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Professor Enrico Onali

Professor Enrico Onali

Professor of Finance - Head of Finance and Accounting Department

4426

+44 (0) 1392 724426

0.18
Streatham Court, University of Exeter, Rennes Drive, Exeter, EX4 4PU, UK

I joined UEBS in January 2020. Prior to my appointment I held a Chair in Finance at the University of Nottingham, where I was the Research Director of the Finance, Risk and Banking Division. I serve as an Associate Editor for The British Accounting Review and I am a Fellow of the Higher Education Academy (UK).

I have received funding for my research from the European Commission (Erasmus+) and the Deutsche Bundesbank. I have been the leader of a consortium of 8 institutions funded by an Erasmus+ grant for the project Strengthen HE through Innovative Financial Tools (SHIFT) – https://www.project-shift.eu/

I have published in leading academic journals, such as the Review of Financial Studies, the Journal of Financial and Quantitative Analysis and the Journal of Financial Intermediation. My work has been presented at global prestigious conferences, such as the annual meetings of the European Finance Association, the SFS Finance Cavalcade, the Financial Management Association, and the Royal Economic Society. Output from my research has also been disseminated in discussion papers of the Deutsche Bundesbank and the European Central Bank.

I have been a member of the scientific committee for international conferences organised by the International Finance and Banking Society (IFABS), the Financial Engineering and Banking Society (FEBS), the Financial Intermediation Network of European Studies (FINEST) and the International Rome Conference in Money, Banking and Finance.

Qualifications

  • Ph.D

Links

Research interests

  • Corporate finance
  • Banking
  • Capital markets
  • Applied econometrics

My research interests lie mainly in the areas of capital markets, banking, and corporate finance and focusses on four main themes:

1. The impact of stakeholder monitoring and risk-taking incentives in banking. The main findings of my work on bank dividend policy are contrary to the theoretical and empirical literature that studies dividend policy in non-financial and unregulated firms. My research on the impact of risk-taking incentives and managerial entrenchment on bank dividend policy suggests that public guarantees (both implicit and explicit) and government monitoring may be at the root of these findings. I also contribute to the market discipline literature by providing evidence supporting the view that non-depositors may influence bank conduct.

2. The impact of bank regulation and supervision on capital markets and economic growth. The first part of this body of research employs event study methodology to study the determinants of share price reactions to announcements related to changes in international bank liquidity regulation. The second part employs instrumental variables estimation to investigate the real effects of enforcement actions on US banks and shows that enforcement actions impose temporary negative shocks to local economic activity.

3. The impact of International Financial Reporting Standards (IFRS) on European capital markets. This strand of research highlights the heterogeneous impact of the introduction of IFRS in the European Union. I focus on value relevance (i.e., the degree to which accounting numbers are reflected in stock prices) and the market reaction to changes in the accounting principles for financial instruments.

4. The time-series properties of equity returns. I have investigated the extent to which equity markets are informationally efficient using a range of estimators of long memory and multifractality. 

Research projects

My current research focusses on the impact of financial regulation and government interventions on capital markets, firms and banks.

I am currently supervising PhD students on topics related to financial regulation.

Key publications | Publications by category | Publications by year

Publications by category


Journal articles

Onali E, Cardillo G, Torluccio G (In Press). Does gender diversity on banks’ boards matter? Evidence from public bailouts. Journal of Corporate Finance Full text.
Danisewicz P, McGowan D, Onali E, Schaeck K (2018). Debt priority structure, market discipline, and bank conduct. Review of Financial Studies, 31(11), 4493-4555. Abstract.  Full text. DOI.
Bruno B, Onali E, Schaeck K (2018). Market Reaction to Bank Liquidity Regulation. Journal of Financial and Quantitative Analysis, 53(2), 899-935. Abstract.  Full text. DOI.
Danisewicz P, McGowan D, Onali E, Schaeck K (2018). The real effects of banking supervision: Evidence from enforcement actions. Journal of Financial Intermediation, 35, 86-101. Abstract.  Full text. DOI.
Onali E, Ginesti G, Vasilakis C (2017). How should we estimate value-relevance models? Insights from European data. British Accounting Review, 49(5), 460-473. Abstract.  Full text. DOI.
Onali E, Ginesti G, Ballestra LV (2017). Investor reaction to IFRS for financial instruments in Europe: the role of firm-specific factors. Finance Research Letters, 21, 72-77. Abstract.  Full text. DOI.
Onali E, Galiakhmetova R, Molyneux P, Torluccio G (2016). CEO power, government monitoring, and bank dividends. Journal of Financial Intermediation, 27, 89-117. Abstract.  Full text. DOI.
Onali E (2016). Can we predict dividend cuts?. Economics Letters, 146, 71-76. Abstract.  Full text. DOI.
Goddard J, Onali E (2016). Long memory and multifractality: a joint test. Physica A: Statistical Mechanics and its Applications, 451, 288-294. Abstract.  Full text. DOI.
Onali E (2014). Moral Hazard, Dividends, and Risk in Banks. Journal of Business Finance and Accounting, 41(1-2), 128-155. Abstract. DOI.
Onali E, Ginesti G (2014). Pre-adoption market reaction to IFRS 9: a cross-country event-study. Journal of Accounting and Public Policy, 33(6), 628-637. Abstract. DOI.
Goddard J, Onali E (2012). Self-affinity in financial asset returns. International Review of Financial Analysis, 24, 1-11. DOI.
Goddard J, Onali E (2012). Short and long memory in stock returns data. Economics Letters, 117(1), 253-255. DOI.
Onali E, Goddard J (2011). Are European equity markets efficient? New evidence from fractal analysis. International Review of Financial Analysis, 20(2), 59-67. Full text. DOI.
Devalle A, Onali E, Magarini R (2010). Assessing the Value Relevance of Accounting Data After the Introduction of IFRS in Europe. Journal of International Financial Management & Accounting, 21(2), 85-119. DOI.
Onali E, Goddard J (2009). Unifractality and multifractality in the Italian stock market. International Review of Financial Analysis, 18(4), 154-163. DOI.

Publications by year


In Press

Onali E, Cardillo G, Torluccio G (In Press). Does gender diversity on banks’ boards matter? Evidence from public bailouts. Journal of Corporate Finance Full text.

2018

Danisewicz P, McGowan D, Onali E, Schaeck K (2018). Debt priority structure, market discipline, and bank conduct. Review of Financial Studies, 31(11), 4493-4555. Abstract.  Full text. DOI.
Bruno B, Onali E, Schaeck K (2018). Market Reaction to Bank Liquidity Regulation. Journal of Financial and Quantitative Analysis, 53(2), 899-935. Abstract.  Full text. DOI.
Danisewicz P, McGowan D, Onali E, Schaeck K (2018). The real effects of banking supervision: Evidence from enforcement actions. Journal of Financial Intermediation, 35, 86-101. Abstract.  Full text. DOI.

2017

Onali E, Ginesti G, Vasilakis C (2017). How should we estimate value-relevance models? Insights from European data. British Accounting Review, 49(5), 460-473. Abstract.  Full text. DOI.
Onali E, Ginesti G, Ballestra LV (2017). Investor reaction to IFRS for financial instruments in Europe: the role of firm-specific factors. Finance Research Letters, 21, 72-77. Abstract.  Full text. DOI.

2016

Onali E, Galiakhmetova R, Molyneux P, Torluccio G (2016). CEO power, government monitoring, and bank dividends. Journal of Financial Intermediation, 27, 89-117. Abstract.  Full text. DOI.
Onali E (2016). Can we predict dividend cuts?. Economics Letters, 146, 71-76. Abstract.  Full text. DOI.
Goddard J, Onali E (2016). Long memory and multifractality: a joint test. Physica A: Statistical Mechanics and its Applications, 451, 288-294. Abstract.  Full text. DOI.

2014

Onali E (2014). Moral Hazard, Dividends, and Risk in Banks. Journal of Business Finance and Accounting, 41(1-2), 128-155. Abstract. DOI.
Onali E, Ginesti G (2014). Pre-adoption market reaction to IFRS 9: a cross-country event-study. Journal of Accounting and Public Policy, 33(6), 628-637. Abstract. DOI.

2012

Goddard J, Onali E (2012). Self-affinity in financial asset returns. International Review of Financial Analysis, 24, 1-11. DOI.
Goddard J, Onali E (2012). Short and long memory in stock returns data. Economics Letters, 117(1), 253-255. DOI.

2011

Onali E, Goddard J (2011). Are European equity markets efficient? New evidence from fractal analysis. International Review of Financial Analysis, 20(2), 59-67. Full text. DOI.

2010

Devalle A, Onali E, Magarini R (2010). Assessing the Value Relevance of Accounting Data After the Introduction of IFRS in Europe. Journal of International Financial Management & Accounting, 21(2), 85-119. DOI.

2009

Onali E, Goddard J (2009). Unifractality and multifractality in the Italian stock market. International Review of Financial Analysis, 18(4), 154-163. DOI.

Awards and Honours

  • Young Economist Session Best Paper Award
    20th Tor Vergata Conference on Money Banking and Finance, 5-7 December 2011
  • Institute of Advanced Studies, University of Bologna
    Senior Visiting Fellow, October 2019

External positions

  • Associate Editor: British Accounting Review
  • Leader of the SHIFT project (Erasmus+)

Invited lectures

  • Institute of Advanced Studies, University of Bologna (21 October 2019)

My teaching portfolio comprises modules both at the undergraduate and postgraduate level in topics related to banking, corporate finance, capital markets, derivatives, and financial econometrics. I have held visiting teaching appointments at universities in France, Italy, and China.