Thomas Boulton

Lindmor Professor & Professor



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

  • Lindmor Professor of Finance, Miami University, July 2017 - Present
  • Lindmor Professor and Associate Professor of Finance, Miami University, July 2013 - June 2017
  • Assistant Professor of Finance, 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, Thomas Shohfi, and Pengcheng Zhu, "Angels or Sharks? The Role of Personal Characteristics in Angel Investment Decisions," Journal of Small Business Management, Forthcoming.
  • 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, international finance, market microstructure, short selling.


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, corporate governance, and mergers and acquisitions. He currently teaches undergraduate and graduate courses in investments, corporate finance, and mergers and acquisitions.


  • SPRING 2019
  • FIN 461/561 A MW 8:30AM-9:50AM, FSB 1013
  • FIN 461 B MW 10:05AM-11:25AM, FSB 1013

Contact Information

Office Hours

  • Spring 2019
  • MW 11:30-12:30
  • And By Appointment


* Accessible version of PDF available upon request.