Dr Thomas Flavin
Biography
Dr. Thomas Flavin is an Associate Professor in Finance. Thomas joined the Department of Economics, Finance and Accounting in 1998 after completing his D.Phil on 'Tactical Asset Allocation' at University of York, under the supervision of Michael Wickens. He subsequently joined the Maynooth University School of Business in August 2020.
His research fits within the broad area of empirical finance, with a special focus on financial market linkages and shock transmission; financial contagion; asset allocation; and corporate finance. He has published in leading peer-reviewed academic journals such as Journal of Corporate Finance, Journal of Banking and Finance, Journal of International Money and Finance, Economics Letters, European Journal of Finance, Emerging Markets Review, Journal of Forecasting, and Journal of International Financial Markets, Institutions and Money among others. He has also contributed a number of chapters on edited volume. He has held visiting positions at University of York, University of Cambridge and the Federal Reserve Bank of Atlanta.
He has taught a broad range of Finance modules at both undergraduate and postgraduate level, supervised several MSc theses, and acted as lead supervisor for four successful PhD students.
His research fits within the broad area of empirical finance, with a special focus on financial market linkages and shock transmission; financial contagion; asset allocation; and corporate finance. He has published in leading peer-reviewed academic journals such as Journal of Corporate Finance, Journal of Banking and Finance, Journal of International Money and Finance, Economics Letters, European Journal of Finance, Emerging Markets Review, Journal of Forecasting, and Journal of International Financial Markets, Institutions and Money among others. He has also contributed a number of chapters on edited volume. He has held visiting positions at University of York, University of Cambridge and the Federal Reserve Bank of Atlanta.
He has taught a broad range of Finance modules at both undergraduate and postgraduate level, supervised several MSc theses, and acted as lead supervisor for four successful PhD students.
Research Interests
My research interests span a range of empirical finance issues. My current research focuses on the following issues:
Financial Contagion and Shock Transmission
I am particularly interested in the detection and measurement of financial contagion. Tests of the stability of the shock transmission mechanism across market conditions is an important issue in many issues in financial economics and a clear understanding is crucial for the development of appropriate policy responses.
Systemic Risk in the Financial System
I am interested in how systemic risk affects not only financial institutions but also non financial corporations.
Portfolio and Investment Management
I am also interested in measuring financial market co-movements and how diversification strategies perform during downturns and crises.
Macroeconomic influences on financial markets
The interaction of macroeconomic factors and financial market variables is another focus of my research. To what extent do macroeconomic influences drive financial market returns and co-movements?
Corporate Payout Strategies
I am interested in how corporations - particularly emerging market firms - use payouts (dividends, debt repayments and share repurchases) to signal good governance and build trust with external stakeholders.
Further details of research output are available on
Orcid - http://orcid.org/0000-0002-9469-5063
Scopus - Author ID: 6701810599
Ideas - https://ideas.repec.org/e/pfl45.html
Google Citations - https://scholar.google.com/citations?user=Fz_nlbIAAAAJ&hl=en
Financial Contagion and Shock Transmission
I am particularly interested in the detection and measurement of financial contagion. Tests of the stability of the shock transmission mechanism across market conditions is an important issue in many issues in financial economics and a clear understanding is crucial for the development of appropriate policy responses.
Systemic Risk in the Financial System
I am interested in how systemic risk affects not only financial institutions but also non financial corporations.
Portfolio and Investment Management
I am also interested in measuring financial market co-movements and how diversification strategies perform during downturns and crises.
Macroeconomic influences on financial markets
The interaction of macroeconomic factors and financial market variables is another focus of my research. To what extent do macroeconomic influences drive financial market returns and co-movements?
Corporate Payout Strategies
I am interested in how corporations - particularly emerging market firms - use payouts (dividends, debt repayments and share repurchases) to signal good governance and build trust with external stakeholders.
Further details of research output are available on
Orcid - http://orcid.org/0000-0002-9469-5063
Scopus - Author ID: 6701810599
Ideas - https://ideas.repec.org/e/pfl45.html
Google Citations - https://scholar.google.com/citations?user=Fz_nlbIAAAAJ&hl=en
Peer Reviewed Journal
| Year | Publication | |
|---|---|---|
| 2022 | Dungey M.; Flavin T.; O'Connor T.; Wosser M. (2022) 'Non-financial corporations and systemic risk'. Journal of Corporate Finance, 72 . [DOI] [Full-Text] | |
| 2021 | Flavin T.; Goyal A.; O'Connor T. (2021) 'Corporate governance, life cycle, and payout precommitment: An emerging market study'. Journal of Financial Research, 44 (1):179-209. [DOI] [Full-Text] | |
| 2021 | Dungey M.; Flavin T.; Sheenan L. (2021) 'Banks and sovereigns: did adversity bring them closer?'. European Journal of Finance, . [DOI] [Full-Text] | |
| 2020 | Dungey M.; Flavin T.; Lagoa-Varela D. (2020) 'Are banking shocks contagious? Evidence from the eurozone'. Journal of Banking and Finance, 112 (3):1-17. [DOI] [Full-Text] | |
| 2021 | Flavin T.; Lagoa-Varela D. (2021) 'On the stability of stock-bond comovements across market conditions in the Eurozone periphery'. Global Finance Journal, 49 (100491):1-16. [DOI] [Full-Text] | |
| 2017 | Flavin, T., and T. O'Connor (2017) 'Reputation building and the lifecycle model of dividends'. Pacific Basin Finance Journal, 46 :177-190. [DOI] [Full-Text] | |
| 2016 | Cronin D.; Flavin T.; Sheenan L. (2016) 'Contagion in Eurozone sovereign bond markets? The good, the bad and the ugly'. Economics Letters, 143 :5-8. [DOI] [Full-Text] | |
| 2015 | Flavin, TJ; Sheenan, L (2015) 'The role of US subprime mortgage-backed assets in propagating the crisis: Contagion or interdependence?'. North American Journal of Economics and Finance, 34 :167-186. [DOI] [Full-Text] | |
| 2015 | Connor, G; Flavin, T (2015) 'Strategic, unaffordability and dual-trigger default in the Irish mortgage market'. Journal of Housing Economics, 28 :59-75. [DOI] [Full-Text] | |
| 2014 | Flavina, TJ; Morleya, CE; Panopoulou, E (2014) 'Identifying safe haven assets for equity investors through an analysis of the stability of shock transmission'. Journal of International Financial Markets, Institutions and Money, 33 :137-154. [DOI] [Full-Text] | |
| 2013 | Flavin, T., and T. O'Connor. (2013) 'The Effects of Ownership Structure on Corporate Financing Decisions: Evidence from Stock Market Liberalization'. International Review of Finance, 13 :383-405. [DOI] [Full-Text] | |
| 2013 | Dungey, M; Dwyer, GP; Flavin, T (2013) 'Systematic and Liquidity Risk in Subprime-Mortgage Backed Securities'. Open Economies Review, 24 (1):5-32. [Link] [DOI] [Full-Text] | |
| 2012 | Connor, G; Flavin, T; O'Kelly, B (2012) 'The US and Irish credit crises: Their distinctive differences and common features'. Journal of International Money and Finance, 31 :60-79. [DOI] [Full-Text] | |
| 2010 | Flavin, TJ; Panopoulou, E (2010) 'DETECTING SHIFT AND PURE CONTAGION IN EAST ASIAN EQUITY MARKETS: A UNIFIED APPROACH'. Pacific Economic Review, 15 :401-421. [DOI] [Full-Text] | |
| 2010 | Flavin, T., and T. O'Connor. (2010) 'The sequencing of stock market liberalization events and corporate financing decisions'. Emerging Markets Review, 11 :183-204. http://dx.doi.org/10.1016/j.ememar.2010.03.004 [Full-Text] | |
| 2009 | Flavin, T; Panopoulo, E; Pantelidis, T (2009) 'Forecasting Growth and Inflation in an Enlarged Euro Area'. Journal of Forecasting, 28 :405-425. [DOI] [Full-Text] | |
| 2009 | Flavin T.; Panopoulou E. (2009) 'On the robustness of international portfolio diversification benefits to regime-switching volatility'. Journal of International Financial Markets, Institutions and Money, 19 (1):140-156. [DOI] [Full-Text] | |
| 2009 | Flavin, Thomas J. and Eirini Syngelaki (2009) 'Financial v Non-financial stocks: Time-varying correlations and risks'. Journal of Economic Asymmetries, 6 :71-92. [DOI] [Full-Text] | |
| 2008 | Flavin T.; Panopoulou E.; Unalmis D. (2008) 'On the stability of domestic financial market linkages in the presence of time-varying volatility'. Emerging Markets Review, 9 (4):280-301. [DOI] [Full-Text] | |
| 2007 | Thomas J. Flavin and Michele G. Limosani (2007) 'Fiscal, Monetary Policy and the Conditional Risk Premium in short-term Real Interest Rate Differentials: An Application of Tobin’s Portfolio Theory'. International Review of Economics and Finance, 16 :101-112. [DOI] [Full-Text] | |
| 2006 | Flavin, TJ; Wickens, MR (2006) 'Optimal international asset allocation with time-varying risk'. Scottish Journal of Political Economy, 53 :543-564. [Full-Text] | |
| 2006 | Flavin T. (2006) 'How risk averse are fund managers? Evidence from Irish mutual funds'. Applied Financial Economics, 16 (18):1355-1363. [DOI] [Full-Text] | |
| 2006 | Thomas J. Flavin, Brian Lucey and Svitlana Voronkova (2006) 'Real and Financial Aspects of Financial Integration'. Quarterly Review of Economics and Finance, 46 :315-316. [DOI] [Full-Text] | |
| 2004 | Flavin, TJ (2004) 'The effect of the Euro on country versus industry portfolio diversification'. Journal of International Money and Finance, 23 :1137-1158. [DOI] [Full-Text] | |
| 2003 | Flavin T.; Wickens M. (2003) 'Macroeconomic influences on optimal asset allocation'. Review of Financial Economics, 12 (2):207-231. [DOI] [Full-Text] | |
| 2002 | Thomas J. Flavin, Margaret Hurley and Fabrice Rousseau (2002) 'Explaining Stock Market Correlation: A Gravity Model Approach'. THE MANCHESTER SCHOOL, 70 :87-106. [DOI] [Full-Text] | |
| 2000 | Flavin T.; Limosani M. (2000) 'Fiscal policy and the term premium in real interest rate differentials'. Applied Financial Economics, 10 (4):413-417. [Full-Text] |
Book Chapter
| Year | Publication | |
|---|---|---|
| 2020 | Thomas J. Flavin and Dolores Lagoa-Varela (2020) 'Financial Contagion and Shock Transmission during the Global Financial Crisis: A review of the Literature' In: Emerging Tools and Strategies for Financial Managment. Hershey PA, USA : IGI Global. [DOI] | |
| 2019 | Thomas J. Flavin (2019) 'From Bulls to Bears: Stock-Bond Comovements in European Markets' In: Handbook of Global Financial Markets: Transformations, Dependence and Risk Spillovers. London : World Scientific Publishing Company. https://doi.org/10.1142/10893 | |
| 2017 | Connor, Gregory, Flavin, Thomas, and Brian O'Kelly (2017) 'The Financial Sector' In: Austerity and Recovery in Ireland: Europe's Poster Child and the Great Recession. Oxford, UK : Oxford University Press. [DOI] | |
| 2011 | Flavin T.; Panopoulou E.; Pantelidis T.; Unalmis D. (2011) 'The effects of asymmetric volatility shocks on equity and foreign exchange rate interactions' In: Finance and Banking Developments. | |
| 2013 | Broome, Simon J. and Thomas J. Flavin (2013) 'International Investment Patterns' In: International Finance: A Survey. New York : Oxford University Press. [DOI] | |
| 2009 | Flavin, Thomas J and Panopoulou, Ekaterini (2009) 'Dealing with East Asian equity market contagion: some policy implications' In: Emerging Markets: Performance, Analysis and Innovation. London : Chapman-Hall/CRC/Taylor & Francis. [Link] [DOI] |
Other Journal
| Year | Publication | |
|---|---|---|
| 2012 | Dr Thomas J Flavin (2012) 'How Obama's policies may hurt investment in Ireland' The Journal.ie, 0 . [Full-Text] | |
| 2010 | Dwyer, Gerald P and Flavin, Thomas J (2010) 'Credit Default Swaps on Government Debt: Mindless Speculation?' Notes from the Vault, CENFIS, Federal Reserve Bank of Atlanta, :1-5. [Full-Text] | |
| 2009 | Dungey, M., Dwyer, G., and Thomas J Flavin (2009) 'Vintage and Credit Rating: What matters in the ABX data during the credit crunch?' Proceedings of the Federal Reserve Bank of San Francisco, 1 :1-35. [Full-Text] |
Conference Contribution
| Year | Publication | |
|---|---|---|
| 2021 | Thomas Flavin (2021) Industrials and Systemic Risk School of Business Seminar, Maynooth University Maynooth, . | |
| 2019 | Thomas Flavin (2019) Industrials and Systemic Risk Invited Seminar, Queens University Belfast Belfast, 13/11/2019-13/11/2019. | |
| 2018 | Thomas Flavin (2018) Banks and Sovereigns: Did Adversity bring them closer? Irish Academy of Finance Conference Dunboyne Castle, . [Full-Text] | |
| 2017 | Thomas Flavin (2017) Are Banking Shocks Contagious? Evidence from the Eurozone Invited Seminar, Universidad Alcala (UAH) Madrid Alcala de Henares, 14/06/2017-. | |
| 2016 | Thomas Flavin (2016) Are Banking Shocks Contagious? Evidence from the Eurozone Irish Economic Association 30th Annual Conference NUI Galway, . | |
| 2016 | Thomas Flavin (2016) Are Banking Shocks Contagious? Evidence from the Eurozone International Finance and Banking Society Conference Barcelona, . | |
| 2015 | (2015) Linkages Between Banks & Non-Financial Corporations During the Crisis: Contagion or Interdependence? New Financial Reality IPAG Business School, Nice, . | |
| 2013 | (2013) Analysing Contagion from the U.S. Subprime-mortgage Market: A MS-VAR Approach NUIM-DCU Finance Conference NUI Maynooth, . | |
| 2013 | (2013) Systematic and Liquidity Risk in Subprime-mortgage Backed Securities NUI Galway Invited Seminar Series NUI Galway, . | |
| 2012 | (2012) Systematic and Liquidity Risk in Subprime Asset backed Securities 44th Annual Money Macro and Finance Conference Trinity College Dublin, . | |
| 2011 | (2011) Systematic and Liquidity Risk in Subprime Mortgage Backed Assets 12th Iberian-Italian Congress of Financial and Actuarial Mathematics Lisbon, . | |
| 2010 | (2010) The U.S. and Irish Credit Crises: Their Distinctive Differences and Common Features XIX International Tor Vergata Conference on Money, Banking and Finance Rome, . [Full-Text] | |
| 2010 | (2010) The sequencing of stock market liberalization events and corporate financing decisions Midwest Finance Association 2010 Conference Las Vegas, NV, . | |
| 2010 | (2010) Discussion of 'Determination of Corporate Ownership Concentration & its relation to Tunneling' Midwest Finance Association 2010 Conference Las Vegas NV, . | |
| 2010 | (2010) Credit and Liquidity Risk in Subprime Mortgage Backed Assets 8th INFINITI Conference on International Finance Trinity College Dublin, . | |
| 2010 | (2010) Discussion of 'Why Money Matters: A Fourth Natural Experiment' XIX International Tor Vergata Conference on Money, Banking and Finance Rome, . | |
| 2010 | (2010) Discussion of 'Legal Regime, Size and Liquidity Factors in Asset Pricing' 8th INFINITI Conference on International Finance Trinity College Dublin, . | |
| 2010 | (2010) Modelling the risk factors in US Subprime Mortgage backed assets EFA Seminars NUI Maynooth, . | |
| 2009 | (2009) The U.S. and Irish Credit crises: Similarities and Differences Conference on 'Regulating Systemic Risk', Centre for Financial Innovation and Stability Federal Reserve Bank of Atlanta, . | |
| 2009 | (2009) Vintage and Credit Rating: What matters in the ABX data during the credit crunch? 7th INFINITI conference on International Finance Trinity College Dublin, . | |
| 2009 | (2009) Invited Discussion of 'Resolving the Price-Earnings Puzzle at the Macro Level' 7th INFINITI Conference on International Finance Trinity College Dublin, . | |
| 2003 | Flavin, T (2003) Irish Economic Association LIMERICK, 25/04/2003-25/04/2003. | |
| 2003 | Flavin, T (2003) XII International Tor Vergata Conference on Banking and Finance Tor Vergata, Rome, 10/12/2003-12/12/2003. | |
| 2001 | Flavin, T. & M. Wickens (2001) Department of Economics Workshop NUI, Maynooth, 11/01/2001-11/01/2001. | |
| 2001 | Flavin, T (2001) University of Limerick Seminar University of Limerick, 05/01/2001-05/01/2001. | |
| 2001 | Flavin, Hurley and Rousseau (2001) Irish Economic Association Annual Conference Portumna, 04/01/2001-04/01/2001. | |
| 1999 | Flavin, T. & M. Wickens (1999) European Finance Association Annual Conference HELSINKI, 27/08/1999-29/08/1999. | |
| 1998 | Flavin, T. & M. Wickens (1998) ASSET Conference Bologna, Italy, 25/10/1998-27/10/1998. |
Editorial
| Year | Publication | |
|---|---|---|
| 2006 | Flavin T.; Lucey B.; Voronkova S. (2006) Real and financial aspects of financial integration. [Editorial] [DOI] [Full-Text] |
Working Paper
| Year | Publication | |
|---|---|---|
| 2020 | Dungey, M., Thomas J. Flavin and Lisa Sheenan (2020) Banks and Sovereigns: Did Adversity bring them Closer?. Maynooth Univeristy: [Working Paper] [Link] | |
| 2020 | Flavin, T., Goyal, A., O'Connor, T. (2020) Role of Corporate Governance and Lifecycle in determining payout precommitment in an emerging market. Maynooth Univeristy: [Working Paper] [Link] | |
| 2020 | Dungey, M., Flavin, T., O'Connor, T and Wosser. M. (2020) Industrial firms and Systemic Risk. Maynooth Univeristy: [Working Paper] [Link] | |
| 2019 | Flavin, Thomas J. and Lagoa-Varela, Dolores (2019) On the stability of stock-bond comovements across market conditions in the Eurozone periphery. Maynooth: [Working Paper] [Link] [Full-Text] | |
| 2017 | Flavin, T., and T. O'Connor (2017) Reputation building and the lifecycle model of dividends. [Working Paper] [Full-Text] | |
| 2016 | Flavin, T.J. and D. Lagoa-Varela (2016) Do long-term bonds hedge equity risk? Evidence from Spain. Maynooth: [Working Paper] [Link] [Full-Text] | |
| 2016 | Flavin, T.J. and D. Lagoa-Varela (2016) Are Banking Shocks Contagious? Evidence from the Eurozone. [Working Paper] [Link] [Full-Text] | |
| 2016 | Cronin, D., Flavin, T.J. and L.S. Sheenan (2016) Contagion in Eurozone Sovereign Bond Markets? The Good, the Bad and the Ugly. [Working Paper] [Link] [Full-Text] | |
| 2015 | Connor, Gregory, Thomas J Flavin and Brian O'Kelly (2015) Restructuring and Recovery of the Irish Financial Sector: An Economic Case History. [Working Paper] [Full-Text] | |
| 2014 | Flavin, Thomas J., Morley, C. and Panopoulou E. (2014) Identifying safe haven assets for equity investors through an analysis of the stability of shock transmission. [Working Paper] [Full-Text] | |
| 2013 | Connor, Gregory and Thomas J Flavin (2013) Irish Mortgage Default Optionality. [Working Paper] [Full-Text] | |
| 2013 | Flavin, Thomas J. and O'Connor, Thomas (2013) The effects of ownership structure on corporate financing decisions: evidence from stock market liberalizations. [Working Paper] [Full-Text] | |
| 2011 | Dungey, Mardi, Gerald Dwyer and Thomas J. Flavin (2011) Systematic and Liquidity Risk in Subprime Mortgage Backed Assets. [Working Paper] [Full-Text] | |
| 2010 | Connor, Gregory, Flavin, Thomas and O'Kelly, Brian (2010) The U.S. and Irish Credit Crises: Their distinctive Differences and Common Features. [Working Paper] [Full-Text] | |
| 2010 | Flavin, T., and T. O'Connor (2010) The sequencing of stock market liberalization events and corporate financing decisions. [Working Paper] [Full-Text] | |
| 2009 | O'Connor, Thomas and Flavin, Thomas J. (2009) The Sequencing of stock market liberalization events and corporate financing decisions. [Working Paper] [Full-Text] | |
| 2008 | Flavin, T., Panopoulou, E. and Pantelidis, T. (2008) Forcasting Growth and Inflation in an Enlarged Euro Area. [Working Paper] [Full-Text] | |
| 2008 | Flavin, T., Panopoulou, E. and Unalmis, D. (2008) On the stability of domestic financial market linkages in the presence of time-varying volitility. [Working Paper] [Full-Text] | |
| 2008 | Flavin, T.J. and E. Panopoulou (2008) Detecting shift and pure contagion in East Asian equity markets: a unified approach. [Working Paper] [Full-Text] | |
| 2007 | Flavin, T. and Panopoulou, E. (2007) On the robustness of international portfolio diversification benefits to regime-switching volatility. [Working Paper] [Full-Text] | |
| 2006 | Flavin, T. (2006) How Risk Averse are Fund Managers? Evidence from Irish Mutual Funds. [Working Paper] [Full-Text] | |
| 2004 | Flavin, T. (2004) The Effect of the Euro on Country Versus Industry portfolio Diversification. [Working Paper] [Full-Text] | |
| 2001 | Flavin, T.J., Hurley, M.J. and Rousseau, F. (2001) Explaining Stock Market Correlation: A Gravity Model Approach. [Working Paper] [Full-Text] |
Certain data included herein are derived from the © Web of Science (2023) of Clarivate. All rights reserved.
Teaching Interests
I have taught modules in Finance at all levels to Undergraduate and Postgraduate students.
My main teaching interests are in Financial Derivatives and International Finance..
Current Modules:
FN106: Introduction to Macroeconomics and Financial Economics
FN308: Derivatives II: An Analysis of Options and Credit Derivatives
FN620: Applied Financial Econometrics
FN624: Advanced Derivatives
My main teaching interests are in Financial Derivatives and International Finance..
Current Modules:
FN106: Introduction to Macroeconomics and Financial Economics
FN308: Derivatives II: An Analysis of Options and Credit Derivatives
FN620: Applied Financial Econometrics
FN624: Advanced Derivatives