Henk Berkman

University of Auckland - Business School

professor

Private Bag 92019

Room: 577

Auckland

New Zealand

  • University of Auckland - Business School

    • Email
    • Tel: (64 9) 3737599 Ext. 7181
    • Fax: (64 9) 3737406
SCHOLARLY PAPERS

33

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89

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Scholarly Papers (33)

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1.

Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China

Journal of Financial and Quantitative Analysis (JFQA), Vol. 45, No. 6, pp.1391-1417, 2010, AFA 2009 San Francisco Meetings Paper
Number of pages: 46 Posted: 25 Mar 2008 Last Revised: 01 Mar 2011
Henk Berkman, Rebel A. Cole and Jiang Lawrence Fu
University of Auckland - Business School, Florida Atlantic University and Standard Charter Bank
Downloads 1,183 (16,468)

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China, corporate governance, enforcement, expropriation, political connections, investor

2.

Paying Attention: Overnight Returns and the Hidden Cost of Buying at the Open

Number of pages: 40 Posted: 16 Jun 2010 Last Revised: 14 Mar 2011
Henk Berkman, Paul D. Koch, Laura A. Tuttle and Ying Zhang
University of Auckland - Business School, Iowa State University - Finance Department, U.S. Securities and Exchange Commission - Division of Economic and Risk Analysis and Missouri State University - College of Business Administration
Downloads 867 (26,027)

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market efficiency, attention, sentiment, retail investors, transaction costs, short sale

3.

Improving Corporate Governance Where the State is the Controlling Block Holder: Evidence from China

European Journal of Finance, Forthcoming
Number of pages: 63 Posted: 06 Feb 2008 Last Revised: 28 May 2012
Henk Berkman, Rebel A. Cole and Jiang Lawrence Fu
University of Auckland - Business School, Florida Atlantic University and Standard Charter Bank
Downloads 854 (26,616)

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block-holder identity, China, partial corporate control, partial privatization, privatization, State ownership, SOE

4.

War, Peace and Stock Markets

EFA 2006 Zurich Meetings
Number of pages: 35 Posted: 27 Oct 2005
Henk Berkman and Ben Jacobsen
University of Auckland - Business School and Tilburg University - TIAS School for Business and Society
Downloads 835 (27,507)

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War, Peace, Volatility Puzzle, Stock Returns, International Crises

5.

Agency Conflicts, Expropriation and Firm Value: Evidence from Securities-Market Regulation in China

Number of pages: 46 Posted: 18 Aug 2003 Last Revised: 02 Jan 2014
Henk Berkman, Rebel A. Cole and Jiang Lawrence Fu
University of Auckland - Business School, Florida Atlantic University and Standard Charter Bank
Downloads 788 (29,773)

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agency costs, bright lines, China, convergence, corporate governance, enforcement, expropriation, independent director, investor protection, minority shareholder, regulation, tunneling

6.

DRIPs and the Dividend Pay Date Effect

Forthcoming, Journal of Financial and Quantitative Analysis (JFQA), 2016
Number of pages: 74 Posted: 07 Nov 2012 Last Revised: 22 Nov 2015
Henk Berkman and Paul D. Koch
University of Auckland - Business School and Iowa State University - Finance Department
Downloads 709 (34,344)

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market efficiency, dividend, anomaly, dividend reinvestment plan, retail investors, sentiment, transaction costs, short sales, institutional ownership

7.

Event Day 0? After-Hours Earnings Announcements

Number of pages: 39 Posted: 23 Jun 2005
Henk Berkman and Cameron Truong
University of Auckland - Business School and Monash University
Downloads 592 (43,791)

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Event studies, earnings announcements, Compustat

8.

Time-Varying Rare Disaster Risk and Stock Returns

Number of pages: 64 Posted: 18 Mar 2010 Last Revised: 12 Oct 2010
Henk Berkman, Ben Jacobsen and John B. Lee
University of Auckland - Business School, Tilburg University - TIAS School for Business and Society and University of Auckland
Downloads 551 (48,007)

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Equity Premium, Volatility, Rare Disasters, International Political Crises, Consumption

9.

Expropriation Through Loan Guarantees to Related Parties: Evidence from China

Downloads 551 ( 48,007)

Expropriation Through Loan Guarantees to Related Parties: Evidence from China

Number of pages: 34 Posted: 23 Apr 2007
Rebel A. Cole, Henk Berkman and Jiang Lawrence Fu
Florida Atlantic University, University of Auckland - Business School and Standard Charter Bank
Downloads 363 (79,250)

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block holder, China, expropriation, minority shareholder, Tobin's Q, tunneling

Expropriation Through Loan Guarantees to Related Parties: Evidence from China

Journal of Banking and Finance, Vol. 33, No. 1, 2009
Number of pages: 35 Posted: 24 Nov 2008 Last Revised: 10 Apr 2010
Henk Berkman, Rebel A. Cole and Jiang Lawrence Fu
University of Auckland - Business School, Florida Atlantic University and Standard Charter Bank
Downloads 188 (157,763)

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Block holder, China, connected party transaction, corporate governance, expropriation, related party transaction, Tobin's Q, tunneling

10.

Informed Trading Through the Accounts of Children

Journal of Finance, Forthcoming
Number of pages: 81 Posted: 07 Jun 2012 Last Revised: 20 Feb 2013
Henk Berkman, Paul D. Koch and P. Joakim Westerholm
University of Auckland - Business School, Iowa State University - Finance Department and University of Sydney Business School
Downloads 455 (61,117)

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Individual investors, informed trading, insider trading, information asymmetry, market efficiency, PIN

11.

Hole in the Wall: Informed Short Selling Ahead of Private Placements

Number of pages: 56 Posted: 16 Mar 2013 Last Revised: 07 Aug 2014
Henk Berkman, Michael D. McKenzie and Patrick Verwijmeren
University of Auckland - Business School, The University of Sydney - Discipline of Finance and Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)
Downloads 395 (72,422)

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Insider trading, Hedge funds, Private placements, Wall-crossing, Short-selling

12.

Overpricing: Evidence from Earnings Announcements

Number of pages: 46 Posted: 04 Aug 2006
Henk Berkman and Paul D. Koch
University of Auckland - Business School and Iowa State University - Finance Department
Downloads 379 (75,964)

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market efficiency, short-sale restrictions, overpricing, earnings announcements, institutional ownership

13.

Inside the Director Network: When Directors Trade Inside, Interlock, and Unconnected Stocks

Number of pages: 76 Posted: 14 Apr 2014 Last Revised: 23 Nov 2017
Henk Berkman, Paul D. Koch and P. Joakim Westerholm
University of Auckland - Business School, Iowa State University - Finance Department and University of Sydney Business School
Downloads 368 (78,654)

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Informed trading, insider trading, information asymmetry, market efficiency, interlocking board, corporate director network, family network, social network analysis

14.

Firm-Specific Climate Risk and Market Valuation

Number of pages: 56 Posted: 05 May 2016 Last Revised: 03 Jun 2019
Henk Berkman, Jonathan Jona and Naomi S. Soderstrom
University of Auckland - Business School, University of Melbourne - Department of Accounting and Business Information Systems and University of Melbourne
Downloads 305 (97,897)

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Climate Risk, Market Valuation, Event Study, textual analysis, disclosure.

15.

Analyst Recommendations and International Stock Market Returns

Number of pages: 43 Posted: 20 Jul 2016
Henk Berkman and Wanyi Yang
University of Auckland - Business School and University of Auckland - Business School
Downloads 286 (104,159)

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Analyst Recommendation, International Asset Allocation, Aggregate Information, Stock Return Prediction

16.

From State to State: Improving Corporate Governance Where the Government is the Controlling Block Holder

Number of pages: 40 Posted: 21 Aug 2007
Rebel A. Cole, Henk Berkman and Jiang Lawrence Fu
Florida Atlantic University, University of Auckland - Business School and Standard Charter Bank
Downloads 264 (113,329)

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annual meeting, block holder, board of directors, cash-flow rights, control rights, corporate governance, incentive compensation, politics and finance, privatization, State ownership, State-owned enterprise, ultimate shareholder

17.

Short Sale Constraints, Dispersion of Opinions, and Overnight Returns

Number of pages: 86 Posted: 22 Jun 2007
Henk Berkman, Paul D. Koch, Laura A. Tuttle and Jenny Zhang
University of Auckland - Business School, Iowa State University - Finance Department, U.S. Securities and Exchange Commission - Division of Economic and Risk Analysis and affiliation not provided to SSRN
Downloads 248 (120,929)

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market efficiency, limits to arbitrage, short sale restrictions, institutional ownership, dispersion of opinions, overpricing

18.

Earnings Announcements: Good News for Institutional Investors and Short Sellers

Downloads 223 (134,461)

Earnings Announcements: Good News for Institutional Investors and Short Sellers

Finance and Corporate Governance Conference 2010 Paper
Number of pages: 62 Posted: 11 Jan 2010
Henk Berkman and Michael D. McKenzie
University of Auckland - Business School and The University of Sydney - Discipline of Finance
Downloads 221 (135,253)

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Informed Traders, Institutional Ownership, Short Selling, Earnings Announcements, Post Earnings Announcement Drift, PEAD

Earnings Announcements: Good News for Institutional Investors and Short Sellers

Financial Review, Vol. 47, Issue 1, pp. 91-113, 2012
Posted: 05 Jan 2012
Henk Berkman and Michael D. McKenzie
University of Auckland - Business School and The University of Sydney - Discipline of Finance
Downloads 2 (655,156)
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G14, informed traders, institutional ownership, short selling, earnings announcements, post‐earnings announcement drift

19.

The Trading Behaviour of Institutional Owners and Short Sellers Around Earnings Announcements

Number of pages: 57 Posted: 18 Jun 2009
Henk Berkman and Michael D. McKenzie
University of Auckland - Business School and The University of Sydney - Discipline of Finance
Downloads 222 (135,069)

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Informed Traders, Institutional Ownership, Short Selling, Earnings Announcements

20.

Disagreement, Short Sale Constraints, and Speculative Trading Before Earnings Announcements

Number of pages: 57 Posted: 10 Aug 2008
Henk Berkman and Paul D. Koch
University of Auckland - Business School and Iowa State University - Finance Department
Downloads 202 (147,661)

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market efficiency, speculation, disagreement, dispersion of opinions, limits to arbitrage, institutional ownership, short sale restrictions, overpricing, earnings announcements

21.

Dispersion of Opinions, Limits to Arbitrage, and Overnight Returns

Number of pages: 64 Posted: 10 Aug 2008 Last Revised: 21 Jun 2009
Henk Berkman, Paul D. Koch, Laura A. Tuttle and Ying Zhang
University of Auckland - Business School, Iowa State University - Finance Department, U.S. Securities and Exchange Commission - Division of Economic and Risk Analysis and Missouri State University - College of Business Administration
Downloads 186 (159,320)

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market efficiency, limits to arbitrage, short sale restrictions, institutional ownership, transaction costs, dispersion of opinions, disagreement, overpricing

22.

Personal Trading by Brokers, Analysts, and Fund Managers

Number of pages: 67 Posted: 08 Nov 2018
Henk Berkman, Paul Koch and P. Joakim Westerholm
University of Auckland - Business School, Iowa State University and University of Sydney Business School
Downloads 171 (171,750)

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informed trading, information asymmetry, leakage, front running, tipping, insider trades, block trades, social networks, broker, analyst, fund manager, institutional investor

23.

Digital Insiders and Informed Trading before Earnings Announcements

Number of pages: 43 Posted: 30 May 2018 Last Revised: 03 Jun 2019
Henk Berkman, Jonathan Jona, Gladys Lee and Naomi S. Soderstrom
University of Auckland - Business School, University of Melbourne - Department of Accounting and Business Information Systems, University of Melbourne and University of Melbourne
Downloads 141 (201,808)

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cost of liquidity, cybersecurity, cyber risk disclosure, hacker, adverse selection, bid ask spread, price impact, Amihud ratio, insider trading, probability of informed trading, private information, adverse selection

24.

Insiders’ Profits in the Australian Equities Market

CIFR Paper No. 108/2016
Number of pages: 37 Posted: 03 May 2016
Henk Berkman, Reza Bradrania, Tina Viljoen and P. Joakim Westerholm
University of Auckland - Business School, University of South Australia - UniSA Business School, University of Sydney Business School and University of Sydney Business School
Downloads 133 (211,525)

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Insider Trading, CAAR

25.

Domestic Liquidity Costs and Cross-Listing in the US

21st Australasian Finance and Banking Conference 2008 Paper
Number of pages: 36 Posted: 25 Aug 2008 Last Revised: 15 Jun 2010
Nhut (Nick) Hoang Nguyen and Henk Berkman
Auckland University of Technology and University of Auckland - Business School
Downloads 84 (290,984)

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Cross-listing, Bid-ask spreads, Price impact, Investor Protection

26.

Cybersecurity Awareness and Market Valuations

Number of pages: 38 Posted: 30 May 2018
Henk Berkman, Jonathan Jona, Gladys Lee and Naomi S. Soderstrom
University of Auckland - Business School, University of Melbourne - Department of Accounting and Business Information Systems, University of Melbourne and University of Melbourne
Downloads 73 (316,062)

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Cybersecurity, Cybersecurity awareness; Cyber breaches; Cyber risks; IT governance; Market valuations; Intangible assets

27.

Derivative Financial Instrument Use in Australia

Accounting and Finance, Vol. 42, pp. 97-109, 2002
Number of pages: 13 Posted: 23 Dec 2002
Henk Berkman, Michael E. Bradbury, Phil Hancock and Clare Innes
University of Auckland - Business School, Massey University, University of Western Australia and Murdoch University
Downloads 35 (436,648)
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28.

Market Microstructure: A Review from Down Under

Accounting & Finance, Vol. 51, Issue 1, pp. 50-78, 2011
Number of pages: 29 Posted: 02 Mar 2011
Henk Berkman and Carole Comerton-Forde
University of Auckland - Business School and UNSW Business School
Downloads 2 (625,157)
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Market microstructure, Transaction costs, Liquidity, Market design, Bidask spread

29.

Rare Disaster Risk and the Expected Equity Risk Premium

Accounting & Finance, Vol. 57, Issue 2, pp. 351-372, 2017
Number of pages: 22 Posted: 03 Jun 2017
Henk Berkman, Ben Jacobsen and John B. Lee
University of Auckland - Business School, Tilburg University - TIAS School for Business and Society and University of Auckland
Downloads 1 (637,542)
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Consumption risk, Equity premium, International political crises, Market risk premium, Rare disasters

30.

The Influence of Ownership Structure on Risk Management: Evidence from New Zealand State Owned Enterprises

Journal of International Financial Management & Accounting, Vol. 9, Issue 2, pp. 117-131, 1998
Number of pages: 15 Posted: 15 Apr 2014
Henk Berkman and Michael E. Bradbury
University of Auckland - Business School and Massey University
Downloads 1 (637,542)
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31.

The Accuracy of Price-Earnings and Discounted Cash Flow Methods of IPO Equity Valuation

Journal of International Financial Management & Accounting, Vol. 11, Issue 2, Summer 2000
Posted: 16 Aug 2000
Michael E. Bradbury, Jason Ferguson and Henk Berkman
Massey University, University of Auckland - Business School and University of Auckland - Business School

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32.

Trading Systems and Liquidity on Securities Markets: A Study of the European Options Exchange

International Review of Financial Analysis Volume 3, Number 1, 1994
Posted: 03 May 2000
Henk Berkman
University of Auckland - Business School

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33.

Large Option Trades, Market Makers and Limit Orders

REVIEW OF FINANCIAL STUDIES, Vol. 9 No. 3
Posted: 20 Dec 1998
Henk Berkman
University of Auckland - Business School

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