Economics - Journal Articles
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Item Can risk-free and zero-beta portfolios be constructed? UK and US Evidence(Elsevier B.V., 2025-03-29) He, Zhen; O'Connor, Fergal; Thijssen, JaccoThis paper determines whether a risk-free portfolio can be formed using gold, T-bills, silver, platinum, and palladium. We construct zero-variance portfolios composed of two assets showing that it is possible to construct risk-free portfolios based on zero variance. We apply Wald tests to Black's zero-beta CAPM to examine whether these constructed risk-free portfolios qualify as zero-beta portfolios. We find that a risk-free portfolio is not always a zero-beta portfolio. Results show that a risk-free portfolio and a zero-beta portfolio in one market is not necessarily so in another.Item The efficiency of the London Gold Fixing: from gold standard to hoarded commodity (1919–1968)(Cambridge University Press, 2025-02-20) O'Connor, Fergal; Lucey, Brian M.; Rothschild ArchiveThis article presents the newly reconstructed daily gold price from 1919 to 1968 for the world's primary gold market during the London Gold Fixing auction, when gold was the cornerstone of the world's monetary system. We assess whether this market conformed to the Efficient Markets Hypothesis, which posits that prices are unpredictable, or the Adaptive Markets Hypothesis, which posits that a market efficiency will evolve based on changes in the market structure. We find that the Gold Fixing price was inefficient in periods when prices were market-based from 1919 to 1925 and again in the 1930s when private hoarders began to have a significant impact on the market. We find the Gold Fixing was also inefficient during gold standard periods when central bank interventions limited gold's ability to react to new information, despite two episodes where prices rose above the official ceiling.Item Exploring female entrepreneurship experience of Ireland’s business ecosystem: implications for business support(Emerald Publishing, 2024-10-22) Turley, Anna-Marie; Ryan, Marie; Doyle, EleanorPurpose: This paper investigates the motivations and challenges of women entrepreneurs in Ireland, assessing the role of policies and Enterprise Ireland (EI) support for women-led companies and high potential start-ups (HPSUs). It employs the gendered theory of entrepreneurship and opportunity recognition theory to analyse the enablers and obstacles to women’s entrepreneurship, particularly in the context of EI’s support, aiming to suggest improvements. Design/methodology/approach: Grounded in a feminist epistemology and employing a mixed-methods approach, a targeted survey explores motivations, barriers and supports the needs of female entrepreneurs in Ireland, offering a comprehensive gender perspective evaluation for policy enhancement. Findings: Findings note a shift in Irish women’s entrepreneurship motivations and outlines major hurdles like limited funding and work–life balance issues. It recommends policy enhancements in data collection, website usability, financial guidance and childcare support. Practical implications: This paper aims to highlight the impact of gender-specific factors on entrepreneurship, the study highlights the importance of ongoing data collection and gender comparative analyses. It advocates for women mentoring networks and improved financial support to build a more inclusive entrepreneurial environment in Ireland, with potential global implications. Originality/value: This study is unique for its in-depth exploration into Irish female entrepreneurship challenges, this study proposes actionable strategies with local and global relevance. Advocating for caregiving support integration and women’s increased involvement in tech, it offers a blueprint for fostering female entrepreneurship. It contributes to global discussions on creating supportive, equitable entrepreneurial ecosystems, serving as a valuable resource for advancing gender inclusivity and equity in entrepreneurship worldwide. It identifies scope for integration of a feminist epistemology in policy development.Item The Baby Club: paternity and performance in a high‐pressure setting(John Wiley & Sons, Inc., 2024-12-12) Butler, David; Butler, RobertWe offer new insights into fatherhood by asking if the onset of paternity changes workplace productivity. We do this in the well‐monitored and high‐pressure setting of professional football using a novel dataset that matches 115 birth disclosures to the performance of 96 players. Our empirical approach involves specifying a performance equation for a suite of match‐level performance statistics and estimating OLS and Poisson fixed‐effect panel regressions. We find a negative correlation between fatherhood and collaborative performance as measured by expected assists—a player's ability to create goalscoring opportunities. We also report negative effects for the perinatal period for expected assists and passing measures. There is no evidence of performance changes resulting from expectancy news. As negative performance effects are observed in a context of ‘superstar wages’, this raises concerns for high‐pressure labour markets where workers are remunerated less but have low uptake of leave entitlements or where paternity leave is culturally taboo.Item The liquidity timing ability of mutual funds(Elsevier Inc., 2024-06-08) Yin, Zhengnan; O’Sullivan, Niall; Sherman, Meadhbh; University College CorkWe apply the nonparametric methodology of Jiang (2003) to test the market liquidity timing skills across individual equity mutual funds in three countries (the US, UK, and China). We calculate the monthly stock market liquidity using simple averages (across stocks) as well as the asymptotic principal component analysis (APCA) method based on six stock liquidity measures. Using an across-measure of market liquidity from APCA, we find a relatively small number of funds demonstrate statistically positive liquidity timing skills at a 5% significance level for the period of 2000–2021. After controlling for lagged market liquidity information, we still find a small number of mutual funds that have conditional liquidity timing ability using the nonparametric method.