About Me

I am 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. I am also a research member at the European Corporate Governance Institute (ECGI). Prior to these positions, I served as 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. I also served as a visiting scholar at the SEC to work on litigation and policy issues related to corporate finance and investments. I was an Associate Professor and held 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. I was previously on the faculty at the University of Kansas and the College of William & Mary. I received my B.S. from the University of Kansas and earned my Ph.D. in finance from Pennsylvania State University. I have held visiting positions at Vanderbilt during the Fall of 2018 and at the University of Texas at Austin in the Department of Finance for the 2014-2015 academic year. I am an Associate Editor at the Journal of Corporate Finance and have refereed for several top finance and accounting journals.

My research interests include mergers & acquisitions, corporate restructuring, governance structures, and disclosure. According to Google Scholar, my papers have been cited over 6,000 times. My work on takeovers includes an article published in the Journal of Financial Economics that studies the returns to acquiring firms and finds that they do not systematically fall prey to the winner's curse. A related Journal of Finance article examines the process by which firms are sold through auctions or negotiations. Another 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. Research publish in the Journal of Law and Economics explores the consequences of a surge in appraisal litigation on the structure and pricing of takeovers.  More recently, a paper in the Review of Finance explores how M&A teams affect the takeover process.

Work in corporate governance includes a paper published in the Journal of Financial Economics that studies the determinants of board size and composition using a sample of newly public firms. A paper published in Journal of Financial and Quantitative Analysis examines the reasons parent firms maintain ownership stakes in subsidiaries and the ability the parent may have to expropriate wealth from minority shareholders in those subsidiaries. Other publications on governance include an article on specialized equity claims published in Financial Management.

A paper published in 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.

Work on disclosure includes a 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 piece published the Journal of Financial Economics that examines 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. More recently, a paper in The Accounting Review explores the consequences of the SEC's policy to defer to the foreign firm’s home-market rules for the content, timing, and materiality threshold of periodic and ongoing disclosures on Form 6-K.  A forthcoming article in the Review of Finance examines the consequences on employees of disclosing of the CEO pay ratio, which is a relatively simple, yet salient, metric.

A PDF version of my CV can be found here: Boone CV (May 2024)