets’

Tyng Pang Gan- ‘An analysis of dividend policy of Malaysian companies: case of consumer goods sector: 2008-2012’

Patrice Hoban- ‘Access to Finance for Italian SMEs- 2009 to 2013 a comparative analysis’

The postgraduate winners and title of their research include:

Brendan Foley- An analysis of the implementation of the revised ISA 700 standard: The Extended Audit Report

James Murphy- An Analysis of European Banks Operating Performance (2006-2012)

Craig Sauvage- Accountability: A Content Analysis of disclosures made by Irish Charities.

Congratulations to all.

For more information on the AIB Centre for Finance & Business Research please visit http://www.wit.ie/research or contact co-ordinator Dr. Sheila O’Donohoe on [email protected] or telephone +353 51 302422.

Writing Workshop for PhD Students in the School of Business

The AIB Centre for Finance and Business Research in the School of Business hosted a...

Writing Workshop for PhD Students in the School of Business

The AIB Centre for Finance and Business Research in the School of Business hosted a Writing Workshop on July 7th kindly delivered by Professor John Holland from the University of Glasgow.

An experienced academic with in excess of 50 publications along with extensive PhD supervision experience this Professor of Accounting and Finance shared his thoughts and insights into successful writing for completion of a PhD.

The highly interactive nature of the workshop provided much food for thought for the audience of 16 PhD candidates challenging them to write on their perceptions of the key enablers and obstacles to thesis writing before exploring some of the key building blocks within the thesis document itself. Plans for an additional workshop are underway for the Autumn.

For More Information:

For more information visit The AIB Centre For Finance and Business Research

Or Contact

Dr Rosemarie Kelly [email protected] or Dr Sheila O Donohoe [email protected]

AIB International Study Trip Best Paper Awards

The AIB Centre for Finance & Business Research Group within the School of Business awarded...

AIB International Study Trip Best Paper Awards

The AIB Centre for Finance & Business Research Group within the School of Business awarded ‘Best paper’ awards to MBS students who achieved an exceptional standard in their papers from the recent annual international study trip to Belgium.

Opening proceedings Prof. Denis Harrington thanked AIB for their continued ongoing support of research within the business school and thanked Dr. Sheila O’Donohoe and Mr. Gerard Arthurs for their continued hard work in maintaining the opportunities and links with several significant figures in the European Union quarter in Brussels and at the prestigious University of Leuven.

Ms. Marian Keane of AIB stressed the importance of the relationship with the school of business and congratulated students on their success. Mr. Gerard Arthurs also alluded to the professional development that is at the heart of the MBS course and the opportunities given to students on the international study trip is unparalleled.

Before the awards were announced, MBS students were treated to an insightful, honest and frank address by Mr. Michael Spillane, HR manager of Glanbia PLC. Having spent over 40 years in Glanbia, Mr. Spillane offered many insights into the inner workings of the international corporation. Having begun his career as a lab technician, Mr. Spillane moved up through the organisation to his high ranking position today. He stressed the importance of mutual respect in a relationship, the human nature of making a mistake but the ability to learn from it and that looking in others for what you would like to see in yourself will help build professional relationships.

Further information on our Master of Business programmes please visit our website http://www.wit.ie Alternatively, enquiries can be emailed to our Programme Directors, Dr. Sheila O’Donohoe at [email protected] or Dr. Paul Morrissey at [email protected]

Best paper recipients:

Sam Deegan, Lauren Greene, Rebecca Connolly and Evelyn Fitzmaurice for their analysis of the Latvian economy,

Cathriona White, Siona Stokes, James Murphy, Han Mi and Wenjun Zheng for their analysis of the German economy.

International Study Trip AIB Awards & Guest Speaker

On Thursday 16th of April, students from the MBS and MBSI will be joined by...

International Study Trip AIB Awards & Guest Speaker

On Thursday 16th of April, students from the MBS and MBSI will be joined by guest speak Mr. Michael Spillane, HR manager of Glanbia Plc, and Marian Keane AIB Manager for the announcement of 'Best Papers' from the recent international study trip to Belgium. Students who have achieved an exceptional standard will receive prizes.

Mr. Spillane will also speak about the role of international business, his time at Glanbia Plc and job opportunities for graduates in the international market. 

First PhD graduates graduate from AIB Centre for Finance and Business Research

Established in 2009 the AIB Centre for Finance and Business Research recently saw the first...

First PhD graduates graduate from AIB Centre for Finance and Business Research

Established in 2009 the AIB Centre for Finance and Business Research recently saw the first of its PhD students graduate marking a momentous day for the Research Centre, the School of Business and AIB.  The mission of the Centre is to promote high quality research in the finance discipline with the vision of facilitating a tri partite dialogue between academia, industry and policy makers in order to expand the knowledge horizon of a number of research themes namely small firm finance, behavioural finance, governance and corporate responsibility and personal finance. 

Thanks to an endowment from the AIB Group the Centre to date has supported 8 PhD research scholarships and hosted a number of seminars and workshops.

Title of the recently graduated PhDs: ‘A multi-perspective analysis of the organisation of business insolvency in Ireland’ by Dr Padraig Mc Carthy, Supervisors: Dr Ray Griffin and Dr Chris O Riordan

‘The Landscape of Bank Credit Availability and Firm Leverage for European SMEs: An Evaluation of Country Characteristics’ by Dr Andrea Mc Namara, Supervisor: Dr Sheila O Donohoe

For further information: Contact: Dr Sheila O Donohoe ([email protected])

ThomsonOne Reuters Specialist Presentation

ThomsonOne Reuters Specialist Presentation on Financial Data Platform On Friday last 16th January, WIT Business...

ThomsonOne Reuters Specialist Presentation

ThomsonOne Reuters Specialist Presentation on Financial Data Platform

On Friday last 16th January, WIT Business School were delighted to host a presentation by Matteo Agus, Client Specialist with Thomson Reuters, London on the Thomson ONE product. Over the course of the morning both undergraduate and postgraduate students got an insight into this major platform of financial data which can be used to access current and historical public company financial data, links to company filings, Annual Reports, news and corporate events, ownership and comparable data, earnings estimates, information about company directors and officers as well as an extensive range of economic data. Apart from being used in academic settings Thomson One is used extensively across the investment community and financial services industry. WIT students and staff can access this valuable resource via WITs library databases.

More Information

For further information please contact: Dr Sheila O Donohoe ([email protected])

Behavioural Finance Overview

Behavioural Finance- an overview by Visiting Professor William Forbes -3rd November 2014 The AIB Centre...

Behavioural Finance Overview

Pictured here are four of the PhD students in the Centre: Oksana Doherty, Aine Murphy, Linda Spencer, Professor William Forbes, Dr Cormac O Keeffe and Dave Pasley.
Pictured here are four of the PhD students in the Centre: Oksana Doherty, Aine Murphy, Linda Spencer, Professor William Forbes, Dr Cormac O Keeffe and Dave Pasley.

Behavioural Finance- an overview by Visiting Professor William Forbes -3rd November 2014

The AIB Centre for Finance and Business Research in the School of Business this week welcomed Visiting Professor, Professor William Forbes. A distinguished academic Professor Forbes presented insights into the highly topical area of Behavioural Finance to both undergraduates and postgraduates students from BBS (honours) Economics and Finance, BA Finance in Investment, MBS Economics and Finance and the five PhD students in the AIB Centre also.  Two of the PhD students, Aine Murphy and Dave Pasley also spoke about their research and their rationale for undertaking their PhDs. This event also saw a small presentation being made to former Programme Leader of the BBS (hons) Economics and Finance stream, Mary Mosse to acknowledge her great work for the stream. Dr Cormac O Keeffe succeeds her as the streams Programme Leader.

CFBR PhD Scholarship

The School of Business of Waterford Institute of Technology in conjunction with the AIB Centre...

CFBR PhD Scholarship


The School of Business of Waterford Institute of Technology in conjunction with the AIB Centre for Finance and Business Research are pleased to invite applications for a full time PhD scholarship under the theme of Behavioural Finance which will commence in October 2013.

http://www.wit.ie/future_students/research_postgraduate/funded_opportunities

Further information on the theme of Behavioural Finance can be found on the CFBR website.

Best Paper Awards Day 2013 at WIT

...

Best Paper Awards Day 2013 at WIT

Andrea McNamara Wins Nomination to American Doctoral Colloquium

Recently announced as the nominee of the Irish Accounting and Finance Association Andrea Mc Namara,...

Andrea McNamara Wins Nomination to American Doctoral Colloquium

PhD Student Andrea McNamara Wins Irish Nomination to American Doctoral Colloquium
PhD Student Andrea McNamara Wins Irish Nomination to American Doctoral Colloquium


Recently announced as the nominee of the Irish Accounting and Finance Association Andrea Mc Namara, a 3rd year PhD Student in the School of Business is currently on route to participate in this year’s Doctoral Consortium of the American Accounting Association. Based on a competitive application process Andrea is traveling to Nevada where over four intensive days she along with approximately 90 doctoral candidates in accounting and finance from across the world will hear from some leading academics on a range of research topics. The title of Andrea’s research is ‘Country Characteristics in the Demand and Supply of SME Finance; A European Perspective’. A first class honours graduate of WIT’s Bachelor of Business (honours) programme and Masters in Business Studies (Economics and Finance) Andrea worked for two years in fund accounting in Dublin before returning to undertake her PhD. She is one of six PhD students in the AIB Centre for Finance and Business Research, (http://www.cfbr.ie) and is being supervised by Dr Sheila O Donohoe.

Best Paper Awards 2012

The 4th annual Best Paper Awards, recognising excellence in undergraduate research projects and postgraduate dissertations,...

Best Paper Awards 2012

The 4th annual Best Paper Awards, recognising excellence in undergraduate research projects and postgraduate dissertations, in the area of accounting, economics and finance.

The AIB Centre for Finance & Business Research in the School of Business hosted the 4th annual best paper awards event on Friday October 12th 2012. These awards recognise excellence for undergraduates in the Research Paper and for postgraduates in their dissertations within the disciplines of accounting, economics and finance area. The guest speaker was Dr. Fergal McCann, an economist in the Financial Stability division of the Irish Central Bank who spoke on the role of SMEs in Ireland, their contribution to the economy, and credit availability for them within the current crisis. As a distinguished researcher on the topic of access to small firm finance, Dr Mc Cann provided a very comprehensive and thought provoking presentation highlighting the keys issues from both the supply and demand side for finance from both Irish and European small firms. Dr. Denis Harrington, Head of Graduate Business at WIT, addressed the attendees including the award winners and their families and acknowledged their achievements, stating the continued importance of research in business education.

The award winners for the best Research Papers 2012:

Undergraduate Ruth Concannon - “Dividend Payout Policy in the US: A Case of the S&P 500” Samantha McGuinness

“Momentum Effect in the European Market” Michael Webster

“An Investigation into Under-pricing on the NASDAQ including a cross sectorial analysis with the Shanghai Market” Postgraduate Jonathon Butler

“Earnings Quality and Earnings Management: An Empirical Analysis of the Provision for Credit Loss on Trade Receivables amongst FTSE 350 Companies” Oksana Doherty-

“Initial and Aftermarket Performance of IPOs in Emerging Markets: Evidence from China, India and Brazil” Joanna Roche

“A Comparison of Returns to Acquiring Firm Shareholders in Domestic and Cross Border Mergers and Acquisitions: Evidence from the UK”. 

Best Paper Awards 2011

Friday 7th October marked a key day in the WIT calendar, with the AIB Centre...

Best Paper Awards 2011

Friday 7th October marked a key day in the WIT calendar, with the AIB Centre for Finance and Business Research hosting the 3rd year of the “Finance Awards”. The awards recognise excellence in research from both undergraduate and postgraduate students in the field of accounting and finance. As part of the ceremony, the AIB CFBR welcomed Professor Bill Rees, Professor of Financial Analysis from University of Edinburgh. Professor Rees has gained extensive experience through his work in institutions such as Newcastle University, University of Strathclyde (Glasgow) and more recently in Amsterdam, where he was Director of the Business School. His main research interests include a wide range of topics, including the work of investment analysts, international accounting practices, dividend policy and international diversification. He has published extensively in a range of journals and has written a text book entitled “Financial Analysis”, which is currently in its second edition. He is associate editor of Accounting and Business Research and sits on a number of editorial boards .

For the awards ceremony Professor Rees opened with a presentation of some of his latest work; “CSR and the Open Society”. His research to date on this topic was presented for the first time previously that week. Professor Rees encouraged participation from attendees, providing a valuable lesson to those starting out on their own research about seeking feedback and critiquing. “One reason why I was very happy to have the invitation to come (to WIT), is the way we develop papers is by presenting them and getting them criticised”. The paper which formed the basis for the presentation was co-authored by Dr Craig Mackenzie, Senior Lecturer in Sustainable Enterprise and Director of the Centre of Business and Climate Change at University of Edinburgh, and Head of Sustainability with Scottish Widows Investment Partnership . Through his roles Dr Mackenzie has been working on the FTSE4Good initiative (an index which measures the performance of companies in meeting corporate responsibility standards) .

Bringing his research to life Professor Rees cited an example from the Financial Times of the UK Government not investing in carbon capture projects which were going to cost approximately £1.5 billion. There were indications that this investment would be abandoned due to the cost, but Professor Rees pointed out was that the long term benefit was not being taken into account, because the benefit was for society generally and as such was difficult to assess. However, Professor Rees explained that this may be short sited and that CSR is an important issue.

“When I study Corporate Social Responsibility, I am not studying it because I feel good about it, or like most British academics, I am a soft liberal slightly left wing sort of person who likes this sort of thing. It is because I think it matters.” Citing further examples he went on to explain that when people look at CSR they sometimes use the term Environmental Government and Social (ESG). From an environmental perspective he stated that he did not think that there was anyone that did not believe that society is facing a serious problem with climate change. The costs of climate change are going to fall on the younger people of this generation and the generations afterwards, and these costs are not considered. From a social perspective, he stated that most Greeks feel that the problems that have fallen on that country because the economy of the country was for the benefit of a subset of society rather than the Greek society as a whole. From a governmental perspective, he stated that in Ireland and in Scotland we are living with the consequences of the mismanagement of companies.

Leading on from this he outlined the question which forms the basis for his research: “Does corporate social responsibility matter and if it does, how do we make it work?” He went on to explain that the firm is comprised of areas such costs, revenues, employees, management and customers. This company forms a small section of a market, the rest of which is made up by other firms. In turn, the market forms a small portion of society. Looking at the role of CSR among society and its constituents, Professor Rees stated that CSR involves devoting resources towards human rights which means additional costs for the firm. Some of those costs come straight back to the in benefits. However, some argue that firms do not invest enough in environmental management because the benefits do not directly produce results for the company, but fall outside of the firm and for the benefit of society. However the research suggests that management like spending money on this type of activity, even if it reduces the profit. This is done because it is good for their reputation and it facilitates their relationships and interactions with other groups within society. However owners in the company may not want to invest as it will drive down the profitability and value of the company. This may vary between ownership structures. Investors with a large stake in a single firm may be less inclined to see the benefit, but a more diversified shareholder may lose in one company but gain in another. The research, which utilised the FTSE4Good score of 1,800 firms in developed countries, showed some other interesting results. For example if a firm is excluded from the index (such as tobacco or armaments firms) the incentive the incentive to engage in CSR is not there and therefore they perform worse.

In highly regulated countries, internal CSR tends to be lower as companies do not need to engage in anything beyond their legal requirement and therefore they score lower. Also, companies with good internal corporate governance generally do better. One of the most surprising conclusions was that companies that have high levels of debt do not necessarily do worse. Overall the biggest influence in companies scoring highly in CSR was the level of democracy. This includes issues such as free media, political process and free unions. The more democratic the country, the higher the level of CSR from firms within that country. The presentation was well received by all who attended and was followed by many thought provoking questions from the audience. The Q&A session was followed by the award ceremony. The award recipients from undergraduate level (from BBS Economics and Finance and BA in Finance and Investment) were introduced by Ger Long, Head of Department, Accounting and Economics. Before announcing the award winners, Mr Long spoke about the increase in activity in CFBR. The past few months has seen new PhD students join the centre and the appointment of a visiting professor, William Forbes. A physical base has also been established for the centre in the AT building beside the WIT main campus. Mr Long paid special tribute to the work of Dr Sheila O’Donohoe, who is coordinator of the centre, and paid gratitude to AIB for their generous sponsorship.

The four winners were: ‘An investigation into the presence of the January effect on the ISEQ and NYSE stock exchanges for the period 2001-2010’ by Colleen Deere from BBS (Economics and Finance) Year 4.

‘An analysis of the ownership composition of a sample of companies from the FTSE 100: 2007-2010’ by Joanna Roche from BBS (Economics and Finance) Year 4.

‘An Examination of the “Winner-Loser Effect” in the Irish and Japanese Stock Markets for the period of 2001-2010’ by Yi Xia from BA Finance and Investments Year 3.

‘Technical Analysis – Can it Beat the Market? _ A Regional Investigation over the period 1997-2010’ by Craig Buckley from BA Finance and Investments Year 4.

Dr Dennis Harrington presented the awards for the postgraduate winners. Prior to introducing the winners, Dr Harrington paid tribute to the work of the supervisors and faculty who worked closely with all of the postgraduate students on developing their dissertations. Dr Harrington also extending his gratitude to AIB, not only for their work with the CFBR and the awards, but also for their ongoing contributions to modules at postgraduate level. He acknowledged of the work of Dr Sheila O’Donohoe and her colleagues for their work in the CFBR in arranging research events and guest speakers throughout the year. Dr Harrington also made note of the successes of WIT students going through postgraduate programmes. He stated that many had not just secured positions, but high quality positions and were acting as excellent ambassadors for WIT both nationally and internationally.

The four postgraduate winners for best dissertations in the areas Economics and Finance and Accountancy were:

‘An Empirical Analysis of Non-Executives: A Study of UK and Irish Listed Companies ’ by Patrick Glasheen from MB in Accounting.

‘Returns to Acquiring Firms from Domestic and Cross-Border M&As: An Indian Firm Perspective by Niamh Greaney from MBS (Econ and Fin)

‘An Empirical Analysis of the Capital Structure of Emerging and Developed Economies over the period 2011-2010’ by Marion Hickey from MBS (Econ and Fin)

‘Forecasting the Future Price of Precious Metals:1993-2011 by Andrew Jones from MBS (Econ and Fin)

Best Paper Awards 2010

With an air of excitement sweeping through WIT, the AIB Centre for Finance and Business...

Best Paper Awards 2010

With an air of excitement sweeping through WIT, the AIB Centre for Finance and Business Research was honoured to host its very own day at the Oscars with the presentation of the 'Finance Awards 2010.'

Marked as a significant date on the academic calendar, the Finance Awards provides a platform in recognition of excellence for the best research paper and dissertation completed by undergraduate and postgraduate students. To further distinguish the ceremony, the AIB Centre for Finance and Business Research was delighted to welcome May Walsh from AIB and Prof Noel O Sullivan from the University of Sheffield to participate in the celebrations. Speaking to students, faculty, parents and the extended community, Prof Noel O Sullivan complimented the recipients of the best paper awards, advocating the exhibition of the research posters which disclose the research title, objectives, findings and conclusion facilitate in bridging the knowledge gap between the academic circle and the outside community. Outlining his research entitled „The Impact of Cross-listing on Audit Fees: Evidence from the UK Firms Listed on US Markets‟, Prof Noel O Sullivan aimed to bring the knowledge of the literature on audit fees. Advancing extant studies, Prof Noel O Sullivan and colleagues contributed to the methodological nature of the research by employing a panel data to identify time series and cross sectional variations. Furthermore, by default, the premise of the research facilitated a before and after investigation of the impact of Sarbanes-Oxley on the pricing of audits for cross listed companies.

Asked if auditors contributed to the current financial crisis, Prof Noel O Sullivan posed the question, “is there a feeling they (auditors) made a mistake or did they do a decent audit but it may not have told us anything?” “What does the audit measure?” The FSA may not have got it right but Prof Noel O Sullivan argues they did reflect the mood, the mood of light touch regulation. This left the audience with the question of rethinking what we would do and the mechanism in which we would do this in.

Dean of the School of Business, Dr Tom O Toole lent credence to the empirical work of Prof Noel O Sullivan and his colleagues, illustrating there is a need to consider all absolute angles so as to contribute to research. The celebration of the Finance Awards 2010 provided the forum in which knowledge transfer was facilitated from one experienced researcher to newly ambitious candidates, complementing the theme of the day. Speaking to students, Dr Tom O Toole believes you, the individual occupy the vacuum between the award and the achievement where you have an opportunity to make a real contribution. Bestowed with the Finance awards were:

Undergraduate winners –

Aaron O Sullivan - „The Index Effect: Is it Disappearing from FTSE100 Index?‟

Andrew Jones - „Gold as a Hedge Against US Dollar: 1971 to 2009‟

Lorraine Keane - „The Short Term Wealth Effects From Mergers and Acquisitions for Acquiring Firms in the Pharmaceutical Industry – Some Recent Evidence‟

Postgraduate winners –

Noeleen Daly - „An Investigation into the Comparability and Transparency of the Financial Statements Following the Implementation of IFRS: A study of UK and Irish Listed Companies‟

Kevin Doherty - „Accountants and Operational Managers Perceptions of the Annual Budgeting Process: Qualitative Evidence from Manufacturing Companies‟

Owen O Mahony - „An Analysis of the Determinants of Voluntary Impairment Disclosure in the Annual Reports of UK and Irish Companies‟

Aine Murphy - „The Presence of the January Effect and the Weekend Effect: An International Comparative Analysis‟

Marie O Neill - „The Prevalence of Overconfidence and Herding in the Decision Making Process of Fund Managers: Some Insights‟

Best Paper Awards 2009

In 2009 the Finance Research Group within the School of Business of Waterford Institute of...

Best Paper Awards 2009

AIB Finance Research Group,School of Business,Waterford Institute of Technology
AIB Finance Research Group,School of Business,Waterford Institute of Technology

In 2009 the Finance Research Group within the School of Business of Waterford Institute of Technology announced the establishment of a series of best paper awards comprising of a cash honorarium and certificate for the best paper in finance/economics/accounting during the academic year 2008-2009. The overall objective of this initiative is to encourage scholarship and recognise excellence in research at both undergraduate and postgraduate level.

The presentation of the awards involved a special ceremony held on Friday 25th September 2009 and featured a key note speaker, Professor William Forbes of Loughborough University. He spoke with great passion about the newly emerging field of behavioural finance in a most interesting and entertaining format. His talk stimulated considerable debate and interest among the audience, which consisted of a large number of Business students and Faculty staff.

This was followed by the presentation of the best Finance paper awards to undergraduates and postgraduates, an initiative from the Finance Research group to recognise excellence based on the Research Papers at undergraduate level and on the dissertations written by the postgraduates. Featuring in the awards was a broad range of topics from under- pricing of Chinese and UK initial public offerings, the spill-over effects between markets to topics on the profitability of different trading strategies.

These awards were presented by Ms Joan McDonald (Head of Management and Organisation) and Dr Denis Harrington (Head of WIT Graduate Business School) who both praised the work of the students outlining the need to recognise excellence. Posters featuring the main findings of the postgraduate dissertations were on display. After the success of the event, the Finance Research Group are already looking forward to next year’s event with a number of high profile visiting speakers organised for early 2010. Such events provide an excellent forum to disseminate knowledge and encourage research activity within the college community.

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Address


Name: Dr. Sheila O'Donohoe, Director

By Post:
AIB Centre for Finance and Business Research,
Department of Accounting and Economics,
Waterford Institute of Technology,
Waterford.

Email

[email protected]

Phone

051 302 422