Dr Thomas Flavin

School of Business

Associate Professor

TSI Building
3rd Floor
313
(01) 708 3369

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.  

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


Peer Reviewed Journal

Year Publication
2024 Flavin, T.J. and L. Sheenan (2024) 'Can green bonds be a safe haven for equity investors?'. International Journal of Finance and Economics, :1-14. [Link] [DOI]
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]

Thesis

Year Publication
1999 Thomas J Flavin (1999) Tactical Asset Allocation. University of York: [Thesis]

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 (2024) of Clarivate. All rights reserved.

Professional Associations

Description Function From / To
Irish Economic Association Member 01/10/1998 - 31/12/2020
Irish Academy of Finance Council Member 29/11/2018 - 30/11/2021

Committees

Committee Function From / To
Scientific Committee of the International Conference in Applied Theory, Macro and Empirical Finance Program Advisor 01/02/2017 - 31/05/2017
School of Business Research Committee Member 01/09/2020 -

Education

Start date Institution Qualification Subject
University of York D.Phil Financial Economics
NUI Maynooth M.A. Economics and Finance
University of Limerick Bachelor of Business Studies Accounting and Finance

Languages

Language Reading Writing Speaking
Spanish Basic Basic Basic
English Fluent Fluent Fluent

Other Activities

Description
Review provided for the FSI Crisis Management Series No. 2, "The Banking Crisis in Ireland"

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:
FN107: Introduction to Finance: Markets, Money and Investment
FN308: Derivatives II: An Analysis of Options and Credit Derivatives

FN399T:  Research Project
FN624: Advanced Derivatives



Recent Students

Graduation date Name Degree
2007 Thomas O'Connor Ph.D
2010 Eirini Syngelaki Ph.D
2014 Ciara Morley Ph.D
2014 Lisa Marie Sheenan Ph.D