Paul Brockman, Ph.D., is the Senior Associate Dean for Faculty and Academic Affairs and holds the Joseph R. Perella and Amy M. Perella Chair

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

Professor Brockman's research focuses primarily on corporate decision making. He is interested in examining the context (e.g., philosophical, 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, Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Empirical Finance, 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, International Journal of Management, Journal of Research in Finance, Asia-Pacific Journal of Taxation, Managerial 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.

Publications

  • Brockman, P., Lee, H. S., and J. M. Salas, 2016, “The Effects of Insider-Outsider versus Generalist-Specialist Attributes on CEO Compensation,” forthcoming at Journal of Corporate Finance.
  • Brockman, P., Chung, D. Y., and K. Shaw, 2016, “Transaction Costs and the Relation between R&D Investments and Future Abnormal Stock Returns,” forthcoming at Review of Quantitative and Financial Analysis.
  • Li, Shan, Brockman, P., and R. Zurbrugg, 2016, “Cross-Listing, Firm-Specific Information, and Corporate Governance: Evidence from Chinese A-Shares and H-Shares Cross-Listing,” forthcoming at Journal of Corporate Finance.
  • Brockman, P., Ma, T., and J. Ye, 2016, “CEO Compensation Structure and Timely Loss Recognition,” forthcoming at Journal of Banking Finance and Accounting.
  • Attig, N., and P. Brockman, 2016, The Local Roots of Corporate Social Responsibility, forthcoming at Journal of Business Ethics.
  • 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., 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., French, D., and C. Tamm, 2014, “REIT Organizational Structure, Institutional Ownership, and Stock Performance,” Journal of Real Estate Portfolio Management 20, 21-36.
  • 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., 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.”
  • Brockman, P., and B. Olsen, 2013, “Warrants, Ownership Concentration, and Liquidity,” Managerial Finance 39, 322-341.  Winner of “Outstanding Paper of 2013 Award.”
  • 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., Leung, C., and R. So, 2011, “Investor Protection and the Resiliency of Stock Market Liquidity,” Advances in Investment Analysis and Portfolio Management 5, 219-243.
  • 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., 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., Puckett, A., and X. Martin, 2010, “Voluntary Disclosures around CEO Stock Option Exercises,” Journal Corporate Finance 16, 120-136.
  • 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 S. Yan, 2009, “Block Ownership and Firm-Specific Information,” Journal of Banking and Finance 33, 308-316.
  • 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., 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, 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, 2008, “Commonality under Stress: Evidence from an Order-Driven Market,” International Review of Economics and Finance 17, 179-196.
  • Brockman, P., and D.Y. Chung, 2006, “Index Inclusion and Commonality in Liquidity,” International Review of Financial Analysis 15, 291-305.
  • 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., 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, 2002, “Commonality in Liquidity: Evidence from an Order-Driven Market Structure,” Journal of Financial Research 25, 521-539.
  • Brockman, P., and D.Y. Chung, 2002, “The Impact of Informed Trading on Corporate Liquidity,” Journal of Multinational Financial Management 12, 239-259.
  • Brockman, P., and D.Y. Chung, 2001, “Managerial Timing and Corporate Liquidity: Evidence from Actual Share Repurchases,” Journal of Financial Economics 61, 417-448.
  • Brockman, P., 2001, "Security Design and the Lead-Lag Relation between Stocks and Derivatives," China Accounting and Finance Review 3, 81-110.
  • Brockman, P., and Y. Tse, 2001, "The Price Discovery Role of Portfolio Depository Receipts," Advances in Investment Analysis and Portfolio Management 8, 39-56.
  • 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.
  • Booth, G.G., P. Brockman, J. Kallunki, and T. Martikainen, 2000, "Accounting Income Smoothing and Reductions in Analysts' Earnings Forecast Errors over the Fiscal Year: Finnish Evidence," International Journal of Management 17, 311-322.
  • 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, 1999, “Cross-listing and Firm Liquidity on the Stock Exchange of Hong Kong,” Managerial Finance 25, 64-88.
  • Brockman, P., 1999, “Evidence of Successful Financial Innovation: The Case of PRIMEs and SCOREs,” Asian Journal of Business and Information Systems 4, 399-422.
  • Brockman, P., 1999, “From Ideas to Marketable Products and Services: The Financing of Innovation,” Asia-Pacific Journal of Taxation 3, 65-74.
  • Brockman, P., Mossman, C., and D. Olson, 1999, "The Predictability of Canadian Stock Returns and Choice of Equity Portfolios," Journal of Research in Finance 2, 108-137.
  • 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.
  • Booth, G., P. Brockman, and Y. Tse, 1998, "The Relationship between U.S. and Canadian Wheat Futures," Applied Financial Economics 8, 73-80.  (Citation of Excellence Award – Anbar Electronic Intelligence)
  • Brockman, P., and D. Michayluk, 1998, "Individual versus Institutional Investors and the Weekend Effect," Journal of Economics and Finance 22, 71-85.
  • Brockman, P., and D. Michayluk, 1998, “The Persistent Holiday Effect: Additional Evidence," Applied Economics Letters 5, 205-209.
  • Brockman, P., and D. Michayluk, 1997, "The Holiday Anomaly: An Investigation of Firm Size Versus Share Price Effects," Quarterly Journal of Business and Economics 36, 23-35.
  • Brockman, P., C. Mossman, and D. Olson, 1997, "The Value of Fundamental Analysis in the Canadian Stock Market," Canadian Investment Review (Fall), 10-15. (Marquest Investment Counsel Inc. Award)
  • Brockman, P., and M. Chowdhury, 1997, "Deterministic versus Stochastic Volatility: Implications for Option Pricing Models," Applied Financial Economics 7, 499-505.  (Citation of Excellence Award – Anbar Electronic Intelligence)
  • Brockman, P., 1997, "Evidence of Context Dependent Valuation Effects: An Up/Down Market Comparison," Administrative Sciences Association of Canada Proceedings (refereed).
  • Brockman, P., 1996, "A Review and Analysis of the Holiday Effect," Financial Markets, Institutions, and Instruments 4:5, 37-58.
  • Brockman, P., 1996, "The Role of Reputation Capital in the Investment Banking Industry," Applied Economics Letters 3, 455-458.
  • Brockman, P., and Y. Tse, 1995, "Information Shares in Canadian Agricultural Cash and Futures Markets, Applied Economics Letters 2, 335-338.
  • Frankfurter, G., W.K. Leung, and P. Brockman, 1994, "Compounding Period Length and the Market Model," Journal of Economics and Business 46, 179-193.

Chapters in Books

  • Brockman, P., Lee, H. S., and J. M. Salas, 2014, “CEO Turnover and Firm Performance,” Chapter 14 in CEO Branding: Theory and Practice, edited by Marc Fetscherin, Routledge Press.
  • Brockman, P., Lynch, A., and A. Nikiforov, 2011, “Short Selling during Earnings Seasons,” Chapter 38 in Handbook of Short Selling, edited by Greg N. Gregoriou, Academic Press.
  • Brockman, P., and G. Hao, 2011, “The Information Content of Short-Selling before Macroeconomic Announcements,” Chapter 39 in Handbook of Short Selling, edited by Greg N. Gregoriou, Academic Press.
  • Brockman, P., and J. Cicon, 2010, “The Impact of Hard versus Soft Information on Trading Volume: Evidence from Management Earnings Forecasts,” Chapter 24 in Handbook of Trading: Strategies for Navigating and Profiting from Currency, Bond, and Stock Markets, edited by Greg N. Gregoriou, McGraw-Hill, NYC, NY.
  • Brockman, P., and G. McCormick, 2009, “The Relation between Closed-End Fund Turnover and Market Sentiment: International Evidence,” Chapter 31 in Emerging Markets: Performance, Analysis, and Innovation, edited by Greg N. Gregoriou, Chapman-Hall/Taylor and Francis, London, UK.
  • Brockman, P., and D. Y. Chung, 2008, “Liquidity Provision in the Hong Kong Warrants Market: Evidence from Equity, Derivative, and Basket,” Chapter 2 in Stock Market Liquidity edited by Greg N. Gregoriou and Francois-Serge Lhabitant, John Wiley and Sons Inc.,  Hoboken, New Jersey.
  • Brockman, P., C. Mossman, and D. Olson, 1999, "The Truth about Fundamental Analysis," Chapter 1 in The Advisor's Guide to Financial Research, published by the Bonham Centre for Finance at the Joseph L. Rotman School of Management, University of Toronto with the financial sponsorship of SVC O’Donnell Mutual Funds, Inc.