Fergal O'Connor
Senior Lecturer in Accounting and Finance

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Fergal has been a lecturer in finance and economics since 2009, starting in University College Cork, then in York St. John University joining the Management School in 2016. He holds a PhD in Finance from the Trinity College Dublin which was funded by the London Bullion Market association.

Prior to becoming a lecturer Fergal worked as a research fellow in University College Cork on a number of business projects and a project with Department of Trade Enterprise and Investment, Northern Ireland researching Productivity and Innovation in Small Open Economies.

Externally he is a member of the Editorial Advisory Board of the Global Commodities Applied Research Digest (GCARD) in J.P. Morgan Centre for Commodities at the University of Colorado, Denver Business School. He is also editor of a forthcoming special issue of the International Review of Financial Analysis on “The Financial Economics of the Silver, Platinum and Palladium”.


Corporate Finance.

Capital Markets.

External Examiner for Finance – Newcastle Business School

Subject Group

Accounting and Finance



Fergal carries out research in the area of financial economics, with a special focus is on the precious metals markets and mining. He is a regular contributor to The Alchemist, a quarterly precious metals market journal to other news outlets on precious metals issues. He also runs a blog on precious metals research.

Awards and Funding

2011- 2015: London Bullion Market Association Bursary holder (€36,000)

2016: Students as Researcher Scheme, York St. John University (£2,600)

Current projects

His current research focuses on the relationship between gold and inflation from the perspective of investors.

For drafts of current papers please see his SSRN Profile Page.


Fergal is co-supervising Sam Vigne (Three essays on the London Silver Market) as an external supervisor in Trinity College Dublin with Prof. Brian Lucey.

He is keen to hear from prospective supervisees in the area of the financial economics, especially for ideas focused on precious metals and mining.


Selected publications

Published Peer Reviewed Journal Articles

O’Connor, F., Lucey, B. and Baur, D. (2016) ‘Do Gold Prices Cause Production Costs? International Evidence from Country and Company Data’, Journal of International Financial Markets, Institutions & Money, 40, pp. 186-196.

Lucey, M. and O’Connor, F. (2016) ‘Mind the Gap: Psychological Barriers in Gold and Silver Prices’, Finance Research Letters (In Press).

O’Connor, F., Lucey, B., Batten, J. and Baur, D. (2015) ‘The Financial Economics of Gold – A Survey’, International Review of Financial Analysis, 41, pp.186-205.

Aggarwal, R., Lucey, B. and O’Connor, F. (2014) ‘Rationality in Precious Metals Forward Markets: Evidence of behavioural deviations in the gold markets’, Journal of Multinational Financial Management, 25-26, pp. 110-130.

Lucey, B.,  Larkin, C. and O'Connor, F. (2014) ‘Gold markets around the world – who spills over what, to whom, when?’, Applied Economics Letters, 21 (13), pp. 887-892.

Lucey, B. and O'Connor, F. (2013) ‘Do Bubbles Occur in Gold Prices? Evidence from Gold Lease Rates and Markov Switching Models’, Borsa Istanbul Review, 13 (3), pp. 53-63.

Lucey, B., Larkin, C., and O'Connor, F. (2013) ‘New York or London : Where and when does the gold price originate?Applied Economics Letters, 20, pp. 813–817.

Doyle, E. and O’Connor. F. (2013) ‘Innovation capacities in advanced economies: Relative performance of small open economies’, Research in International Business and Finance, 27, pp. 106-127.

Book Chapters

Lucey, B., Aggarwal, R. and O'Connor, F. (2015). ‘World Metals Markets’, in Ziemba, B. andMalliaris, T. (eds.) World Scientific Handbook of Futures Markets. ISBN: 978-981-4566-91-9.

Trade Journal Articles

O’Connor, F. (2016) ‘Gold Mining Costs don’t provide a floor for gold prices.’ Bullion Bulletin, Expert Column. Available at:

http://www.bullionbulletin.in/more_expert_column.aspx?pageid=DtFergal021516 [Accessed 20/5/16].

O’Connor, F., Tankard, W. and Lucey, B. (2015) ’Do extraction costs drive gold prices?’, The Alchemist, Issue 75, pp. 17.

O’Connor, F. and Lucey, B. (2014) ‘The Behaviour of the Spot and forward Market’, The Alchemist, Issue 71, pp. 6.

O’Connor, F. and Lucey, B. (2013) ‘Bubbles in Gold?’, The Alchemist, Issue 69, pp. 23.

Lucey, B, Larkin, C. and O’Connor, F. (2012) ‘London or New York: Where does the gold price come from?’, The Alchemist, Issue 68, pp. 8-9.

O’Connor, F. and Lucey, B. (2012) ‘Gold’s negative relationship to the US dollar’, The Alchemist, Issue 66, pp. 16.

O’Connor, F. and Lucey, B. (2011) ‘The real price of gold’, The Alchemist, Issue 63, pp. 12.

Media and Industry Presentations

World Business Report, BBC World Service (2014) Fixing the Fix - the arguments around reform of our century-old way of valuing gold. 7th July. Available at: https://audioboo.fm/boos/2308932-fixing-the-fix-the-arguments-around-reform-of-our-century-old-way-of-valuing-gold [Accessed 20/5/16].

BBC Radio York -Elly Fiorentini Show (News Hour) (2014) Interview on the economic impact of the UK Snooker Championship on York. 25th November.

O’Connor, F. (2013) ‘Gold flows from west to east’, The Conversation 18 October [Online]. Available at: http://theconversation.com/gold-flows-from-west-to-east-and-india-is-running-out-of-cash-19113 (Accessed: 14/6/16).

Lucey, B. and O’Connor, F. (2012) What we don’t know about Gold. [Lecture delivered to the LBMA Silver Anniversary Seminar, London – Guild Hall].

Conference Papers (Sample)                                                                 

O’Connor, F., Baur, D. and Lucey, B. (2015) ‘Gold Prices and Extraction Costs: Testing for Causality with Country and Company Data’, Paris Financial Management Conference, December 2015.

Lucey, B. and O'Connor, F. (2014) ‘A behavioural examination of the Forward Rate Unbiasedness Hypothesis in Precious Metals Markets’, 11th Infiniti Finance Conference, Aix en Provence, June 2013.

Lucey, B. and O'Connor, F. (2013) ‘Do Bubbles Occur in Gold Prices? Evidence from Gold Lease Rates and Markov Switching Models’, 1st International Conference on the Global Financial Crisis, Southampton, UK.

O’Connor, F. and Lucey, B. (2012) ‘Gold lease rates, Gold prices and Bubbles’, 10th Infiniti Finance Conference, Trinity College Dublin, June 2012.

Doyle E., O’Connor F. and Kuah A. (2010) ‘Innovation Capacities in Small Open Economies’, Microeconomics of Competitiveness Network Cluster Research Workshop, Harvard Business School, December 2010.


The York Management School
University of York
Freboys Lane
York YO10 5GD

Telephone: +44 (0) 1904 325309
Email: fergal.oconnor@york.ac.uk
Room: MBA/010