Cal Muckley

Full Professor

School Of Business
Quinn School of Business
Dublin 4

Tel: +353 1 7164731


Cal is Professor of Operational Risk in Banking and Finance at the UCD College of Business and a Fellow at the UCD Geary Institute.

His research interests are in areas of corporate, financial institution, and environmental finance - with a new focus on operational risks. He has published in international scholarly journals including the Journal of Econometrics, the Energy Economics journal, and the Financial Review.

Previously he has worked as a lecturer in finance at the Department of Economics and Finance, Durham Business School. He obtained his Ph.D. degree from Trinity College Dublin. He has been a Visiting Scholar at New York University Stern School of Business, Yale University, at Groningen and Tilburg  Universities in the Netherlands and at the London School of Economics.

He is a Fulbright Scholar and he has also received other awards and fellowships. These include a Thomas Moran Fellowship from University College Dublin and the Mutual of America Life Insurance and the Barrington Medal from the Statistical & Social Inquiry Society.

He has lectured in corporate finance, financial econometrics, financial risk management and financial theory, both at the undergraduate, executive and graduate levels.  Cal also engages directly with organisations in the finance sector to offer bespoke research and training.

His administrative duties have included the role of Academic Director of the B.Sc. in Economics & Finance programme at the Quinn School of Business, UCD (2009-14). He is a Principal Investigator at the Enterprise Ireland Financial Services Governance Risk and Compliance Technology Centre. He also leads teams of researchers via work packages funded by Science Foundation Ireland and industry collaborators.                      



Book Chapters

with J. Chen, L. Wang and D. Bredin (2016) 'Carbon rights and emissions in the Energy Industry' In: A.B. Dorsman, M. Karan and T. Gok (eds). Energy, Sustainability and Finance. Heidelberg: Springer. [Details]
Bredin, D.; Mooney, G.; Muckley, C. (2013) 'Prospective costs for the aviation sector of the Emissions Trading Scheme' In: André Dorsman, Mehmet Karan and Timur Gok (eds). Prospectives on Energy and Risk. Netherlands: Springer Verlag. [Details]
(with Bredin, D. and O Ciagain, E.) (2012) 'Energy Derivatives Market Dynamics' In: A.B. Dorsman, J. Simpson and W. Westerman (eds). Energy: Macro Economics and Financial Markets. Netherlands: Springer Verlag. [Details]
(with R. Aggarwal); (2011) 'Possible Asian Currency Bloc and Re-polarization of the World Economy' In: Lars Oxelheim (eds). Re-Polarization of the World Economy. New York: World Scientific. [Details]
(with Agapitos, A. and A. Goyal); (2011) 'An Evolutionary Algorithmic Investigation of US Corporate Payout Policy Determination' In: Anthony Brabazon and Michael O'Neill (eds). Natural Computing in Computational Finance (Volume 4). Dublin, Ireland: Springer. [Details]
(with D. Bredin); (2011) 'The Price Forming Process in Energy Markets' In: Dorsman, Mehmet Baha Karan,Özgür Arslan and Wim Westerman (eds). Financial Aspects in Energy: The European Perspective. The Netherlands: Springer. [Details]
(with C. Kearney); (2005) 'The role of the Yen in Asian exchange rate determination' In: (with C. Kearney); (eds). Asian Pacific Financial Markets in Comparative Perspective. Contemporary Studies in Economics and Financial Analysis. *: *. [Details]

Peer Reviewed Journals

Afonin, A., Bredin D., Cuthbertson, A. and D. Nitzsche (2018) 'Carbon Portfolio Management'. International Journal of Finance and Economics, . [Details]
Chen, J., Muckley, C. and Bredin, D. (2017) 'Is information assimilated at announcements in the European Carbon Market?'. Energy Economics, 63 :234-247. [Details]
(with von Eije, H. and Goyal, A.) (2017) 'Flexible firm-level dividends in Latin America'. Finance Research Letters, . Available Online [DOI] [Details]
(with M. Goldstein, A. Goyal and B. Lucey) (2015) 'The global preference for dividends in declining markets'. Financial Review, . [Details]
(with H. von Eije and A. Goyal) (2014) 'Does the information content of payout initiations and omissions influence firm risks?'. Journal of Econometrics, . [Details]
(with M. Ye and E. Hutson) (2014) 'Exchange rate regimes and foreign exchange exposure: The case of emerging market firms'. Emerging Markets Review, 21 :156-182. [Details]
(with D.Bredin and S.Hyde) (2014) 'A microstructure analysis of the carbon finance market'. International Review of Financial Analysis, 34 :222-234. [Details]
(with A. Goyal) (2013) 'Cash Dividends and Investor Protection in Asia'. International Review of Financial Analysis, 29 :31-43. [Details]
(with B. Lucey); (2011) 'Robust Global Stock Market Interdependencies'. International Review of Financial Analysis, . [Details]
Cal Muckley; (2011) 'Terrorism, Tourism and FDI: Estimating a Lower Bound on the Peace Dividend in Northern Ireland'. Journal Of Statistical And Social Inquiry Society Of Ireland, . [Details]
(with D. Bredin); (2011) 'An Emerging Equilibrium in the EU Emissions Trading Scheme'. Energy Economics, . [Details]
(with R. Aggarwal); (2010) 'Assessing co-ordinated Asian exchange rate regimes: Proposal for a possible move towards a common currency'. Journal of Int. Financial Markets, Institutions & Money, 20 (2):149-165. [DOI] [Details]
(with Aggarwal, R. and B. Lucey); (2010) 'Dynamics of Equity Market Integration in Europe: Impact of Political Economy Events'. Journal of Common Market Studies, 48 (3):641-660. [DOI] [Details]
(with D. Bredin); (2010) 'Is There A Stochastic Trend in European Union Emission Trading Scheme Prices?'. Sosyoekonomi, 6 (Special Issue):25-39. Available Online [Details]
(with C. Kearney) ; (2007) 'Reassessing the evidence of an emerging Yen block in North and Southeast Asia'. International Review of Economics and Finance, 16 :255-271. Available Online [DOI] [Details]
(with C. Kearney) ; (2007) 'Can the traditional Asian US dollar Peg Exchange Rate Regime be extended to include the Japanese yen?'. International Review of Financial Analysis, 17 :870-885. [DOI] [Details]
(with C. Kearney); (2007) 'Is North and Southeast Asia Becoming a Yen Block?'. International Journal of Finance and Economics, 12 :337-351. [DOI] [Details]
Cal Muckley; (2004) 'Empirical asset return distributions. Is chaos the culprit?'. Applied Economic Letters, 11 (2):81-86. [DOI] [Details]


Research Interests

View Cal's research articles at SSRN:  


Research Projects

Sponsor : Enterprise Ireland (EI)
Title : Goveernance, Risk and Compliance
Start Date / End Date : 01-DEC-11 / 28-FEB-13
Sponsor : University College Dublin (UCD)
Title : EUA simulation 2013-20
Start Date / End Date : 03-DEC-12 / 01-JAN-15
Sponsor : University College Dublin (UCD)
Title : Thomas Moran Fellowship
Start Date / End Date : 01-JAN-14 / 01-JAN-16
Sponsor : Enterprise Ireland (EI)
Title : Imbalance (Monetary Policy and Foreign Exchange) Analysis Research
Start Date / End Date : 03-FEB-14 / 02-NOV-14
Sponsor : University College Dublin (UCD)
Title : Concerning the Asian Basket Peg Exchange Rate Scheme.
Start Date / End Date : 01-JUL-08 / 30-SEP-09

Recent Postgraduates

Dr. Abhinav Goyal is a Senior Lecturer in finance at the University of Liverpool's Management School.
Dr. Jiayuan Chen is a Quantitative Investment Analyst at Susquehanna Investment Bank.


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