Bangor Business School

Professor Philip Molyneux

Division: Financial Studies

Location: Room A3.01, Alun Building

Telephone: 01248 38 2170

Email: p.molyneux@bangor.ac.uk

Profile

Dean of the College of Business, Law, Education and Social Sciences

Professor of Banking and Finance

Main area of research is on the structure and efficiency of banking markets and he has published widely in this area. He has also published a variety of texts on banking areas and in the past has acted as a consultant to: New York Federal Reserve Bank, World Bank, European Commission, UK Treasury; Citibank Private Bank, Barclays Wealth, McKinsey & co, Credit Suisse and various other international banks and consulting firms.

Qualifications/Memberships of Professional Bodies

MA (Economics), PhD (Economics)

Research

Main area of research is on the structure, efficiency and performance of banking markets.  

Publications

Key Publications

  • 'Small banks and local economic development', Review of Finance (2015), forthcoming, (with Hendrik Hakenes, Iftekhar Hasan and Ru Xie)
  • ‘Access to consumer credit in the UK’, European Journal of Finance (2015) forthcoming, (with K.Alper and S. Deku)
  • 'Earnings management, forecast guidance and the banking crisis' European Journal of Finance (2015), 21, 242-268 (with E.Becalli, Saverio Bozzolan and Andrea Menini)
  • ‘Too systemically important to fail’ in banking – Evidence from bank mergers and acquisitions’, Journal of International Money and Finance, 49, 258-282 (with K. Schaeck and T. Zhou)
  • 'Dealing with cross-firm heterogeneity in bank efficiency estimates: Some evidence from Latin America', Journal of Banking & Finance (2014), 40, 130-142 (with John Goddard and Jon Williams)
  • 'Banking in the European Union: Deregulation, crisis and renewal', in Berger, A., Molyneux, P. and Wilson, J.O.S. (eds), Oxford Handbook of Banking 2nd Edition, Oxford: Oxford University Press, 2014, with John Goddard and John Wilson
  • 'Bank competition and financial stability in Asia Pacific', Journal of Banking & Finance, 38, January 2014, Pages 64-77 (with Xiaoqing (Maggie) Fu and Yongjia (Rebecca) Lin)
  • 'Competition and Stability in European Banking: A Regional Analysis', Manchester School, 2013, 81, 176-201 (with Hong Liu and John Wilson)
  • 'Financial sector performance and risk: An introduction', Journal of Economic Behaviour and Organization, 85 (2013) 118- 122 (with M. Shahid Ebrahim and JOS Wilson)
  • 'Exchange Rate Risk and the Equity Performance of Financial Intermediaries: Evidence from an International Sample', International Review of Financial Analysis, 29, 2013, 271-282 (with Dimitris Gounopoulos, Sotiris Staikouras, John Wilosn and Henry Zhaogang)
  • 'Foreign bank entry in South East Asia', International Review of Financial Analysis, 30, December 2013, 26-35 (with Linh H. Nguyen and Rue Xie)
  • 'U.S. Prompt Corrective Action and bank risk', Journal of International Financial Markets, Institutions and Money 26, 2013, 239-257 (with Rhys ap Gwilym and Angelos Kanas
  • 'Do Bank Profits Converge?', European Financial Management, 2013, 19, 345-65 (with John Goddard, Hong Liu and John Wilson)
  • 'Risk in Islamic Banking', Review of Finance, 17, 2013, pp2035-2096 (with Amine Tarazi and Pejman Abedifar)
  • 'Competition in Banking: Measurement and Interpretation', in Bell, A.R. Brooks, C. Prokopczuk, M. (eds.), Handbook of Research Methods and Applications in Empirical Finance, 2013. Edward Elgar Publishing (with Hong Liu and John Wilson)
  • 'Asymmetric Information Among Lending Syndicate Members and the Value of Repeat Lending', Journal of International Financial Markets, Institutions and Money, 22, 4, October 2012, 913-935
  • 'Is There a Conflict Between Competition and Financial Stability?' in J.R. Barth, C. Lin and C. Wihlborg (Eds), International Research Handbook on Banking and Governance, 2012, Edward Elgar Publishing, Inc. (with B. Casu and C.Girardone). Chapter 13
  • 'Bank Mergers and Acquisitions in Emerging Markets: Evidence from Latin America and Asia', European Journal of Finance 2012, 18, 419-438. (With J Goddard and T Zhou)
  • 'Asymmetric information among lenders and the value of repeat lending', Journal of International Financial Markets, Institutions & Money, 2012, Vol. 22 (4), pp. 913-935 (with B Gadanecz and A Kara)
  • 'The Value of Repeat Lending' Bank for International Settlements Working Paper, No 350, July, 2011, pp1-29 (with Blaise Gadanecz and Alper Kara)
  • 'Regulations and Productivity Growth in Banking: Evidence from Transition Economies', Journal of Money, Credit & Banking, 43, 4, June 2011 pp735-764 (with Manthos D Delis and Fotis Pasiouras)
  • 'Efficiency and Risk in European Banking', Journal of Banking and Finance, 35, 5, May 2011, 1315-1326 (with Franco Fiordelisi and David Marques-Ibanez)
  • 'Determinants of Efficiency in South East Asian Banking’, Services Industry Journal, 31,16, 2011 (with E.P.M. Gardener and H. Nguyen-Linh)
  • 'Does the Stock Market Compensate Banks for Diversifying into the Insurance Business’, Financial Markets, Institutions and Instruments, 20,1, 2011 pp1-28 (with Panagiotis Dontis-Charitos and Sotiris K Staikouras)
  • 'Islamic Banking and Finance', Chapter 24 in Jinnah: The Founder of Pakistan, Edited by Saleem Qureshi, Oxford University Press, 2011 pp152-162
  • 'The Persistence of Bank Profit' Journal of Banking and Finance, 2011, 35, 2881-2890 (with John Goddard, Hong Liu and John Wilson)
  • 'Efficiency and Risk in European Banking', European Central Bank Working Paper, No 1211, June 2010, (with Franco Fiordelisi and David Marques-Ibanez)
  • 'Banking: An Overview', in Berger, A., Molyneux, P. and Wilson, J.O.S. (eds), Oxford Handbook of Banking. Oxford: Oxford University Press, Chapter 1 2010 (with John Wilson and Allen Berger) pp 1-36
  • 'Banking in the European Union', in A. Berger, P. Molyneux and.and J. Wilson (eds.), Oxford Handbook of Banking. Oxford: Oxford University Press, Chapter 32,  2010 (with J. Goddard and  John. Wilson) pp807-843
  • 'Competition and Stability in European Banking: A Regional Analysis', Istituto Luigi Einaudi per gli Studi Bancari Finanziari e Assicurativi (IstEin), Working Paper 2010, Number 9 (with Hong Liu and John Wilson). Research Project on European Banking Competition. Available at: www.istein.org/
  • 'Do Bank Profits Converge?' Istituto Luigi Einaudi per gli Studi Bancari Finanziari e Assicurativi (IstEin), Working Paper 2010, Number 1 (with Hong Liu, John Goddard and John Wilson). Research Project on European Banking Competition. Available at: www.istein.org/
  • 'Emerging Themes in Banking: Recent Literature and Directions for Future Research', British Accounting Review, 2010, 42, 153-169 (with Barbara Casu, Claudia Girardone and John Wilson)
  • 'The Persistence of Bank Profit', Istituto Luigi Einaudi per gli Studi Bancari Finanziari e Assicurativi (IstEin), Working Paper 2010, Number 2 (with Hong Liu, John Goddard and John Wilson). Research Project on European Banking Competition. Available at: www.istein.org/
  • 'Measuring Competition and Stability: Recent Evidence for European Banking', Istituto Luigi Einaudi per gli Studi Bancari Finanziari e Assicurativi (IstEin), Working Paper 2010, Number 10 (with Hong Liu and John Wilson). Research Project on European Banking Competition. Available at: www.istein.org/
  • 'The Determinants of Shareholder value in European banking', Journal of Banking & Finance, 2010, 34, 6, 1189-1200 (with Franco Fiordelisi)
  • 'Total factor productivity and shareholder returns in banking', OMEGA – The International Journal of Management Science, 2010, 38, 5, 241-253 (with F. Fiordelisi)
  • 'The Financial Crisis in Europe: Evolution, Policy Responses and lessons for the future', Journal of Financial Regulation and Compliance, 2009, 17, 362-380 (with John Goddard and John Wilson)
  • 'Market value, book value and earnings: Is bank efficiency a missing link?' Managerial Finance, 2009, 35, 156-179 (with B Abuzayed and N Al-Fayoumi)
  • 'Crisis in UK Banking: Lessons for Public Policy', Public Money and Management, 29, 2009, 277 - 284 (with J. Goddard and J. Wilson)
  • 'Mergers and Acquisitions of Financial Institutions: A Review of the Post-2000 Literature’, Journal of Financial Services Research 36, Numbers 2/3, December 2009, 87-110  (with B. DeYoung and D. Evanoff)
  • 'Mergers and Acquisitions of Financial Institutions', Editor of special issue of the Journal of Financial Services Research 36, Numbers 2/3, December 2009. (with B. DeYoung and D. Evanoff)
  • 'Cross-Country Comparisons of Competition and Pricing Power in European Banking', Journal of International Money and Finance, 28, 1, February 2009, 115-134. (with S. Carbó, D. Humphrey and J. Maudos)
  • 'Developments in European Banking', Journal of Banking and Finance, 2007, 31, 1907-1910. (with J. Wilson)
  • 'European Banking: An Overview', Journal of Banking and Finance, 2007, 31, 1911-1935. (with J. Goddard and M. Tavakoli)
  • 'Financial Exclusion in Europe', Public Money and Management, 2007, 27,1 Feb, 21-28. (with S. Carbo and E.P.M.Gardener)
  • 'Examining the Relationship between Capital, Risk and Efficiency in European Banking', European Financial Management, 2007, 13, 1, 49-70. (with Y. Altunbas, S. Carbó and E.P.M.Gardener)
  • 'The Impact of Foreign Cross-Listings on the Home Dutch Equities', Managerial Finance, 2006, 32, 5, 451-462. (with A. Koulakiotis, D. Angelidis and K. Tolikas)
  • 'Dynamics of Growth and Profitability in Banking', Journal of Money, Credit and Banking, 36, 6, December 2004, 1069-1090. (with J.Wilson and J.Goddard)
  • 'Analysing the Determinants of Bank Efficiency - The Case of Italian Banks', Applied Economics, 2004, 36, 215-227. (with C.Girardone and E.P.M.Gardener)
  • 'The Profitability of European Banks - A Cross-Sectional and Dynamic Panel Analysis', The Manchester School, 2004, Vol. 72, No.3, 363-381. (with J.Wilson and J. Goddard)
  • 'Productivity in European Banking - A Comparison of Parametric and Non-Parametric Approaches', Journal of Banking and Finance, Volume 28, Issue 10, October 2004, 2521-2540. (with B. Casu and C. Girardone)
  • 'A Comparative Study of Efficiency in European Banking', Applied Economics, 35(17), 1865 1876, 2003. (with B.Casu)
  • 'Evidence of a Bank Lending Channel in Europe', Journal of Banking and Finance, 26, 2093-2110, 2002. (with Y.Altunbas and Y.Otabek)
  • 'Ownership and Efficiency in Banking', Journal of Money, Credit and Banking, 33, 4, November 2001, 926-954. (with Y.Altunbas and L. Evans)
  • 'Efficiency in European Banking', European Economic Review, 45, November 2001, 1931-1955. (with Y. Altunbas, E.P.M. Gardener and B. Moore)

Books

  • Editor of the Palgrave Macmillan Studies in Banking and Financial Institutions - 90 books in the series by the start of 2015 (see http://www.palgrave.com/finance/sbfi.asp)
  • Bank Competition, Efficiency and Liquidity Creation in Asia Pacific (2015) (with Xiaoqing (Maggie) Fu and Yongjia (Rebecca) Lin) (Palgrave Macmillan: London) (forthcoming)
  • An Introduction to Global Financial Markets (2015) 8th edition (with Stephen Valdez) (Palgrave Macmillan: London) forthcoming
  • Introduction to Banking (2015) 2nd Edition (with Barbara Casu and Claudia Girardone) (FT Prentice Hall: London) forthcoming
  • The Oxford Handbook of Banking (2014) 2nd edition (edited with Allen N. Berger and John Wilson) (Oxford University Press: Oxford)
  • An Introduction to Global Financial Markets (2013) 7th edition (with Stephen Valdez) (Palgrave Macmillan: London)
  • Bank Strategy, Governance and Ratings (2011) (edited by Phil Molyneux), Palgrave Macmillan Studies in Banking and Financial Institutions, (Palgrave Macmillan: London)
  • Bank Performance and Firm Financing (2011) (edited by Phil Molyneux), Palgrave Macmillan Studies in Banking and Financial Institutions, (Palgrave Macmillan: London)
  • An Introduction to Global Financial Markets (2010) 6th edition (with Stephen Valdez) (Palgrave Macmillan: London)
  • The Oxford Handbook of Banking (2010) (edited with Allen N. Berger and John Wilson) (Oxford University Press: Oxford)
  • Frontiers of Banks in a Global World (2007) (edited with E Eleuterio Vallelado) (Palgrave Macmillan: London)
  • Introduction to Banking (2006) (with Barbara Casu and Claudia Girardone) FT Prentice Hall: London
  • Shareholder Value in Banking (2006) (with Franco Fiordelisi) (Palgrave Macmillan : London)
  • Arab Banking and Financial Systems (2005) (with Munawar Iqbal) (Palgrave Macmillan: London)
  • Thirty Years of Islamic Banking (2005) (with Munawar Iqbal) (Palgrave Macmillan: London)
  • Multinational Financial Management (2004) (Institute of Financial Services: London)
  • Banking in the New Europe - The Impact of the Single European Market Programme and EMU on the European Banking Sector (2002) (edited with Edward P. M. Gardener and Barry Moore) (Palgrave Macmillan: London)
  • European Banking: Efficiency, Technology and Growth (with John Goddard and John Wilson) (2001) (John Wiley: London)
  • European Savings Banks - Coming of Age? Exploring the role of Savings Banks in European Financial Services (1999) (with Edward P.M Gardener and Jon Williams) (Lafferty: London)
  • Financial Innovation (1999) (with Nidal Shamroukh) (John Wiley: London)
  • Bancassurance (1998) (with Nadege Genetay) (Macmillan: London)
  • Challenges and the Future of Savings Banks in the Single Financial Market of the EU (with Jon Williams, and Edward P. M Gardener) (1998) (Bangor: Institute of European Finance)
  • Impact of the EU's Single Market Programme on the Banking Sector (1997) (with Edward P.M. Gardener and Barry Moore) (Kogan Page: London)
  • Investment Banking in Europe (1996) (Co Editor and contributor with Edward P.M. Gardener) (Euromoney Publications: London)
  • German Banking (with David Maude) (1996) (Financial Times Publication London)
  • Private Banking (1996) (with David Maude) (Euromoney Publications: London)
  • Efficiency in European Banking (1996) (with Yener Altunbas and Edward P. M. Gardener), (John Wiley: London)
  • Directory of European Financial Associations (1990) (Woodhead Faulkner: London)
  • Changes in Western European Banking (1990, 1993) (with Edward P. M. Gardener) (Allen & Unwin: London)
  • Banking: An Introductory Text (1990) (Macmillan: London)

Teaching

Postgraduate Teaching

  • Financial Institutions Strategic Management (ASB-4407/4807)
  • Investment & Private Banking (ASB-4904)

Activities

Visiting appointments 

Bocconi University (2006), the University of Bolzana (2007) and University of Limoges (2007 and 2009).

Prestigious awards

Awarded a one-year Leverhulme Research Fellowship in 2001 (the success rate for applications was 9%); appointed Danielsson Chair of Banking and Finance in the University of Gothenburg and the Swedish School of Economics (2002-2003); appointed Levob Special Chair of Financial Services in Erasmus University, Rotterdam (2005-2006); British Accounting and Finance Association Distinguished Academic Award (2013).

Policy Advice

Appointed in 2002 as an Expert Adviser to the European Parliament Committee of Economic and Monetary Affairs on financial services legislation. Undertaken contract research on policy formation commissioned by the European Commission (2005), and the Spanish Savings Banks Foundation (2003 to date).

Journal Editorials

Guest editor of a special edition of the Journal of Banking and Finance on ‘Developments in European Banking’ (July 2007); guest editor with Evanoff (Federal Reserve Bank of Chicago) and De Young (University of Kansas) of a special edition of the Journal of Financial Services Research on ‘Mergers and Acquisitions of Financial Institutions’ in 2009. Special Issue Co-Editor of Journal of Economic Behavior and Organization focused on Post-Crisis Financial Sector Performance & Risk (2012)

Editorial board membership

European Financial Management, European Journal of Finance, Journal of Business Finance and Accounting, International Journal of Banking, Accounting & Finance, Journal of International Financial Markets, Institutions & Money.

Other editorialships

Series editor of the Palgrave Macmillan Studies in Banking and Financial Institutions; co-editor (with A.N. Berger and J.Wilson) of the OUP Handbook on Banking.

Research assessors

Molyneux has been a research assessor in Finance (Bocconi University, Milan), has assessed ESRC fellowship applications and Leverhulme grant applications, and has reviewed grant applications for ESRC, the British Council and national research councils of the Czech Republic, Poland, France, Germany and Italy. In 2009 he was a panel member for the ESRC assessing submissions for funding to the research seminar competition.

PhD external examinations

City, Nottingham, Reading, Manchester, Birmingham, Leeds, Glasgow, Southampton, UCD Dublin, LSE, Loughborough, Essex.

Keynote addresses, and other prestigious guest presentations

Keynote speaker – SUERF/ Banque Centrale du Luxembourg conference on Productivity in the Financial Services Sector (November 2008).

Invited guest speaker at the Federal Reserve of Chicago conference on Bank Structure and Competition (2006); Italian Association of Management annual conference Rome (2006); Global Finance Academy (GFA) conference in Dublin (2009) (Members of the GFAadvisory board in attendance included; Michael Brennan, Maureen O’Hara, Franklin Allen, Stewart Myers, John McConnell, HassanTehranian, Matthew Spiegeland James Van Horne); various presentation at Bank of Italy 2009.

Organisation of conferences, learned societies and consortia

Organiser of a conference on Mergers and Acquisitions of Financial Institutions, held at the Federal Deposit Insurance Corporation in Arlington, Virginia, in November 2007, co-sponsored by the Federal Reserve Bank of Chicago, FDIC, University of Kansas and the Journal of Financial Services Research.

Organiser of a conference on Post-Crisis Financial Sector Performance & Risk in 2011 at Bangor University with presentations comprising a Special Issue of the Journal of Economic Behavior and Organization. Co-investigator of an ESRC seminar series (2012-2013) on the topic of "Financial Modelling Post 2008: Where Next?". Seminar hosted at Bangor University in Novemver 2012 with key presenters including Peter Rousseau from Vanderbilt University (USA), Simon Deakin (Cambridge University) and Rhiannon Sowerbutts (Bank of England).

Other indicators of the impact of research

Is the ‘eminent academic’ (Hansard, 16 Jan 2007; 252) whose evidence on the The Money Programme prompted Parliamentary debate on the assertion that ‘banks are using poverty as a source of profit’.

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