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

SCHOLARLY PAPERS

42

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20,613

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Top 19,975

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17

CROSSREF CITATIONS

29

Scholarly Papers (42)

1.

Debt vs. Equity and Asymmetric Information: A Review

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 2,628 (5,160)
Citation 10

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structure, asymmetric information, pecking order hypothesis, timing hypothesis

2.

A Simple and Flexible DCF Valuation Formula

Number of pages: 9 Posted: 03 Nov 2003
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 1,817 (9,555)

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Valuation, growth opportunities

3.

Accounting Versus Economic Exposure to Currency Risk

Number of pages: 20 Posted: 15 Jan 1998
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 1,658 (11,114)
Citation 1

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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: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 1,394 (14,287)

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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 25 (551,945)
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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 1,382 (14,475)
Citation 10

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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

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6.

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

Number of pages: 31 Posted: 27 Mar 1999 Last Revised: 23 Oct 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 1,313 (15,985)
Citation 2

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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 Last Revised: 23 Oct 2017
Dev R. Mishra and Thomas J. O'Brien
University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 1,124 (20,205)
Citation 2

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cost of capital, CAPM, global

8.

Fama-French, CAPM, and Implied Cost of Equity

Journal of Economics and Business 101, January-February 2019, 73-85.
Number of pages: 36 Posted: 01 Dec 2012 Last Revised: 22 Jan 2020
Dev R. Mishra and Thomas J. O'Brien
University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 825 (31,612)

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CAPM, Fama-French three-factor model, implied cost of equity, size factor, value factor, ex ante, geometric mean

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: 12 Sep 2017
Joseph Calandro, Jr. and Thomas J. O'Brien
Fordham University - Gabelli Center for Global Security Analysis and University of Connecticut - Department of Finance
Downloads 802 (32,373)

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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 18 (600,411)
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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 Temple University - Department of Risk, Insurance & Healthcare Management
Downloads 753 (35,276)

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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 Temple University - Department of Risk, Insurance & Healthcare Management
Downloads 14 (629,546)
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11.

Foreign Exchange and Cross-Border Valuation

Number of pages: 22 Posted: 10 Dec 2002 Last Revised: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 664 (42,413)

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

12.

A Currency Index Global Capital Asset Pricing Model

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 601 (48,421)

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International, Asset, Pricing

13.

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

Number of pages: 26 Posted: 16 Apr 2001
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 483 (63,807)

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Hedging, operational, production

14.

Hurdle Rates for Overseas Projects

HANDBOOK OF FINANCE, Fabozzi, 2008
Number of pages: 27 Posted: 02 Jan 2007 Last Revised: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 460 (67,756)

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

15.

Managerial Economics and Operating Beta

Managerial and Decision Economics, April 2011, 175-191
Number of pages: 42 Posted: 10 Apr 2005 Last Revised: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 444 (70,748)

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

16.

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: 12 Sep 2017
Dev R. Mishra and Thomas J. O'Brien
University of Saskatchewan - Edwards School of Business and University of Connecticut - Department of Finance
Downloads 438 (71,900)
Citation 5

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Emerging markets, cost of equity, political risk

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

Journal of Applied Finance, No. 1, 2011
Number of pages: 24 Posted: 15 Nov 2009 Last Revised: 17 Apr 2018
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 375 (85,585)
Citation 3

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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:

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Foreign Exchange, CAPM, cost of equity

18.

Local, Global, and International CAPM: For Which Countries Does Model Choice Matter?

Journal of Investment Management, 2nd Quarter, 2020, University of Connecticut School of Business Research Paper No. 18-04
Number of pages: 36 Posted: 22 Aug 2017 Last Revised: 23 Jul 2020
University of New Haven, Northern Kentucky University - Department of Economics and Finance, University of Connecticut - Department of Finance and NOERR AG WPG StBG - Advisory Services
Downloads 337 (97,438)

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Discount rate, International CAPM, Global CAPM, Local CAPM, currency risk

19.

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 280 (119,183)
Citation 1

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

20.

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: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 274 (121,901)

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

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 256 (130,293)

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

Asset Pricing of Insurance Loss Liabilities: Some Examples

Number of pages: 26 Posted: 14 Oct 2004
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 17 (607,544)
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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: 29 Aug 2018
Kirt C. Butler, Thomas J. O'Brien and Gwinyai Utete
Michigan State University, University of Connecticut - Department of Finance and affiliation not provided to SSRN
Downloads 201 (165,000)

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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 affiliation not provided to SSRN
Downloads 51 (425,358)

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23.

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 152 (211,063)
Citation 2

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

24.

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

Number of pages: 10 Posted: 12 Jul 2013 Last Revised: 29 Jun 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 143 (221,818)

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

25.

Lease versus Buy Analyses: Clarifying the Impact of Tax and Borrowing Rates

Managerial Finance (2019), Vol 45, No. 5, 686-696; University of Connecticut School of Business Research Paper No. 18-26
Number of pages: 20 Posted: 16 Oct 2018 Last Revised: 23 May 2019
Jim Musumeci and Thomas J. O'Brien
Bentley University - Department of Finance and University of Connecticut - Department of Finance
Downloads 140 (228,224)

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leasing, taxes, borrowing rates

26.

Valuation and Hedging of Sports Futures Wagers

Journal of Prediction Markets, No. 1, 2017, 66-81
Number of pages: 25 Posted: 09 Jun 2016 Last Revised: 08 Feb 2018
Thomas J. O'Brien and Reinhold Lamb
University of Connecticut - Department of Finance and University of North Florida
Downloads 136 (230,878)

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valuation, hedging, sports betting, futures

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: 12 Sep 2017
Thomas J. O'Brien and Santiago Ruiz de Vargas
University of Connecticut - Department of Finance and NOERR AG WPG StBG - Advisory Services
Downloads 136 (231,531)

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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
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28.

Cross-Border Valuation Using the International CAPM and the Constant Perpetual Growth Model

University of Connecticut School of Business Research Paper No. 20-08
Number of pages: 31 Posted: 07 Jul 2020 Last Revised: 28 Jul 2020
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 135 (232,281)

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cross-border valuation, exchange rates, currency risk premium, International CAPM

29.

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 131 (237,792)

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

30.

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 128 (242,097)

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

Currency Denomination of Intercompany Debt and Multinational Taxes

Number of pages: 25 Posted: 22 May 2009 Last Revised: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 113 (266,640)

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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 (707,274)
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32.

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 111 (268,729)

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

33.

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 105 (279,365)

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34.

Currency Indexes and Consistent Currency Misvaluation: Illustrations using Big Mac Data

Research in International Business and Finance, April 2019, 464-474
Number of pages: 26 Posted: 24 Apr 2016 Last Revised: 04 Apr 2019
Thomas J. O'Brien and Santiago Ruiz de Vargas
University of Connecticut - Department of Finance and NOERR AG WPG StBG - Advisory Services
Downloads 103 (283,098)

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Exchange rates; currency misvaluation; currency index; Big Mac

35.

Houston Marine Electronics: International Finance Case on FX Transaction Exposure

Number of pages: 9 Posted: 10 Jul 2013 Last Revised: 12 Sep 2017
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 97 (294,501)

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

36.

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 88 (313,360)

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

37.

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

Journal of Investment Management, No. 2, 2017, 39-50, University of Connecticut School of Business Research Paper No. 19-07
Number of pages: 26 Posted: 09 Jul 2016 Last Revised: 24 Feb 2019
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 78 (336,988)

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

38.

Buy-and-Hold and Constant-Mix May Be Better Allocation Strategies than You Think

Number of pages: 20 Posted: 17 Dec 2019 Last Revised: 15 May 2020
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 66 (369,493)

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buy-and-hold; constant-mix; dynamic allocation; mean reversion; optimal reallocation

39.

Applying Merton’s Valuation Adjustment for Incomplete Information...and Do You Need To?

Managerial Finance, January 2020, 109-199; University of Connecticut School of Business Research Paper No. 18-31
Number of pages: 23 Posted: 28 Sep 2018 Last Revised: 23 Jul 2020
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 53 (411,213)

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Valuation, Discount Rate, Incomplete Information, Idiosyncratic Risk, Shareholder Base

40.

Interactive Trilateral Foreign Exchange Exposure: Insights from Scenario Analysis

Managerial Finance, July 2019, 856-868
Number of pages: 28 Posted: 28 Feb 2014 Last Revised: 13 Aug 2019
Thomas J. O'Brien
University of Connecticut - Department of Finance
Downloads 52 (414,774)

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Exchange rate, FX exposure, financial hedging, interactive, multivariate regression

41.

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 (648,126)
Citation 1
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42.

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 (726,205)
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