Audra L. Boone
Financial Economics · Corporate Finance

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.

Audra L. Boone
8,000+Google Scholar citations
25Publications, including JF, JFE, and RFS
SECSenior Financial Economist and Visiting Scholar in Litigation Economics
JCFAssociate Editor, 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
  1. 2025
    Product Similarity, Benchmarking, and Corporate Fraud
    with William Grieser, Rachel Li, and Parth Venkat
    Journal of Financial and Quantitative Analysis
  2. 2024
    The Saliency of the CEO Pay Ratio
    with Austin Starkweather and Joshua White
    Review of Finance
  3. 2021
    Ongoing SEC Disclosures by Foreign Firms
    with Kathryn Schumann and Joshua White
    The Accounting Review
  4. 2019
    Merger Negotiations in the Shadow of Judicial Appraisal
    with Brian Broughman and Antonio Macias
    Journal of Law and Economics
  5. 2016
    Redacting Proprietary Information at the IPO
    with Ioannis Floros and Shane Johnson
    Journal of Financial Economics
  6. 2015
    Journal of Financial Economics
  7. 2008
    Journal of Financial Economics
  8. 2007
    How Are Firms Sold?
    with Harold Mulherin
    Journal of Finance
All 25 publications

Refereed publications

  1. 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.
  2. The Saliency of the CEO Pay Ratio, with Austin Starkweather and Joshua White, 2024, Review of Finance 28, 1059–1104.
  3. 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.
  4. 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.
  5. Reductions in CEO Career Horizons and Corporate Policies, with Nihat Aktas, Ettore Croci, and Andrea Signori, 2021, Journal of Corporate Finance 66, 101862.
  6. Ongoing SEC Disclosures by Foreign Firms, with Kathryn Schumann and Joshua White, 2021, The Accounting Review 96, 91–120.
  7. Reputational Concerns and the Market for Corporate Control, with Vahap Uysal, 2020, Journal of Corporate Finance 61, 101399.
  8. 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
  9. 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
  10. 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.
  11. Redacting Proprietary Information at the IPO, with Ioannis Floros and Shane Johnson, 2016, Journal of Financial Economics 120(1), 102–123.
  12. The Effect of Institutional Ownership on Firm Transparency and Information Production, with Joshua White, 2015, Journal of Financial Economics 117(3), 508–533.
  13. 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.
  14. Bankruptcy Spillover Effects on Strategic Alliance Partners, with Vladimir Ivanov, 2012, Journal of Financial Economics 103(3), 551–569.
  15. Do Private Equity Consortiums Facilitate Collusion in Takeover Bidding?, with Harold Mulherin, 2011, Journal of Corporate Finance 17(5), 1475–1495.
  16. 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.
  17. 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.
  18. 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.
  19. How Are Firms Sold?, with Harold Mulherin, 2007, Journal of Finance 62(2), 847–875.
  20. Do Termination Provisions Truncate the Takeover Bidding Process?, with Harold Mulherin, 2007, Review of Financial Studies 20(2), 461–489.
  21. An Investigation of the Gains from Specialized Equity Claims, with David Haushalter and Wayne Mikkelson, 2003, Financial Management 32(3), 5–21.
  22. 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

  1. The Private Deal Process in Mergers and Acquisitions, with Nihat Aktas, 2024, in Handbook of Corporate Finance, edited by David Denis, Edward Elgar Publishing.
  2. 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.
  3. 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

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.

  1. 2025 to present
    Colorado State University, College of BusinessProfessor of Finance and Real Estate, Dr. Ajay Menon Professor in Business
  2. 2016 to 2025
    Texas Christian University, Neeley School of BusinessProfessor of Finance, C.R. Williams Professorship in Financial Services
  3. Fall 2018
    Vanderbilt University, Owen Graduate School of ManagementVisiting Professor
  4. 2015 to 2016
    U.S. Securities and Exchange Commission, DERASenior Financial Economist, Office of Financial Intermediaries
  5. 2011 to 2015
    Texas A&M University, Mays Business SchoolAssociate Professor of Finance, Gina and William H. Flores ’76 Endowed Professorship
  6. 2014 to 2015
    University of Texas at Austin, McCombs School of BusinessVisiting Associate Professor
  7. 2012 to 2013
    U.S. Securities and Exchange Commission, DERAVisiting Scholar, Office of Litigation Economics
  8. 2005 to 2011
    University of Kansas, School of BusinessAssistant then Associate Professor of Finance, Fred Ball Faculty Fellow
  9. 2002 to 2005
    College 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.