Thomas J. O'Brien

University of Connecticut - Department of Finance

School of Business

2100 Hillside Road

Storrs, CT 06269

United States

http://www.business.uconn.edu/staff.asp?id=57

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SCHOLARLY PAPERS

37

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17,772

CITATIONS
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Top 11,563

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35

Scholarly Papers (37)

1.

Debt vs. Equity and Asymmetric Information: A Review

The Financial Review, August 2002
Number of pages: 51 Posted: 16 Apr 2002
Linda Schmid Klein, Thomas J. O'Brien and Stephen R. Peters
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance and Kansas State University - Department of Finance
Downloads 2,361 (3,601)

Abstract:

structure, asymmetric information, pecking order hypothesis, timing hypothesis

2.

A Simple and Flexible DCF Valuation Formula

Journal of Applied Finance, Vol. 13, No. 2, Fall/Winter 2003
Number of pages: 9 Posted: 03 Nov 2003
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 1,511 (7,792)

Abstract:

Valuation, growth opportunities

3.

Accounting versus Economic Exposure to Currency Risk

Journal of Financial Statement Analysis, Summer 1997
Number of pages: 20 Posted: 15 Jan 1998
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 1,382 (8,611)

Abstract:

Risk Management and the Cost of Capital for Operating Assets

Journal of Applied Corporate Finance, Fall 2006
Number of pages: 14 Posted: 20 Jul 2006 Last Revised: 29 Apr 2008
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 1,270 (11,091)

Abstract:

Risk management, risk capital, insurance, cost of capital, CAPM

Risk Management and the Cost of Capital for Operating Assets

Journal of Applied Corporate Finance, Vol. 18, No. 4, pp. 105-109, Fall 2006
Number of pages: 7 Posted: 11 Dec 2006
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 24 (422,031)
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Abstract:

Ex Ante Cost of Equity Estimates of S&P 500 Firms: The Choice between Global and Domestic CAPM

Financial Management 32(3), 2003, 51-66
Number of pages: 24 Posted: 04 Oct 2002 Last Revised: 10 Nov 2015
University of Virginia - Darden School of Business, University of Virginia - McIntire School of Commerce, University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 1,251 (11,372)
Citation 11

Abstract:

Ex Ante, Cost of Equity, CAPM

Ex Ante Cost of Equity Estimates of S&P 500 Firms: The Choice between Global and Domestic CAPM

Darden Business School Working Paper No. 02-09
Posted: 10 Jan 2005
University of Virginia - Darden School of Business, University of Virginia - McIntire School of Commerce, University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance

Abstract:

6.

The US Dollar Global CAPM and a Firm's Cost of Capital in Different Currencies

Number of pages: 31 Posted: 27 Mar 1999
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 1,122 (12,680)

Abstract:

7.

A Comparison of Cost of Equity Estimates of Local and Global CAPMS

The Financial Review, November 2001
Number of pages: 31 Posted: 21 Feb 2001
Dev R. Mishra and Thomas J. O'Brien
University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 1,038 (14,815)
Citation 6

Abstract:

cost of capital, CAPM, global

A User-Friendly Introduction to Property-Casualty Claim Reserves

Risk Management & Insurance Review, Vol. 7, No. 2, pp. 177-187, September 2004
Number of pages: 17 Posted: 02 Dec 2003 Last Revised: 05 Aug 2008
Joseph Calandro Jr. and Thomas J. O'Brien
Fordham University - Gabelli Center for Global Security Analysis and University of Connecticut - Department of Finance
Downloads 741 (25,148)
Citation 2

Abstract:

Property and casualty, claim reserves

A User-Friendly Introduction to Property-Casualty Claim Reserves

Risk Management & Insurance Review, Vol. 7, No. 2, pp. 177-187, September 2004
Number of pages: 11 Posted: 14 Feb 2007
Joseph Calandro Jr. and Thomas J. O'Brien
Fordham University - Gabelli Center for Global Security Analysis and University of Connecticut - Department of Finance
Downloads 17 (461,535)
Citation 2
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Abstract:

Capital Structure Swaps and Shareholder Wealth

Number of pages: 34 Posted: 10 Apr 2001
Thomas J. O'Brien, Linda Schmid Klein and James I. Hilliard
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance and W.A. Franke College of Business
Downloads 726 (25,890)

Abstract:

Debt/equity, swaps, mispricing, timing, intrinsic value

Capital Structure Swaps and Shareholder Wealth

European Financial Management, Vol. 13, No. 5, pp. 979-997, November 2007
Number of pages: 19 Posted: 26 Oct 2007
Thomas J. O'Brien, Linda Schmid Klein and James I. Hilliard
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance and W.A. Franke College of Business
Downloads 14 (478,715)
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Abstract:

10.

Foreign Exchange and Cross-Border Valuation

Number of pages: 22 Posted: 10 Dec 2002 Last Revised: 28 Dec 2012
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 583 (33,052)

Abstract:

International, investment, foreign exchange, valuation, equilibrium, interest rate parity

11.

A Currency Index Global Capital Asset Pricing Model

European Financial Management, Vol. 6, No. 1, March 2000
Number of pages: 23 Posted: 19 Apr 2001
Thomas J. O'Brien and Walter Dolde
University of Connecticut - Department of Finance and University of Connecticut - Department of Finance
Downloads 533 (37,501)
Citation 1

Abstract:

International, Asset, Pricing

12.

International Production Location and 'Pro Forma' Hedging of Exchange Rate Risk

Journal of Applied Corporate Finance, Vol. 11, No. 3, Fall 1998
Number of pages: 26 Posted: 16 Apr 2001
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 472 (45,946)

Abstract:

Hedging, operational, production

13.

Managerial Economics and Operating Beta

Managerial and Decision Economics, April 2011, 175-191
Number of pages: 42 Posted: 10 Apr 2005 Last Revised: 29 Oct 2012
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 416 (53,150)

Abstract:

Operating beta, price elasticity, income elasticity, output elasticity, capital, labor, returns to scale, competition, industry concentration, operating leverage, CAPM

14.

Risk and Ex Ante Cost of Equity Estimates of Emerging Market Firms

Emerging Markets Review, Vol. 6, No. 2, 2005
Number of pages: 23 Posted: 04 Aug 2004 Last Revised: 14 Nov 2012
Dev R. Mishra and Thomas J. O'Brien
University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 407 (54,560)
Citation 7

Abstract:

Emerging markets, cost of equity, political risk

15.

Hurdle Rates for Overseas Projects

HANDBOOK OF FINANCE, Fabozzi, 2008
Number of pages: 27 Posted: 02 Jan 2007 Last Revised: 20 Dec 2012
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 392 (56,399)

Abstract:

Overseas investment, operating beta, hurdle rate, cost of capital, country beta, political risk, sovereign credit default swap, foreign exchange, currency beta, beta unlevering

16.

Fama-French, CAPM, and Implied Cost of Equity

Number of pages: 29 Posted: 01 Dec 2012 Last Revised: 24 Jun 2016
Dev R. Mishra and Thomas J. O'Brien
University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 370 (36,285)

Abstract:

CAPM, Fama-French three-factor model, nonmarketable assets, implied cost of equity

Foreign Exchange Exposure and Cost of Equity for U.S. Companies: Local Versus Global CAPM

Journal of Applied Finance, No. 1, 2011
Number of pages: 24 Posted: 15 Nov 2009 Last Revised: 14 Nov 2012
Walter Dolde, Carmelo Giaccotto, Dev R. Mishra and Thomas J. O'Brien
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance, University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 346 (67,169)
Citation 2

Abstract:

Global CAPM, Local CAPM, Cost of Equity, Foreign Exchange, Exposure

Foreign Exchange Exposure and Cost of Equity for US Companies: Local Versus Global CAPM

Journal of Applied Finance, Spring/Summer 2011, Volume 21, Issue 1, pp. 78-88
Posted: 08 Aug 2012
Walter Dolde, Carmelo Giaccotto, Dev R. Mishra and Thomas J. O'Brien
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance, University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance

Abstract:

Foreign Exchange, CAPM, cost of equity

Asset Pricing of Insurance Loss Liabilities: Some Examples

Number of pages: 39 Posted: 23 Dec 2003
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 249 (97,046)

Abstract:

Insurance, loss liabilities, valuation, CAPM, Rubinstein-Leland model, hurdle rate

Asset Pricing of Insurance Loss Liabilities: Some Examples

Financial Markets, Institutions & Instrument Vol. 13, No. 4, pp. 147-172, October 2004
Number of pages: 26 Posted: 14 Oct 2004
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 16 (467,175)
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Abstract:

19.

Fundamentals of Corporate Currency Exposure

Journal of International Financial Markets, Institutions, and Money, Vol. 20, No. 3, pp. 310-321, July 2010
Number of pages: 29 Posted: 06 Apr 2008 Last Revised: 04 Mar 2012
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 257 (91,295)

Abstract:

Currency, exposure, price elasticity, foreign exchange, exporter, importer, operating leverage

20.

Should Managers Estimate Cost of Equity Using a Two-Factor International CAPM?

Managerial Finance, 38 (8), 2012
Number of pages: 33 Posted: 07 Jul 2010 Last Revised: 14 Nov 2012
Walter Dolde, Carmelo Giaccotto, Dev R. Mishra and Thomas J. O'Brien
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance, University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 236 (97,131)
Citation 1

Abstract:

International CAPM, Global CAPM, Domestic CAPM, Cost of Equity, Currency Exposure

A Fresh Look at Cross-Border Valuation and FX Hedging Decisions

Journal of Applied Finance, No. 2, 2013
Number of pages: 30 Posted: 13 Nov 2012 Last Revised: 08 Sep 2015
Kirt C. Butler, Thomas J. O'Brien and Gwinyai Utete
Michigan State University, University of Connecticut - Department of Finance and Louisiana State University
Downloads 166 (143,980)

Abstract:

International, capital budgeting, foreign exchange rates, investments, valuation, hedging

A Fresh Look at Cross-Border Valuation and FX Hedging Decisions

Journal of Applied Finance (Formerly Financial Practice and Education), Vol. 23, No. 2, 2013
Number of pages: 11 Posted: 06 Nov 2015
Kirt C. Butler, Thomas J. O'Brien and Gwinyai Utete
Michigan State University, University of Connecticut - Department of Finance and Louisiana State University
Downloads 29 (396,681)

Abstract:

22.

Direct versus Indirect Regression Estimates of Foreign Exchange Cash Flow Exposure

International Review of Financial Analysis, Vol. 37, 2015
Number of pages: 35 Posted: 25 Oct 2012 Last Revised: 08 Sep 2015
Alain A. Krapl and Thomas J. O'Brien
Northern Kentucky University - Department of Economics and Finance and University of Connecticut - Department of Finance
Downloads 126 (167,346)
Citation 1

Abstract:

Foreign exchange, currency, FX exposure, cash flow, control variable

23.

The Firm-Specific Nature of Debt Tax Shields and Optimal Corporate Investment Decisions

Managerial Finance, 38 (2), 2012
Number of pages: 22 Posted: 27 Apr 2010 Last Revised: 14 Nov 2012
Assaf Eisdorfer and Thomas J. O'Brien
University of Connecticut - Department of Finance and University of Connecticut - Department of Finance
Downloads 112 (190,137)

Abstract:

Cost of Capital, Capital Structure, Investment, WACC, Project

Currency Denomination of Intercompany Debt and Multinational Taxes

Number of pages: 25 Posted: 22 May 2009 Last Revised: 19 Sep 2009
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 103 (211,041)

Abstract:

currency denomination, foreign subsidiary, internal debt, taxes, multinational, foreign exchange

Currency Denomination of Intercompany Debt and Multinational Taxes

Journal of Applied Corporate Finance, Vol. 21, Issue 3, pp. 86-94, Summer 2009
Number of pages: 9 Posted: 02 Nov 2009
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 4 (532,828)
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Abstract:

The Adjusted Big Mac Methodology: A Clarification

Forthcoming, Journal of International Financial Management and Accounting
Number of pages: 21 Posted: 08 Sep 2015 Last Revised: 17 Apr 2016
Thomas J. O'Brien and Santiago Ruiz de Vargas
University of Connecticut - Department of Finance and NOERR AG WPG StBG - Financial Advisory Services
Downloads 97 (220,017)

Abstract:

Adjusted Big Mac Index, Currency, Foreign Exchange, Valuation, Purchasing Power Parity, Penn Effect, Balassa-Samuelson Effect

The Adjusted Big Mac Methodology: A Clarification

Journal of International Financial Management & Accounting, Vol. 28, Issue 1, pp. 70-85, 2017
Number of pages: 16 Posted: 03 Jan 2017
Thomas J. O'Brien and Santiago Ruiz de Vargas
University of Connecticut - Department of Finance and NOERR AG
Downloads 0
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Abstract:

26.

New Plant for Houston Marine Electronics: International Finance Case on International Capital Budgeting

Number of pages: 10 Posted: 12 Jul 2013 Last Revised: 14 Mar 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 93 (192,542)

Abstract:

Foreign Exchange, International Capital Budgeting, Cost of Capital, Country Risk, Operational Hedging

27.

A Comparison of FX Exposure Estimates with Different Control Variables

Applied Financial Economics, Vol. 24, No. 6, 2014
Number of pages: 22 Posted: 03 May 2011 Last Revised: 17 Jun 2014
Alain A. Krapl and Thomas J. O'Brien
Northern Kentucky University - Department of Economics and Finance and University of Connecticut - Department of Finance
Downloads 90 (215,626)

Abstract:

Foreign exchange, currency, full FX exposure, partial FX exposure, FX cash flow exposure

28.

Estimating Cost of Equity: Do You Need to Adjust for Foreign Exchange Risk?

Journal of International Financial Management and Accounting, February 2016
Number of pages: 29 Posted: 29 Sep 2013 Last Revised: 16 Feb 2016
Alain A. Krapl and Thomas J. O'Brien
Northern Kentucky University - Department of Economics and Finance and University of Connecticut - Department of Finance
Downloads 50 (273,551)

Abstract:

Foreign exchange, currency, cost of equity, CAPM, International CAPM

29.

Houston Marine Electronics: International Finance Case on FX Transaction Exposure

Number of pages: 9 Posted: 10 Jul 2013 Last Revised: 20 Jun 2016
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 47 (262,838)

Abstract:

Foreign Exchange, International Parity Conditions, Forward FX Contracts, Hedging, FX Transaction Exposure

30.

Horizon Effects That Are Larger than You Think: Dynamic Allocation with a Representative Investor

Journal of Investment Management, Forthcoming
Number of pages: 25 Posted: 09 Jul 2016 Last Revised: 06 Nov 2016
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 46 (327,362)

Abstract:

dynamic asset allocation, mean reversion, horizon effect, momentum, representative investor, time diversification

31.

Foreign Exchange Exposure and Cost of Equity for US Companies: Local Versus Global CAPM

Journal of Applied Finance (Formerly Financial Practice and Education), Vol. 21, No. 1, 2011
Number of pages: 9 Posted: 21 Nov 2015
Walter Dolde, Carmelo Giaccotto, Dev R. Mishra and Thomas J. O'Brien
University of Connecticut - Department of Finance, University of Connecticut - Department of Finance, University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 41 (342,794)
Citation 2

Abstract:

32.

Adventure & Recreation Technologies, Inc: International Finance Case on FX Operating Exposure

Number of pages: 12 Posted: 12 Jul 2013 Last Revised: 14 Mar 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 39 (307,535)

Abstract:

Foreign Exchange, FX Operating Exposure, FX Equity Exposure, Foreign Currency Debt, Currency Swaps

33.

Estimating the Cost of Equity for Property-Liability Insurance Companies

Journal of Risk & Insurance, Vol. 75, Issue 1, pp. 101-124, March 2008
Number of pages: 24 Posted: 10 Mar 2008
Min-Ming Wen, Anna D. Martin, Gene C. Lai and Thomas J. O'Brien
affiliation not provided to SSRN, affiliation not provided to SSRN, Washington State University - Department of Finance, Insurance and Real Estate and University of Connecticut - Department of Finance
Downloads 8 (490,579)
Citation 2
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Abstract:

34.

Valuation and Hedging of Sports Futures Wagers

Journal of Prediction Markets, Forthcoming
Number of pages: 25 Posted: 09 Jun 2016 Last Revised: 16 Feb 2017
Thomas J. O'Brien and Reinhold P. Lamb
University of Connecticut - Department of Finance and University of North Florida
Downloads 0 (280,323)

Abstract:

valuation, hedging, sports betting, futures

35.

Currency Misvaluation, Currency Indexes, and Adjusted versus Raw Big Mac Prices

Number of pages: 27 Posted: 24 Apr 2016 Last Revised: 16 Feb 2017
Thomas J. O'Brien and Santiago Ruiz de Vargas
University of Connecticut - Department of Finance and NOERR AG WPG StBG - Financial Advisory Services
Downloads 0 (292,069)

Abstract:

Foreign exchange, currency, valuation, Big Mac, effective exchange rate, misvaluation

36.

Estimating Cost of Equity: Do You Need to Adjust for Foreign Exchange Risk?

Journal of International Financial Management & Accounting, Vol. 27, Issue 1, pp. 5-25, 2016
Number of pages: 21 Posted: 06 Jan 2016
Alain A. Krapl and Thomas J. O'Brien
Northern Kentucky University - Department of Economics and Finance and University of Connecticut - Department of Finance
Downloads 0 (536,399)
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Abstract:

37.

Trilateral Foreign Exchange Exposure

Posted: 28 Feb 2014 Last Revised: 12 Jul 2014
Thomas J. O'Brien
University of Connecticut - Department of Finance

Abstract:

Foreign exchange, compound FX exposure, competitive FX exposure, trilateral FX exposure, financial hedging