AIB Centre for Finance and Business Research

Title: “Momentum in the UK Stock Market: Cause and Effect and the Role of Brokers and Analysts”,

PhD graduate, Dr Aine Murphy,

Supervisors: Dr Cormac O Keeffe and Professor William Forbes

Research overview:

This study sought to determine if momentum was 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 was determined, additionally the key causes of the phenomenon are 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 were 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. The output was presented at a number of conferences including the British Accounting and Finance Association and one article published in the International Journal of Finance and Economics.

Title: “An Investigation of Underpricing and the Role of Clusters in Initial Public Offerings (IPOs) in the UK”,

PhD graduate: Oksana Akhmadzyanova

Supervisors: Dr Cormac O Keeffe and Professor William Forbes.

Research overview:

The concept of efficiency is central to finance as it relates to the primary role of capital markets, the efficient allocation of capital. The persistence of anomalies in stock markets, such as the abnormalities relating to the equity trading: the underpricing, the long-term underperformance of the new issues, and the waves in issuing activity contradict the efficient market hypothesis and causes continuous debate. To this end, this dissertation investigates the three anomalies relating to the IPO settings and IPO performance in the UK market: short-term underpricing, long-term underperformance and clustering of new issues. The dissertation documents significant evidence of IPO underpricing in the UK.  It is higher for local offerings, is reduced with geographical dispersion of the investor base and follows pronounced seasonal patterns. The study concludes that the issues of uncertainty, informational asymmetry among market participants, and the role of underwriters in the IPO process remain critical.

Refereed Journal Articles

2020

Dunne, N.J., Brennan, N.M, and Kirwan, C.E (2020) “Impression Management and Big Four Auditors: Scrutiny at a Public Inquiry”, Accounting, Organizations and Society, Vol. 88, Article 101170

Mc Namara, A, O Donohoe, S. and Murro, P. (2020) “Lending infrastructure and credit rationing of European SMEs”, European Journal of Finance, Vol.26, Issue 7-8, pp.728-747

2019

Casey J., O’Keeffe C., and Griffin R. (2019), “Funding and HEI performance”, Ireland’s Yearbook of Education 2019-2020, Editor B Mooney.

Forbes, W., Murphy, A., O’Keeffe, C., and Su C. 2019. “Are Financial Analysts Eager Postmen of Bubble Psychology? Evidence in the UK” International Journal of Finance and Economics, 25(1), pp.120-137.

2018

Byrne, S and Pierce, B. (2018) “Exploring management accountants' role conflicts and ambiguities and how they cope with them,” Qualitative Research in Accounting & Management, Vol. 15, No. 4, pp.410-436.

Coady P.A., Byrne S., Casey J. (2018) "Positioning of emotional intelligence skills within the overall skillset of practice-based accountants: employer and graduate requirements" Accounting Education, 27(1), pp.94-12

Jaiyawala, J., Maher, J., Burke, R. and Byrne, S. (2018) “Holding on and letting go in Ireland: Examining the policy and fiscal environment for supplementing retirement Income from residential property”, in M. Eckardt, J. Dötsch, and S. Okruch, (eds) Old-Age Provision and Homeownership – Fiscal Incentives and Other Public Policy Options, Cham, Switzerland: Springer, pp. 51-82.

Kelliher, F. and Byrne, S. (2018) “The thinking behind the action (learning): Reflections on the design and delivery of an executive management program”, Journal of Work-Applied Management, Vol. 10, No. 1, pp.35-49.

2017

Kirwan, C E. and Pierce, A. (2017) "The Role and Current Status of IFRS in the Completion of National Accounting Rules: Evidence from Ireland" Accounting in Europe, 14 (1-2):113-120.

O’ Keeffe, C. and Gallagher, L.A.  (2017) “The winner-loser anomaly: recent evidence from Greece”. Applied Economics, 49(47), pp.4718-4728

Mc Namara, A, Murro, P & O ‘Donohoe, S. (2017) “Countries lending infrastructure and capital structure determination: The case of European SMEs”, Journal of Corporate Finance, Vol.43, pp.122-138

2016

Brennan, N. M., Kirwan, C E. and Redmond, J. (2016) "Accountability Processes in Boardrooms: A Conceptual Model of Manager-Non-Executive Director Information Asymmetry" Accounting, Auditing and Accountability Journal, 29 (1):135-164.

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

Brennan, N. M. and Kirwan, C E. (2015) "Audit Committees: Practices, Practitioners and Praxis of Governance" Accounting, Auditing and Accountability Journal, 28 (4):466-493

Burke, R. & Demirag, I. (2015) “Changing Perceptions on PPP Games: Demand risk in Irish roads” Critical Perspectives on Accounting, 27(1), pp.189-208

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), pp69-91

2014

Gregory, A. & O’ Donohoe, S. (2014) “Do Cross Border and Domestic Acquisitions Differ? Evidence from the acquisition of UK Targets”, International Review of Financial Analysis, Vol. 31, pp61-69

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

O’ Keeffe, C. & Gallagher, L.A.  (2014). “Momentum in Irish Stocks: Evidence from the Credit Crisis”.  Applied Economics Letters, Vol. 21(11), pp717-722

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

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

2015

Casey J and Kearney C (2015), Case Studies in Advanced Financial Reporting: Adjustments for Compliance with FRS102, Chartered Accountants Ireland, Dublin (in electronic format only)

2012

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

2010

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

Book Chapters

2020

Alexander, D., Jorissen, A., Hoogendoorn, M., van Mourik, C., and Kirwan. C. (2020) International Financial Reporting & Analysis, 8th Edition, Cengage Learning.

2019

Casey J in Kirwan C, McBride H and O'Riordan C, editors, (2019), Cases in Corporate Governance and Ethics, Chartered Accountants Ireland, Dublin

2018

Kirwan, C., McBride, H., and O’ Riordan, C. (2018) Cases in Corporate Governance and Business Ethics, Chartered Accountants Ireland.

2017

Kirwan, C.E. Contributed to the preparation of exercises and solutions in Chapters 12 to 28 inclusive in Alexander, D., Britton, A., Jorissen, A., Hoogendoorn, M., and van Mourik, C. (2017) International Financial Reporting and Analysis, 7th Edition, Cengage Learning

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 Portfolio Simulations Available from: http://education.wallstreetsurvivor.com/Stock-Trak-Professor-Examples

Refereed Conference Papers

2020

Dunne, N., Brennan, N.M. and Kirwan, C.E. (2020), “Scrutiny and Control: How the Big Four Mobilize Institutional Complexity at Concurrent Performances”, Accepted for presentation at 43rd European Accounting Association Annual Congress. Postponed due to Coronavirus (COVID-19) pandemic.

2019

Casey J. (2019) “Impact of Higher Education Institutes on regional economic performance”, paper presented at the Role of Universities and Other Institutes of Higher Education in Economic, Social and Cultural Development in Peripheral Regions, Memorial University Newfoundland, November 14th and 15th, 2019.

Dunne, N., Brennan, N.M. and Kirwan, C.E. (2019), “Impression Management and Big Four Auditors: Scrutiny at a Public Inquiry”, 42nd European Accounting Association Annual Congress, University of Cyprus, Cyprus.

Walsh, D and O 'Donohoe, S. (2019) "Financing family-owned SMEs: Is there a place for alternatives?", EntFin Conference, Trier University, Germany, {2-3rd July}

2018

Gordon, N., O Keeffe, C., & O Donohoe, S. (2018) "Regulating Analyst Target Price Optimism in Three Jurisdictions ", Irish Accounting & Finance Annual Conference, University of Limerick, [24-25th May]

Mc Namara, A, O ‘Donohoe, S, Murro, P (2018) "The Availability of Bank Credit for European SMEs and the Lending Infrastructure", Financial Engineering and Banking Society, University of Rome, Italy, [4-6th June]

2017

Burke A., Byrne S., Casey J. and Griffin R. (2017) "On the systemisation of accounting work and the emancipation of the accountant: A story of cybernetic schismogenesis" paper presented at the Critical Management Studies Conference, Liverpool, June 20th 2017

Burke A., Byrne S., Casey J. and Griffin R. (2017) "The sacrifical accountant: on the scapegoating of contemporary accountants" paper presented at the Irish Accounting and Finance Annual Conference, Athlone Institute of Technology, May 18th and 19th 2017

Casey J (2017) "Stock Market Reaction to Brexit: Rational Panic", paper presented at the Irish Accounting and Finance Annual Conference, Athlone Institute of Technology, May 18th and 19th 2017

Kirwan, Collette E. and Brennan, Niamh M. (2017) "Guardians not Watchdogs in the Boardroom: Conceptualising the Role of Non-Executive Directors", 57th Accounting & Finance Association of Australia and New Zealand (AFAANZ) Annual Conference, Adelaide, Australia, (Presented by Niamh Brennan).

Mc Namara, A, O ‘Donohoe, S, Murro, P (2017) "Countries Lending Infrastructure and SME Credit Availability: A European Perspective", CeRBE, Lumsa University, Rome.[16th June]

Pasley, D., O Donohoe, S,. & O Gorman, B (2017) "An Investigation of Deadweight in the Irish Enterprise Support System", BCERC, University of Oklahoma, USA,[7-10th June]

Gordon, N., O Keeffe, C., & O Donohoe, S. (2017) "Analysts' recommendations: gender matters- an Irish perspective", Irish Accounting & Finance Annual Conference, Athlone Institute of Technology,[17-19th May]

2016

Brennan, Niamh M., Cullen, Margaret M., Kirwan, Collette E. and O'Higgins, Eleanor R.E. (2016) "Re-imagining Corporate Governance: Board Dynamics Past, Present, Future" 19th Irish Academy of Management Conference, University College Dublin, Dublin, Ireland.

Kirwan, Collette E. and Brennan, Niamh M. (2016) "Accountability in the Boardroom: Conceptualising Non-Executive Directors as Guardians of the Firm" 19th Irish Academy of Management Conference, University College Dublin, Dublin, Ireland.

Kirwan, Collette E. and Brennan, Niamh M. (2016) "Accountability in the Boardroom: Reconceptualising Non-Executive Directors as Guardians of the Firm" 29th Annual Irish Accounting & Finance Association Conference, Waterford Institute of Technology, Ireland.

Kirwan, Collette E. and Brennan, Niamh M. (2016) "Non-Executive Directors on Boards of Private Family Firms: Navigating Role Conflicts" 39th European Accounting Association Annual Congress, Maastricht University, Maastricht.

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, South East Technological University [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, South East Technological University [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, South East Technological University [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

Brennan, Niamh M., Kirwan, Collette E. and Redmond, J. (2015) "Accountability Processes in Boardrooms: A Conceptual Model of Manager-Non-Executive Director Information Asymmetry" 38th European Accounting Association Annual Congress, Glasgow

Kirwan, Collette E. and Brennan, Niamh M. (2015) "Duty of care to the firm: How non-executive directors navigate their role conflicts" EIASM 11th Workshop on Family Firm Management Research, EMLYON Business School, Lyon, France.

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, Sterling 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

Brennan, Niamh.M., Kirwan, Collette.E. and Redmond, John. (2013) "Management-Board Information Asymmetry: A Conceptual Model" Asia Pacific Interdisciplinary Perspectives on Accounting (APIRA) Conference, Kobe, Japan (Presented by Niamh Brennan).

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, Ireland & 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, Ireland & 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 Ireland 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, Collette E. and Brennan, Niamh M. (2010) "Investigating the Antecedents and 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

Kirwan, Collette, E. (2010) "Simulation Based Learning: Design and Implimentation", Business Education and Teaching Research Group, Waterford Institute of Technology.

Kirwan, Collette, E. (2010) "Implementing International Financial Reporting Standards: Experiences and Reflections", Faculty of Business Administration, Memorial University of Newfoundland, Canada.

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

Other Publications/Poster Presentations/Invited Presentations

2017

Brennan, N.M. and Kirwan, C.E. (2017) "Implementing Corporate Governance: Practices, Practitioners, Praxis" Accountancy Ireland 49 (2): 76-77

Brennan, N.M. and Kirwan, C.E. (2017) “Information Asymmetry is Good for Effective Boards” Board Agenda, October, 2017.

Kirwan, Collette, E. (2017) "My PhD Journey", Irish Academy of Management Doctoral Colloquium, Athlone Institute of Technology, Athlone, Ireland, 17 May 2017.

Kirwan, Collette, E. and Brennan, Niamh, M. (2017) "Guardians not Watchdogs in the Boardroom: Conceptualising the Role of Non-Executive Directors", Durham University, 16 May 2017 (Presented by Niamh Brennan).

2016

Brennan, Niamh M., Kirwan, Collette E. and Redmond, John (2016) ''Should Non-Executive Directors Know as Much as Managers?" Accountancy Ireland 48 (2):66-67

Kirwan, Collette, E. and Brennan, Niamh, M. (2016) "Accountability in the Boardroom: Reconceptualising Non-Executive Directors as Guardians of the Firm", Public Policy, Enterprise, Governance and Sustainability Seminar Series, University of Limerick, Ireland, 19 April 2016.

Kirwan, Collette, E. and Brennan, Niamh, M. (2016) "Accountability in the Boardroom: Reconceptualising Non-Executive Directors as Guardians of the Firm", Universidad de Burgos, Spain, 11 April 2016.

Kirwan, Collette, E. (2016) "Reflections on PhD Journey", Universidad de Burgos, Spain, 11 April 2016

Kirwan, Collette, E. (2016) "Developing a Research Agenda", Economy and Society Summer School, Blackwater Castle, Co. Cork, Ireland, 9 - 13 May 2016.

Kirwan, Collette, E. (2016) "Corporate Governance in Family Firms", College of Business, University College Dublin.

Fynes, Brian, Gross, Nicole, and Kirwan, Collette, E. (2016) "Career Panel Discussion", Irish Academy of Management Doctoral Colloquium, University College Dublin, Dublin, Ireland,

2015

Kirwan, Collette, E. Flynn, Michael, McCarthy, Cormac (2015) "Bringing non-family into the family business", FBN Ireland Conference, Family Passion for Business, University College Dublin

2014

Kirwan, Collette, E. (2014) "Reflections on PhD Journey", UCD PhD Summer School, University College Dublin, Ireland

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”, South East Technological University Research Day 2013, April 29, 2013

Murphy, A., (2013) “The Law of small numbers & the value of analysts' recommendations”, South East Technological University 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”, South East Technological University 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”, South East Technological University 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 Ireland”, SETU Waterford Research Day 2012, Waterford, 1st May 2012.

Murphy, A., (2012) “Behavioural Finance: Psychology behind investing decisions. The case of momentum investing”, SETU Waterford 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”, SETU Waterford 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

Kirwan, C.E. (2011) "Role of Non-Executive Directors on Board of Private Family Firms", Doctoral Symposium, Graduate Business School, University College Dublin, 16 May 2011.

Kirwan, Collette E. and Brennan, Niamh M. (2011) "Investigating the Antecedents and Implications of Role Conflict for Non-Executive Directors: A Conceptual Model", The University of Wales, Bangor, 24 February 2011 (Presented by Niamh Brennan).

Kirwan, Collette E. and Brennan, Niamh M. (2011) "Investigating the Antecedents and Implication of Role Conflict for Non-Executive Directors on Boards of Unlisted Family Firms", Norefjell Board Governance Workshop, Oslo, 5-8 January 2011.

Kirwan, Collette, E. (2011) "Finance for Non-Financial Executives", Executive Education Program, Graduate Business School, Waterford Institute of Technology.

Kirwan, Collette, E. (2011) "Academic Writing for Postgraduate Students", Graduate Business School, Waterford Institute of Technology.

Kirwan, Collette, E. (2011) "Corporate Governance in Family Firms", Quinn School of Business, University College Dublin

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.

Led by Dr Sheila O Donohoe the focus of 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:

Title: “Financing European SMEs: the case of Family Firms”,

PhD Candidate: Denis Walsh

Supervisor: Dr Sheila O Donohoe

Research overview:

Globally more than 95% of firms are classified as SMEs, while in Europe SMEs account for 99.8% of all enterprises and approximately 70% of all employment (European Commission, 2015). However, the largest subset of SMEs is family-owned firms. This research examines the sources of finance used by European family-owned SMEs in contrast to all other SMEs (notably solely owned firms and professionally owned SMEs) and assesses whether or not family firms are credit rationed. Using the ECBs SAFE survey from 2014 to 2017 the sample consists of circa 56,000 firm responses across twelve European countries, including the five European countries who experienced the most profound effects of the sovereign debt crisis.

A probit maximum-likelihood methodology is used to test hypotheses for source usage, applications for credit, the presence of borrower discouragement, and for different forms of credit rationing. Our findings suggest that family-owned SMEs are more likely to use safe and traditional forms of finance. Conversely, the results indicate that family firms do not favour using equity-based financing and alternatives. Furthermore, family-owned firms appear more likely to apply for bank credit with no evidence of them being discouraged or experiencing any form of credit rationing.

Title: “SME Internationalisation and its Financing: Case of Ireland and Scotland”,

PhD Candidate: Lisa Spencer

Supervisor: Dr Sheila O Donohoe

Research Overview:

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. There is insufficient empirical evidence explaining how SMEs resource international expansion and manage to enhance capabilities to become internationally competitive. Post the financial crisis government agencies have had an increasing role in SME management development activities to alleviate risk of future economic pressures and failures. The study employs semi-structured interviews of twenty eight enterprises in Ireland and Scotland alongside their representative support agencies, namely Enterprise Ireland and Scottish Enterprise. The sample is used to further knowledge of SME internationalisation theories and patterns; and the role of public export support is documented. 

Completed research projects under this theme include:

Title: “The Landscape of Bank Credit Availability and Firm Leverage for European SMEA: An Evaluation of Country Characteristics”,

PhD Candidate: Dr Andrea Mc Namara

Supervisor: Dr Sheila O Donohoe

Research overview:

This research has been presented in a number of national and international conferences including the 2013 Doctoral Consortium of the American Accounting Association with the first output published in the Journal of Corporate Finance in April 2017 and second article published in The European Journal of Finance in 2020.

Title: “An Investigation of Inefficiencies in Enterprise Supports: A Study of the Irish Enterprise Support System”,

PhD Candidate: Dr Dave Pasley

Supervisor: Dr Sheila O Donohoe

Research overview:

This thesis evaluated aspects of the effectiveness of financial support issued by agencies Enterprise Ireland (EI) and The City and County Enterprise Boards (CEBs) adopting a holistic view and devised a novel framework to explain the potential relationships between the different concepts, for their simultaneous measurement. The findings suggest that deadweight is present in the Irish enterprise support system, but is less prolific than outlined by previous research. Furthermore, deadweight is shown to be perpetuated by selection biases on the part of support agencies and the enterprise’s potential to substitute private finance with public funds. Yet evidence of additionality has the potential to mitigate for some of these inefficiencies.

Governance and Corporate Responsibility Theme

This theme led by Dr Collette Kirwan, encompasses key aspects of governance, accountability and corporate responsibility including regulation, financial reporting, value creation and risk disclosure and risk management.

Current research projects under this theme include:

Title: Why Serve? Motivations of Non-Executive Directors (NEDs) on Boards of Not-for Profit Organisations

PhD Candidate: Katie Scallan

Supervisors: Dr Collette Kirwan, Dr Richard Burke and Dr Ray Griffin 

Research overview:

My PhD study is entitled “An Ethnography of Board Meetings and Boards of Directors” currently being performed under the experienced supervision of Dr. Collette Kirwan, Dr. Richard Burke and Dr. Ray Griffin.

My ethnographical study sets out to gain an understanding of board meetings and boards of directors. Interestingly, our current understanding of both board meetings and boards of directors has largely emerges from input-output research approaches, with limited studies observing the board of directors in action. Thus, through the performance of board meeting observations in six not-for-profit organisations this study aspires to capture the lived experience. Following twenty-four-months of observing in the field an assemblage of field notes capturing the nature of board meetings from inside the boardroom and the practices of boards of directors have developed. To date, forty board meetings have been observed, resulting in 5,161 minutes spent in the field.

Title: Governance and Accountability in Community, Voluntary and Charity (CVC) Organisations

PhD Candidate: Emma Maguire

Supervisors: Dr Ray Griffin and Dr Collette Kirwan 

Title: Risk disclosure in green bond prospectuses and its impact on pricing: An EU Exploratory Study

PhD Candidate: Paraic Mc Gee

Supervisors: Dr Tom Egan and Dr Sheila O Donohoe

Research Overview: Green bonds are an important part of the sustainable debt market.  First issued by the European Investment Bank in 2007, proceeds are earmarked exclusively for eligible green projects.  Despite the vast growth in issuance (from $1bn in 2007 to $270bn in 2020), little is known regarding the risks of these bonds.  The purpose of this study is to explore risk disclosure in EU corporate green bond prospectuses and assess how this risk manifests itself into the initial pricing of the bonds.  Grounded in signalling and agency theory, textual analysis will examine the informativeness of risk disclosure in green bond prospectuses.  This research will contribute to the academic literature on corporate risk disclosure where there has been a paucity of research in a sustainable finance context.  

Completed research projects under this theme include:

Title: “An Alternative Banking Inquiry: A Grand Narrative of Organisation Culture and Change from 1960 to 2000”,

PhD Graduate: Dr Aisling Tuite

Supervisors: Dr Ray Griffin and Dr Sean Byrne

This inductive study explores the often unseen side of banking organisations by drawing on the lived experiences of bank workers. The research is driven by public and political discourse that appears to contain little in-depth knowledge of the inherent culture of banking organisations and the changes they have experienced.

Through organisation storytelling the workers narrate their experiences of working in a major Irish bank between 1960 and 2000, providing a unique perspective of their culture and a changing organisation. The stories are analysed in the form of a grand narrative that is explored through theories and concepts related to work, identity, social relations and modernity.

The research contributes to organisation culture by presenting it as reflexive of happenings in the external and internal environment of the bank. In a contribution to practice, the research notes that banks should consider becoming less reactive to external influences as a way of rehabilitating culture post Global Financial Crisis. In this way they could aim at recapturing that which made them unique and to provide a strong ethos and boundary for worker identity.

As a relatively new research area with significant connotations both for individuals and society, led by Dr Richard Burke, this theme aims to enhance knowledge of personal finance where financial literacy, regulation, consumer rights, pensions, and mortgage provision are proving most relevant in this domain.

Current research projects under this theme include:

Title: “An exploratory investigation of the role of residential property and other pension assets in the life-cycle of median income households in Ireland”,

PhD Candidate: Yogesh Jaiyawala,

Supervisors: Mr John Maher, Dr Sean Byrne and Dr Richard Burke 

This research seeks to investigate the role of residential property and other pension assets in the life-cycle of a typical Irish household with median income. The study adopts a holistic approach and examines both the accumulation and decumulation phases through the lens of the underpinning behavioural life-cycle theory. For the accumulation phase, an alternative solution for the young cohort is proposed and is derived from the existing secondary data on housing and pension assets. For the decumulation phase, perceptions of elderly Irish with regards to deploying housing equity are explored. Furthermore, their patterns of assets decumulation in retirement is identified and explained through variables such as age, income, marital status, and health status available in the Irish Longitudinal Study on Ageing (TILDA) database

Contact Address

Name: Dr. Sheila O'Donohoe,

Director By Post:

AIB Centre for Finance and Business Research,

SETU

Waterford.