His primary research interests are in corporate finance, valuation, corporate governance, earnings management, Islamic finance and private equity. He is published in international peer-reviewed journals including the British Accounting Review, British Journal of Management, Journal of Applied Accounting Research, Pacific Basin Journal of Finance, Corporate Governance: An International Review, as well as the Economics Letters, among others. Prof. Mulcahy also has significant industry experience.
Prior to joining UCC he held positions at Prudential Volpe Technology Group and Wedbush Morgan Securities (fka Pacific Growth Equities) in San Francisco and Investec in Dublin. At Volpe and Pacific Growth he was an investment banker and senior equity research analyst with primary research coverage responsibility for the technology and software sectors. He was lead analyst in numerous initial public offerings, secondary offerings, venture capital and private equity transactions, raising in excess of $1.5 billion in capital for early stage and small/mid. cap. firms in these sectors. Prof. Mulcahy is a qualified Chartered Financial Analyst (CFA), a member of the CFA Institute and also holds an Islamic Finance Qualification (IFQ) from the Chartered Institute of Securities and Investment (CISI) in the UK. He has been a consultant to Enterprise Equity Venture Capital as well as several national and international financial education companies including the Institute of Banking (IOB) and the Life Insurance Association (LIA).
Biography
Mark Mulcahy, PhD CFA is Professor in Corporate Finance in the Department of Accounting and Finance, Cork University Business School (CUBS), University College Cork (UCC). Prof. Mulcahy holds first class honours B.Comm. and M.Sc. Degrees and a Ph.D. from the National University of Ireland (Cork). He is currently Head of the Department of Accounting and Finance having previously been Academic Director of the M.Sc. Asset Management Degree, and Co-Director of the B.Sc. Finance Degree at UCC. He is/has been the external examiner to the Cambridge Judge Business School, Ulster Business School (University of Ulster), The School of Professional Finance (University College Dublin) and Liverpool John Moores University.His primary research interests are in corporate finance, valuation, corporate governance, earnings management, Islamic finance and private equity. He is published in international peer-reviewed journals including the British Accounting Review, British Journal of Management, Journal of Applied Accounting Research, Pacific Basin Journal of Finance, Corporate Governance: An International Review, as well as the Economics Letters, among others. Prof. Mulcahy also has significant industry experience.
Prior to joining UCC he held positions at Prudential Volpe Technology Group and Wedbush Morgan Securities (fka Pacific Growth Equities) in San Francisco and Investec in Dublin. At Volpe and Pacific Growth he was an investment banker and senior equity research analyst with primary research coverage responsibility for the technology and software sectors. He was lead analyst in numerous initial public offerings, secondary offerings, venture capital and private equity transactions, raising in excess of $1.5 billion in capital for early stage and small/mid. cap. firms in these sectors. Prof. Mulcahy is a qualified Chartered Financial Analyst (CFA), a member of the CFA Institute and also holds an Islamic Finance Qualification (IFQ) from the Chartered Institute of Securities and Investment (CISI) in the UK. He has been a consultant to Enterprise Equity Venture Capital as well as several national and international financial education companies including the Institute of Banking (IOB) and the Life Insurance Association (LIA).
Research Interests
Valuation, Finance, Corporate Governance, Corporate Finance, Islamic Finance, Venture Capital and Private Equity.
Publications
Peer Reviewed Journals
| Year | Publication | |
|---|---|---|
| (2019) | 'Novel Appproaches to the regulatory control of financial services providers: The importance of cultural context' Mulcahy, M.B., Beck, M., Carr, M., Hourigan, N. (2019) 'Novel Appproaches to the regulatory control of financial services providers: The importance of cultural context'. British Accounting Review, [DOI] [Details] | |
| (2018) | 'Cost-Effectiveness Analysis of a Physician-Implemented Medication Screening Tool in Older Hospitalised Patients in Ireland' O'Brien, GL;O'Mahony, D;Gillespie, P;Mulcahy, M;Walshe, V;O'Connor, MN;O'Sullivan, D;Gallagher, J;Byrne, S (2018) 'Cost-Effectiveness Analysis of a Physician-Implemented Medication Screening Tool in Older Hospitalised Patients in Ireland'. Drugs & Aging, 35 :751-762 [DOI] [Details] | |
| (2018) | 'FDA approval announcements: Attention-grabbing or event-day misspecification?' Hamill, PA;Hutchinson, M;Nguyen, QMN;Mulcahy, M (2018) 'FDA approval announcements: Attention-grabbing or event-day misspecification?'. Economics Letters, 170 :171-174 [DOI] [Details] | |
| (2018) | 'Have bailouts shifted the burden of paying for healthcare from the state onto individuals?' Loughnane, C., Murphy, A., Mulcahy, M., McInerney, C., Walsh, V. (2018) 'Have bailouts shifted the burden of paying for healthcare from the state onto individuals?'. Irish Journal of Medical Science, [Details] | |
| (2018) | 'Biosimilar infliximab introduction into the gastro-enterology care pathway in a large acute Irish teaching hospital: a story behind the evidence' O’Brien, Gary L.; Carrol, Donal; Mulcahy, Mark; Walshe, Valerie; Courtney, Garry; Byrne, Stephen (2018) 'Biosimilar infliximab introduction into the gastro-enterology care pathway in a large acute Irish teaching hospital: a story behind the evidence'. Generics And Biosimilars Initiative Journal (Gabi Journal), 7 (1):14-21 [DOI] [CORA Link] [Details] | |
| (2017) | 'Merger Arbitrage in Germany' McDermott, Ian; Mulcahy, Mark (2017) 'Merger Arbitrage in Germany'. Journal Of Finance And Investment Analysis, 6 (2):29-44 [CORA Link] [Details] | |
| (2017) | 'What is the cost of faith? An empirical investigation of Islamic purification' Hutchinson, Mark C.; Mulcahy, Mark; O'Brien, John (2017) 'What is the cost of faith? An empirical investigation of Islamic purification'. Pacific-Basin Finance Journal, [DOI] [CORA Link] [Details] | |
| (2015) | 'Chinese Companies, Earnings Management and Accounting-Based Benchmarks' Yang, P. and Mulcahy, M. B. (2015) 'Chinese Companies, Earnings Management and Accounting-Based Benchmarks'. Accounting, Finance & Governance Review, 22 (1):59-72 [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, 15 (3):391-408 [DOI] [Details] | |
| (2014) | 'Females and Precarious Leadership Positions: Further Evidence of the Glass Cliff' Mulcahy, M. B. and Linehan, C. (2014) 'Females and Precarious Leadership Positions: Further Evidence of the Glass Cliff'. British Journal of Management, (25(3)):425-438 [DOI] [Details] | |
| (2014) | 'Room for Improvement: The Impact of Bad Losses on Board Quality' Mulcahy, M. B. (2014) 'Room for Improvement: The Impact of Bad Losses on Board Quality'. Journal of Applied Accounting Research, 15 (3):255-272 [DOI] [Details] | |
| (2014) | 'Purifying Islamic Equities: The Interest Tax Shield' Mulcahy, M. B. (2014) 'Purifying Islamic Equities: The Interest Tax Shield'. International Journal of Islamic and Middle Eastern Finance and Management, 7 (4):473-484 [DOI] [Details] | |
| (2008) | 'Board Structure, Ownership, and Voluntary Disclosure in Ireland' Donnelly, R. and Mulcahy, M. B. (2008) 'Board Structure, Ownership, and Voluntary Disclosure in Ireland'. Corporate Governance: An International Review, 16 (5):416-429 [DOI] [Details] |
Book Chapters
| Year | Publication | |
|---|---|---|
| (2013) | 'Purifying Islamic Equities: The Interest Tax Shield' Mulcahy, M. B. (2013) 'Purifying Islamic Equities: The Interest Tax Shield' In: Constructing the 'Other': Studies on Asian Issues, Asia Studies - Within and Without, Vol. 4. Bremen: Europaeischer Hochschulverlag. [DOI] [Details] |
Guest Speaker
| Year | Publication | |
|---|---|---|
| (2018) | Growing the IFS Cluster in the South West. Mulcahy, M.B. (2018) Growing the IFS Cluster in the South West. Guest Speaker [Details] | |
| (2014) | Governance, Stickiness and Losses. Mulcahy, M. B. (2014) Governance, Stickiness and Losses. Guest Speaker [Details] | |
| (2014) | Females and Precarious Leadership Positions: Further Evidence of the Glass Cliff. Mulcahy, M. B. (2014) Females and Precarious Leadership Positions: Further Evidence of the Glass Cliff. Guest Speaker [Details] | |
| (2010) | Venture Capital: Careful Now!. Mulcahy, M. B. (2010) Venture Capital: Careful Now!. Guest Speaker [Details] | |
| (2010) | The Lifecycle Approach to Investment Management. Mulcahy, M. (2010) The Lifecycle Approach to Investment Management. Guest Speaker [Details] | |
| (2009) | Financial Management in the Food Industry. Mulcahy, M. (2009) Financial Management in the Food Industry. Guest Speaker [Details] | |
| (2008) | Finance for Non-Financial Management. Mulcahy, M. (2008) Finance for Non-Financial Management. Guest Speaker [Details] |
Newspaper Articles
| Year | Publication | |
|---|---|---|
| (2012) | Sourcing the Right Type of Capital is the Key to the Success of Any Start-up. Mulcahy, Mark (2012) Sourcing the Right Type of Capital is the Key to the Success of Any Start-up. Newspaper Articles [Details] | |
| (2010) | The Dangers of Moral Hazard. Mulcahy, M. B. (2010) The Dangers of Moral Hazard. Newspaper Articles [Details] | |
| (2009) | Look Inside for Hidden Cash? Easier Said Than Done for SMEs!. Mulcahy, M. (2009) Look Inside for Hidden Cash? Easier Said Than Done for SMEs!. Newspaper Articles [Details] |
Published Case Studies
| Year | Publication | |
|---|---|---|
| (2011) | Alimentary Health: A Gut Reaction. Mulcahy, M. B. (2011) Alimentary Health: A Gut Reaction. Cranfield, UK and Babson College, USA: Published Case Studies [Details] | |
| (2011) | Alimentary Health: A Gut Reaction, Teaching Note. Mulcahy, M. B. (2011) Alimentary Health: A Gut Reaction, Teaching Note. Cranfield, UK and Bason College, USA: Published Case Studies [Details] |
Professional Activities
Honours and Awards
| Year | Title | Awarding Body | |
|---|---|---|---|
| 2014 | Best Paper Award, Irish Academy of Management | Irish Academy of Management | |
| 2013 | Best Paper Award, British Academy of Management | British Academy of Management | |
| 2013 | Best Paper Award, Irish Academy of Management | Irish Academy of Management | |
| 2010 | National Management Case Study Competition Winner | Irish Academy of Management | |
| 1996 | College Scholar, MSc. | National University of Ireland | |
| 1995 | College Scholar, B.Comm. | National University of Ireland |
Professional Associations
| Association | Function | From / To | |
|---|---|---|---|
| CFA Institute | Member | / | |
| Financial Management Association | Member | / | |
| CFA Ireland | Member | / | |
| Chartered Institute of Securities and Investment (UK) | Member | / | |
| British Accounting and Finance Association | Member | / | |
| European Accounting Association | Member | / | |
| British Academy of Management | Member | / | |
| Irish Accounting and Finance Association | Member | / | |
| Irish Academy of Management | Member | / | |
| Institute of Banking | External Examiner | / | |
| Life Insurance Assocation | Examiner | / |
Conference Contributions
| Year | Publication | |
|---|---|---|
| (2019) | 4th Annual Financial Management Association Consortium on Factor Investing, Mulcahy, M.B. (2019) in collaboration with Cambridge Judge Business School's Centre for Endowment Asset Management (CEAM), the Centre for Financial Econometrics, Asset Markets and Macroeconomic Policy (EMP) at Lancaster University and Invesco. [Conference Organising Committee Chairperson], 4th Annual Financial Management Association Consortium on Factor Investing, Jesus College, Cambridge, England , 04-FEB-19. [Details] | |
| (2018) | 50th Annual Conference of the British Accounting and Finance Association, Mulcahy, M.B. (2018) Invited Oral Presentation and Track Chair. [Oral Presentation], 50th Annual Conference of the British Accounting and Finance Association, London, England , 10-APR-18 - 11-APR-18. [Details] | |
| (2018) | Financial Management Association Annual Conference, Mulcahy, M.B. (2018) Track Chair and Invited Discussant. [Invited Lectures (Conference)], Financial Management Association Annual Conference, San Diego, California , 10-OCT-18 - 14-OCT-18. [Details] | |
| (2018) | 41st Annual Conference of the European Accounting Association, Mulcahy, M.B. (2018) Invited Oral Presentation and Track Chair. [Oral Presentation], 41st Annual Conference of the European Accounting Association, Milan, Italy , 30-MAY-18 - 01-JUN-18. [Details] | |
| (2018) | 22nd Annual European Conference of the Financial Management Association International, Mulcahy, M.B. (2018) Track Chair and Invited Discussant. [Oral Presentation], 22nd Annual European Conference of the Financial Management Association International, Kristiansand, Norway , 13-JUN-18 - 15-JUN-18. [Details] | |
| (2018) | 3rd Annual Financial Management Association Consortium on Trading Strategies and Institutional Investing, Mulcahy, M.B. (2018) in collaboration with the Centre for Research in Finance, Cambridge Judge Business School, University of Cambridge. [Invited Lectures (Conference)], 3rd Annual Financial Management Association Consortium on Trading Strategies and Institutional Investing, Cambridge, England , 06-FEB-18. [Details] | |
| (2017) | 2nd Annual Financial Management Association Consortium on Institutional Investing and Hedge Funds, Mulcahy, M.B. (2017) in collaboration with the Centre for Research in Finance, Cambridge Judge Business School, Cambridge University. [Conference Organising Committee Chairperson], 2nd Annual Financial Management Association Consortium on Institutional Investing and Hedge Funds, Cambridge, England , 02-FEB-17. [Details] | |
| (2016) | Accounting, Society and the Environment Special Forum: Control, Governance and Anti-Corruption Initiatives in Public Sector Organisations, Mulcahy, M.B. (2016) Invited Oral Presentation. [Oral Presentation], Accounting, Society and the Environment Special Forum: Control, Governance and Anti-Corruption Initiatives in Public Sector Organisations, Edinburgh, Scotland . [Details] | |
| (2016) | 20th Annual European Conference of the Financial Management Association International, Mulcahy, M.B. (2016) Member of the Conference Organising Committee, Paper Reviewer and Track Chair. [Oral Presentation], 20th Annual European Conference of the Financial Management Association International, Helsinki, Finland , 09-JUN-16 - 10-JUN-16. [Details] | |
| (2016) | Financial Management Association Conference on Finance and Investment in Creative Ventures, Mulcahy, M.B. (2016) Track Chair and Invited Discussant. [Invited Lectures (Conference)], Financial Management Association Conference on Finance and Investment in Creative Ventures, Maastricht, Netherlands , 26-SEP-16 - 26-SEP-16. [Details] | |
| (2015) | 1st Annual Financial Management Association Consortium on Activist Investors, Corporate Governance and Hedge Funds, Mulcahy, M.B. (2015) in collaboration with the Brevan Howard Centre for Financial Analysis, Imperial College Business School. [Conference Organising Committee Chairperson], 1st Annual Financial Management Association Consortium on Activist Investors, Corporate Governance and Hedge Funds, London, England , 10-DEC-15. [Details] | |
| (2015) | 19th Annual European Conference of the Financial Management Association International, Mulcahy, M. B. (2015) Paper Reviewer and Track Chair. [Conference Organising Committee Member], 19th Annual European Conference of the Financial Management Association International, Venice, Italy , 10-JUN-15 - 12-JUN-15. [Details] | |
| (2014) | 18th Annual European Conference of the Financial Management Association International, Mulcahy, M. B. (2014) Paper Reviewer. [Conference Organising Committee Member], 18th Annual European Conference of the Financial Management Association International, Maastricht, Netherlands , 11-JUN-14 - 13-JUN-14. [Details] | |
| (2014) | 17th Anuual Congress of the Irish Academy of Management, Mulcahy, M. B. (2014) Managing in a Changing Climate: Leading to New Realities. [Oral Presentation], 17th Anuual Congress of the Irish Academy of Management, Limerick , 03-SEP-14 - 05-SEP-14. [Details] | |
| (2014) | 37th Annual Congress of the European Accounting Association, Mulcahy, M. B. (2014) European Accounting Association. [Chair Sessions at Symposia], 37th Annual Congress of the European Accounting Association, Tallinn, Estonia , 21-MAY-14 - 23-MAY-14. [Details] | |
| (2013) | 27th Annual Conference of the British Academy of Management, Mulcahy, M. and Linehan, C. (2013) Managing to Make a Difference. [Invited Oral Presentation], 27th Annual Conference of the British Academy of Management, University of Liverpool, Liverpool , 10-SEP-13 - 12-SEP-13. [Details] | |
| (2013) | British Accounting and Finance Association Interdisciplinary Perspectives Special Interest Group, Mulcahy, M. B. (2013) Accounting for Value and Governance. [Invited Oral Presentation], British Accounting and Finance Association Interdisciplinary Perspectives Special Interest Group, Nottingham Business School , 09-SEP-13 - 10-SEP-13. [Details] | |
| (2013) | 16th Annual Irish Academy of Management Conference, Mulcahy, M. B. (2013) Scholarship of Integration: Engaging Communities of Learning and Practice. [Invited Oral Presentation], 16th Annual Irish Academy of Management Conference, Waterford , 02-SEP-13 - 04-SEP-13. [Details] | |
| (2013) | Women on Board, Mulcahy, M. B. and Linehan, C. (2013) Risky Business: Exploring the Impact of Corporate Performance on Board Gender Diversity. [Invited Lectures (Conference)], Women on Board, Brookfield Health Sciences Building, University College Cork , 21-JUN-13 - 21-JUN-13. [Details] | |
| (2013) | 36th Annual Congress of the European Accounting Association, Donnelly, R. and Mulcahy, M. (2013) European Accounting Association. [Invited Oral Presentation], 36th Annual Congress of the European Accounting Association, Paris-Dauphine University, Paris , 06-MAY-13 - 08-MAY-13. [Details] | |
| (2013) | 49th Annual Conference of the British Accounting and Finance Association, Donnelly, R. and Mulcahy, M. B. (2013) British Accounting and Finance Association. [Invited Oral Presentation], 49th Annual Conference of the British Accounting and Finance Association, Newcastle-Upon-Tyne , 09-APR-13 - 11-APR-13. [Details] | |
| (2012) | 4th Annual Conference of the Asia Studies Ireland Association, Mulcahy, M. B. (2012) Asian Studies in Ireland and Asian-European Social Innovation. [Invited Oral Presentation], 4th Annual Conference of the Asia Studies Ireland Association, UCC, Cork , 22-NOV-12 - 23-NOV-12. [Details] | |
| (2012) | 25th Annual Conference of the Irish Accounting and Finance Association, Mulcahy, M. (2012) Irish Accounting and Finance Association. [Invited Oral Presentation], 25th Annual Conference of the Irish Accounting and Finance Association, Galway , 24-MAY-12 - 25-MAY-12. [Details] | |
| (2011) | 24th Annual Conference of the Irish Accounting and Finance Association, Mulcahy, M (2011) Irish Accounting and Finance Association. [Invited Oral Presentation], 24th Annual Conference of the Irish Accounting and Finance Association, UCC, Cork , 28-APR-11 - 29-APR-11. [Details] | |
| (2009) | 22nd Annual Conference of the Irish Accounting and Finance Association, Mulcahy, M. and McDermott, D. (2009) Irish Accounting and Finance Association. [Invited Oral Presentation], 22nd Annual Conference of the Irish Accounting and Finance Association, UCD, Dublin , 07-MAY-09 - 09-MAY-09. [Details] | |
| (2008) | International Association for Scientific Knowledge Conference, Donnelly, R. and Mulcahy, M. B. (2008) Global Management. [Invited Oral Presentation], International Association for Scientific Knowledge Conference, Porto, Portugal , 13-OCT-08 - 15-OCT-08. [Details] | |
| (2007) | 9th Annual Conference of the Irish Academy of Management, Donnelly, R., Mulcahy, M. and Zhan, Q. (2007) Irish Academy of Management. [Invited Oral Presentation], 9th Annual Conference of the Irish Academy of Management, UCC, Cork , 01-MAY-07 - 04-MAY-07. [Details] | |
| (2007) | 20th Annual Conference of the Irish Accounting and Finance Association, Mulcahy, M. and Yang, P. (2007) Irish Accounting and Finance Association. [Invited Oral Presentation], 20th Annual Conference of the Irish Accounting and Finance Association, Tralee IT, Tralee , 01-MAY-07 - 04-MAY-07. [Details] |
Committees
| Committee | Function | From / To | |
|---|---|---|---|
| Academic Council | Member | 2019 / | |
| CFA Ireland | Observer | 2018 / | |
| College Executive Management Council | Member | 2018 / | |
| CUBS Board | Member | 2018 / | |
| MSc Asset Management Committee | Director | 2014 / | |
| The Undergraduate Awards | Judge, Business Section | 2014 / | |
| BSc Finance Steering Committee | Co-Director | 2006 / |
Employment
| Employer | Position | From / To | |
|---|---|---|---|
| University College Cork | Senior Lecturer | 01-JUL-14 / 01-JAN-19 | |
| Cork University Business School, UCC | Head of Department of Accounting and Finance | 01-SEP-18 / | |
| Cork University Business School, UCC | Professor | 02-JAN-19 / | |
| University College Cork | Lecturer | 01-SEP-04 / 01-JUL-14 | |
| Investec | Senior Equity Sales | 01-JAN-02 / 01-SEP-04 | |
| Wedbush Securities (Pacific Growth Equities) | Senior Equity Research Analyst | 01-JAN-00 / 01-JAN-02 | |
| Prudential Volpe Technology Group | Equity Research Analyst | 01-JAN-98 / 01-JAN-00 | |
| Volpe, Brown Whelan & Company | Equity Research Associate | 01-NOV-96 / 01-JAN-98 |
Education
| Year | Institution | Qualification | Subject | |
|---|---|---|---|---|
| 2013 | National University of Ireland | PhD | Accounting, Finance and Corporate Governance | |
| 2011 | Chartered Institute of Securities and Investment | Islamic Finance Qualification | Islamic Finance | |
| 2000 | CFA Institute | Chartered Financial Analyst | Financial Analysis | |
| 1996 | National University of Ireland | MSc | Economics and Finance | |
| 1995 | National University of Ireland | BComm | Economics and Finance |
Consultancy
| Client | Description | |
|---|---|---|
| Cambridge Judge Business School | ||
| Liverpool John Moores University | ||
| School of Professional Finance, University College Dublin | ||
| University of Ulster, Coleraine | ||
| Institute of Banking | ||
| Life Insurance Association | ||
| Enterprise Equity Venture Capital |
Journal Activities
| Journal | Role | To / From | |
|---|---|---|---|
| Corporate Governance: An International Review | Referee | - | |
| British Accounting Review | Referee | - | |
| Journal Of Applied Accounting Research | Referee | - |
Teaching Activities
Teaching Interests
Valuation, Corporate Finance, Financial Statements Analysis, Business Finance, Mergers and Acquisitions, Venture Capital, Private Equity.
Current Postgraduate Students
| Student | Degree Type | |
|---|---|---|
| Gibbs Ruth Josephine | Doctoral Degree | |
| Nguyen Quang Minh Nhi | Doctoral Degree | |
| Loughnane Conor | Doctoral Degree | |
| O Brien Gary | Doctoral Degree |