Research on mergers and acquisitions, corporate governance, and disclosure.
I am the Dr. Ajay Menon Professor in Business at Colorado State University, a former senior financial economist at the U.S. Securities and Exchange Commission, and an Associate Editor of the Journal of Corporate Finance.
Research
My work appears in leading finance, accounting, and law journals and focuses on three connected questions about how firms are sold, governed, and seen by investors.
Mergers and acquisitions
The private phase of the bidding process, including auctions versus negotiations, the winner's curse, termination provisions, appraisal litigation, and internal M&A teams.
Corporate governance
Board size and composition, ownership stakes in subsidiaries after divestitures, specialized equity claims, and bankruptcy spillovers across strategic alliances.
Disclosure
Institutional and index ownership and the information environment, redaction at the IPO, foreign issuer disclosure on Form 6-K, and the CEO pay ratio.
Selected publications
Google Scholar profile- 2025Product Similarity, Benchmarking, and Corporate Fraudwith William Grieser, Rachel Li, and Parth VenkatJournal of Financial and Quantitative Analysis
- 2024The Saliency of the CEO Pay Ratiowith Austin Starkweather and Joshua WhiteReview of Finance
- 2021Ongoing SEC Disclosures by Foreign Firmswith Kathryn Schumann and Joshua WhiteThe Accounting Review
- 2019Merger Negotiations in the Shadow of Judicial Appraisalwith Brian Broughman and Antonio MaciasJournal of Law and Economics
- 2016Redacting Proprietary Information at the IPOwith Ioannis Floros and Shane JohnsonJournal of Financial Economics
- 2015The Effect of Institutional Ownership on Firm Transparency and Information Productionwith Joshua WhiteJournal of Financial Economics
- 2008Do Auctions Induce a Winner’s Curse? New Evidence from the Corporate Takeover Marketwith Harold MulherinJournal of Financial Economics
- 2007How Are Firms Sold?with Harold MulherinJournal of Finance
All 25 publications
Refereed publications
- Product Similarity, Benchmarking, and Corporate Fraud, with William Grieser, Rachel Li, and Parth Venkat, 2025, Journal of Financial and Quantitative Analysis 60(7), 3195–3227.
- The Saliency of the CEO Pay Ratio, with Austin Starkweather and Joshua White, 2024, Review of Finance 28, 1059–1104.
- Shareholder Litigation and the Information Environment: Revisiting Evidence from Two Natural Experiments, with Eliezer Fich and Thomas Griffin, 2023, Journal of Corporate Finance 82, 102444.
- The Role of Internal M&A Teams in Takeovers, with Nihat Aktas, Alexander Witkowski, Guosong Xu, and Burcin Yurtoglu, 2021, Review of Finance 25, 1047–1088.
- Reductions in CEO Career Horizons and Corporate Policies, with Nihat Aktas, Ettore Croci, and Andrea Signori, 2021, Journal of Corporate Finance 66, 101862.
- Ongoing SEC Disclosures by Foreign Firms, with Kathryn Schumann and Joshua White, 2021, The Accounting Review 96, 91–120.
- Reputational Concerns and the Market for Corporate Control, with Vahap Uysal, 2020, Journal of Corporate Finance 61, 101399.
- Merger Negotiations in the Shadow of Judicial Appraisal, with Brian Broughman and Antonio Macias, 2019, Journal of Law and Economics 62, 281–319. Internet Appendix
- Shareholder Decision Rights in Acquisitions: Evidence from Mergers versus Tender Offers, with Brian Broughman and Antonio Macias, 2018, Journal of Corporate Finance 53, 225–245. Internet Appendix
- Who Monitors the Monitor? The Use of Special Committees by Target Firms in Corporate Takeovers, with Harold Mulherin, 2017, Journal of Corporate Finance 44, 388–404.
- Redacting Proprietary Information at the IPO, with Ioannis Floros and Shane Johnson, 2016, Journal of Financial Economics 120(1), 102–123.
- The Effect of Institutional Ownership on Firm Transparency and Information Production, with Joshua White, 2015, Journal of Financial Economics 117(3), 508–533.
- Time Trends and Determinants of the Method of Payment in M&As, with Erik Lie and Yixin Liu, 2014, Journal of Corporate Finance 27, 296–304.
- Bankruptcy Spillover Effects on Strategic Alliance Partners, with Vladimir Ivanov, 2012, Journal of Financial Economics 103(3), 551–569.
- Do Private Equity Consortiums Facilitate Collusion in Takeover Bidding?, with Harold Mulherin, 2011, Journal of Corporate Finance 17(5), 1475–1495.
- Is There Shareholder Expropriation in the U.S.? An Analysis of Publicly-Traded Subsidiaries, with Vladimir Atanasov and David Haushalter, 2010, Journal of Financial and Quantitative Analysis 45(1), 1–26.
- Do Auctions Induce a Winner’s Curse? New Evidence from the Corporate Takeover Market, with Harold Mulherin, 2008, Journal of Financial Economics 89(1), 1–19. Reprinted in Corporate Takeovers: Modern Empirical Developments, edited by Espen Eckbo.
- The Determinants of Corporate Board Size and Composition: An Empirical Analysis, with Laura Field, Jonathan Karpoff, and Charu Raheja, 2007, Journal of Financial Economics 85(1), 65–101.
- How Are Firms Sold?, with Harold Mulherin, 2007, Journal of Finance 62(2), 847–875.
- Do Termination Provisions Truncate the Takeover Bidding Process?, with Harold Mulherin, 2007, Review of Financial Studies 20(2), 461–489.
- An Investigation of the Gains from Specialized Equity Claims, with David Haushalter and Wayne Mikkelson, 2003, Financial Management 32(3), 5–21.
- Comparing Acquisitions and Divestitures, with Harold Mulherin, 2000, Journal of Corporate Finance 6(2), 117–139. Reprinted in Mergers and Corporate Governance, edited by Harold Mulherin, in Corporate Restructuring, edited by John McConnell and David Denis, and in CFA Digest 31(1), 2001.
Other publications
- The Private Deal Process in Mergers and Acquisitions, with Nihat Aktas, 2024, in Handbook of Corporate Finance, edited by David Denis, Edward Elgar Publishing.
- Do Appraisal Challenges Benefit Target Shareholders Through Narrowing Arbitrage Spread? A Reply, with Brian Broughman and Antonio Macias, 2020, Journal of Law and Economics 63(4), 817–820.
- Is There One Best Way to Sell a Company? Auctions versus Negotiations and Controlled Sales, with Harold Mulherin, 2009, Journal of Applied Corporate Finance 21(3), 28–38.
Working papers
- Disclosure Incentives and Bondholder Bargaining Powerwith Terrence Blackburne and Xin Fan
- Unravelling Bidding Strategies in M&A Transactions: Evidence from the Private Phase of the Deal Processwith Wouter De Maeseneire, Sébastien Dereeper, Mathieu Luypaert, and Mai Nguyen Thuy · SSRN
- Contractual Risk-Sharing via Indemnification in Private Target Acquisitionswith Disen Huang Albrecht and Patrick Hopkins
- Public Expenditures and Racial Disparities: Real Effects of State Municipal Restructuring Policieswith Xin Fan and John Hund · SSRN
- Institutional Investor Portfolio Diversification and Corporate Diversificationwith Hursit Celil, Seunjoon Oh, and Srinivasan Selvam · SSRN
- Local Policy Uncertainty and Firm Disclosurewith Y. Abby Kim and Joshua White · SSRN
- The Role of Proxy Advisors and Large Passive Funds in Shareholder Voting: Lions or Lambs?with Stuart Gillan and Mitch Towner · SSRN
- Is the Bottom Line the Top Priority? Revenue versus Earnings Guidancewith Craig Lewis, Austin Starkweather, and Joshua White
Academic Employment
Ph.D. in Finance, Pennsylvania State University, 2002. B.S. in Business Administration, University of Kansas, 1997.
Research Member, European Corporate Governance Institute. Affiliated Researcher, HKU Jockey Club Enterprise Sustainability Global Research Institute.
- 2025 to presentColorado State University, College of BusinessProfessor of Finance and Real Estate, Dr. Ajay Menon Professor in Business
- 2016 to 2025Texas Christian University, Neeley School of BusinessProfessor of Finance, C.R. Williams Professorship in Financial Services
- Fall 2018Vanderbilt University, Owen Graduate School of ManagementVisiting Professor
- 2015 to 2016U.S. Securities and Exchange Commission, DERASenior Financial Economist, Office of Financial Intermediaries
- 2011 to 2015Texas A&M University, Mays Business SchoolAssociate Professor of Finance, Gina and William H. Flores ’76 Endowed Professorship
- 2014 to 2015University of Texas at Austin, McCombs School of BusinessVisiting Associate Professor
- 2012 to 2013U.S. Securities and Exchange Commission, DERAVisiting Scholar, Office of Litigation Economics
- 2005 to 2011University of Kansas, School of BusinessAssistant then Associate Professor of Finance, Fred Ball Faculty Fellow
- 2002 to 2005College of William & Mary, Mason School of BusinessAssistant Professor of Finance
Get in touch
Department of Finance and Real Estate, College of Business, Colorado State University
audra.boone at colostate dot edu
I welcome inquiries about research collaboration, speaking, and consulting.