- Graduate School of Business
University College Dublin
Blackrock
Dublin
IRELAND - 00 353 1 716 8833
Don Bredin
University College Dublin, School of Business, Faculty Member
- Dr. Don Bredin joined the School of Business, UCD in 2002 from the Research Department of the Central Bank of Ireland... moreDr. Don Bredin joined the School of Business, UCD in 2002 from the Research Department of the Central Bank of Ireland. He has also previously worked at City University, London and the University of Newcastle, UK. He undertook his PhD in Economics at the University of Newcastle examining asset returns and the real economy. His main research interests are modelling risk in financial, energy and environmental finance. Recent research has been published in Journal of International Money and Finance, Economic Inquiry and Energy Economics. Don currently lectures Empirical Finance and Research Methods to the MSc in Finance and Econometrics of Financial Markets to the BSc in Economics and Finance. Administrative duties include Programme Director for the BSc in Economics & Finance (2006-2010) and MSc Finance (2010 to present) at the School of Business, UCD. Don is also Director of the UCD MSc in Energy and Environmental Finance which starts in September 2012.edit
Research Interests:
ABSTRACT During times of market turmoil, investors often seek to mitigate the risk associated with traditional investment assets such as equities and debt. The hedging, safe-haven and downside risk reduction properties of gold are... more
ABSTRACT During times of market turmoil, investors often seek to mitigate the risk associated with traditional investment assets such as equities and debt. The hedging, safe-haven and downside risk reduction properties of gold are examined in this paper for investors with short- and long-run horizons. Utilizing wavelet analysis, we find that gold acts as a short-run hedge for a variety of international equity and debt markets. The safe haven properties of gold during financial crises are further established, with gold shown to act as a safe haven for equity and debt investors across all horizons. Finally, gold is shown to reduce portfolio downside risk in the short-term but may actually contribute to increased long horizon downside risk during recessionary periods.
Research Interests:
Research Interests:
ABSTRACT Using a comprehensive data set of almost 300 UK closed-end equity funds over the period 1990 to 2013, we use the false discovery rate to assess the alpha-performance of individual funds with both domestic and other mandates,... more
ABSTRACT Using a comprehensive data set of almost 300 UK closed-end equity funds over the period 1990 to 2013, we use the false discovery rate to assess the alpha-performance of individual funds with both domestic and other mandates, using self-declared benchmarks and additional risk factors. We find evidence to indicate that up to 16% of the funds have truly positive alphas while around 3% have truly negative alphas. Positive post-formation alphas using fund-price returns depend on the factor model used: there is some positive-alpha performance when post-formation returns are evaluated using a one-factor global model but substantial positive-alpha performance when using a four-factor global model.
Research Interests:
Research Interests:
Research Interests:
Research Interests:
This paper examines the influence of institutional investors on firms' over-investment as well as the relation between over-investment and corporate performance. We em-ploy the data in Chinese Stock Market from 2003 to 2008 and an... more
This paper examines the influence of institutional investors on firms' over-investment as well as the relation between over-investment and corporate performance. We em-ploy the data in Chinese Stock Market from 2003 to 2008 and an accounting-based framework devised by ...
∗ Corresponding Author: Gerard O Reilly, Economic Analysis, Research and Publications Department, Central Bank of Ireland, PO Box 559, Dublin 2. Tel.(353-1) 6716666. Fax: (353-1) 6706871. Email: erp@centralbank.ie We wish to thank seminar... more
∗ Corresponding Author: Gerard O Reilly, Economic Analysis, Research and Publications Department, Central Bank of Ireland, PO Box 559, Dublin 2. Tel.(353-1) 6716666. Fax: (353-1) 6706871. Email: erp@centralbank.ie We wish to thank seminar participants at the ...
Research Interests:
In this paper we investigate the stock market response to international monetary policy changes in the UK and Germany. Specifically, we analyse the impact of (un) expected changes in UK and German/euro area policy rates on UK and German... more
In this paper we investigate the stock market response to international monetary policy changes in the UK and Germany. Specifically, we analyse the impact of (un) expected changes in UK and German/euro area policy rates on UK and German aggregate and sectoral stock returns in an event study. The decomposition of the (un) expected changes in policy rates are based on futures markets. Overall, our results suggest that, UK monetary policy surprises have a significant negative influence on both aggregate and industry level ...
Research Interests:
The European Union’s Emissions Trading Scheme (ETS) is the key policy instrument of the European Commission’s Climate Change Program aimed at reducing green- house gas emissions to eight percent below 1990 levels by 2012. A critically... more
The European Union’s Emissions Trading Scheme (ETS) is the key policy instrument of the European Commission’s Climate Change Program aimed at reducing green- house gas emissions to eight percent below 1990 levels by 2012. A critically important element of the EU ETS is the establishment of a market determined price for EU allowances. This article examines the extent to which several theoretically founded factors including, energy price movements, economic growth, temperature and stock market activity determine the expected prices of the European Union CO2 allowances during the 2005 through to the 2009 period. The novel aspect of our study is that we examine the heavily traded futures instruments that have an expiry date in Phase 2 of the EU ETS. Our study adopts both static and recursive versions of the Johansen multivariate cointegration likelihood ratio test as well as a variation on this test with a view to controlling for time varying volatility effects. Our results are indicati...
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
Research Interests:
The influence of foreign monetary policy decisions on the volatility of the Irish stock market is investigated. Specifically, the influence of US monetary policy announcements on the ISEQ is examined. Evidence of the so-called calm before... more
The influence of foreign monetary policy decisions on the volatility of the Irish stock market is investigated. Specifically, the influence of US monetary policy announcements on the ISEQ is examined. Evidence of the so-called calm before the storm is found, i.e., there appears to be a decline in volatility on the day prior to an FOMC meeting and a subsequent