Robert J. Trulaske Sr., College of Business, University of Missouri

People Directory

Kuntara Pukthuanthong

Robert J. Trulaske, Jr. Professor of Finance and Associate Professor
Cornell Hall
(573) 884-9785

Dr. Pukthuanthong’s main research interests are international finance and asset pricing. She received a BA in Economics from Chulalongkorn University, Thailand; an MBA in finance from Washington University, and PhD in finance from University of California, Irvine. Her research has been published in the Journal of Financial Economics, Review of Asset Pricing Studies, Critical Review of Finance, Journal of Banking and Finance, Journal of Financial Markets, Journal of Corporate Finance, Financial Review, Economic Note, Pacific Basin Finance Journal, Applied Financial Economics, Financial Analysts Journal, Journal of Investment Management, Journal of Portfolio Management, Global Finance Journal, International Journal of Managerial Finance, Journal of Applied Corporate Finance, and Venture Capital Journal.

Dr. Pukthuanthong's additional experience includes:

v See Dr. Pukthuanthong's Top-Tier publications indicated below.


BA in Economics from Chulalongkorn University, Thailand
MBA in Finance from Washington University
PhD in Finance from University of California, Irvine.



Journal Articles

vA Protocol for Factor Identification with Richard Roll and Avanidhar Subrahmanyam, forthcoming Review of Financial Studies

vEmpirical Tests of Asset Pricing Models with Individual Assets: Resolving the Errors-in-Variables Bias in Risk Premium Estimation with Narasimhan Jegadeeh, Joonki Noh, Richard Roll and Junbo Wang, forthcoming Journal of Financial Economics.

Conflict-Induced Forced CEO Turnover and Firm Performance, with Saif Ullah, Thomas Walker, and Jing Zhang, Managerial Finance  44(9), 2018, 1134-1154.

International asset allocation in presence of systematic cojumps with Mohamad Arouri, Oussama M’saddek, and Duc Nguyen at forthcoming Journal of Economic Dynamics and Control. (Internet Appendix)

The effect of capital ratios on the risk, efficiency and profitability of banks: Evidence from OECD countries, with Mohammad Bitar and Thomas Walker, Journal of International Financial Markets, Institutions & Money, 53. March 2018. 227-262.

Size does not matter: Diseconomies of Scale in the Mutual Fund Industry Revisited  with Blake Phillips and Raghavendra Rau, Journal of Banking and Finance, 2018, 88(C), 357-365.

Capital Ratios and performance of Islamic vs. conventional banks, with Mohammad Bitar, Mohammad Hassan, and Thomas Walker, Open Economies Review 2018, 1-36.

Litigation Risk and Institutional Monitoring with Harry Turtle, Thomas Walker, and Jun Wang, Journal of Corporate Finance, August 2017, 45, 342-359.

Timely vs. Delayed CEO Turnover , with Saif Ullah, Thomas Walker, and Xuan Wu, Information Systematic Frontier 2017, 19(3), 469-479.

Do Hedge Funds Dynamically Manage Systematic Risk?  with Ethan Namvar, Blake Phillips, and Raghavendra Rau, Journal of Banking and Finance, Volume 64, issue C, 2016, lead article.

Past performance may be an illusion: Performance, flows, and fees in mutual funds with Blake Phillips and Raghavendra Rau, Critical Finance Review, 2016, volume 5, 351-398Featured in The Economist, Financial Times, Bloomberg BusinessWeek, and the University of Cambridge Judge Business School media. 

Fragility, Stress, and Market Returns with Dave Berger, Journal of Banking and Finance, 2016, 62, 152-163.

Insider Stock Trading and the Bond Market with Andreas Oehler, Kuntara Pukthuanthong,Thomas Walker, and Stefan Wendt,  Journal of Fixed Income, Winter 2016, Vol. 25, No. 3, pp. 74-91.

The Determinants of IPO-Related Shareholder Litigation: The Role of CEO Equity Incentives and Corporate Governance with Xingli Li, Marcus Glenn Walker, and Thomas Walker, Journal of Financial Markets, 2016, 31, issue C, 81-126.

On the Role of the Chief Risk Officer and the Risk Committee in Insuring Financial Institutions against Litigation with Arash Amoozegar and Thomas Walker, Managerial Finance, 2016, 43(1), 19-43.

Detecting superior mutual fund managers: Evidence from copycats with Blake Phillips and Raghavendra Rau, Review of Asset Pricing Studies, 2015, 4(2), 286-321. Featured in The Economist, The Wall Street Journal, and Financial Times. Mentioned in the Alpha Architect Blog.

Internationally correlated jumps with Richard Roll, Review of Asset Pricing Studies, 2015 5(1), 92-111

Legal Opportunism, Litigation Risk, and IPO Underpricing, Thomas Walker, Harry Turtle, and Dolrudee Thiengtham, Journal of Business Research, Volume 68 (2), February 2015, 326-340

v*** Positive and negative synergies between the CEO's and the corporate board's human and social capital: A study of biotechnology firms IPOs with Chamu Sundaramurthy  and Yasemin Kor, Strategic Management Journal, 36(6), June 2014, 845-868.

The Role of Aviation Laws and Legal Liability in Aviation Disasters: a Financial Market Perspective with Thomas Walker and Dolruedee Thiengtham, International Review of Law and Economics, Volume 37, March 2014, Pages 51–65

The Effects of Cash, Debt, and Insiders on Open Market Share Repurchases   with Liang Feng, Dolruedee Thiengtham, Harry Turtle, and Thomas Walker, Journal of Applied Corporate Finance, 2013, 25(1), 55–63

An International Look at the Lawsuit Avoidance Hypothesis of IPO Underpricing with Huiling Lin and Thomas Walker, Journal of Corporate Finance 19, February 2013, 56–77.

v *** Disclosure Regulation and IPO Underpricing: An International Analysis with Charles Shi and Thomas Walker, Contemporary of Accounting Research, 2013, 30 (1), 356-387.

Underwriters and the Broken Chinese Wall: Institutional Holdings and Post-IPO Securities Litigation with Sergey Barabanov, Onem Ozocak, and Thomas Walker, Journal of Financial Research, Volume 36, Winter 2013, Pages 543-578.

Does Family Ownership Create or Destroy Value: Evidence from Canada, with Thomas Walker, Journal of International and Managerial Finance, 2013, 9(1)

Family firms going public: The impact of governance and legitimacy on IPO performances with Hung-bin Ding, Journal of Business Economics and Management, 2013, 14(1), 156-181.

Is the diversification benefit of frontier markets realizable by mean-variance investors? The evidence of investable funds with Dave Berger and Jimmy YangJournal of Portfolio Management, Summer 2013, 39 (4), 36-48. Featured in The New York Times.

v *** Market fragility and international crises with Dave Berger, Journal of Financial Economics, 2012, 105(3), 565-580

An International CAPM for Partially Integrated Markets  with Mohamed Arouri and Duc Nguyen, Journal of Banking and Finance2012, 36(9), 2473-249. 

v *** International diversification with Frontier Markets with Dave Berger and Jimmy Yang, Journal of Financial Economics, 2011, 101(1), 227-242.

Gold and the dollar (and the euro, pound, and yen) with Richard Roll, Journal of Banking and Finance, 2011, 35(8), 2070-2083.

Why should we like firms that voluntarily disclose? Evidence from profit warning firms, Journal of Investing, Winter 2010, Vol. 19, No. 4: pp. 66–83

Why warn? The impact of profit warnings on shareholder’s equity with Fayez Elayan, International Research Journal Investment Management and Financial Innovation, 2009, 6(4), 164-176.

Pre-IPO Insider Ownership and Underpricing: High-tech versus Low-tech IPOs with Thomas Walker, Financial Decisions, 2009.

Idiosyncratic Volatility and Stock Returns: A Cross Country Analysis with Nuttawat Visaltanachoti, a lead article in Applied Financial Economics, 2009, 19(16), 1269-1281.

v *** Global market integration: A better way to measure it and its application with Richard RollJournal of Financial Economics, 2009, 94(2), 214-232.

  • Best paper Australian Finance Association, Sydney Australia 2009

Do IPOs in countries where firms have high family control benefit from more prestigious underwriters? with Thomas Walker, a lead article, Multinational Business Review, 2009, 16(2)

Family Firm IPO Performance and IPO Signals with Hung-bin Ding, Journal of Enterprising Culture, 2009, 17(1), 55-77.

The international aviation insurance regime in times of industry uncertainty with Triant Flouris, Paul Hayes, and Thomas Walker, International Journal of Private Law, 2(4), 343-357, 2009.

Recent Developments in the Aviation Insurance Industry co-authored with Triant Flouris, Paul Hayes, Dolruedee Thiengtham and Thomas Walker, Risk Management and Insurance Review 2009, 12(2), 227-249.

Leverage, Pre-IPO Insider Ownership, and Underpricing: high-tech versus low-tech IPOs with Thomas Walker and Jaemin Kim , Management Decision, 46(1), March 2008.

Crash of ‘08 co-authored with Dr. Lee R. Thomas III, published in the Capco Institute Bulletin and the Global Association of Risk Professionals, December 2008.

Weak Form Efficiency in Currencies: and Update and an Explanation co-authored with Lee Thomas, Financial Analyst Journal, May-June 2008, 64(3), 31-52.

Venture Capital in China: A Culture Shock for Western Investors with Thomas Walker, Management Decision, 2007, 45, 708 – 731.

Equity and Debt Market Responses to Sovereign Credit Ratings Announcements with Fayez Elayan and Lawrence Rose, Global Finance Journal, 2007, 18(1), 47-83

How Employee Stock Options and Executive Equity Ownership Affect Long term IPO Operating Performance with Richard Roll and Thomas Walker, Journal of Corporate Finance, 2007, 13, 695-720.

IPO Pricing, Block Sales, and Long Term Performance with Nikhil Varaiya, a lead article, Financial Review, 2007, 42 (3), 1-30.

Do Foreign Exchange Markets Still Trend? co-authored with Lee Thomas and Richard Levich, Journal of Portfolio Management, Fall 2007, 1-5.

Random Walk Currency Futures Profits Revisited co-authored with Carlos Bazan and Lee Thomas, International Journal of Managerial Finance, 2007, 3(3), 263-286.

Are IPO Auctions Celebrating a Comeback: U.S. Evidence with Nikhil Varaiya and Thomas Walker, a lead article, Venture Capital Journal, 2007, 9(4), 1-39. 

Venture Capital in Europe: Closing the Gap to the U.S., with Andreas Oehler, Marco Rummer, and Thomas Walker, in Venture Capital in Europe, lead chapter, November 2006, Greg N. Gregoriou, Maher Kooli and Roman Kräussl (eds.), Elsevier, Amsterdam, The Netherlands

Why Venture Capital Markets Are Well Developed in Some Countries But Comparatively Small in Others: Evidence from Europe with Dolruedee Thiengtham and Thomas Walker, in Venture Capital in Europe, Greg N. Gregoriou, Maher Kooli and Roman Kräussl (eds.), Elsevier, Amsterdam, The Netherlands, November 2006.

IPO Firm Executives, Compensation, and Selling with Jaemin Kim, Journal of Entrepreneurial Finance and Business Ventures, 2006, 11(1).

On the Stock Markets Reaction to Major Railroad Accidents: An Empirical Analysis with Thomas Walker and Sergey Barabanov, Journal of the Transportation Research Forum, Spring 2006, 45(1), 23-39.

Investor Reaction to Inter-corporate Business Contracting: Evidence and Explanation with Fayez Elayan and Richard Roll, Economic Notes, 2006, 35(3), 253-291.

Investors Like Firms that Expense Employee Stock Options And They Dislike Firms that Fail to Expense  with Richard Roll and Fayez Elayan, Journal of Investment Management, 2005, 3(1), 75-98.

IPO Valuation, Frank J. Fabozzi’s Handbook of Finance: Investment Management and Financial Management, John Wiley and Sons, ISBN-10: 0470078154

Asset Allocation Barbells co-authored with Lee Thomas, Frank J. Fabozzi’s Handbook of Finance: Investment Management and Financial Management, John Wiley and Sons, ISBN-10: 0470078154

Book Chapters

What Drives Variation in the International Diversification Benefits? A Cross-country Analysis with Handbook of Financial Econometrics, Mathematics, Statistics, and Technology edited by Cheng Few Lee, Rutgers University.

Multinational Finance and Global Financial Market Integrationin Hossein Bidgoli (ed.), Handbook of Technology Management, 2010