Preheat oven to 325°F. Remove skin, if any, from ham and trim fat. Score remaining fat and stud with cloves.
Place ham, cut-side-down, on a rack in a shallow roasting pan, lined with several layers of aluminum foil. Insert a meat thermometer in center of ham, making sure it does not touch bone (or test later with an instant-read thermometer).
Bake ham, uncovered, until thermometer registers 130°F to 135°F, about 2 hours. Meanwhile, combine sugar, bourbon or stock, and pepper in a small bowl. Remove ham from oven and brush one-third of the sugar mixture over the ham.
Increase oven temperature to 375°F and return ham to oven. Every 10 minutes, apply one-third of the glaze, until all glaze has been used. If ham browns too fast, tent lightly with foil.
Ham is done when the internal temperature reaches 140°F. Let stand at least 15 minutes before carving.