Paul Brockman

Professor Brockman's research focuses primarily on corporate decision making. He is interested in examining the context (e.g., social, psychological, historical, institutional) in which business decisions are made, implemented and interpreted by capital markets.

Brockman's publications have appeared in the following journals: Journal of Finance, Journal of Financial Economics, Review of Finance, Journal of Financial and Quantitative Analysis, Journal of International Business Studies, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Empirical Finance, Financial Management, Journal of Accounting, Auditing and Finance, Journal of Business Ethics, Journal of Financial Research, Financial Review, Review of Quantitative Finance and Accounting, Financial Markets, Institutions and Instruments, International Review of Economics and Finance, International Review of Financial Analysis, Journal of Multinational Financial Management, Journal of International Financial Markets, Institutions & Money, China Accounting and Finance Review, Advances in Investment Analysis and Portfolio Management, Journal of Commodities Markets, Journal of Knowledge Management, International Journal of Management, Journal of Research in Finance, Asia-Pacific Journal of Taxation, Managerial Finance, International Review of Economics and Finance Asian Journal of Business and Information Systems, Applied Financial Economics, Journal of Economics and Finance, Canadian Investment Review, Journal of Economics and Business, Applied Economics Letters.

Education

• Ohio State University, B.A.
• Nova Southeastern University, M.B.A.
• Louisiana State University, Ph.D

Research Interests

• Corporate finance
• Capital markets
• Market microstructure
• Derivative securities
• International finance

Financial Times Top 50 Journal Articles

• Brockman, P., Chung, D., and N. Snow, 2022, “Search-Based Peer Groups and Commonality in Liquidity,” forthcoming at Review of Finance.
• Brockman, P., Tresl, J., Unlu, E., and J. Hanousek, 2022, “Dividend Smoothing and Firm Valuation,” Journal of Financial and Quantitative Analysis 57(4), 1621-1647.
• Brockman, P., Ghoul, S., O., Guedhami, O., and Y. Zheng, 2022, “Does Social Trust affect International Contracting? Evidence from Foreign Bond Covenants," Journal of International Business Studies 53(6), 1011-1044 [Lead Article].
• Brockman, P., Firth, M., Mao, X., Rui, O. M., and H. Zou, 2019, “Guanxi and Raising External Equity Capital,” Journal of Financial and Quantitative Analysis 54(3), 1193-1230.
• Brockman, P., Khurana, I. K., and R. Zhong, 2018, “Societal Trust and Open Innovation,” Research Policy 47, 2048-2065.
• Attig, N., and P. Brockman, 2017, “The Local Roots of Corporate Social Responsibility,” Journal of Business Ethics 143, 479-496.
• Adebambo, B., Brockman, P., and S. Yan, 2015, “Anticipating the 2007-2008 Financial Crisis: Who Knew What and When Did They Know It?,” Journal of Financial and Quantitative Analysis 50, 647-669.
• Brockman, P., Rui, O. M., and H. Zou, 2013, “Institutions and the Performance of Politically-Connected M&As,” Journal of International Business Studies 44, 833-852.
• Brockman, P., Liebenberg, I., and M. Schutte, 2010, “Comovement, Information Production, and the Business Cycle,” Journal of Financial Economics 97, 107-129.
• Brockman, P., Martin, X., and E. Unlu, 2010, “Executive Compensation and the Maturity Structure of Corporate Debt,” Journal of Finance 65, 1123-1162. (Cited on SSRN's Top Ten download list; cited by the Harvard Law School Forum on Corporate Governance and Financial Regulation).
• Brockman, P., Chung, D.Y, and S. Yan, 2009, “Block Ownership, Trading Activity, and Market Liquidity, Journal of Financial and Quantitative Analysis 44, 1403-1426.
• Brockman, P., Chung, D.Y., and C. Perignon, 2009, “Commonality in Liquidity: A Global Perspective,” Journal of Financial and Quantitative Analysis 44, 851-882.
• Brockman, P., and E. Unlu, 2009, “Dividend Policy, Creditor Rights, and the Agency Costs of Debt,” Journal of Financial Economics 92, 276-299.
• Brockman, P., Khurana, I., and X. Martin, 2008, “Voluntary Disclosures around Share Repurchases,” Journal of Financial Economics 89, 175-191.
• Brockman, P., and D.Y. Chung, 2003, “Investor Protection and Firm Liquidity,” Journal of Finance 58, 921-937.
• Brockman, P., and H. Turtle, 2003, "A Barrier Option Framework for Corporate Security Valuation," Journal of Financial Economics 67, 511-529.
• Brockman, P., and D.Y. Chung, 2001, “Managerial Timing and Corporate Liquidity: Evidence from Actual Share Repurchases,” Journal of Financial Economics 61, 417-448.

Other Selective Journal Articles

• Brockman, P., Tao, G., Vivero, M., and W. Yu, 2022, “Is Idiosyncratic Risk Priced? The International Evidence,” Journal of Empirical Finance 66, 121-136.
• Phan, H., Zurbrugg, R., Brockman, P., and C-F Yu, 2022, “Time-to-Maturity and Commodity Futures Return Volatility: The Role of Time-Varying Asymmetric Information,” Journal of Commodities Markets 26, Article 100191.
• Gao, S., Brockman, P., Meng, Q., and S. Yan, 2021, “Differences of Opinion, Institutional Bids, and IPO Underpricing,” Journal of Corporate Finance 60, Article 101540.
• Obaydin, I., Zurbruegg, R., Brockman, P., and G. Richardson, 2021, "The Relative Number of Anti-Takeover Provisions and the Market for Corporate Control," Journal of Financial Research 44(2), 279-298.
• Brockman, P., Luo, J., and L. Xu, 2020, “The Impact of Short Selling on Employee Relations,” Journal of Corporate Finance 64, Article 101677.
• Brockman, P., Krishnan, G., Lee, H. S., and J. M. Salas, 2019, “Is the CEO’s In-House Experience Informative about Audit Risk?” Journal of Accounting, Auditing and Finance 37(1), 173–204.
• Brockman, P., Campbell, J. L., Lee, H. S. and J. M. Salas, 2018, "CEO Experience and Financial Reporting Quality: Evidence from Management Forecasts," Journal of Business Finance and Accounting 46, 420-456.
• Baik, B., Brockman, P., Farber, D. B., and S. Lee, 2018, “Managerial Ability and Analysts’ Information Environment,” Journal of Accounting, Auditing and Finance 33(4), 506–527.
• Anderson, A. and P. Brockman, 2018, “An Examination of 13F Filings,” Journal of Financial Research, 295-324. (Lead Article)
• Brockman, P., Cicon, J., Li, X., and S. M. Price, 2017, “What do Managers Learn from Conference Calls?,” Financial Management 46, 965-994.
• Brockman, P., Subasi, M., and C. Uzmanoglu, 2017, “Investors Conferences and Stock Liquidity,” Financial Review 52, 661-699.  Winner of 2017 Best Paper Award.
• Brockman, P., Chung, D. Y., and K. Shaw, 2017, “Transaction Costs and the Relation between R&D Investments and Future Abnormal Stock Returns,” Review of Quantitative Finance and Accounting 48(2), 385-406.
• Brockman, P., Lee, H. S., and J. M. Salas, 2016, “The Effects of Insider-Outsider versus Generalist-Specialist Attributes on CEO Compensation,” Journal of Corporate Finance 39, 53-77.
• Brockman, P., Ma, T., and J. Ye, 2015, “CEO Compensation Structure and Timely Loss Recognition,” Journal of Business Finance and Accounting 42, 204-236.
• Li, Shan, Brockman, P., and R. Zurbrugg, 2015, “Cross-Listing, Firm-Specific Information, and Corporate Governance: Evidence from Chinese A-Shares and H-Shares Cross-Listing,” Journal of Corporate Finance 32, 347-362.
• Brockman, P., Li, X., and S. M. Price, 2015, “Differences in Conference Call Tones: Managers versus Analysts,” Financial Analysts Journal 71, 24-42.
• Brockman, P., Tresl, J., and E. Unlu, 2014, “Insider Trading Laws and Dividend Payout Policy,” Journal of Corporate Finance 29, 263-287.
• Brockman, P., and J. Cicon, 2013, “The Information Content of Management Earnings Forecasts: An Analysis of Hard versus Soft Data,” Journal of Financial Research 36, 147-173. Winner of “Outstanding Paper Award, 2013.
• Borisova, G., Brockman, P., Salas, J., and A. Zagorchev, 2012, “Government Ownership and Corporate Governance: Evidence from the EU,” Journal of Banking and Finance 36, 2917-2934.
• Brockman, P., and G. Hao, 2011, “Which shorts are informed? Evidence from American Depository Receipts,” Journal of Financial Research 34(4), 569-588.
• Brockman, P., and E. Unlu, 2011, “Earned/Contributed Capital, Dividend Policy, and Disclosure Quality: An International Study," Journal of Banking and Finance 35, 1610-1625.
• Brockman, P., Puckett, A., and X. Martin, 2010, “Voluntary Disclosures around CEO Stock Option Exercises,” Journal Corporate Finance 16, 120-136.
• Brockman, P., and S. Yan, 2009, “Block Ownership and Firm-Specific Information,” Journal of Banking and Finance 33, 308-316.
• Brockman, P., and D.Y. Chung, 2008, “Investor Protection, Adverse Selection, and the Probability of Informed Trading,” Review of Quantitative Finance and Accounting 2, 111-131.
• Brockman, P., and D.Y. Chung, 2003, “The Inter-Temporal Behavior of Informed and Uninformed Traders,” Review of Quantitative Finance and Accounting 21(3), 251-265.
• Brockman, P., Howe, J., and S. Mortal, 2008, “Stock Market Liquidity and the Decision to Repurchase,” Journal of Corporate Finance 14, 446-459.
• Brockman, P., and D.Y. Chung, 2002, “Commonality in Liquidity: Evidence from an Order-Driven Market Structure,” Journal of Financial Research 25, 521-539.
• Brockman, P., and D.Y. Chung, 2000, “An Empirical Investigation of Trading on Asymmetric Information and Heterogeneous Prior Beliefs,” Journal of Empirical Finance 7, 417-454.
• Brockman, P., and D.Y. Chung, 2000, “Informed and Uninformed Trading in an Electronic, Order-Driven Environment,” Financial Review 35, 125-146.
• Brockman, P., and D.Y. Chung, 1999, “An Analysis of Depth Behavior in an Electronic, Order-Driven Environment,” Journal of Banking and Finance 23, 1861-1886.
• Brockman, P., and D.Y. Chung, 1999, “Bid-ask Spread Components in an Order Driven Environment,” Journal of Financial Research 22, 227-246.
• Brockman, P., and D.Y. Chung, 1998, “Inter- and Intra-day Liquidity Patterns on the Stock Exchange of Hong Kong,” Journal of International Financial Markets, Institutions & Money 8, 279-300.