T H O M A S J. B O U L T O N

T H O M A S J. B O U L T O N 3028 FARMER SCHOOL OF BUS INESS M IAMI UNIVERSITY OX FOR D, OH 45056 ( 513) 529-1 563 BO U L TO TJ@ M IA M IO H.EDU ACADEMIC EXPERIENCE Miami University, Oxford, OH Lindmor Professor and Associate Professor of Finance, July 2013 Present Assistant Professor of Finance, August 2007 June 2013 Indiana University, Bloomington, IN Visiting Lecturer, January 2006 May 2007 University of Pittsburgh, Pittsburgh, PA Visiting Lecturer, January 2007 April 2007 EDUCATION University of Pittsburgh, Pittsburgh, PA Doctor of Philosophy Finance, 2006 Cleveland State University, Cleveland, OH Master of Business Administration, 2002 The Ohio State University, Columbus, OH Bachelor of Science Actuarial Science, 1993 REFEREED PUBLICATIONS Conservatism and International IPO Underpricing with Scott Smart and Chad Zutter, Journal of International Business Studies, Forthcoming. The Litigation of Tax Benefit Preservation Plans with Terry Nixon, Managerial Finance, Forthcoming. Managerial Confidence and Initial Public Offerings with T. Colin Campbell, Journal of Corporate Finance, 37, April 2016, 375 392. Failures to Deliver, Short Sale Constraints, and Stock Overvaluation with Don Autore and Marcus Braga-Alves, The Financial Review, 50, May 2015, 143 172. The Incentives of Grey Directors: Evidence from Unexpected Executive and Board Chair Turnover with Kenneth Borokhovich, Kelly Brunarski, and Yvette Harman, Journal of Corporate Finance, 28, October 2014, 102 115. Curriculum Vitae Thomas J. Boulton 1

Does Equity-Based Compensation Make CEOs More Acquisitive? with Marcus Braga-Alves and Frederik Schlingemann, Journal of Financial Research, 37, Fall 2014, 267 293. The Impact of Institutional Quality on Initial Public Offerings with Don Autore, Scott Smart, and Chad Zutter, Journal of Economics and Business, 73, May/June 2014, 65 96. The Flash Crash: An Examination of Shareholder Wealth and Market Quality with Marcus Braga- Alves and Manoj Kulchania, Journal of Financial Intermediation, 23, January 2014, 140 156. Industrial Diversification and Underpricing of Initial Public Offerings with Scott Smart and Chad Zutter, Financial Management, 42, Fall 2013, 679 704. Payout Policy in Brazil: Dividends versus Interest on Equity with Marcus Braga-Alves and Kuldeep Shastri, Journal of Corporate Finance, 18, September 2012, 968 979. Best paper award, Journal of Corporate Finance Special Issue on South American Corporate Finance Naked Short Selling and Market Returns with Marcus Braga-Alves, The Journal of Portfolio Management, 38, Spring 2012, 133 142. Profiled in Struggle against speculators Financial Times Deutschland, Apr. 9, 2009 The Impact of the Corporate Control Market on IPO Decisions The Financial Review, 46, May 2011, 207 232. Earnings Quality and International IPO Underpricing with Scott Smart and Chad Zutter, The Accounting Review, 86, March 2011, 483 505. Featured by The Harvard Law School Forum on Corporate Governance and Financial Regulation, Dec. 27, 2010 Acquisition Activity and IPO Underpricing with Scott Smart and Chad Zutter, Financial Management, 39, Winter 2010, 1521 1546. Venture Capital and the Incorporation Decisions of IPO Firms Journal of Economics and Business, 62, November/December 2010, 477 501. The Skinny on the 2008 Naked Short Sale Restrictions with Marcus Braga-Alves, Journal of Financial Markets, 13, November 2010, 397 421. Profiled in Ban on short selling: a double-edged sword LesEchos, Sep. 24, 2008 Cited by the World Federation of Exchanges in their Statement on Short Selling Bans, Feb. 9, 2009 IPO Underpricing and International Corporate Governance with Scott Smart and Chad Zutter, Journal of International Business Studies, 41, February/March 2010, 206 222. The Rise of the U.S. Private Equity Market with Kenneth Lehn and Steven Segal, in New Financial Instruments and Institutions: Opportunities and Policy Challenges, Brookings Institution Press, 2007. Curriculum Vitae Thomas J. Boulton 2

OTHER PUBLICATIONS Important Business Considerations for Successful Entry into the China Market with Sooun Lee, Joshua Schwarz, James Coyle, and Naoki Kameda, Journal of Business Case Studies, 10, First Quarter 2014, 65 82. WORKING PAPERS Angels or Sharks? Decision Making in Entrepreneurial Finance with Thomas Shohfi and Pengcheng Zhu Internet Penetration and International IPO Underpricing with Scott Smart and Chad Zutter Worldwide Short Selling Regulations and IPO Underpricing with Scott Smart and Chad Zutter The Lingering Effects of Country-Level Governance on Cross-Listed Firms with Kuldeep Shastri Starbucks Corp. and Starbucks Coffee Japan, Ltd. (Case Study) with Ren Li and Olivia Orrender TEACHING EXPERIENCE Miami University, Oxford, Ohio Applied Advanced Corporate Finance (MEcon; MBA); Financial Analysis of Mergers, Buyouts, and Restructuring; Financial Modeling with Excel; Intermediate Financial Management; Introduction to Business Finance; Investment Management (MEcon); Legal Institutions and Capital Market Development; Mergers and Acquisitions (MBA); Principles of Investments and Security Markets; Risk Management (MBA) Yonsei University, Wonju, Gangwon-do, South Korea Fundamentals of Financial Management Indiana University, Bloomington, Indiana Intermediate Corporate Finance; Intermediate Investments; International Finance University of Pittsburgh, Pittsburgh, Pennsylvania Financial Management (MBA) AWARDS AND HONORS 2015: Richard K. Smucker Teaching Excellence Award: Outstanding Professor 2013: James Robeson Junior Faculty Research Excellence Award 2013: Farmer School of Business Summer Research Grant 2012: Richard K. Smucker Teaching Excellence Award: Outstanding Junior Professor 2012: Campus Activities Council and Associated Student Government Outstanding Professor Award Nominee 2012: Farmer School of Business Summer Research Grant 2011: Farmer School of Business Summer Research Appointment Supplement Curriculum Vitae Thomas J. Boulton 3

2011: Miami University Summer Research Appointment 2011: Miami Women in Business November Faculty Member of the Month CONFERENCE PRESENTATIONS Angels or Sharks? Decision Making in Entrepreneurial Finance 2016 Conference on Finance and Investment in Creative Ventures* 2016 Eastern Finance Association Meetings* 2015 Annual Meeting of the Academy of Behavioral Finance and Economics* Worldwide Short Selling Regulations and IPO Underpricing 2016 Australasian Finance and Banking Conference - scheduled 2016 Financial Management Association Conference* 2016 Infiniti Conference on International Finance 2016 Telfer Annual Conference on Accounting and Finance* Internet Penetration and International IPO Underpricing 2016 Financial Management Association Conference 2016 Eastern Finance Association Meetings Conservatism and International IPO Underpricing 2016 Centre for Research on Corporate Governance Paper Development Conference* 2015 Paris Financial Management Conference 2015 Financial Management Association Conference 2015 International Finance and Banking Society Corporate Finance Conference 2015 Financial Management Association European Conference* Confidential IPO Registrations 2015 Financial Management Association Conference* 2015 Midwest Finance Association Meetings Managerial Confidence and Initial Public Offerings 2014 December International Paris Finance Meetings 2014 Paris Financial Management Conference 2014 Financial Management Association Meetings 2013 Midwest Finance Association Meetings Does Equity-Based Compensation Make CEOs More Acquisitive? 2014 Midwest Finance Association Meetings* 2013 Financial Management Association Meetings* The Incentives of Grey Directors: Evidence from Unexpected Executive and Board Chair Turnover 2013 Financial Management Association Meetings* 2013 Southern Finance Association Meetings* Failures to Deliver, Short Sale Constraints, and Stock Overvaluation 2013 13 th Brazilian Finance Meetings* 2012 American Finance Association Meetings Curriculum Vitae Thomas J. Boulton 4

2011 Midwest Finance Association Meetings* 2010 Financial Management Association Meetings Best paper award semifinalist The Flash Crash: Effects on Shareholder Wealth and Market Quality 2012 Financial Management Association Meetings* 2012 Midwest Finance Association Meetings* 2012 Eastern Finance Association Meetings Tax Benefit Preservation Plans (previously NOL Rights Plans: A Shareholder Friendly Poison Pill?) 2015 Conference on Empirical Legal Studies 2012 Southern Finance Association Meetings* 2012 Financial Management Association Meetings Top Ten Session 2012 Eastern Finance Association Meetings 2011 Financial Management Association Asia Meetings 2011 Midwest Finance Association Meetings The Impact of Institutional Quality and Governance on Initial Public Offerings 2012 Global Finance Conference 2010 IGS International Corporate Finance and Governance Conference 2010 Financial Management Association Meetings Industrial Diversification and Initial Public Offerings 2010 Financial Management Association Meetings* Best paper award semifinalist 2008 Eastern Finance Association Meetings The Impact of the Corporate Control Market on IPO Decisions 2010 Financial Management Association Meetings 2010 Midwest Finance Association Meetings Payout Policy in Brazil: Dividends versus Interest on Equity 2010 Brazilian Finance Society Meetings Best paper award winner Naked Short Selling and Market Returns 2010 Midwest Finance Association Meetings 2009 The Federal Reserve Bank of Atlanta Conference on Short Selling: Costs and Benefits Earnings Quality and International IPO Underpricing 2009 20 th Annual Conference on Financial Economics and Accounting 2008 Eastern Finance Association Meetings 2007 Financial Management Association Meetings* The Skinny on the 2008 Naked Short Sale Restrictions 2009 Financial Management Association Meetings 2009 Midwest Finance Association Meetings* International Governance and Equity Trading Costs 2008 Financial Management Association Meetings Curriculum Vitae Thomas J. Boulton 5

Acquisition Activity and IPO Underpricing 2007 Financial Management Association Meetings* 2007 Eastern Finance Association Meetings IPO Underpricing and International Corporate Governance 2007 Financial Management Association Meetings The Rise of the U.S. Private Equity Market 2006 Brookings Institution and The Toyko Club Foundation for Global Studies* (* presentations by coauthors) INVITED PRESENTATIONS Baylor University* Central Michigan University Cleveland State University Duquesne University Louisiana Tech University Marquette University McMaster University* Miami University Oklahoma State University Seton Hall University Texas A&M University* University of Akron University of Cincinnati* University of Kansas University of Nebraska University of Oklahoma* University of Otago* University of Pittsburgh University of Toledo* Villanova University* West Virginia University Wright State University PROFESSIONAL SERVICE Conference participation: 2017 Midwest Finance Association Conference: Paper reviewer 2016 Financial Management Association: Discussant 2016 Paris Financial Management Conference: Scientific committee 2016 Infiniti Conference on International Finance: Discussant 2016 Eastern Finance Association: Discussant 2015 Paris Financial Management Conference: Scientific committee, Session chair, Discussant 2015 Financial Management Association: Discussant 2015 Midwest Finance Association: Paper reviewer, Discussant 2014 December International Paris Finance Meeting: Discussant 2014 Paris Financial Management Conference: Session chair, Discussant 2014 Financial Management Association: Program committee, Discussant 2014 Florida State University SunTrust Beach Conference: Discussant 2014 American Accounting Association: Paper reviewer 2013 Financial Management Association: Program committee 2013 Midwest Finance Association: Paper reviewer, Session chair, Discussant 2012 Financial Management Association: Discussant 2012 Eastern Finance Association: Discussant 2011 Midwest Finance Association: Discussant Curriculum Vitae Thomas J. Boulton 6

2010 Financial Management Association: Discussant 2010 IGS International Corporate Finance and Governance Conference: Discussant 2010 Midwest Finance Association: Discussant 2009 Financial Management Association: Program committee, Discussant 2008 Eastern Finance Association: Discussant 2007 Financial Management Association: Best paper reviewer 2007 Eastern Finance Association: Discussant 2004 Financial Management Association: Discussant Ad hoc referee: Accounting Horizons Contemporary Accounting Research Corporate Governance: An International Review Financial Management The Financial Review Global Finance Journal International Review of Financial Analysis Journal of Banking and Finance Journal of Corporate Finance Journal of Economics and Business Journal of Empirical Finance Journal of Financial Research Journal of Financial Stability Journal of Multinational Financial Management Journal of Small Business Management Multinational Finance Journal North American Journal of Economics and Finance Pacific-Basin Finance Journal Quarterly Journal of Finance Review of Financial Economics Southern Journal of Entrepreneurship PROFESSIONAL AFFILIATIONS American Finance Association, Financial Management Association, Eastern Finance Association, Midwest Finance Association MIAMI UNIVERSITY SERVICE 2016-2017: Miami University CFA Research Challenge Faculty Adviser, Farmer School of Business Research Committee, Department of Finance Promotion and Tenure Committee, Cleveland Research Company Stock Pitch Competition Committee, William Blair Case Competition Committee 2015-2016: Farmer School of Business Teaching Effectiveness Committee, Farmer School of Business Undergraduate Studies Committee, Department of Finance Promotion and Tenure Committee (Chair), Cleveland Research Company Stock Pitch Competition Committee, William Blair Case Competition Committee 2014-2015: Miami University Red Carpet Day Panel Member, Miami University CFA Research Challenge Faculty Adviser, Farmer School of Business Assessment Fellow, Farmer School of Business Committee on Scholarship, Farmer School of Business Undergraduate Studies Committee, Department of Finance Department Chair Search Committee, Department of Finance Search Committee, Department of Finance Promotion and Tenure Committee (Chair), Cleveland Research Company Stock Pitch Competition Committee, William Blair Case Competition Committee Curriculum Vitae Thomas J. Boulton 7

2013-2014: Miami University Bridges Program Participant, Miami University CFA Research Challenge Faculty Adviser, Farmer School of Business Undergraduate Studies Committee (Chair), Department of Finance Search Committee (Chair), Department of Finance Promotion and Tenure Committee (Chair), Cleveland Research Company Stock Pitch Competition Committee, William Blair Case Competition Committee 2012-2013: Miami University CFA Research Challenge Faculty Adviser, Farmer School of Business Make It Miami Speaker, Farmer School of Business Undergraduate Studies Committee, Department of Finance Search Committee, Cleveland Research Company Stock Pitch Competition Committee, William Blair Case Competition Committee 2011-2012: Department of Finance Search Committee, Cleveland Research Company Stock Pitch Competition Committee, William Blair Case Competition Committee 2010-2011: Cleveland Research Company Stock Pitch Competition Committee, William Blair Case Competition Committee 2009-2010: Department of Finance Search Committee, William Blair Case Competition Committee 2008-2009: William Blair Case Competition Committee Curriculum Vitae Thomas J. Boulton 8