Economics - Masters by Research Theses
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Item Soccer and CO2: air travel at international football tournaments from 1990 to 2024(University College Cork, 2024) McCarthy, Conor J.; Butler, Robert; Butler, DavidThis research explores the impact of football air travel on the environment for all men’s World Cup and UEFA European Football Championships hosted between 1990-2024. These tournaments required qualifying teams to travel to a host country and attract tens of thousands of supporters to stadiums throughout the host country. The supporter of teams and players travel across the host nation during their stay in the competition. Depending on the success of the team this can range from about 10 days up to 5 weeks.Item A study on the correlation between future economic conditions and stock returns under China's A-share market(University College Cork, 2023) Wang, Zitong; Gao, Jun; Sherman, MeadhbhOur study aims to investigate the explanatory power of future economic conditions on the returns of individual stocks in the Chinese A-share market. We use an integrated research methodology to study this topic scientifically and systematically. All A-share stocks in the Shanghai Stock Exchange and Shenzhen Stock Exchange are selected as the primary research objects, and data representing China's real economic activity are widely collected. With these data, we analyze a new trading strategy based on a reasonable prediction of future real activities using the capital asset pricing model and the Fama-French three-factor model. In addition, we have specifically examined the performance of this trading strategy on two different types of stocks (pro-cyclical and counter-cyclical stocks). Particularly noteworthy is that, unlike previous studies, we innovatively adopt the producer price index (PPI) as a measure of China's real economic activity based on the largest possible selection of sample intervals. This innovative approach provides a new perspective for us to deeply understand the operating mechanism of China's A-share market and the impact of economic conditions on the performance of individual stocks. The study results show no significant relationship between future economic conditions and individual stock returns in China's A-share market. Besides, those investors who want to get excess returns can short the pro-cyclical stocks and/or long the counter-cyclical stocks if production growth in the following month is anticipated to be above the steady state and vice versa. Our new trading strategy demonstrates potential advantages and gives investors a unique decision-making perspective. This finding not only provides investors with a more reliable basis for decision-making but also helps us to gain a deeper understanding of the operating rules of the Chinese stock market. This new perspective sheds light on the potential impact mechanism of economic activities on the Chinese stock market, which sheds important light on the optimization of investment strategies and risk management. Meanwhile, our trading strategy research provides an innovative way for investors to seek better returns among different classes of stocks. However, some things could be improved in this study. Future research can be further deepened and expanded to understand the relationship between China's A-share market and economic conditions more comprehensively and continuously optimize trading strategies' practicality and robustness. Overall, the findings of this thesis fill a research gap in the academic field and provide new perspectives and methods for investment decision-making and risk management. These findings will provide valuable references for relevant scholars and practitioners and contribute to a deeper understanding of China's macroeconomic conditions and their relationship with the A-share market.Item The efficient market hypothesis applied to greyhound racing(University College Cork, 2022) Gaine, Bill; Butler, Robert; Butler, DavidDespite a growing amount of literature applying the Efficient Market Hypothesis (EMH) in sports betting markets (Angelini, Angelis, Singleton, 2019, Brechot and Flepp, 2020). Many sports, like horse racing, could be subject to corruption through shirking (Goodwin and Corral, 1996). Greyhound racing provides a unique sporting environment when testing betting market efficiency, where shirking is almost impossible. This study applies EMH to anecdotal evidence from the greyhound racing industry. A longstanding anecdotal belief in greyhound racing is that a dog placed in Trap Four of the six possible traps is the coffin trap. This belief implies that being in Trap Four reduces the chance of success in any given contest. This study used multiple iterations of a Poisson regression to perform three distinctive groups of regressions. This first included Pre-Race variables; the second included the determinants of finishing position: within-race bends, and finally, the third factored in the determinants of finishing position: trap dummies. The “coffin trap” theory holds weight; Trap Four significantly predicted race outcomes across each regression. Trap Three was also significant across most regressions, showing that it could also be considered a coffin trap. Interestingly, when either Trap Three or Trap Four were removed, either trap came out with an advantage over the other traps, indicating that avoiding crowding was crucial in determining race outcome. Greyhound racing provides a unique area to further investigate the EMH in sports betting markets without corruption through shirking. This study could be furthered in the future by incorporating the jurisdictions of Ireland and Australia and diverse types of races from different distances, hurdles or handicap races.Item Interactive linkages, non-interactive linkages, and innovative activity in the offshore renewable energy sector(University College Cork, 2021) Barrett, Shane; Crowley, Frank; Doran, Justin; O'Connor, Mari; European Regional Development Fund; Ireland Wales Cooperation Programme; The Selkie ProjectPrevious firm level studies have provided evidence of a positive relationship between external knowledge linkages (interactive and non-interactive) and innovative activity. However, empirical evidence for the offshore renewable energy sector remains scarce. Using novel firm level data from a purpose-built survey, this paper examines the effect external linkages has on innovative activity. We find that more interactive linkages are positively related to more innovative activity. However, this relationship is subject to diminishing returns. In contrast, a significant relationship is absent for increased levels of non-interactive linkages and innovative activity. When the type of linkages is disaggregated to individual indicators, collaborating with suppliers, consultants, and accessing scientific journals are conducive for R&D activity and process innovation. Collaborating with customers is associated with the decision to introduce new products and processes. This paper suggests policymakers support backward linkages to suppliers and consultants by providing tax incentives for external R&D collaborations.Item An examination of the deprivation amplification hypothesis: an application to GAA pitches in Ireland(University College Cork, 2022-05-06) O'Mullane, Colm; Butler, Robert; Butler, David; Eakins, JohnResearch Question – This study analyses the levels of accessibility to GAA pitches and aims to discern whether those who live in more deprived areas have worse levels of accessibility, in line with the deprivation amplification hypothesis proposed by Macintyre (2007). The Gaelic Athletic Association (GAA) has existed since 1884 and is the governing body for indigenous Irish sports such as hurling and Gaelic football. GAA pitches are quite well dispersed throughout the country, which makes them ideal to gauge the levels of accessibility. Results and Findings – The likelihood of a GAA pitch being located in an electoral division is not affected by deprivation. It is found that in the majority of cases those living in more deprived areas do not have worse levels of accessibility to a GAA pitch. Those living in more deprived areas have a shorter distance to travel to a GAA pitch in an urban electoral division, but a longer distance to travel to a GAA pitch in a rural electoral division. Implications and Recommendations – The results of this study offer insights into the levels of accessibility for sport facilities in Ireland. These results can inform the strategic decision making of sporting bodies such as the GAA, as well as the Irish government and policymakers in regard to the allocation of sports funding and grants, as well as the location of new sporting facilities.