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Dr Raymond Donnelly

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Biography

Dr. Ray Donnelly was awarded his PhD from the University of Manchester in 1995.  He is currently Senior Lecturer in Accounting and Finance at UCC. His research interests include the relationship between security prices and accounting information.  He has undertaken published in the areas of Corporate Governance and Mergers and Acquisitions. He has published in both Irish and international journals including , and the

 

Research Interests

Finance, Market-based Accounting Research, Financial Accounting, Corporate Governance

Dr Donnelly's research is mainly concerned with valuation, with particular emphasis on the role that accounting data plays in the valuation of companies.  His research overlaps both accounting and finance and deals with matters that are crucial to both.  He has also published in the area of corporate governance as well as Mergers and Acquisitions.

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Research Projects

  • How do Companies use the Latitude afforeded by IAS 36 () €5,650.00 (30-SEP-13 / 31-MAY-16)
  • [IRCHSS Large Grant] {Donnelly Dr. R} N (Irish Research Council for Humanities and Social Sciences (IRCHSS)) €37,600.00 (01-OCT-03 / 30-SEP-06)
  • [MERGERS & ACQUISITIONS]{Donnelly,Dr} N (Miscellaneous Non Exchequer) €12,900.00 (01-JAN-90 / 01-JAN-12)
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Affiliations

  • *, Association of Chartered Managment Accountants (31-JUL-85 / 30-DEC-99)
  • *, Irish Accounting and Finance Association (01-JAN-90 / 30-DEC-99)
  • *, European Accounting Association (31-JAN-05 / 30-DEC-99)
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Modules

  • Empirical and Behavioural Finance
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Journal Activities

  • Referee, Accounting, Auditing And Accountability Journal (01-JAN-07 -)
  • Referee, Irish Management Journal (01-JAN-07 -)
  • Referee, The International Journal On Media Management (01-JAN-02 -)
  • Referee, Advances In Accounting (-)
  • Referee, The African Finance Journal (-)
  • Referee, The Pacific Accounting Review (01-JAN-96 -)
  • Referee, Journal Of International Business Studies (01-JAN-96 -)
  • Referee, Irish Accounting Review (01-JAN-94 - 31-DEC-97)
  • Referee, British Accounting Review (01-JAN-94 - 31-DEC-99)
  • Referee, Accounting And Business Research (01-JAN-03 -)
  • Referee, Journal Of Business Finance And Accounting (01-JAN-97 - 31-DEC-09)
  • Referee, Corporate Governance: The International Journal Of Business In Society (-)
  • Referee, International Journal Of Management Reviews (01-JAN-08 -)
  • Editor, Irish Accounting Review (24-MAY-13 -)
  • Referee, (-)
  • Referee, International Journal Of Corporate Governance (-)
  • Referee, International Journal Of Business Governance And Ethics (-)
  • Referee, International Review Of Financial Analysis (-)
  • Referee, The Journal Of Behavioral And Experimental Finance (-)
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Other Activities

  • Co-Editor of Accounting, Finance and Governance Review
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Committees

  • Review papers and abstracts submitted for the congress, Scientific Committee for Annual Conference of European Accounting Association Annual Congress 2006 (2005 / 2006)
  • Quality review of programmes delivered by the above school., Member of Programmatic Review Committee School of Business and Humanities, ITT (2006 / 1899)
  • Review Papers, Scientific Committee for European Accounting Association Annual Congress (2009 / 2010)
  • Review Papers, Scientific Committee European Accounting Association Annual Congress (2008 / 2009)
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Education

  • NUI , BComm, (1980)
  • Lancaster University , MSc (Finance), (1988)
  • University of Manchester , PhD, (1995)
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Employment

  • Visiting Professor, Institut de Gestion de Rennes, Université de Rennes 1 (01-MAR-02 / 01-MAR-03)
  • College Lecturer, NUI, Cork (01-JAN-88 / 01-JAN-99)
  • Senior Lecturer, National University of Ireland, Cork (01-JAN-99 /)
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Recent Postgrads

  • Domenico Campa (UCC PhD) "Corporate Governance, IFRS Adoption and Earnings Quality: A Comparative Analysis between a Common Law and a Code Law Country" (2011)
  • Hasnah Binti Shaari (UCC PhD) "REVERSAL OF IMPAIRMENT LOSSES, FIRM PERFORMANCE AND REPORTING INCENTIVES: EVIDENCE FROM MALAYSIA" (2013)
  • Mark Mulcahy (UCC PhD) "Initial Losses Corporate Governance and Earnings Management" (2013)
  • Tongyu Cao (UCC PhD) "Institutional Shareholding Pension Fund Ownership and Corporate Governance" (2008)
  • Godfrey Akileng (UCC PhD) "The Market Valuation of Discretionary Accruals and Corporate Governance: Evidence from the UK" (2011)
  • Amirhossein Hajbaba (UCC PhD) "The Performance of Acquirers, the Book-to-Market Anomaly and Takeover Financing Method: Evidence of Mispricing" (2011)
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Consultancy

  • Irish Research Council for the Humanities and Social Sciences : Reviewer of applications for postgraduate scholarships
  • Institute of Technology Tallaght : Review Panel for School of Humanities and Business, ITT
  • University of Limerick : External examiner in Finance and Management Accounting
  • PhD Thesis, University of Wales : External Examiner
  • University of Glasgow : External Examiner
  • Irish Accounting and Finance Association : Reviewer of Applications for Awards
  • Baruch College, City University of New York : Reviewer of Application for Research Funding
  • Univerisity of Sheffield : External Examiner for PhD
  • Institute of Banking : External Examiner
  • University of Limerick : External Examiner for PhD thesis
  • Institute of Certified Public Accountants Ireland : Examiner
  • UCD : External Examiner PhD thesis
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Professional Achievements

Honours and Awards

  • Editorial Team of Review of Accounting and Finance: Highly Commended Paper: RAF (2014)
  • Financial Reporting Workshop, Verona: Best Paper: Financial Reporting Workshop (2014)
  • British Accounting Association: Bass Leisure Doctoral Award (1992)
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Publications

Peer Reviewed Journals

Year Publication
2016 Non-audit services provided to audit clients, independence of mind and independence in appearance: latest evidence from large UK listed companies
Campa, D;Donnelly, R (2016) Non-audit services provided to audit clients, independence of mind and independence in appearance: latest evidence from large UK listed companies. : Accounting and Business Research [Details]
2015 Corporate governance, stickiness and losses
Mulcahy, M. B. and Donnelly, R (2015) Corporate governance, stickiness and losses. : Corporate Governance: The International Journal of Business In Society [Details]
2015 Mandatory IFRS Adoption and Earnings Quality in Different Institutional Settings: a comparison between Italy and the UK
Campa, D and Donnelly, R (2015) Mandatory IFRS Adoption and Earnings Quality in Different Institutional Settings: a comparison between Italy and the UK. : International Journal of Accounting, Auditing & Performance Evaluation [Details]
2014 The book-to-market ratio, optimism and valuation
Donnelly, R (2014) The book-to-market ratio, optimism and valuation. : The Journal of Behavioral and Experimental Finance [Details]
2014 An Assessment of Corporate Governance Reforms in Italy based on a Comparative Analysis of Earnings Management
Campa, D and Donnelly, R (2014) An Assessment of Corporate Governance Reforms in Italy based on a Comparative Analysis of Earnings Management. : Corporate Governance: The International Journal of Business In Society [Details]
2014 The Acquisition Puzzle and Mispricing: Evidence of Over-optimism
Donnelly, R and Hajbaba, A (2014) The Acquisition Puzzle and Mispricing: Evidence of Over-optimism. : International Journal of Managerial Finance [Details]
2013 Acquirers' performance in hot and cold merger markets: evidence of mispricing
A Hajbaba and R Donnelly (2013) Acquirers' performance in hot and cold merger markets: evidence of mispricing. : Review of Accounting and Finance [Details]
2013 Board structure and monitoring effects in different institutional settings: a comparison between Italy and the UK’
D, Campa and R Donnelly (2013) Board structure and monitoring effects in different institutional settings: a comparison between Italy and the UK’. : International Journal of Corporate Governance [Details]
2013 The Valuation of Abnormal Accruals and Corporate Governance
Akileng, G and Donnelly, R (2013) The Valuation of Abnormal Accruals and Corporate Governance. : The International Journal of Managerial and Financial Accounting [Details]
2012 Pay, Performance and Governance in Irish plcs’
Tongyu Cao, James McCarthy and Ray Donnelly (2012) Pay, Performance and Governance in Irish plcs’. : The Irish Accounting Review [Details]
2010 Active Institutional Investors and the Board of Directors
Tongyu Cao and Ray Donnelly (2010) Active Institutional Investors and the Board of Directors. : International Journal of Business Governance and Ethics [Details]
2009 Bidders' board structure and acquisition returns
Donnelly, R (2009) Bidders' board structure and acquisition returns. : International Journal of Corporate Governance [Details]
2008 Accounting, board independence and contagion effects from adverse press comment: the case of Elan
Donnelly, R (2008) Accounting, board independence and contagion effects from adverse press comment: the case of Elan. : The British Accounting Review [Details]
2008 Board Structure, Ownership, and Voluntary Disclosure in Ireland
Donnelly, R,Mulcahy, M (2008) Board Structure, Ownership, and Voluntary Disclosure in Ireland. : Corporate Governance-An International Review [Details]
2007 Accounting Valuation Models and the Dotcom Bubble: A Case Study in Behavioural Finance
Donnelly, R (2007) Accounting Valuation Models and the Dotcom Bubble: A Case Study in Behavioural Finance. : Irish Business Journal [Details]
2005 Ownership and Board Structures in Irish plcs
Donnelly R and Kelly P (2005) Ownership and Board Structures in Irish plcs. : European Management Journal [Details]
2002 Earnings Persistence, Losses and the Estimation of Earnings Response Coefficients
Donnelly R (2002) Earnings Persistence, Losses and the Estimation of Earnings Response Coefficients. : Abacus [Details]
2002 The Take-over Premium: Wealth Creation and Distribution
Blackshields A.& Donnelly R (2002) The Take-over Premium: Wealth Creation and Distribution. : Irish Accounting Review [Details]
2002 The ownership structure of UK firms and the informativeness of accounting earnings
Donnelly R (2002) The ownership structure of UK firms and the informativeness of accounting earnings. : Accounting and Business Research [Details]
2000 The Association Between Accounting Information and Stock Prices Model Development and empirical tests based on Swedish data
Donnelly, R (2000) The Association Between Accounting Information and Stock Prices Model Development and empirical tests based on Swedish data. : European Accounting Review [Details]
1998 Cross-sectional Variation in Price Anticipation of Earnings
Donnelly Raymond (1998) Cross-sectional Variation in Price Anticipation of Earnings. : Journal of Business Finance and Accounting [Details]
1997 Beta and the Cross-Section of Stock Returns
Donnelly, R.; O'Sullivan, M. J (1997) Beta and the Cross-Section of Stock Returns. : Irish Accounting Review [Details]
1996 The Share Price Reaction of UK Exporters to Exchange Rate Movements: An Empirical Study
Donnelly, R.; Sheehy, E (1996) The Share Price Reaction of UK Exporters to Exchange Rate Movements: An Empirical Study. : Journal of International Business Studies [Details]
1995 An Investigation into the Hedging Effectiveness of the Irish Interest Rate Futures Market [B2546]
Barnes, E.; Donnelly, R. J (1995) An Investigation into the Hedging Effectiveness of the Irish Interest Rate Futures Market [B2546]. : Irish Business and Administrative Research [Details]
1995 Share Price Anticipation of Earnings and the Effect of Earnings Persistence and Firm Size
Donnelly, R.; Walker, M (1995) Share Price Anticipation of Earnings and the Effect of Earnings Persistence and Firm Size. : Journal of Business Finance and Accounting [Details]
1993 The Determinants of Capital Structure: Some UK Evidence
Bennett, M.; Donnelly, R (1993) The Determinants of Capital Structure: Some UK Evidence. : British Accounting Review [Details]
1991 Seasonality in the Irish Stock Market
Donnelly R (1991) Seasonality in the Irish Stock Market. : Irish Business and Administrative Research [Details]

Other Journals

Year Publication
2013 Fair Value and Value in Use: an Improvement over Historical Cost?
Cao Tongyu, Shaari, Hasnah and Donnelly, Ray (2013) Fair Value and Value in Use: an Improvement over Historical Cost?. : Accountancy Ireland [Details]
2004 Corporate Governance, Does You Investment Pay?
Ray Donnelly and Tongyu Cao (2004) Corporate Governance, Does You Investment Pay?. : Accountancy Ireland [Details]
1994 Options in Investment Strategies
Donnelly R.; Gamble L (1994) Options in Investment Strategies. : Studies in Accounting & Finance [Details]
1993 Maximising Profits, Minimising Losses
Donnelly R (1993) Maximising Profits, Minimising Losses. : Studies in Accounting & Finance [Details]
1991 Sell in May and Go Away
Barnes E and Donnelly R (1991) Sell in May and Go Away. : Finance [Details]

Newspaper Publications

Year Publication
2009 Short View
Donnelly, R (2009) Short View. : Newspaper Articles [Details]

Books

Year Publication
2010 The Nonsynchronous Relation of Accounting Earnings with Stock Returns
Donnelly, R (2010) The Nonsynchronous Relation of Accounting Earnings with Stock Returns. : VDM [Details]

Book Chapters

Year Publication
2009 Salmon Spray
Ray Donnelly (2009) Salmon Spray. : : Chartered Accountants Ireland [Details]
2009 Solution to Salmon Spray
Ray Donnelly (2009) Solution to Salmon Spray. : : Chartered Accountants Ireland [Details]
2006 Solution to Bradaun Solutions to Cases
Donnelly, R (2006) Solution to Bradaun Solutions to Cases. : : Chartered Accountants Ireland [Details]
2006 Bradaun
Donnelly, R (2006) Bradaun. : : Chartered Accountants Ireland [Details]

Published Reports

Year Publication
2006 Conservative accounting: the book-to-market ratio and stock returns
Cotter, D., and Donnelly, R (2006) Conservative accounting: the book-to-market ratio and stock returns. [Details]

Conference Publications

Year Publication
2006 Corporate Governance Characteristics and the Extent of Voluntary Disclosure in Ireland
Mulcahy, M. B. and Donnelly, R (2006) Corporate Governance Characteristics and the Extent of Voluntary Disclosure in Ireland. [Details]
1999 The Long Term Benefits of Hedging Internationally Diversified Equity Portfolios Against Exchange Risk' . In: G.A.Pogue and M Pogue eds
Donnelly R (1999) The Long Term Benefits of Hedging Internationally Diversified Equity Portfolios Against Exchange Risk' . In: G.A.Pogue and M Pogue eds. [Details]

Conference Contributions

Year Publication
2010 The Book to Market Ratio, Optimism and Valuation. [Oral Presentation]
Ray Donnelly (2010) The Book to Market Ratio, Optimism and Valuation. [Oral Presentation]. [Details]
2009 Earnings Surprises, Forecast Revisions and Acquirer¿s Long-run Post-Acquisition Performance. [Oral Presentation]
Ray Donnelly and Amirhossein Hajbaba (2009) Earnings Surprises, Forecast Revisions and Acquirer¿s Long-run Post-Acquisition Performance. [Oral Presentation]. [Details]
2008 Executive Compensation and Corporate Governance in Ireland. [Oral Presentation]
Donnelly, R (2008) Executive Compensation and Corporate Governance in Ireland. [Oral Presentation]. [Details]
2008 The Book to Market Anomaly, Earnings Forecast Revisions and Valuation. [Oral Presentation]
Donnelly, R (2008) The Book to Market Anomaly, Earnings Forecast Revisions and Valuation. [Oral Presentation]. [Details]
2007 Book to Market Value Earnings Surprises and Stock Return. [Oral Presentation]
Donnelly, R (2007) Book to Market Value Earnings Surprises and Stock Return. [Oral Presentation]. [Details]
2006 An examination of the effect of Board Independence on Wealth Gains to Bidders in Takeovers. [Other]
Donnelly R, Kinsella D and Lucey E (2006) An examination of the effect of Board Independence on Wealth Gains to Bidders in Takeovers. [Other]. [Details]
2006 An examination of the effect of Board Independence on Wealth Gains to Bidders in TakeoversDonnelly. [Oral Presentation]
Donnelly, R (2006) An examination of the effect of Board Independence on Wealth Gains to Bidders in TakeoversDonnelly. [Oral Presentation]. [Details]
2006 Book to Market Value Earnings Surprises and Stock Return. [Oral Presentation]
Donnelly (2006) Book to Market Value Earnings Surprises and Stock Return. [Oral Presentation]. [Details]
2006 An examination of the effect of Board Independence on Wealth Gains to Bidders in Takeovers. [N/A]
Donnelly R, Kinsella, D and Lucey E (2006) An examination of the effect of Board Independence on Wealth Gains to Bidders in Takeovers. [N/A]. [Details]
2006 Book to Market Value, Earnings Surprises and Stock Return. [N/A]
Donnelly R (2006) Book to Market Value, Earnings Surprises and Stock Return. [N/A]. [Details]
2005 Ownership and Board Structure in Irish plcs. [Oral Presentation]
Donnelly, R (2005) Ownership and Board Structure in Irish plcs. [Oral Presentation]. [Details]
2005 Book to Market Value, Earnings Surprises and Stock Returns. [Oral Presentation]
Donnelly R (2005) Book to Market Value, Earnings Surprises and Stock Returns. [Oral Presentation]. [Details]
2004 Book-to-Market-Value and Accounting Conservatism in the UK. [Oral Presentation]
Cotter, D and Donnelly R (2004) Book-to-Market-Value and Accounting Conservatism in the UK. [Oral Presentation]. [Details]
2004 Book-to-Market-Value, Accounting Conservatism, Forecast ROE and Share Returns in the UK. [Oral Presentation]
Cotter D and Donnelly R (2004) Book-to-Market-Value, Accounting Conservatism, Forecast ROE and Share Returns in the UK. [Oral Presentation]. [Details]
2003 The cost to Irish plcs of below standard Corporate Governance: an event Study. [Oral Presentation]
Donnelly R (2003) The cost to Irish plcs of below standard Corporate Governance: an event Study. [Oral Presentation]. [Details]
2000 Earnings Persistence, Losses and the Estimation of Earnings Response Coefficients. [Oral Presentation], , UUJ , 01-JAN-00 - 01-JAN-00
Donnelly, R (2000) Earnings Persistence, Losses and the Estimation of Earnings Response Coefficients. [Oral Presentation], , UUJ , 01-JAN-00 - 01-JAN-00. [Details]
2000 What Determines Merger Premia. [Oral Presentation]
Blackshields A; Donnelly R (2000) What Determines Merger Premia. [Oral Presentation]. [Details]
1991 The Determinants of Capital Structure: Some UK Evidence'. [Oral Presentation]
Bennett M.;Donnelly, R (1991) The Determinants of Capital Structure: Some UK Evidence'. [Oral Presentation]. [Details]
1997 Cross-sectional Variation in Price Anticipation of Earnings. [Oral Presentation]
Donnelly R (1997) Cross-sectional Variation in Price Anticipation of Earnings. [Oral Presentation]. [Details]
1997 Earnings Persistence, Losses and the Estimation of Earnings Response Coefficients. [Oral Presentation]
Donnelly R (1997) Earnings Persistence, Losses and the Estimation of Earnings Response Coefficients. [Oral Presentation]. [Details]
1991 Seasonality in the Irish Stock Market'. [Oral Presentation]
Donnelly R (1991) Seasonality in the Irish Stock Market'. [Oral Presentation]. [Details]
1989 Share Price Behaviour in the Irish Stock Market and Real Economic Variables'. [Oral Presentation]
Donnelly R (1989) Share Price Behaviour in the Irish Stock Market and Real Economic Variables'. [Oral Presentation]. [Details]
1999 Ownership Structure and the Informativeness of Accounting Earnings. [Oral Presentation]
Donnelly R (1999) Ownership Structure and the Informativeness of Accounting Earnings. [Oral Presentation]. [Details]
1997 Earnings Leading Prices and the Estimation of Earnings Response Coefficients. [Oral Presentation]
Donnelly R (1997) Earnings Leading Prices and the Estimation of Earnings Response Coefficients. [Oral Presentation]. [Details]
1996 Beta and the Cross-Section of Returns. [Oral Presentation]
Donnelly R; O'Sullivan M (1996) Beta and the Cross-Section of Returns. [Oral Presentation]. [Details]
1994 Share Price Reaction to Exchange Rate Movements: An Empirical Study'. [Oral Presentation]
Donnelly R; Sheehy E (1994) Share Price Reaction to Exchange Rate Movements: An Empirical Study'. [Oral Presentation]. [Details]
1993 Earnings Persistence, Firm Size, and the Information in Prices about Future Earnings. [Oral Presentation]
Donnelly R; Walker M (1993) Earnings Persistence, Firm Size, and the Information in Prices about Future Earnings. [Oral Presentation]. [Details]
1993 An Investigation into the Hedging Effectiveness of the Irish Interest Rate Futures Market. [Oral Presentation]
Barnes E; Donnelly R (1993) An Investigation into the Hedging Effectiveness of the Irish Interest Rate Futures Market. [Oral Presentation]. [Details]
1991 Seasonal Regularities and Settlement Effects in the Irish Stock Market. [Oral Presentation]
Donnelly, R (1991) Seasonal Regularities and Settlement Effects in the Irish Stock Market. [Oral Presentation]. [Details]
2013 British Accounting and Finance Association. [Invited Oral Presentation]
Donnelly, R. and Mulcahy, M. B (2013) British Accounting and Finance Association. [Invited Oral Presentation]. [Details]
2013 European Accounting Association. [Invited Oral Presentation]
Donnelly, R. and Mulcahy, M (2013) European Accounting Association. [Invited Oral Presentation]. [Details]
2014 The use of Fair Value Accounting for unbiased reporting or earnings management: Evidence from Malaysia. [Oral Presentation]
Tongyu Cao, Hasnah Shaari and Ray Donnelly (2014) The use of Fair Value Accounting for unbiased reporting or earnings management: Evidence from Malaysia. [Oral Presentation]. [Details]
2011 The Impact of Corporate Governance and the Adoption of IFRS on Earnings Quality in Different Legal Jurisdictions: a Comparison between Italy and the UK. [Oral Presentation]
Campa D and Donnelly R (2011) The Impact of Corporate Governance and the Adoption of IFRS on Earnings Quality in Different Legal Jurisdictions: a Comparison between Italy and the UK. [Oral Presentation]. [Details]
2011 The Valuation of Discretionary Accruals and Corporate Governance. [Oral Presentation]
Akileng G., and Donnelly, R (2011) The Valuation of Discretionary Accruals and Corporate Governance. [Oral Presentation]. [Details]
2011 Board Structure and Monitoring Effects in Different Institutional Settings: a Comparison between Italy and the UK. [Oral Presentation]
Campa, D and Donnelly R (2011) Board Structure and Monitoring Effects in Different Institutional Settings: a Comparison between Italy and the UK. [Oral Presentation]. [Details]
2014 Non-Audit Services Provided to Audit Clients, Independence of Mind and Independence in Appearance: Latest Evidence from Large UK Listed Companies. [Oral Presentation]
Campa D and Donnelly R (2014) Non-Audit Services Provided to Audit Clients, Independence of Mind and Independence in Appearance: Latest Evidence from Large UK Listed Companies. [Oral Presentation]. [Details]
2012 Reversal of Impairment Loss and Future Firm Performance: Evidence from Malaysia. [Oral Presentation]
Shaar, H., Cao, T and Donnelly R (2012) Reversal of Impairment Loss and Future Firm Performance: Evidence from Malaysia. [Oral Presentation]. [Details]
2011 Earnings Surprises, Forecast Revisions and Acquirers' Long-Run Post-Acquisition Performance. [Oral Presentation]
Hajbaba, A, and Donnelly R (2011) Earnings Surprises, Forecast Revisions and Acquirers' Long-Run Post-Acquisition Performance. [Oral Presentation]. [Details]
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