Professor Philip Molyneux

Division: Financial Studies

Location: Room 1.10, Hen Goleg

Telephone: 01248 38 2170

Profile

Head of the College of Business, Social Sciences and Law and 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)
Authored or coauthored a variety of books including: Efficiency in European Banking (John Wiley), Private Banking (Euromoney), Investment Banking (Euromoney), Banking in Germany (Financial Times), EC's Single Market Review on Banking and Credit Institutions, Bancassurance (Macmillan), Financial Innovation (John Wiley), European Savings Banks - Coming of Age (Lafferty), European Banking - Efficiency, Technology and Growth (John Wiley), Shareholder Value in Banking (Macmillan), Introduction to Banking (FT Prentice Hall), Frontiers of Banks in a Global World (Macmillan), Oxford Handbook of Banking (OUP).

Research

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

Publications

Key Publications:

‘Competition and Risk in South East Asian Banking’, Applied Economics, (with H.Liu and H. Nguyen-Linh) ISSN 0003-6846 (forthcoming)
'Do Bank Profits Converge?', European Financial Management, forthcoming (John Goddard, Hong Liu and John Wilson)
'Competition and Stability in European Banking: A Regional Analysis' Manchester School, forthcoming (with Hong Liu and John Wilson)
'Economic Conditions and Risk Taking in European Banking', Papeles de Economia Española, forthcoming (with John Wilson)
'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)
Bank Performance and Firm Financing, Edited by P. Molyneux, Palgrave Macmillan Studies in Banking and Financial Institutions 2011 pp 295
Bank Strategy, Governance and Ratings, Edited by P. Molyneux, Palgrave Macmillan Studies in Banking and Financial Institutions 2011 pp 307
‘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)
An Introduction to Global Financial Markets, Palgrave Macmillan (with S Valdez) 2010 pp 502
'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)
The Oxford Handbook of Banking, Oxford University Press, 2010 (edited with Allen N. Berger and J. Wilson)
'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)
'European Banking: Efficiency, Technology and Growth'. John Wiley, 2001. (with J. Goddard and J. Wilson)
‘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)

Students

Research Students Supervisor:

Alamin Abolmagir - Banking and Finance
Suhaib Anagreh - Banking
Guanyu Chen - Banking
Emre Ersen - Banking and Finance
Al-Hamadi Faisal - Finance
Theodore Laliotis - Finance
Shazida Jan Mohd Khan - Bank Performance and Efficiencies
Iman Sharif - Monetary Transmission Mechanisms
Hong Shao - Banking

Teaching

Postgraduate Teaching:

ASB-4512 Investment and Private Banking
ASB-4423 Islamic Banking

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).

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 (2003-2006).

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’.

Editorial board membership:

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

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.

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.

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’.