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Dr Enrico Onali

Economics, Finance & Entrepreneurship Department

Enrico_Onali Aston Business School

I am a Reader in Finance at Aston Business School. My research interests lie mainly in the areas of capital markets, banking, and corporate finance. I am a member of the editorial board of The British Accounting Review and a Fellow of the Higher Education Academy (UK).

I am currently teaching postgraduate modules on Market Microstructure (BFM105) and Security Analysis (BFM119). I have been a visiting scholar at the Deutsche Bundesbank and I have held visiting teaching appointments at universities in France, Italy, and China. I have recently obtained funding from the European Union for a project on funding models for students in Higher Education.

My research has recently been accepted for publication in leading academic journals such as the Journal of Financial and Quantitative Analysis and the Journal of Financial Intermediation. For more information on my publications, click here.

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 theRoyal Economic Society. Output from my research has also been disseminated in discussion papers of the Deutsche Bundesbank and the European Central Bank.

I have acted as a reviewer for the Financial Stability Working Paper Series of the Bank of England and for academic journals such as: Journal of Banking and Finance; Journal of Business Finance and Accounting; Regional Studies; Economics Letters; The Manchester School; European Journal of Finance; Emerging Markets, Finance and Trade; Journal of Management and Governance; International Journal of Banking, Accounting and Finance; Managerial Finance; Physica A: Statistical Mechanics and its Applications; Spatial Economic Analysis.

Research focus

My published research has focused on four main themes: 

1. The impact of risk-taking incentives, corporate governance, and government monitoring on the dividend policy of banks. The main findings of this body of work 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. 

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, in particular long memory and multifractality. I have investigated the extent to which equity markets are informationally efficient using a range of estimators of long memory and multifractality. In the Econophysics literature, long memory (or "unifractality") and multifractality in stock market returns are believed to be negatively correlated with market efficiency. I have also investigated the properties of several estimators of long memory and multifractality.

Output from my research has been cited in policy documents of the European Commission and the European Parliament, as well as in publications of the Federal Reserve Bank of New York and the Institute of Chartered Accountants in England and Wales (ICAEW). My publication "CEO power, government monitoring, and bank dividends"  has been featured in the Blue Sky Blog of Columbia Law School on corporations and the capital markets. I have also published in non-academic media such as The Conversation.

Position: Reader in Finance

Phone: +44(0)121 204 3060
Email: e.onali@aston.ac.uk
Room: SW1010
Personal website: Enrico Onali

  • PGCHE, Bangor University, 2015.
  • Ph D, Bangor Business School, 2010. Subject: Empirical Finance (Advisor: John Goddard,Examiners: David McMillan (St Andrews) and Giovanni Urga (Cass Business School)
  • MA, Bangor University, 2005. Subject: Banking and Finance (Distinction)
  • BSc, University of Cagliari, 2003. Subject: Economics and Business Administration (summa cum laude)

Academic

  • Senior Lecturer in Finance at Aston Business School (UK) (March 2015 – July 2017)  
  • Senior Lecturer in Finance at Bangor Business School (UK) (February 2013 – February 2015) 
  • Lecturer in Finance at Xi’an Jiaotong Liverpool University, XJTLU (PRC) (February 2012 – January 2013) 
  • Lecturer in Finance at Bangor Business School (UK) (September 2008 – January 2012) 
  • Teaching and Research Associate at Bangor Business School (UK) (January 2008 – August 2008) 

Visiting teaching appointments

  • Université de Limoges – Limoges (France) November 2013: Derivatives (Postgraduate).
  • Università Roma III – Rome (Italy) July 2012: FINEST Summer School: Panel data models in banking (PhD level).
  • Henan University of Technology (HAUT) – Zhengzhou (People Republic of China): October-November 2011: Microeconomics and Macroeconomics (Undergraduate)
  • MSc programmes:  BFM 119 Security analysis, BFM 105 Market microstructure (T1 2015-16 and T1 2016-17)
  • BSc Finance: BF 3378 Further Topics in Derivatives (T2 2015-2016)

    Aston Summer School in Advance Research Methods (for PhD students and early-career researchers):
    Panel data models in accounting and finance: July 19-21, 2017 and June 23-24, 2016 

Administrative roles and responsibilities in Aston Business School 

  • Course director: MSc Finance (September 2016 – present), BSc Finance (September 2015 – August 2016).
  • Placement tutor
  • Personal tutor

Visiting teaching appointments

  • Loughborough University – Loughborough (UK), June 2017: Current issues in finance (MSc Level)
  • Université de Limoges – Limoges (France) November 2013: Derivatives (Postgraduate level).
  • Università Roma III – Rome (Italy) July 2012: FINEST Summer School: Panel data models in banking (PhD level).
  • Henan University of Technology (HAUT) – Zhengzhou (People Republic of China): October-November 2011: Microeconomics and Macroeconomics (Undergraduate)
  • Financial markets
  • Financial economics
  • Financial econometrics
  • Corporate Finance
  • Banking
  • Piotr Danisewicz (completed, 2015) – first job: Lancaster University
  • Afshin Sabri (1st-year student) 

PhD reviewer

  • External: Ladislav Kristoufek (Institute of Economic Studies, Charles University in Prague), 2013. 
  • Internal: Bing Ye Wu (Aston Business School), 2016; Arben Kita (Bangor Business School), 2014.
Editorial board member: British Accounting Review

Journal Articles

  • “Debt Priority Structure, Market Discipline and Bank Conduct” (with P. Danisewicz, D. McGowan, and K. Schaeck), Review of Financial Studies, forthcoming. (ABS rank 4* - World Elite)
  • “Market reaction to bank liquidity regulation” (with B. Bruno and K. Schaeck), Journal of Financial and Quantitative Analysis, forthcoming. (ABS rank 4).
  • “The real effects of banking supervision: evidence from enforcement actions” (with P. Danisewicz, D. McGowan, and K. Schaeck), Journal of Financial Intermediation, forthcoming. (ABS rank 4).
  • “How should we estimate value-relevance models? Insights from European data” (with G. Ginesti and C. Vasilakis), The British Accounting Review, forthcoming (ABS rank 3).
  • “Investor Reaction to IFRS for Financial Instruments in Europe: The Role of Firm-Specific Factors” (with G. Ginesti and L. V. Ballestra), Finance Research Letters, 21 (2017), Pages 72–77 (ABS rank 2)
  • “CEO power, government monitoring, and bank dividends” (with with R. Galiakhmetova, P. Molyneux, and G. Torluccio), Journal of Financial Intermediation, 27 (2016), Pages 89–117 (ABS rank 4). 
  • “Can we predict dividend changes?” (sole-authored), Economics Letters, 146 (2016) Pages 71–76. (ABS rank 3).
  • “Long Memory and Multifractality: A Joint Test” (with J. Goddard), Physica A: Statistical Mechanics and its Applications, 451 (2016), Pages 288–294 (ABS rank 2).
  • “Pre-adoption market reaction to IFRS 9: A cross-country event-study” (with G. Ginesti), Journal of Accounting and Public Policy, 33 (2014), Issue 6, Pages 628–637. (ABS rank 3).
  • “Moral hazard, dividends, and risk in banks” (sole-authored), Journal of Business Finance & Accounting, 41 (2014), Issue 1-2, Pages 128–155. (ABS rank 3). 
  • “Self-affinity in financial asset returns” (with J. Goddard), International Review of Financial Analysis 24 (2012), 1–11 (Lead article). (ABS rank: 3).
  • “Short and long memory in stock returns data" (with J. Goddard), Economics Letters 117 (2012), Issue 1, Pages 253–255. (ABS rank: 3). 
  • “Are European equity markets efficient? New evidence from fractal analysis” (with J. Goddard), International Review of Financial Analysis 20 (2011), Issue 2, 59–67 (Lead article). (ABS rank: 3).
  • “Assessing the value relevance of accounting data after IFRS introduction in Europe” (with R. Magarini and A. Devalle), Journal of International Financial Management and Accounting 21 (2010), Issue 2, 85–119 (Lead article). (ABS rank: 2).
  • “Unifractality and multifractality in the Italian stock market” (with J. Goddard), International Review of Financial Analysis 18 (2009), Issue 4, 154–163. (ABS rank: 3).
Working Papers
  • Kick, T., Onali, E., Ruprecht, B., Schaeck, K. “How does the Eurozone crisis affect securities portfolios?” international Rome Conference on Money, Banking and Finance (2016), Solvay Business School (2016), FINEST workshop (Limoges, 2015), WEAI-IBEFA meeting (Hawaii, 2015), University of Neuchatel (2015), Suisse Finance Association Meeting (2014, Zurich), Financial Management Association (Nashville, 2014), International Economic Association World Congress (Dead Sea, Jordan, 2014), Cardiff Business School (2014), Bank of Canada (2014), Royal Economic Society (Manchester, 2014), Deutsche Bundesbank (2014), ECB Conference on Household Finance and Consumption (Frankfurt, 2013), Bundesbank-CFS-ECB Workshop on Macro and Finance (Frankfurt, 2013), Bangor Business School (2013).
  • Danisewicz, P.; McGowan, D.; Onali, E.; Schaeck, K., "Monitoring Matters: Debt Seniority, Market Discipline, and Bank Conduct": 2 nd ACPR Banque de France conference (Paris, 2015), European Finance Association (Vienna, 2015), SFS Finance Cavalcade (Atlanta, 2015), University of Neuchatel (2015), Bank of England (2015), University of Surrey (2015), FINEST workshop (2014), ESCB Day Ahead Conference (2014), Deutsche Bundesbank/ESMT/DIW Conference (2014).
  • Danisewicz, P.; McGowan, D.; Onali, E.; Schaeck, K., "The real effects of regulatory enforcement actions: Evidence from U.S. counties": Financial Management Association (Nashville, 2014), European Economic Association (Gothenburg, 2013), Western Economic Association (Seattle, 2013), Limoges University (2013), Tilburg University Conference on Financial stability (2013), European Financial Management Association (Reading, 2013), IFABS meeting (Nottingham, 2013), AIDEA-FINEST meeting (Lecce, 2013), Georgia State University (2013), LAPE-FINEST Spring Workshop (Limoges, 2013), Financial Management Association European meeting (Luxembourg, 2013). Federal Reserve Bank of Atlanta (2013), Multinational Finance meeting (Krakow, 2012), CAREFIN Conference Bocconi University (2012).
  • Bruno, B., Onali, E., Schaeck, K., "Market reaction to bank liquidity regulation”: Royal Economic Society (Brighton, 2016), European Financial Management Association meeting (Rome, 2014).
Presentations Given
  • Onali, E. Durham University Business School, “How does the Eurozone crisis affect securities portfolios?,” Durham, (February 2017).
  • Onali, E.  International Rome Conference on Money, Banking, and Finance, December 2016., “How does the Eurozone crisis affect securities portfolios?,” Rome (December 2016).
  • Onali, E.  Solvay Business School, Universite Libre de Bruxelles, “How does the Eurozone crisis affect securities portfolios?,” Brussels (May 2016).
  • Onali, E. Royal Economic Society annual meeting, “Market reaction to bank liquidity regulation,” Brighton (March 2016).
  • Onali, E. “Monitoring Matters: Debt Seniority, Market Discipline, and Bank Conduct,” Paris (December 2015).
  • Onali, E., Financial Management Association annual meeting, "The real effects of regulatory enforcement actions: Evidence from U.S. counties," Nashville (October 2014).
  • Onali, E., Financial Management Association annual meeting, "Wealth shocks, credit supply shocks, and asset allocation: Evidence from household and firm portfolios," Nashville (October 2014).
  • Onali, E., International Economic Association  World  Congress, "Wealth shocks, credit supply shocks, and asset allocation: Evidence from household and firm portfolios," Dead Sea, Amman (July 2014).
  • Onali, E., Royal Economic Society annual meeting, "Wealth shocks, credit supply shocks, and asset allocation: Evidence from household and firm portfolios," Manchester (April 2014).
  • Onali, E., Conference on household finance and consumption, ECB, "Wealth shocks, credit supply shocks, and asset allocation: Evidence from household and firm portfolios," Frankfurt (October 2013).
  • Onali, E., AIDEA annual meeting, "Are CEO power, monitoring incentives, and dividends related? Evidence from a regulated industry," Lecce (September 2013).
  • Onali, E., AIDEA annual meeting, "Moral hazard, dividends and risk in banks (previous titles: Dividend and risk in banks and Dividend and risk in European banks)," Lecce (September 2013).
  • Onali, E., IFABS Conference, "The real effects of regulatory enforcement actions: Evidence from U.S. counties," Nottingham (June 2013).
  • Onali, E., World Finance & Banking Symposium, "Self-affinity in financial asset returns," Shanghai (December 2012).
  • Onali, E., 20th Tor Vergata Conference on Money, Banking and Finance, "Moral hazard, dividends and risk in banks (previous titles: Dividend and risk in banks and Dividend and risk in European banks)," Rome (December 2011).
  • Onali, E., Conference on Computing in Economics and Finance, "Self-affinity in financial asset returns," San Francisco (July 2011).
  • Onali, E., 8th International Eurofidai-AFFI Annual Meeting, "Moral hazard, dividends and risk in banks (previous titles: Dividend and risk in banks and Dividend and risk in European banks)," Paris (December 2010).
  • Onali, E., Finance Management Association Annual Meeting, New York (October 2010).
  • Onali, E., European Finance Association annual meeting, "Moral hazard, dividends and risk in banks (previous titles: Dividend and risk in banks and Dividend and risk in European banks)," Frankfurt (August 2010).
  • Onali, E., Australasian Banking and Finance Conference, "Moral hazard, dividends and risk in banks (previous titles: Dividend and risk in banks and Dividend and risk in European banks)," Sydney (December 2009).
  • Onali, E., UKEPAN conference, "Moral hazard, dividends and risk in banks (previous titles: Dividend and risk in banks and Dividend and risk in European banks)," Leicester (November 2009).
  • Onali, E., International Association of Accounting Education and Research conference, "Assessing the value relevance of accounting data after IFRS introduction in Europe," Munich (February 2009).
  • Onali, E., Centre for Empirical Finance conference, "Unifractality and multifractality in the Italian stock market," London (May 2008).
  • Erasmus + Strategic Partnerships for Higher education: Leader of the project. Total funding for the project €299,853.00. Period: Nov 2017– Oct 2019.
  • Marco Polo: Host for visiting PhD student (Giovanni Cardillo, University of Bologna). Total funding for the project: €10,000. Period: September 2016 – July 2017.

Contributions to conferences

  • How does the Eurozone crisis affect securities portfolios?: 3rd Annual Conference of Brunel University London Studies in Finance, London, July, 2017; International Rome Conference on Money, Banking and Finance, Rome, December 2016.
  • Market reaction to bank liquidity regulation: Royal Economic Society annual meeting, Sussex University, March 2016.
  • Monitoring Matters: Debt Seniority, Market Discipline and Bank Conduct: 2nd ACPR (Banque de France) conference, Paris, December 2015.
  • Wealth shocks, credit supply shocks, and asset allocation: Evidence from household and firm portfolios: Financial Management Association annual meeting, Nashville, October 2014; International Economic Association World Congress, Amman, June 2014; Royal Economic Society annual meeting, Manchester, April 2014; Conference on household finance and consumption, ECB, Frankfurt, October 2013. 
  • Are CEO power, monitoring incentives, and dividends related? Evidence from a regulated industry: AIDEA annual meeting, Lecce, September 2013.
  • The real effects of regulatory enforcement actions: Evidence from U.S. counties: Financial Management Association annual meeting, Nashville, October 2014; IFABS Conference, Nottingham, June 2013.
  • Self-affinity in financial asset returns: World Finance & Banking Symposium, Shanghai, December 2012, 17th Conference on Computing in Economics and Finance, San Francisco, July 2011.
  • Moral hazard, dividends and risk in banks (previous titles: Dividend and risk in banks and Dividend and risk in European banks): AIDEA annual meeting, Lecce, September 2013; 20th Tor Vergata Conference on Money, Banking and Finance, Rome, December 2011; 8th International Eurofidai-AFFI Annual Meeting, Paris, December 2010; European Finance Association annual meeting, Frankfurt, August 2010; Australasian Banking and Finance Conference, Sydney, December 2009; UKEPAN conference, Leicester, November 2009. 
  • Assessing the value relevance of accounting data after IFRS introduction in Europe: International Association of Accounting Education and Research conference Munich, February 2009. 
  • Unifractality and multifractality in the Italian stock market: Centre for Empirical Finance conference in London, May 2008. 

Guest speaker/invited discussant

  • 05/2017 Invited discussant: 1st Bristol Workshop on Banking and Financial  Intermediation, Bristol University, Bristol
  • 05/2017 Guest speaker: Bologna University Business School, Bologna
  • 02/2017 Guest speaker: Durham University Business School, Durham
  • 05/2016 Guest speaker: Solvay Brussels School, Brussels
  • 12/2015 Invited discussant: 2nd ACPR (Banque de France) conference, Paris
  • 08/2015 Invited discussant: European Finance Association Annual Meeting, Vienna
  • 10/2014 Invited discussant: Financial Management Association annual meeting,  Nashville
  • 06/2014 Invited discussant: International Economic Association World Congress, Amman
  • 11/2013 Guest speaker: Université de Limoges, Limoges 
  • 09/2013 Invited discussant: AIDEA annual meeting, Lecce
  • 12/2012 Invited discussant: World Finance & Banking Symposium, Shanghai, 
  • 11/2012 Guest speaker: Nottingham University Business School, Ningbo
  • 12/2011 Guest speaker: University of Bologna (Dipartimento di Scienze Aziendali), Bologna
  • 07/2011 Invited discussant: 17th Conference on Computing in Economics and Finance, San Francisco
  • 12/2010 Invited discussant: 8th International Eurofidai-AFFI Annual Meeting, Paris
  • 10/2010 Invited discussant: Finance Management Association Annual Meeting, New York
  • 08/2010 Invited discussant: European Finance Association annual meeting, Frankfurt
  • 05/2010 Guest speaker, Cass Business School, London
  • “What the stock market tells us about the British economy post-Brexit”, published in The Conversation, August 2016 (over 12,000 reads as at July 2017). Republished by (among others): Economy Watch, Business Insider, The BrokerList, Yahoo! News. Twitter: 19 shares. Facebook: 27 shares. Linkedin: 7 shares.
  • "CEO power, government monitoring, and bank dividends” featured in the Blue Sky Blog of Columbia Law School on corporations and the capital markets. 
  • “Monitoring Matters: Debt Seniority, Market Discipline and Bank Conduct” abstracted in Notre Dame Center for the Study of Financial Regulation Newsletter - Winter 2015. 

1. “Assessing the value relevance of accounting data after IFRS introduction in Europe”, published in the Journal of International Financial Management & Accounting, was cited in the following documents:

  • Institute of Chartered Accountants in England and Wales (ICAEW), 2014. The Effects of Mandatory IFRS Adoption in the EU: A Review of Empirical Research. October.
  • European Commission, 2015, staff working document. Evaluation of Regulation (EC) N° 1606/2002 of 19 July 2002 on the application of International Accounting Standards.

2. “Pre-adoption market reaction to IFRS 9: A cross-country event-study”, published in the Journal of Accounting and Public Policy, was cited in the following documents:

  • European Parliament, 2015, Directorate General for Internal Policies, Policy Department A. Economic and Scientific Policy. IFRS endorsement criteria in relation to IFRS 9.

3. “Wealth shocks, credit supply shocks, and asset allocation: Evidence from household and firm portfolios” (with T. Kick, B. Ruprecht, and K. Schaeck) has been published as a European Central Bank Working Paper #1662/2014 and Deutsche Bundesbank Discussion Paper #07/2014.  

Administrative roles and responsibilities in Aston Business School 

  • Course director: MSc Finance (September 2016 – present), BSc Finance (September 2015 – August 2016).
  • Placement tutor
  • Personal tutor

Awards and Honors

  • Fellow of the Higher Education Academy (UK) since 2015
  • Young Economist Session Best Paper Award, 20th Tor Vergata Conference on Money Banking and Finance. (December 7, 2011)

PhD reviewer

  • External: Ladislav Kristoufek (Institute of Economic Studies, Charles University in Prague), 2013. 
  • Internal: Bing Ye Wu (Aston Business School), 2016; Arben Kita (Bangor Business School), 2014.

International conference organisation

  • Member of scientific committee for 5th Anniversary Conference of FINEST, Trani (Italy), September 2017.
  • Member of steering committee for 25th edition of the International Rome Conference in Money, Banking and Finance, Rome (Italy) December 2016.
  • Member of scientific committee for AIDEA Bicentenary Conference: Banking & Finance, Lecce (Italy) September 2013.

External advisor

  • Member of the panel of experts for Italian Research Assessment 2011-2014 (Italian Research and University Evaluation Agency, ANVUR), March-November 2016.
  • External panel member for approval process of MSc Finance (major: Banking) SOAS, University of London (UK), June 2016.

Reviewer for academic journals

Journal of Banking and Finance; Journal of Business Finance and Accounting; Regional Studies; Economics Letters; The Manchester School; European Journal of Finance; Emerging Markets, Finance and Trade; Journal of Management and Governance; International Journal of Banking, Accounting and Finance; Economics Notes; Managerial Finance; Physica A: Statistical Mechanics and its Applications; Spatial Economic Analysis; Journal of Economics and Business; Financial Stability Working Paper Series of the Bank of England.