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Thomas Boulton

Jack R. Anderson Professor in Finance & Professor

Finance


Thomas Boulton

Contact Information

Office Hours

  • On Leave

Links

* Accessible version of PDF available upon request.

Profile

Academic Background

  • Ph.D. University of Pittsburgh, Finance, 2006
  • M.B.A. Cleveland State University, 2002
  • B.S. The Ohio State University, Actuarial Science, 1993

Academic Experience

  • Jack R. Anderson Professor in Finance, Miami University, July 2021 - Present
  • Professor, July 2017 - Present
  • Lindmor Professor, Miami University, July 2013 - June 2021
  • Associate Professor, Miami University, July 2013 - June 2017
  • Assistant Professor, Miami University, August 2007 - June 2013
  • Visiting Lecturer, Indiana University, January 2006 - May 2007
  • Lecturer, University of Pittsburgh, January 2007 - April 2007

Recent Publications

  • Boulton, Thomas, "Property Rights and Access to Equity Capital in China," Global Finance Journal 55, February 2023.
  • Boulton, Thomas, Marcus Braga-Alves, and Bidisha Chakrabarty "The Effect of Reporting Opacity on Trading Opacity: New Evidence from American Depositary Receipt Trades in Dark Pools," Contemporary Accounting Research 39, Winter 2022, 2758-2789.
  • Boulton, Thomas, "Economic Policy Uncertainty and International IPO Underpricing," Journal of International Financial Markets, Institutions & Money 81, November 2022.
  • Boulton, Thomas, "Social Progress, Business Formation, and Access to Investment Capital," Emerging Markets Review 50, March 2022.
  • Boulton, Thomas, Bill Francis, Thomas Shohfi, and Daqi Xin, "Investor Awareness or Information Asymmetry? Wikipedia and IPO Underpricing," The Financial Review 56, August 2021, 535-561.
  • Baker, Edward, Thomas Boulton, Marcus Braga-Alves, and Matthew Morey, "ESG Government Risk and International IPO Underpricing," Journal of Corporate Finance 67, April 2021.
  • Boulton, Thomas, and Marcus Braga-Alves, "Short Selling and Dark Pool Volume," Managerial Finance 46, 2020, 1263-1282.
  • Boulton, Thomas, Scott Smart, and Chad Zutter, "Worldwide Short Selling Regulations and IPO Underpricing," Journal of Corporate Finance 62, June 2020.
  • Boulton, Thomas, and Marcus Braga-Alves, "Price Stabilization, Short Selling, and IPO Secondary Market Liquidity," Quarterly Review of Economics and Finance 76, May 2020, 278-291.
  • Boulton, Thomas, Thomas Shohfi, and Pengcheng Zhu, "Angels or Sharks? The Role of Personal Characteristics in Angel Investment Decisions," Journal of Small Business Management 57, October 2019, 1280-1303.
  • Boulton, Thomas, and Manoj Kulchania, "Suppliers, Customers, and Firms' Financial Decisions" in Supply Chain Finance: Solutions for Financial Stability, Risk Management, and Resilience in the Supply Chain, Kogan Page, 2019, edited by Wendy L. Tate, Lydia Bals, and Lisa M. Ellram, pp. 39-62.
  • Boulton, Thomas, Scott Smart, and Chad Zutter, "Determinants of Variation in IPO Underpricing" in Oxford Handbook of IPOs, Oxford University Press, 2018, edited by Douglas Cumming and Sofia Johan, pp. 81-107.
  • Boulton, Thomas, Scott Smart, and Chad Zutter, "Conservatism and International IPO Underpricing," Journal of International Business Studies 48, August 2017, 763-785.
  • Boulton, Thomas, and Terry Nixon, "The Litigation of Tax Benefit Preservation Plans," Managerial Finance 43, January 2017, 76-94.
  • Boulton, Thomas, and T. Colin Campbell, "Managerial Confidence and Initial Public Offerings," Journal of Corporate Finance 37, April 2016, 375-392.
  • Autore, Donald, Thomas Boulton, and Marcus Braga-Alves, "Failures to Deliver, Short Sale Constraints, and Stock Overvaluation," The Financial Review 50, May 2015, 143-172.
  • Borokhovich, Kenneth, Thomas Boulton, Kelly Brunarski, and Yvette Harman, "The Incentives of Grey Directors: Evidence from Unexpected Executive and Board Chair Turnover," Journal of Corporate Finance 28, October 2014, 102-115.
  • Boulton, Thomas, Marcus Braga-Alves, and Frederik Schlingemann, "Does Equity-Based Compensation Make CEOs More Acquisitive?" Journal of Financial Research 37, Fall 2014, 267-293.
  • Autore, Donald, Thomas Boulton, Scott Smart, and Chad Zutter, "The Impact of Institutional Quality on Initial Public Offerings," Journal of Economics and Business 73, May/June 2014, 65-96.
  • Boulton, Thomas, Marcus Braga-Alves, and Manoj Kulchania, "The Flash Crash: An Examination of Shareholder Wealth and Market Quality," Journal of Financial Intermediation 23, January 2014, 140-156.
  • Boulton, Thomas, Scott Smart, and Chad Zutter, "Industrial Diversification and Underpricing of Initial Public Offerings," Financial Management 42, Fall 2013, 679-704.
  • Boulton, Thomas, Marcus Braga-Alves, and Kuldeep Shastri, "Payout Policy in Brazil: Dividends versus Interest on Equity," Journal of Corporate Finance 18, September 2012, 968-979.
  • Boulton, Thomas, and Marcus Braga-Alves, "Naked Short Selling and Market Returns," The Journal of Portfolio Management 38, Spring 2012, 133-142.
  • Boulton, Thomas, "The Impact of the Corporate Control Market on IPO Decisions," The Financial Review 46, May 2011, 207-232.
  • Boulton, Thomas, Scott Smart, and Chad Zutter, "Earnings Quality and International IPO Underpricing," The Accounting Review 86, March 2011, 483-505.
  • Boulton, Thomas, Scott Smart, and Chad Zutter, "Acquisition Activity and IPO Underpricing," Financial Management 39, Winter 2010, 1521-1546.
  • Boulton, Thomas, "Venture Capital and the Incorporation Decisions of IPO Firms," Journal of Economics and Business 62, November/December 2010, 477-501.
  • Boulton, Thomas, and Marcus Braga-Alves,"The Skinny on the 2008 Naked Short Sale Restrictions," Journal of Financial Markets 13, November 2010, 397-421.
  • Boulton, Thomas, Scott Smart, and Chad Zutter, "IPO Underpricing and International Corporate Governance," Journal of International Business Studies 41, February/March 2010, 206-222.
  • Boulton, Thomas, Kenneth Lehn, and Steven Segal. 2007. "The Rise of the U.S. Private Equity Market." In New Financial Instruments and Institutions: Opportunities and Policy Challenges, edited by Yasuyuki Fuchita and Robert E. Litan, pp. 141-161. Washington, D.C.: Brookings Institution Press.

Professional Interests

  • Research interests: Initial public offerings, dark pools, international finance, short selling.

Biography

Tom Boulton joined the Department of Finance in 2007 after completing his Ph.D. in Finance at the University of Pittsburgh. He also holds an MBA from Cleveland State University and a bachelor's degree in actuarial science from The Ohio State University.

Dr. Boulton's research interests include initial public offerings, international finance, and short selling. He currently teaches undergraduate and graduate courses in corporate finance and mergers and acquisitions.

Courses

  • ON LEAVE