Audra Boone is a Professor of Finance and holder of the C.R. Williams Professorship in Financial Services in the Neeley School of Business at Texas Christian University. Prior to this position, she was a senior financial economist at the U.S. Securities and Exchange Commission (SEC) working in the financial intermediaries group of the Division of Economic and Risk Analysis. She also previously served as a visiting scholar at the SEC to work on litigation and policy issues related to corporate finance. Professor Boone was an Associate Professor and the Gina and William H. Flores ’76 Endowed Professorship in Finance in the Department of Finance of the Mays Business School at Texas A&M University from 2011 to 2015. During this time, she also was a visiting faculty member at the University of Texas at Austin for the 2014-2015 academic year. She was previously on the faculty at the University of Kansas and the College of William & Mary. She received her B.S. from the University of Kansas and earned her Ph.D. in finance from Pennsylvania State University. She is an Associate Editor at the Journal of Corporate Finance and has served as a referee for several top finance and management journals.
Professor Boone's research interests include corporate restructuring, mergers & acquisitions, governance structures, and disclosure. According to Google Scholar, Professor Boone’s published papers have been cited over 3700 times. Her work on takeovers includes a 2008 article published in the Journal of Financial Economics that studies the returns to bidder firms and finds that they do not systematically fall prey to the winner's curse. A related 2007 Journal of Finance article examines the process by which firms are sold through auctions or negotiations. Another 2007 paper in the Review of Financial Studies explores the role of termination provisions in takeovers. Additional work on the factors driving acquisitions and divestitures appeared in the Journal of Corporate Finance.
Work in corporate governance includes a paper published in the July 2007 issue of the Journal of Financial Economics that studies the determinants of board size and composition using a sample of newly public firms. According to data posted on the JFE website this paper is one of the top five most cited articles published in the journal since 2007. A paper published in Journal of Financial and Quantitative Analysis in 2010 examines the reasons for parent firms to maintain ownership stakes in companies and the ability the parent may have to expropriate wealth from minority shareholders. Other publications include an article on specialized equity claims published in Financial Management.
A paper published in 2012 at Journal of Financial Economics examines the spillover effects when one party to a strategic alliance or joint venture files for bankruptcy. This work shows that alliance partners experience share price declines and worsening financial performance following the bankruptcy, but this effect is primarily found for longer-lived alliances with a larger partner. Furthermore, industry conditions can either mitigate or exacerbate the post-filing shareholder returns.
Recent work on disclosure includes a 2015 Journal of Financial Economics paper that explores the effect of institutional ownership, particularly by indexers, on a firm's public information environment. Professor Boone has another recent piece published in 2016 at the Journal of Financial Economics examining firms that redact information at their initial public offering. It explores the trade off between revealing potentially valuable proprietary information to rivals versus obtaining better capital market terms.