Thomas J. Boulton

Miami University

Jack R. Anderson Professor in Finance

3028 Farmer School of Business

Oxford, OH 45056

United States

  • Miami University

    • Email
    • Tel: (513) 529-1563
    • Fax: (513) 529-8598
SCHOLARLY PAPERS

36

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11,524

TOTAL CITATIONS
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SSRN RANKINGS

Top 6,680

in Total Papers Citations

108

Scholarly Papers (36)

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1.

IPO Underpricing and International Corporate Governance

Journal of International Business Studies, Vol. 41, February/March, 2010
Number of pages: 38 Posted: 06 Sep 2006 Last Revised: 14 May 2014
Thomas J. Boulton, Scott Smart and Chad J. Zutter
Miami University, Indiana University - Kelley School of Business - Department of Finance and University of Pittsburgh
Downloads 1,163 (39,555)
Citation 25

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Underpricing, Initial public offerings, International finance, Corporate control, Governance

2.

Earnings Quality and International IPO Underpricing

The Accounting Review, Vol. 86, No. 2, 2011
Number of pages: 41 Posted: 20 Mar 2007 Last Revised: 27 Jul 2021
Thomas J. Boulton, Scott Smart and Chad J. Zutter
Miami University, Indiana University - Kelley School of Business - Department of Finance and University of Pittsburgh
Downloads 1,136 (41,034)
Citation 6

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International finance, Earnings quality, Initial public offerings, Underpricing, Valuation

3.

Investor Awareness or Information Asymmetry? Wikipedia and IPO Underpricing

Financial Review, Vol. 56, No. 3, pp. 535-561 (2021)
Number of pages: 42 Posted: 31 Jan 2017 Last Revised: 12 Jul 2021
Thomas J. Boulton, Bill B. Francis, Thomas Shohfi and Daqi Xin
Miami University, Rensselaer Polytechnic Institute (RPI) - Lally School of Management, Wayne State University - Mike Ilitch School of Business and Nankai University
Downloads 1,078 (44,170)

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Initial Public Offerings, Investor Attention, Underpricing, Wikipedia

4.

Angels or Sharks? The Role of Personal Characteristics in Angel Investment Decisions

Journal of Small Business Management, Vol. 57, No. 4, pp. 1280-1303, 2019, 2017 Emerging Trends in Entrepreneurial Finance Conference
Number of pages: 44 Posted: 19 Dec 2016 Last Revised: 15 Aug 2020
Thomas J. Boulton, Thomas Shohfi and Pengcheng Zhu
Miami University, Wayne State University - Mike Ilitch School of Business and affiliation not provided to SSRN
Downloads 897 (57,012)
Citation 2

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Angel Investors, Entrepreneurial Finance, Venture Capital

5.

The Skinny on the 2008 Naked Short Sale Restrictions

Journal of Financial Markets, Vol. 13, No. 4, 2010, Pace University Finance Research Paper No. 2008/04
Number of pages: 44 Posted: 15 Sep 2008 Last Revised: 04 Sep 2019
Thomas J. Boulton and Marcus V. Braga-Alves
Miami University and Pace University - Lubin School of Business
Downloads 658 (85,823)
Citation 6

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Failure to deliver, liquidity, market quality, short sale constraints, stock returns

6.

Acquisition Activity and IPO Underpricing

Financial Management, Vol. 39, Winter, 2010
Number of pages: 48 Posted: 06 Sep 2006 Last Revised: 14 May 2014
Thomas J. Boulton, Scott Smart and Chad J. Zutter
Miami University, Indiana University - Kelley School of Business - Department of Finance and University of Pittsburgh
Downloads 555 (106,539)

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Underpricing, Initial public offerings, Merger and acquisitions, Corporate control, Governance

7.

Failures to Deliver, Short Sale Constraints, and Stock Overvaluation

The Financial Review, Forthcoming, AFA 2012 Chicago Meetings Paper, Pace University Finance Research Paper No. 2010/02
Number of pages: 39 Posted: 17 Mar 2010 Last Revised: 27 Aug 2019
Don M. Autore, Thomas J. Boulton and Marcus V. Braga-Alves
Florida State University - College of Business, Miami University and Pace University - Lubin School of Business
Downloads 487 (125,098)
Citation 10

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Failures to deliver, short interest, institutional ownership, short sale constraints, stock returns

8.

ESG Government Risk and International IPO Underpricing

Journal of Corporate Finance, Vol. 67, April, 2021.
Number of pages: 62 Posted: 27 Mar 2021 Last Revised: 21 Apr 2021
Edward Baker, Thomas J. Boulton, Marcus V. Braga-Alves and Matthew R. Morey
Mesirow Financial Investment Management, Miami University, Pace University - Lubin School of Business and Pace University - Lubin School of Business - Department of Finance and Economics
Downloads 446 (139,103)

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ESG, initial public offerings, underpricing

9.

Mandatory ESG Disclosure, Information Asymmetry, and Litigation Risk: Evidence from Initial Public Offerings

European Financial Management, Forthcoming.
Number of pages: 59 Posted: 07 Apr 2023 Last Revised: 02 May 2024
Thomas J. Boulton
Miami University
Downloads 439 (141,685)

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Disclosure, ESG, information asymmetry, IPO underpricing, litigation risk

10.

Conservatism and International IPO Underpricing

Journal of International Business Studies, Vol. 48, August, 2017, Kelley School of Business Research Paper No. 17-2
Number of pages: 47 Posted: 21 Dec 2016 Last Revised: 28 Mar 2019
Thomas J. Boulton, Scott Smart and Chad J. Zutter
Miami University, Indiana University - Kelley School of Business - Department of Finance and University of Pittsburgh
Downloads 434 (143,507)
Citation 17

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International Finance, Initial Public Offerings, Accounting Conservatism, Underpricing

11.

The Litigation of Tax Benefit Preservation Plans

Downloads 349 (183,337)
Citation 1

The Litigation of Tax Benefit Preservation Plans

Managerial Finance, Vol. 43, 2017
Number of pages: 36 Posted: 09 Jul 2015 Last Revised: 25 Mar 2017
Thomas J. Boulton and Terry Nixon
Miami University and Miami University of Ohio
Downloads 192 (333,758)

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Delaware Courts, Net operating losses, Poison pill, Section 382, Shareholder rights plan

Tax Benefit Preservation Plans

Number of pages: 36 Posted: 05 Dec 2010 Last Revised: 18 Mar 2021
Thomas J. Boulton and Terry Nixon
Miami University and Miami University of Ohio
Downloads 157 (399,885)
Citation 1

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Delaware Courts, Net operating losses, Poison pill, Section 382, Shareholder rights plan

12.

Payout Policy in Brazil: Dividends Versus Interest on Equity

Journal of Corporate Finance, Vol. 18, No. 4, 2012, Pace University Finance Research Paper No. 2010/04
Number of pages: 36 Posted: 12 Jun 2010 Last Revised: 24 Oct 2020
Thomas J. Boulton, Marcus V. Braga-Alves and Kuldeep Shastri
Miami University, Pace University - Lubin School of Business and University of Pittsburgh - Finance Group
Downloads 328 (196,035)

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Payout policy, interest on equity, dividends, taxes

13.

Climate Change Vulnerability and IPO Underpricing Around the World

Number of pages: 83 Posted: 19 May 2022 Last Revised: 02 May 2024
Thomas J. Boulton, Douglas J. Cumming and Chad J. Zutter
Miami University, Florida Atlantic University and University of Pittsburgh
Downloads 320 (201,321)
Citation 8

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Climate change, initial public offerings, underpricing

14.

How Does Payment for Order Flow Influence Markets? Evidence from Robinhood Crypto Token Introductions

Number of pages: 28 Posted: 28 Oct 2024 Last Revised: 16 Mar 2025
Thomas J. Boulton, Thomas Shohfi and Michael Walz
Miami University, Wayne State University - Mike Ilitch School of Business and U.S. Securities and Exchange Commission
Downloads 300 (215,766)

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bitcoin, crypto, crypto assets, cryptocurrency, digital assets, ethereum, payment for order flow, pfof, Robinhood

15.

The Flash Crash: An Examination of Shareholder Wealth and Market Quality

Journal of Financial Intermediation, Vol. 23, No. 1, 2014, Pace University Finance Research Paper No. 2011/06
Number of pages: 39 Posted: 27 Aug 2011 Last Revised: 27 Aug 2019
Thomas J. Boulton, Marcus V. Braga-Alves and Manoj Kulchania
Miami University, Pace University - Lubin School of Business and Wayne State University - Finance Group
Downloads 282 (230,191)
Citation 2

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Flash Crash, event study, market quality

16.

Short Selling and Dark Pool Volume

Managerial Finance, Vol. 46, 2020
Number of pages: 35 Posted: 12 Jul 2021 Last Revised: 27 Jul 2021
Thomas J. Boulton and Marcus V. Braga-Alves
Miami University and Pace University - Lubin School of Business
Downloads 273 (238,029)
Citation 1

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Dark pools; informed trading; liquidity; short selling; stock returns

17.

The Impact of Institutional Quality on Initial Public Offerings

Journal of Economics and Business, Vol. 73, No. 1, 2014
Number of pages: 52 Posted: 23 Apr 2010 Last Revised: 23 Sep 2014
Don M. Autore, Thomas J. Boulton, Scott Smart and Chad J. Zutter
Florida State University - College of Business, Miami University, Indiana University - Kelley School of Business - Department of Finance and University of Pittsburgh
Downloads 272 (238,956)
Citation 2

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International finance, Initial public offerings, Governance, Investor protection

18.

Industrial Diversification and Underpricing of Initial Public Offerings

Financial Management, Vol. 42, No. 3, 2013
Number of pages: 46 Posted: 03 Oct 2007 Last Revised: 11 Aug 2014
Thomas J. Boulton, Scott Smart and Chad J. Zutter
Miami University, Indiana University - Kelley School of Business - Department of Finance and University of Pittsburgh
Downloads 226 (287,248)

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Diversification, Initial Public Offerings, IPO Underpricing

19.

Worldwide Short Selling Regulations and IPO Underpricing

Journal of Corporate Finance, Vol. 62, June, 2020.
Number of pages: 58 Posted: 08 Mar 2020 Last Revised: 21 Apr 2021
Thomas J. Boulton, Scott Smart and Chad J. Zutter
Miami University, Indiana University - Kelley School of Business - Department of Finance and University of Pittsburgh
Downloads 210 (308,019)
Citation 9

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information asymmetry, initial public offerings, international finance, short sale constraints, underpricing

20.

Venture Capital and the Incorporation Decisions of IPO Firms

Journal of Economics and Business, Vol. 62, No. 6, 2010
Number of pages: 48 Posted: 20 Jun 2008 Last Revised: 28 Jun 2011
Thomas J. Boulton
Miami University
Downloads 201 (320,933)
Citation 1

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Governance, Initial public offering, State of incorporation, Venture capital

21.

Does Equity-Based Compensation Make CEOs More Acquisitive?

Journal of Financial Research, Vol. 37, No. 3, 2014, Pace University Finance Research Paper No. 2015/02
Number of pages: 47 Posted: 01 Jul 2014 Last Revised: 24 Oct 2020
Thomas J. Boulton, Marcus V. Braga-Alves and Frederik P. Schlingemann
Miami University, Pace University - Lubin School of Business and University of Pittsburgh - Finance Group
Downloads 189 (339,762)
Citation 2

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Executive compensation, mergers and acquisitions, risk taking

22.

The Effect of Reporting Opacity on Trading Opacity: New Evidence from ADR Trades in Dark Pools

Pace University Finance Research Paper No. 2019/01
Number of pages: 54 Posted: 07 May 2019 Last Revised: 06 Jun 2022
Thomas J. Boulton, Marcus V. Braga-Alves and Bidisha Chakrabarty
Miami University, Pace University - Lubin School of Business and Saint Louis University - Richard A. Chaifetz School of Business
Downloads 168 (377,267)

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Reporting opacity; Dark pools; Disclosure; Earnings announcements; Informed trading

23.

The Lingering Effects of Country-Level Governance on Cross-Listed Firms

Number of pages: 54 Posted: 23 Jul 2008 Last Revised: 13 Dec 2009
Thomas J. Boulton and Kuldeep Shastri
Miami University and University of Pittsburgh - Finance Group
Downloads 165 (383,291)
Citation 1

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ADR, Trading costs, Information risk, Institutional quality

24.

Price Stabilization, Short Selling, and IPO Secondary Market Liquidity

Quarterly Review of Economics and Finance, Vol. 76, May 2020, 278–291.
Number of pages: 48 Posted: 01 Oct 2019 Last Revised: 21 Apr 2021
Thomas J. Boulton and Marcus V. Braga-Alves
Miami University and Pace University - Lubin School of Business
Downloads 144 (429,238)

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bid-ask spreads, initial public offering (IPO), failure to deliver, short selling, trading costs

25.

The Incentives of Grey Directors: Evidence from Unexpected Executive and Board Chair Turnover

Journal of Corporate Finance, Vol. 28, October, 2014
Number of pages: 36 Posted: 04 Dec 2013 Last Revised: 06 Dec 2014
Kenneth A. Borokhovich, Thomas J. Boulton, Kelly R. Brunarski and Yvette S. Harman
Miami University, Miami University, Miami University of Ohio - Department of Finance and Miami University
Downloads 124 (483,569)
Citation 3

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Board of directors, corporate governance, executive turnover

26.

The Economic Consequences of Social Unrest: Evidence from Initial Public Offerings

Downloads 123 (489,719)
Citation 1

The Economic Consequences of Social Unrest: Evidence from Initial Public Offerings

Number of pages: 52 Posted: 21 Feb 2024 Last Revised: 12 Apr 2024
Thomas J. Boulton, Philip Barrett and Terry Nixon
Miami University, International Monetary Fund (IMF) and Miami University of Ohio
Downloads 66 (743,046)
Citation 1

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Initial public offerings, investor sentiment, social unrest, underpricing

The Economic Consequences of Social Unrest: Evidence from Initial Public Offerings

IMF Working Paper No. 2023/232
Number of pages: 52 Posted: 06 Dec 2023
Philip Barrett, Thomas J. Boulton and Terry Nixon
International Monetary Fund (IMF), Miami University and Miami University of Ohio
Downloads 57 (795,614)

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Initial public offerings, investor sentiment, social unrest, underpricing

27.

Economic Policy Uncertainty and International IPO Underpricing

Journal of International Financial Markets, Institutions and Money, Vol. 81, November, 2022
Number of pages: 57 Posted: 19 May 2022 Last Revised: 28 Mar 2023
Thomas J. Boulton
Miami University
Downloads 113 (519,058)
Citation 6

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Economic policy uncertainty, initial public offerings, underpricing

28.

The Impact of the Corporate Control Market on IPO Decisions

The Financial Review, Vol. 46, No. 2, 2011
Number of pages: 47 Posted: 15 Jun 2009 Last Revised: 27 Jul 2021
Thomas J. Boulton
Miami University
Downloads 111 (526,090)

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corporate control, governance, initial public offering, state of incorporation

29.

Managerial Confidence and Initial Public Offerings

Journal of Corporate Finance, Vol. 37, 2016, Paris December 2014 Finance Meeting EUROFIDAI - AFFI Paper
Number of pages: 44 Posted: 15 Mar 2012 Last Revised: 24 Oct 2020
Thomas J. Boulton and T. Colin Campbell
Miami University and University of Cincinnati - Department of Finance - Real Estate
Downloads 107 (540,628)
Citation 5

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Initial public offering (IPO), Managerial optimism, Signaling, Underpricing

30.

The Effect of Internet Penetration on Financial Markets: A Cross-Country Analysis of IPO Underpricing

Number of pages: 40 Posted: 02 Oct 2023
Thomas J. Boulton, Narayan Ramasubbu, Scott Smart and Chad J. Zutter
Miami University, University of Pittsburgh - Katz Graduate School of Business, Indiana University - Kelley School of Business - Department of Finance and University of Pittsburgh
Downloads 67 (718,513)

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Internet penetration, information asymmetry, initial public offerings, underpricing, emerging technology industries, entrepreneurship.

31.

Terror Threat and Investor Sentiment: International Evidence

Global Finance Journal, Forthcoming
Number of pages: 37 Posted: 08 Jun 2023 Last Revised: 15 Mar 2024
Thomas J. Boulton and Corey A. Shank
Miami University and Miami University
Downloads 48 (846,117)

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Initial public offerings, Investor sentiment, Terrorism, Underpricing

32.

Social Progress, Business Formation, and Access to Investment Capital

Emerging Markets Review, Vol. 50, March, 2022
Number of pages: 49 Posted: 23 Dec 2020 Last Revised: 17 May 2022
Thomas J. Boulton
Miami University
Downloads 45 (879,500)

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Initial public offerings; investment capital; business formation; social progress; venture capital

33.

Property Rights and Access to Equity Capital in China

Global Finance Journal, Vol. 55, February 2023
Number of pages: 61 Posted: 22 Nov 2022 Last Revised: 28 Mar 2023
Thomas J. Boulton
Miami University
Downloads 38 (934,113)

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China, information asymmetry, initial public offerings, litigation risk, property rights, underpricing, venture capital

34.

From Calamity to Capital: Natural Disasters' Effect on Investor Sentiment, Uncertainty, and IPO Pricing

Number of pages: 47 Posted: 22 Feb 2025
Thomas J. Boulton, Chen Huang, Aoran Zhang and Yunfei Zhao
Miami University, Queen Mary University of London, Toronto Metropolitan University (formerly Ryerson University) and Wenzhou-Kean University
Downloads 28 (1,039,141)

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Natural disasters, Investor sentiment, Initial public offerings (IPOs), Underpricing

35.

The Effect of Reporting Opacity on Trading Opacity: New Evidence from American Depositary Receipt Trades in Dark Pools

Contemporary Accounting Research, Forthcoming
Posted: 09 Mar 2023
Thomas J. Boulton, Marcus V. Braga-Alves and Bidisha Chakrabarty
Miami University, Pace University - Lubin School of Business and Saint Louis University - Richard A. Chaifetz School of Business

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reporting opacity, dark pools, disclosure, earnings announcements, informed trading

36.

Naked Short Selling and Market Returns

Journal of Portfolio Management, Spring 2012, Vol. 8, No. 3, pp. 133-142., Pace University Finance Research Paper No. 2009/04
Posted: 06 Apr 2009 Last Revised: 24 Oct 2020
Thomas J. Boulton and Marcus V. Braga-Alves
Miami University and Pace University - Lubin School of Business

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Failures to deliver, naked short selling, stock returns