Enrico Onali
Postal address:
United Kingdom

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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 and Security Analysis. 

I have been a visiting scholar at the Deutsche Bundesbank and I have held visiting teaching appointments at universities in France, Italy, and China.

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 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 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.



Aston Business School webpageClick here

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SSRN webpageClick here

Google Scholar webpageClick here

Scopus webpageClick here

Mendeley webpage: Click here

Researchgate webpageClick here

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