UC Research Profile - University of Canterbury

Professor Glenn William Boyle

Contact

Department: Department of Economics and Finance

Office: Meremere 428

Language: English

About

Research / Creative works

Projects

Fields of Research

Financial incentives
Corporate finance
Banking
Corporate Governance
Asset Pricing and Valuation

Researcher Summary

Financial economics, including, but not limited to, asset pricing and valuation, financial incentives, banking, corporate finance and corporate governance.

Subject Area: Disciplines

Accounting and Finance: Finance
Economics: Applied Microeconomics

Resources

Staff website

Research/Scholarly/Creative Works

Journal Articles

Boyle G., Hong S. and Foley M. (2020) The impact of the 2012 NZX listing rule change on board composition and company performance. Pacific Accounting Review 32(4): 543-562. http://dx.doi.org/10.1108/PAR-07-2019-0091.

Boyle G. and Ward G. (2018) DO BETTER INFORMED INVESTORS ALWAYS DO BETTER? A BUYBACK PUZZLE. Economic Inquiry 56(4): 2137-2157. http://dx.doi.org/10.1111/ecin.12688.

Beaumont S., Ratiu R., Reeb D., Boyle G., Brown P., Szimayer A., da Silva Rosa R., Hillier D., McColgan P. and Tsekeris A. (2016) Comments on Shan and Walter: ‘Towards a Set of Design Principles for Executive Compensation Contracts’. Abacus 52(4): 685-771. http://dx.doi.org/10.1111/abac.12091.

Boyle G. (2016) Setting CEO Pay without Controversy: Mission Impossible? Abacus 52(4): 694-699.

Boyle G. and Raddemaker S. (2016) Are bureaucrats really paid like bureaucrats? Corporate Ownership and Control 13(2): 478-486.

Boyle G., Stover R., Tiwana A. and Zhylyevskyy O. (2015) The impact of deposit insurance on depositor behavior during a crisis: A conjoint analysis approach. Journal of Financial Intermediation 24: 590-601. http://dx.doi.org/10.1016/j.jfi.2015.02.001.

Boyle G. and Stover R. (2014) Home bias in the syndicated loan market. Banks and Bank Systems 9(4): 99-106.

Boyle G. and Ji X. (2013) New Zealand Corporate Boards in Transition: Composition, Activity and Incentives Between 1995 and 2010. Pacific Accounting Review 25(3): 235-258.

Boyle G. and Roberts H. (2013) CEO presence on the compensation committee: a puzzle. Journal of Economics and Business 70: 16-26. http://dx.doi.org/10.1016/j.jeconbus.2012.08.002.

Boyle G. (2012) Separating the facts from the fury. Competition & Regulation Times (37): 6-7.

Bhabra GS., Bhabra HS. and Boyle GW. (2011) Competitive and Contagion Effects in Corporate Layoff AnnouncementsCompetitive and Contagion Effects in Corporate Layoff AnnouncementsCompetitive and Contagion Effects in Corporate Layoff Announcements. Journal of Money, Investment and Banking 19(January): 42-54.

Bhabra G., Bhabra H. and Boyle G. (2010) Leverage and the Wealth Gains from Acquisition Program Announcements. Corporate Ownership and Control 8(1): 267-280.

Bhabra GS., Bhabra HS. and Boyle GW. (2010) Leverage and the wealth gains from acquisition program announcements. Corporate Ownership and Control 8(1 C): 267-280.

Boyle G., Guthrie G. and Gorton L. (2010) Holding Onto Your Horses: Conflicts of Interest in Asset Management. Journal of Law and Economics 53(4): 689-713.

Adam C., Boyle G., Corbett J., Davis K. and Rose L. (2009) Is a credible exit from government debt and deposit guarantee programs possible? InFinance (5): 16-18.

Boyle G., Guthrie G. and Quigley N. (2009) Estimating Unobservable Valuation Parameters for Illiquid Assets. Accounting and Finance 49(3): 465-479. http://dx.doi.org/10.1111/j.1467-629X.2008.00293.x.

Reynolds M., Bhabra G. and Boyle G. (2009) Cash Flow, Investment and Derivative Use: An Empirical Analysis of New Zealand Listed Companies. International Research Journal of Finance and Economics 32: 72-82.

Boyle G. (2008) Academic salaries: where angels fear to tread. Chartered Accountants Journal 87(1): 30-33.

Boyle G. (2008) Do Financial Incentives Affect the Quality of Expert Performance? Evidence from the Racetrack. Journal of Gambling Business and Economics 2(2): 43-59.

Boyle G. (2008) Pay Peanuts and Get Monkeys? Evidence from Academia. The B.E. Journal of Economic Analysis & Policy 8(1) 21 http://dx.doi.org/10.2202/1935-1682.1976.

Boyle G. and Meade R. (2008) Intra-country regulation of share markets: does one size fit all? European Journal of Law and Economics 25(2): 151-165. http://dx.doi.org/10.1007/s10657-008-9043-0.

Boyle G. and Guthrie G. (2006) Hedging the Value of Waiting. Journal of Banking and Finance 30(4): 1245-1267. http://dx.doi.org/10.1016/j.jbankfin.2005.05.004.

Boyle G. and Guthrie G. (2006) Payback without Apology. Accounting and Finance 46(1): 1-10. http://dx.doi.org/10.1111/j.1467-629X.2006.00158.x.

Boyle G., Clyne S. and Roberts H. (2006) Valuing Employee Stock Options: Implications for the Implementation of NZ IFRS 2. Pacific Accounting Review 18(1): 3-20. http://dx.doi.org/10.1108/01140580610732750.

Boyle G. (2005) Risk, Expected Return, and the Cost of Equity Capital. New Zealand Economic Papers 39(2): 181-194. http://dx.doi.org/10.1080/00779950509558492.

Boyle G. and Guthrie G. (2005) Human Capital and Popular Investment Advice. Review of Finance 9(2): 139-164. http://dx.doi.org/10.1007/s10679-005-7595-1.

Bartholdy J., Boyle GW. and Stover RD. (2004) Deposit insurance and the stock market: Evidence from Denmark. European Journal of Finance 10(6): 567-578. http://dx.doi.org/10.1080/1351847042000255670.

Boyle G., Hagan A., O’Connor RS. and Whitwell N. (2004) Emotion, fear and superstition in the New Zealand stockmarket. New Zealand Economic Papers 38(1): 65-85. http://dx.doi.org/10.1080/00779950409544394.

Bartholdy J., Boyle GW. and Stover RD. (2003) Deposit insurance and the risk premium in bank deposit rates. Journal of Banking and Finance 27(4): 699-717. http://dx.doi.org/10.1016/S0378-4266(01)00261-8.

Boyle G. and Walter B. (2003) Reflected glory and failure: International sporting success and the stock market. Applied Financial Economics 13(3): 225-235. http://dx.doi.org/10.1080/09603100210148230.

Boyle GW. and Guthrie GA. (2003) Cash flow immediacy and the value of investment timing. Journal of Financial Research 26(4): 553-570. http://dx.doi.org/10.1111/1475-6803.00074.

Boyle GW. and Guthrie GA. (2003) Investment, Uncertainty, and Liquidity. Journal of Finance 58(5): 2143-2166. http://dx.doi.org/10.1111/1540-6261.00600.

Andjelkovic A., Boyle G. and McNoe W. (2002) Public disclosure of executive compensation: Do shareholders need to know? Pacific Basin Finance Journal 10(1): 97-117. http://dx.doi.org/10.1016/S0927-538X(01)00034-8.

Boyle GW. and Young L. (1999) Monetary rules and stock market value. Journal of Economics and Business 51(4): 365-372. http://dx.doi.org/10.1016/s0148-6195(99)00008-9.

Boyle GW., Carter RB. and Stover RD. (1998) Extraordinary antitakeover provisions and insider ownership structure: The case of converting savings and loans. Journal of Financial and Quantitative Analysis 33(2): 291-304. http://dx.doi.org/10.2307/2331311.

Boyle GW. and Eckhold KR. (1997) Capital structure choice and financial market liberalization: Evidence from New Zealand. Applied Financial Economics 7(4): 427-437. http://dx.doi.org/10.1080/096031097333547.

Boyle GW. (1996) Corporate investment and dividend tax imputation. Financial Review 31(1): 209-226. http://dx.doi.org/10.1111/j.1540-6288.1996.tb00871.x.

Boyle GW. (1994) Market equilibrium and the CAPM in a mean-generalized coefficient of variation economy. International Review of Economics and Finance 3(3): 249-256. http://dx.doi.org/10.1016/1059-0560(94)90010-8.

Benjamin JD., Boyle GW. and Sirmans CF. (1992) Price discrimination in shopping center leases. Journal of Urban Economics 32(3): 299-317. http://dx.doi.org/10.1016/0094-1190(92)90020-L.

Boyle GW. (1992) Cash Position, Credit Risk and Hedging. Journal of International Financial Management & Accounting 4(1): 1-12. http://dx.doi.org/10.1111/j.1467-646X.1992.tb00019.x.

Boyle GW. and Young L. (1992) Risk aversion and stock market volatility. Journal of Macroeconomics 14(4): 593-606. http://dx.doi.org/10.1016/0164-0704(92)90002-P.

Boyle GW. and Young L. (1992) Stock returns, inflation, and interest rates: Ex post and ex ante relationships. International Review of Financial Analysis 1(1): 65-76. http://dx.doi.org/10.1016/1057-5219(92)90015-V.

Benjamin JD., Boyle GW. and Sirmans CF. (1990) Retail Leasing: The Determinants of Shopping Center Rents. Real Estate Economics 18(3): 302-312. http://dx.doi.org/10.1111/1540-6229.00524.

Boyle GW. (1990) Commodity price uncertainty and optimal asset choice. Journal of Economics and Business 42(2): 133-140. http://dx.doi.org/10.1016/0148-6195(90)90029-C.

BOYLE GW. (1990) International Interest Rates, Exchange Rates, and the Stochastic Structure of Supply. The Journal of Finance 45(2): 655-671. http://dx.doi.org/10.1111/j.1540-6261.1990.tb03710.x.

Young L. and Boyle GW. (1989) Forward and futures prices in a general equilibrium monetary model. Journal of Financial Economics 24(2): 319-341. http://dx.doi.org/10.1016/0304-405X(89)90050-0.

Authored Books

Meade R., Boyle G. and Evans L. (2009) Forest valuation under carbon pricing. Saarbrücken: VDM Verlag. 208pp.

Reports

Boyle G. (2009) Capital market integration: a review of the issues and an assessment of New Zealand's position.Commissioned by Ministry of Economic Development. 37pp.

Meade R., Fiuza G., Lu A., Boyle G. and Evans L. (2008) Forest and Forest Land Valuation: How to Value Forests and Forest Land to Include Carbon Costs and Benefits.Commissioned by Ministry of Agriculture and Forestry. 163pp.

Irigoyen J., Serebrisky T., Boyle G., Gómez-Lobo A., Irwin T., Scott G. and Serrie N. (2007) Improving the management of concessions: better reporting and a new process for deciding when to use a concession.Commissioned by World Bank and Government of Chile.

Burgess M. and Boyle G. (2006) Analysis of the Effectiveness of Treatment in the Pegasus Secondary Falls Project.New Zealand Institute for the Study of Competition and Regulation Inc. (ISCR).

Conference Contributions - Published

Boyle G., Clyne S. and Roberts H. (2006) How much do Employee Stock Options really cost? In.

Boyle G., Guthrie G. and Gorton L. (2006) Dynamic Incentives in the Sport of Kings. In.

Conference Contributions - Other

Boyle G. and Li Y. (2014) The Predictive Power of Dividend Yields for Stock Returns: Risk Pricing or Mispricing? Auckland, New Zealand: 18th Annual New Zealand Finance Colloquium (NZFC), 13-15 Feb 2014.

Boyle G. and Rademaker S. (2013) Are Bureaucrats Really Paid Like Bureaucrats? Dunedin, New Zealand: 2013 New Zealand Finance Colloquium (NZFC), 7-8 Feb 2013.

Boyle G. and Ward G. (2013) The Value of Incomplete Information: Do Better Informed Investors Always Do Better? Wellington, New Zealand: Conference on Financial Markets and Corporate Governance, 4-5 Apr 2014.

Boyle G. (2012) New Zealand Corporate Board Characteristics: A Recent History. Dunedin, New Zealand: Improving the Performance of Company Boards of Directors Symposium, 22-22 Aug 2012.

Boyle G. and Ji J. (2012) New Zealand Corporate Boards in Transition: Composition, Activity and Incentives Between 1995 and 2010. Auckland, New Zealand: 16th New Zealand Finance Colloquium, 9-10 Feb 2012.

Berkman H., Boyle G. and Frino A. (2011) Maker-taker Exchange Fees and Market Liquidity: Evidence from a Natural Experiment. Queenstown, New Zealand: 2011 Financial Management Association International (FMA) Asian conference, 6-8 Apr 2011.

Balachandran B., Boyle G. and Chalmers K. (2010) Executive and Non-Executive Directors' Option Grants, Agency Costs and Monitoring. Christchurch, New Zealand: AFAANZ, 1-1 Jul 2010.

Boyle G. and Roberts H. (2009) Go Along to Get Along? Pay-Performance Sensitivity and CEO Membership of the Compensation Committee. Wellington, New Zealand: New Zealand Finance Colloquium, 12-13 Feb 2009.

Boyle G. and Stover R. (2009) Staying Close to Home: Foreign Bank Participation in Syndicated Loans. Xiamen, China: 2009 FMA Asian Conference, 6-8 May 2009.

Boyle G. (2008) Do Financial Incentives Affect the Quality of Expert Performance? Evidence from the Racetrack. Honolulu, HI, USA: 83rd Annual Conference of the Western Economics Association, 29 Jun-3 Jul 2008.

Boyle G., Guthrie G. and Quigley N. (2008) Determining the Rental Rate on Commercial Real Estate Leases. Palmerston North, New Zealand: 2008 New Zealand Finance Colloquium, 14-15 Feb 2008.

Boyle G., Howell B. and Zhang W. (2008) Catching up in broadband regressions: does local loop unbundling really lead to material increases in OECD broadband uptake? Fairfax, VA, USA: Telecommunications Policy Research Conference (TPRC), 26-28 Sep 2008.

Boyle G., Howell B. and Zhang W. (2008) Catching up in broadband regressions: does local loop unbundling really lead to material increases in OECD broadband uptake? Rome, Italy: 19th European Regional Conference of the International Telecommunications Society, 18-20 Sep 2008.

Other

Boyle G. and Hill J. (2015) On Ya Bike? The Christchurch Cycleway Network Business Case. .

Boyle G. (2013) James Barth, Gerard Caprio, and Ross Levine, Guardians of Finance. Cambridge, MA: MIT Press, 2012; xiii + 280pp. Economic Record 89(284): 129-130. http://dx.doi.org/10.1111/1475-4932.12021. [Book Review].

Adam C., Boyle G., Brown C., Davis K., Mayes D., Ralston D., Ramsay I., Skully M. and Tourani-Rad A. (2012) Do the big four Australasian banks require special regulation? Melbourne: Australian Centre for Financial Studies. [Statement Number 10 of The Australia-New Zealand Shadow Financial Regulatory Committee].

Boyle G. (2010) Wanted: Economics. Dead or Alive? Competition & Regulation Times(33): 1-3. [Magazine Article].

Boyle G. (2009) How did a few dodgy housing loans precipitate the biggest financial crisis since the Great Depression? Competition & Regulation Times(30): 1-3. [Magazine Article].

Adam C., Boyle G., Cahan S., Davis K., Harper I., Mayes D., Rose L. and Tourani-Rad A. (2008) Mortgage markets after the sub-prime crisis. Competition & Regulation Times(26): 10-11. [Statement].

Boyle G. (2008) Ethics and Economics. Competition & Regulation Times(27): 4-5. [Magazine Article].

Boyle G. (2008) Observing the Unobservable. Competition & Regulation Times(26): 12. [Magazine Article].

Boyle G. (2008) They shoot horses don't they ... but what about their trainers? Competition & Regulation Times(25): 1-2. [Magazine Article].

Boyle G. and Howell B. (2008) Ranking the Unrankable: How Useful are OECD League Tables? Competition & Regulation Times(25): 6-7. [Magazine Article].

Boyle G. (2007) Regulating finance companies: act in haste, repent at leisure. NZCRP-Weekly 15 Sep 2007.

Boyle G. (2007) Valuing ESOs is not that simple. Competition & Regulation Times(22): 10-11. [Magazine Article].

Boyle G. and Le Prou R. (2007) To 'partner up' or not 'partner up': the choice of organisational form. Competition & Regulation Times(23): 3. [Magazine Article].

Boyle G. (2006) CAPM skating on thin ice. Competition & Regulation Times(21): 12. [Magazine article].

Boyle G. (2006) Full speed ahead ... or proceed with caution. Competition & Regulation Times(21): 12. [Magazine article].

Boyle G. and Irwin T. (2006) What does it cost? The risks of output-based subsidy schemes. Competition & Regulation Times(19): 8-9. [Magazine Article].

Boyle G. and Le Prou R. (2006) The mafia as protectors of property rights. Competition & Regulation Times(20): 3. [Magazine Article].

Oral Presentations

Boyle G. (2010) An Economist Strikes Back! What Did the Global Financial Crisis Really Tell Us About Capital Market Efficiency and Financial Mathematics? Christchurch, New Zealand: BNZ Annual Lecture.

Boyle G. (2009) Corporate Investment and Cash Flow. Xiamen, China: FMA Asia Doctoral Consortium, 30 Jun 2007.

Boyle G. (2009) Does Cash Flow Really Matter for Corporate Investment Decisions? Deakin University, Australia: Finance On The Move, 25 Jun 2006.

Boyle G. (2009) The 2008 Financial Crisis: How We Got There and Why. New Zealand Manufacturers and Exporters Association: 16 May 2008.

Boyle G. (2009) The 2008 Financial Crisis: How We Got There and Why. Tait Electronics, Christchurch, New Zealand: 21 Jul 2009.

Boyle G. (2009) The 2008 Financial Crisis: How We Got There and Why. University of Canterbury, Christchurch, New Zealand: Inaugural BNZ University of Canterbury Chair in Finance Lecture, 12 Oct 2007.

Boyle G. (2009) The role of securitisation in the great credit crunch. Auckland, New Zealand: LEANZ, 24 Jul 2009.

Boyle G., Howell B. and Zhang W. (2008) Catching up in broadband regressions: does local loop unbundling really lead to material increases in OECD broadband uptake? Paris, France: OECD Invited Seminar, 03 Jul 2006.

Discussion/Working Papers

Boyle G. and Ji X. (2011) New Zealand Corporate Boards in Transition: Composition, Activity and Incentives Between 1995 and 2010. College of Business and Economics, University of Canterbury. 28pp.

Boyle G., Gu L. and Reed WR. (2011) One For All or All For One? Using Multiple-listing Information in Event Studies. College of Business and Economics, University of Canterbury. 37pp.

Boyle G. and Roberts H. (2010) Wolves in the Hen-House? The Consequences of Formal CEO Involvement in the Executive Pay-Setting Process. College of Business and Economics. 20pp.

Boyle G. (2008) The dog that doesn't bark: animal interests in economics. New Zealand Institute for the Study of Competition and Regulation. 12pp.

Boyle G. and Stover R. (2008) Staying Close to Home: Foreign Bank Participation in Syndicated Loans. 13pp.

Boyle G. and Grace-Webb E. (2007) Sarbanes-Oxley and its aftermath: a review of the evidence. New Zealand Institute for the Study of Competition and Regulation (ISCR). 17pp.

Boyle G., Evans L. and Guthrie G. (2006) Estimating the WACC in a regulatory setting: an assessment of Dr Martin Lally’s paper 'The weighted average cost of capital for electricity lines businesses' of 8 September 2005. New Zealand Institute for the Study of Competition and Regulation (ISCR). 61pp.

Boyle G., Guthrie G. and Meade R. (2006) Real options and transmission investment: the New Zealand grid investment test. New Zealand Institute for the Study of Competition and Regulation (ISCR). 18pp.

Future Research

Depositor reaction to bank crises
Gender diversity on NZ boards
Public health benefits of cycleways