Philip Molyneux
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View article: Deal! Market reactions to the agreement on the EU Covid-19 recovery fund
Deal! Market reactions to the agreement on the EU Covid-19 recovery fund Open
In response to the Covid-19 crisis, EU leaders agreed on the creation of a €750bn recovery fund (the Next Generation EU, NGEU). We investigate the short-term impact of this landmark deal on bank stocks, sovereign credit default swaps (CDS)…
View article: The new challenges of global banking and finance
The new challenges of global banking and finance Open
The economic downturn caused by the Covid-19 pandemic has brought unprecedented uncertainty to the global banking system. Banks are facing critical market challenges driven by uncertain monetary policies, deterioration in credit quality, a…
View article: Bank funding constraints and stock liquidity
Bank funding constraints and stock liquidity Open
This paper examines the relationship between bank marginal funding constraints and stock liquidity. Using bank credit default swap (CDS) spreads we show that increased funding constraints weaken bank stock liquidity (as measured by liquidi…
View article: Reevaluating the risk minimization utility of Islamic stocks and bonds (Sukuk) in international financial markets
Reevaluating the risk minimization utility of Islamic stocks and bonds (Sukuk) in international financial markets Open
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View article: Some Critical Notes on the Cantor Diagonal Argument
Some Critical Notes on the Cantor Diagonal Argument Open
This paper critically examines the Cantor Diagonal Argument (CDA) that is used in set theory to draw a distinction between the cardinality of the natural numbers and that of the real numbers. The CDA is discussed here using a consensus fro…
View article: Interest Rate Risk and Monetary Policy Normalisation in the Euro Area
Interest Rate Risk and Monetary Policy Normalisation in the Euro Area Open
In the current low interest rate environment in the euro area there is potential for a sudden increase in interest rates and heightened interest rate risk (IRR). By using a sample of 81 euro area banks during the period 2014Q4-2018Q1 and a…
View article: Banking market reaction to auctions of failed banks
Banking market reaction to auctions of failed banks Open
In this study, we find that non‐merger rival banks of failed banks from 2008 to 2013 experience substantial negative abnormal stock returns in the United States when failed banks are auctioned. Negative abnormal returns are related to cont…
View article: Credit default swap spreads: market conditions, firm performance, and the impact of the 2007–2009 financial crisis
Credit default swap spreads: market conditions, firm performance, and the impact of the 2007–2009 financial crisis Open
We employ a multi-factor analysis from both a firm-specific (microeconomic) and market-specific (macroeconomic) perspective to examine the determinants of credit default swap (CDS) spreads in the USA, the UK and Japan between 2005 and 2012…
View article: Bank Corporate Governance and Future Earnings Predictability
Bank Corporate Governance and Future Earnings Predictability Open
This study examines the impact of corporate governance on earnings predictability (future cash flows) for banks operating in 71 countries over the period 2007 to 2016. We find that board structure and CEO power have a significant influence…
View article: Water-Soluble Synthetic Polymers: Volume I: Properties and Behavior
Water-Soluble Synthetic Polymers: Volume I: Properties and Behavior Open
Although several monographs and reviews have appeared on individual polymers of this type, and their applications and other technical aspects have also been discussed, this is apparently the first book to deal with the physical chemistry o…
View article: The relationship between perceived organisational threat and compassion for others: Implications for the NHS
The relationship between perceived organisational threat and compassion for others: Implications for the NHS Open
The National Health Service (NHS) is known to be a challenging place to work, with financial and performance targets placing increasing pressure on the organisation. This study aimed to investigate whether these pressures and threats might…
View article: Why UK banks are like public utilities - and should be regulated as such
Why UK banks are like public utilities - and should be regulated as such Open
Banks have economic features similar to those of utility service providers – which are typically regulated more heavily than other companies – writes Phil Molyneux. He explains how banks ought to be regulated with this point in mind, and c…
View article: Introduction to the special issue: new perspectives on regulating banks after the global financial crisis
Introduction to the special issue: new perspectives on regulating banks after the global financial crisis Open
Understanding the multiple causes of the global financial crisis (GFC) from 2008 – which led to the Great Recession – remains a formidable challenge to economists and policy-makers. Worryingly, mos...
View article: Cost Efficiency, Scale Elasticity and Scale Economies in Arab Banking
Cost Efficiency, Scale Elasticity and Scale Economies in Arab Banking Open
This study investigates Cost Efficiency, Scale Elasticity and Scale Economies of the Jordanian, Egyptian, Saudi Arabian and Bahraini banking systems. Our sample comprises information on 82 banks operating in the countries under study over …