Henk Berkman

University of Auckland Business School

professor

12 Grafton Rd

Private Bag 92019

Auckland, 1010

New Zealand

  • University of Auckland Business School

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

36

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14,536

SSRN CITATIONS
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Top 4,736

in Total Papers Citations

118

CROSSREF CITATIONS

165

Scholarly Papers (36)

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1.

Firm-Specific Climate Risk and Market Valuation

Number of pages: 41 Posted: 05 May 2016 Last Revised: 26 Mar 2021
Henk Berkman, Jonathan Jona and Naomi S. Soderstrom
University of Auckland Business School, University of New Mexico - Robert O. Anderson Schools of Management and University of Melbourne
Downloads 1,346 (20,852)
Citation 3

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

2.

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 1,226 (24,046)
Citation 11

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

3.

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 1,155 (26,176)

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

4.

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 1,035 (30,670)
Citation 22

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

5.

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 932 (35,536)
Citation 5

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

6.

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 869 (39,240)
Citation 2

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

7.

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 812 (43,040)
Citation 2

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

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 Business School
Downloads 709 (51,536)
Citation 32

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

9.

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 614 (62,052)
Citation 14

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Event studies, earnings announcements, Compustat

10.

Expropriation Through Loan Guarantees to Related Parties: Evidence from China

Downloads 597 ( 64,279)
Citation 48

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 388 (107,102)

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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 209 (203,103)
Citation 6

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

11.

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 486 (82,997)
Citation 11

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

12.

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)
Downloads 474 (85,534)
Citation 7

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

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 446 (91,918)

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

14.

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 420 (98,519)

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

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 Singapore Management University
Downloads 367 (114,955)
Citation 4

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

16.

Digital Insiders and Informed Trading Before Earnings Announcements

Number of pages: 63 Posted: 30 May 2018 Last Revised: 26 Mar 2021
Henk Berkman, Jonathan Jona, Gladys Lee and Naomi S. Soderstrom
University of Auckland Business School, University of New Mexico - Robert O. Anderson Schools of Management, University of Melbourne and University of Melbourne
Downloads 326 (130,807)
Citation 2

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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

17.

Firm Value and Government Commitment to Combating Climate Change

Pacific-Basin Finance Journal, Vol. 53, 2019, The University of Auckland Business School Research Paper
Number of pages: 29 Posted: 17 Jul 2019
Henk Berkman, Jonathan Jona and Naomi S. Soderstrom
University of Auckland Business School, University of New Mexico - Robert O. Anderson Schools of Management and University of Melbourne
Downloads 323 (132,067)
Citation 3

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Climate Risk, Market Valuation, Government, President Trump, Event study, Climate change, Paris Agreement on Climate Change, Cost of Regulation

18.

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 283 (151,551)
Citation 1

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

19.

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 274 (156,487)

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

20.

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 271 (158,329)

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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

21.

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 248 (172,811)
Citation 1

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Informed Traders, Institutional Ownership, Short Selling, Earnings Announcements

22.

Personal Trading by Brokers, Analysts, and Fund Managers

Number of pages: 65 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 221 (192,964)

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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.

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 221 (192,964)
Citation 4

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

24.

Cybersecurity Awareness and Market Valuations

Journal of Accounting and Public Policy, Vol. 37, 2018
Number of pages: 45 Posted: 30 May 2018 Last Revised: 17 Jul 2019
Henk Berkman, Jonathan Jona, Gladys Lee and Naomi S. Soderstrom
University of Auckland Business School, University of New Mexico - Robert O. Anderson Schools of Management, University of Melbourne and University of Melbourne
Downloads 201 (210,726)
Citation 2

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

25.

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 201 (210,726)
Citation 1

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

26.

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 Prodromou and P. Joakim Westerholm
University of Auckland Business School, University of South Australia - UniSA Business School, The University of Wollongong and University of Sydney Business School
Downloads 163 (252,435)

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Insider Trading, CAAR

27.

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 H. Nguyen and Henk Berkman
Auckland University of Technology and University of Auckland Business School
Downloads 91 (384,893)

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

28.

Trust and the Value of CSR during the Global Financial Crisis

Number of pages: 15 Posted: 04 Jun 2020 Last Revised: 17 Jul 2020
Henk Berkman, Michelle Li and Helen Lu
University of Auckland Business School, University of Auckland Business School and University of Auckland Business School
Downloads 88 (392,904)
Citation 2

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Corporate Social Responsibility, Event Study, Replication, Validity Test, Japan

29.

Expected Market Returns in the International Cross-Section

Number of pages: 36 Posted: 28 Sep 2020
Henk Berkman and Hamish Malloch
University of Auckland Business School and The University of Sydney
Downloads 87 (395,594)
Citation 1

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expected returns, options, asset pricing, international finance

30.

The Value of Free Content on Social Media: Evidence from Equity Research Platforms

The University of Auckland Business School Research Paper
Number of pages: 7 Posted: 08 Sep 2020
Tianyou Hu, Arvind Tripathi and Henk Berkman
University of Auckland Business School, University of Auckland Business School and University of Auckland Business School
Downloads 49 (529,284)

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Social Media, Stock Returns, Market Cap

31.

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 Unaffiliated Authors
Downloads 1 (892,065)
Citation 1

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32.

Stock Valuation During the COVID-19 Pandemic: An Explanation Using Option-based Discount Rates

Journal of Banking & Finance, 106386. doi:10.1016/j.jbankfin.2021.106386, The University of Auckland Business School Research Paper Series
Posted: 21 Jan 2022
Henk Berkman and Hamish Malloch
University of Auckland Business School and The University of Sydney

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COVID-19, Option implied market risk premium, Stock return decomposition, Disaster asset pricing

33.

Country-level analyst recommendations and international stock market returns

Journal of Banking & Finance, 103, 1-17. doi:10.1016/j.jbankfin.2019.03.018, The University of Auckland Business School Research Paper Series
Posted: 21 Jan 2022
Henk Berkman and Wanyi Yang
University of Auckland Business School and Singapore Management University

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Analyst recommendation, Sentiment, International asset allocation, Aggregate information, Stock return prediction, GDP prediction

34.

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

Posted: 16 Aug 2000
Michael E. Bradbury, Jason Ferguson and Henk Berkman
Unaffiliated Authors, University of Auckland Business School and University of Auckland Business School

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35.

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

Posted: 03 May 2000
Henk Berkman
University of Auckland Business School

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36.

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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