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Professor Enrico Onali

Professor Enrico Onali

Professor of Finance and 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 the University of Exeter Business School in January 2020 as a Professor of Finance and Head of Finance and Accounting Department. I am a member of the College Executive Group. Before 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 (SHIFT project), ESRC (UKRI project) and the Deutsche Bundesbank.

I have published in leading academic journals, such as the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Journal of Financial Intermediation, and the Journal of Corporate Finance.

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 focus 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 studies the determinants of share price reactions to announcements related to changes in international bank liquidity regulation. The second part investigates the real effects of enforcement actions and stress tests on bank lending and liquidity creation and the impact on local economic growth.

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. Recently, I have focussed on the impact of IFRS 9 on firms and banks.

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.

Research grants

  • 2020 UKRI (ESRC)
    The project deals with the impact of policy on businesses in the UK. The main objectives of this project are: 1) to quantify the pandemic risk exposure of SMEs by introducing a novel Pandemic Risk Index (PRI); and 2) to assess SMEs’ credit risk accurately and efficiently by developing a novel Python programme suite (AI_CREDIT).
  • 2017 Erasmus Plus
    Leader of the SHIFT project (Erasmus+/European Commission: start date - Nov 2017, end date - Oct 2019). SHIFT (Strengthen HE through Innovative Financial Tools) aims to create an innovative funding model for both Higher Education students who receive grants/loans and Higher Education Institutions that manage public resources.

Key publications | Publications by category | Publications by year

Publications by category


Journal articles

Nguyen TVH, Ahmed S, Chevapatrakul T, Onali E (In Press). Do stress tests affect bank liquidity creation?. Journal of Corporate Finance Full text. DOI.
Onali E, Ginesti G, Cardillo G, Torluccio G (2021). Market Reaction to the Expected Loss Model in Banks. Journal of Financial Stability, 100884-100884. DOI.
Onali E, Schaeck K, McGowan D, Danisewicz P (2020). Debtholder Monitoring Incentives and Bank Earnings Opacity. Journal of Financial and Quantitative Analysis, N/A, 1-38. Full text. DOI.
Cardillo G, Onali E, Torluccio G (2020). Does gender diversity on banks' boards matter? Evidence from public bailouts. Journal of Corporate Finance Abstract.  Full text. DOI.
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

Nguyen TVH, Ahmed S, Chevapatrakul T, Onali E (In Press). Do stress tests affect bank liquidity creation?. Journal of Corporate Finance Full text. DOI.

2021

Onali E, Ginesti G, Cardillo G, Torluccio G (2021). Market Reaction to the Expected Loss Model in Banks. Journal of Financial Stability, 100884-100884. DOI.

2020

Onali E, Schaeck K, McGowan D, Danisewicz P (2020). Debtholder Monitoring Incentives and Bank Earnings Opacity. Journal of Financial and Quantitative Analysis, N/A, 1-38. Full text. DOI.
Cardillo G, Onali E, Torluccio G (2020). Does gender diversity on banks' boards matter? Evidence from public bailouts. Journal of Corporate Finance Abstract.  Full text. DOI.

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 (November 2018 - present)
  • Leader of the SHIFT project (Erasmus+) (Nov 2017- Oct 2019)
  • Co-investigator for UKRI (ESRC) project: "UK SMEs: quantifying their pandemic risk and credit risk exposures in the wake of the COVID-19 crisis". Leader of the Pandemic Risk Index package. (Oct 2020 - present)

     


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.

Modules

2020/21