College of Business Mississippi State University

Faculty & Staff

 Brandon N. Cline, Ph.D.
  • Brandon N. Cline, Ph.D.
  • John "Nutie" and Edie Dowdle Associate Professor of Finance
  • Associate Professor of Finance
  • Program Coordinator, Graduate Programs in Finance
  • Director, Institute for Market Studies
  • brandon.cline@msstate.edu
  • 312K
  • Office: 662.325.7477
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  • Curriculum Vitae

Education

  • Ph.D., The University of Alabama, Finance
  • MA, The University of Alabama, Banking and Finance
  • BS, The University of Alabama, Finance

BIO

Dr. Cline is the John “Nutie” and Edie Dowdle Associate Professor of Finance. His research focuses on insider trading, executive compensation, equity offerings, and corporate governance. His work has been published in numerous finance journals, including: Journal of Financial Economics, Financial Management, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Empirical Finance, The Journal of Financial Research, and The Financial Review. Dr. Cline has received invitations to present his work at prestigious conferences such as the American Finance Association. He has also received various research awards including the 2014 Wharton School-WRDS Outstanding Paper in Empirical Research, the 2012 Journal of Financial Research Outstanding Article Award, the 2010 Eastern Finance Association Outstanding Paper Award, the 2009 Eastern Finance Association Outstanding Paper Award, and the 2008 Southern Finance Association’s Outstanding Paper Award in Corporate Finance. His research has also been the subject of feature stories in Fortune, The Wall Street Journal, Bloomberg Radio, FoxBusiness, CNNMoney, and RealClearMarkets. Prior to joining Mississippi State, Dr. Cline taught both graduate and undergraduate courses in corporate finance and financial derivatives at Clemson University. In 2006, Dr. Cline received the Outstanding Finance Faculty Award at The University of Alabama.

Recent Publications

2017
  • "The Consequences of Managerial Indiscretions: Sex, Lies, and Firm Value", with Adam S. Yore and Ralph A. Walkling, Journal of Financial Economics, 2017, vol. Forthcoming.
  • "The Persistence of Opportunistic Insider Trading", with Sinan Gokkaya and Xi Liu, Financial Management, 2017, vol. Forthcoming.
  • "Individualism, Democracy, and Contract Enforcement", with Claudia Williamson, Journal of Corporate Finance, 2017, vol. 46, p 284-306.
2016
  • "Trust and the Regulation of Corporate Self-Dealing", with Claudia Williamson, Journal of Corporate Finance, 2016, vol. 41, p 572-590.
  • "Silverback CEOs: Age, Experience, and Firm Value", with Adam S. Yore, Journal of Empirical Finance, 2016, vol. 35, p 169-188.
2015
  • "A Comparison of the Information in the LIBOR and CMT Term Structures of Interest Rates", with Robert Brooks and Walt Enders, Journal of Banking and Finance, 2015, vol. 54, p 239-253.
  • "Outside Director Stock Options and Dividend Policy", with Anwar Boumosleh, Journal of Financial Services Research, 2015, vol. 47, no. 3, p 381-410.
  • "Spread Options and Risk Management: Lognormal Versus Normal Distribution Approach", with Robert Brooks, Financial Services Review, 2015, vol. 24, no. 1, p 15-35.
  • "Do Investors Value SEO Lockup Agreements?", with Xudong Fu, Journal of Business Research, 2015, vol. 68, no. 2, p 314-321.
2014
  • "Class Action Lawsuits and Executive Option Exercise Behavior", with Daniel Bradley and Qin Lian, Journal of Corporate Finance, 2014, vol. 27, p 157-172.
  • "Exploitation of the Internal Capital Market and the Avoidance of Outside Monitoring", with Jacqueline Garner and Adam S. Yore, Journal of Corporate Finance, 2014, vol. 25, p 234-250.
  • "Insider Trading in REITs: Evidence from Informed Stock Option Exercise Around Seasoned Equity Offerings", with Xudong Fu, Thomas M. Springer, and Tian Tang, Journal of Real Estate Research, 2014, vol. 36, no. 4, p 511-540.
  • "Optimal CEO Incentive Contracts: A Prospect Theory Explanation", with Joshua R. Aaron, Michael L. Harris, and William C. McDowell, Journal of Business Strategies, 2014, vol. 31, no. 2, p 336-356.
2013
  • "Underperformance of Founder‑Led Firms: An Examination of Compensation Contracting Theories during the Executive Stock Options Backdating Scandal", with Brian Carver and Matthew L. Hoag, Journal of Corporate Finance, 2013, vol. 23, p 294-310.
  • "Stock Buyback Programs and Stock Option Plans: A Theoretical Framework", with Robert Brooks, Advances in Quantitative Analysis of Finance and Accounting, 2013, vol. 11, p 1-28.
  • "Incentive-Based Compensation for CEOs in Small and Medium Sized Enterprises: Does Pay for Performance Matter?", with Joshua Aaron, William C. McDowell, and Michael L. Harris, Journal of Business and Entrepreneurship, 2013, vol. 25, no. 1, p 1-19.
2012
  • "Private Information and the Exercise of Executive Stock Options", with Don M. Chance and Robert Brooks, Financial Management, 2012, vol. 41, no. 3, p 733-764.
  • "What Determines SEO Offer Day Returns?", with Xudong Fu, Tian Tang, and Jonathan A. Wiley, The Journal of Financial Research, 2012, vol. 35, no. 4, p 497-519.
  • "Do Insiders Practice what They Preach? Informed Option Exercises Around Mergers and Acquisitions", with Daniel Bradley and Qin Lian, The Journal of Financial Research, 2012, vol. 35, no. 3, p 317-342.
  • "Valuation Effects for Asset Sales", with Jonathan A. Wiley, Xudong Fu, and Tilan Tang, Journal of Financial Services Research, 2012, vol. 42, no. 3, p 103-120.
  • "Information in the U.S. Treasury Term Structure of Interest Rates", with Robert Brooks and Walter Enders, The Financial Review, 2012, vol. 47, no. 2, p 247-272.
  • "Investor Reaction to Firm Environmental Management Reputation", with Joshua R. Aaron and Amy McMillan-Capehart, Corporate Reputation Review, 2012, vol. 15, no. 4, p 304-318.

Recent Presentations

2017
  • "Trust, Regulation and Contracting Institutions", with Claudia Williamson, Association of Private Enterprise Education, Maui, HI, 2017.
  • "Individualism, Democracy and Contract Enforcement", with Claudia Williamson, Public Choice Society Meetings, New Orleans, LA, 2017.
2016
  • "Trust, Regulation and Contracting Institutions", with Claudia Williamson, International Conference on Financial Development and Economic Stability, Durham, UK, 2016.
  • "Individualism, Democracy and Contract Enforcement", with Claudia Williamson, World Finance Conference, New York, NY, 2016.
  • "Trust and the Regulation of Corporate Self-Dealing", with Claudia Williamson, Eastern Finance Association Annual Meeting, Baltimore, MD, 2016.
  • "The Agency Costs of Managerial Indiscretions: Sex, Lies, and Firm Value”", with Ralph Walkling and Adam Yore, University of Alabama, Tuscaloosa, 2016.
  • "Trust and the Regulation of Corporate Self-Dealing", with Claudia Williamson, University of Alabama, Tuscaloosa, AL, 2016.
  • "Trust and the Regulation of Corporate Self-Dealing", with Claudia Williamson, George Mason University, Fairfax, VA, 2016.
2015
  • "National Culture and the Regulation of Corporate Self-Dealing", with Claudia Williamson, Southern Finance Association Annual Meeting, Captiva, FL, 2015.
  • "National Culture and the Regulation of Corporate Self-Dealing", with Claudia Williamson, Financial Management Association Annual Meeting, Orlando, FL, 2015.
  • "The Agency Costs of Managerial Indiscretions: Sex, Lies, and Firm Value", with Ralph Walkling and Adam Yore, Special Conference on The Future of Large Financial Institutions: Culture, Performance and Financial Stability, Boston, MA, 2015.
  • "The Agency Costs of Managerial Indiscretions: Sex, Lies, and Firm Value”", with Ralph Walkling and Adam Yore, Auburn University, Auburn University, 2015.
  • "National Culture and the Regulation of Corporate Self-Dealing", with Claudia Williamson, Conference on Culture, Institutions, and Development, Stockholm, Sweden, 2015.
  • "National Culture and the Regulation of Corporate Self-Dealing", with Claudia Williamson, Conference on Culture and Finance, Wake Forest University, 2015.
2014
  • "Culture, Law and Self-Dealing Across Countries", with Claudia Williamson, Southern Economic Association Conference, Atlanta, GA, 2014.
  • "Opportunistic Behavior and Executive Stock Option Exercise", with Sinan Gokkaya and Xi Liu, Southern Finance Association Annual Meeting, Key West, FL, 2014.
  • "Opportunistic Behavior and Executive Stock Option Exercise", with Sinan Gokkaya and Xi Liu, Financial Management Association Annual Meeting, Nashville, TN, 2014.
  • "Economic Calculation and Constraints on Firm Size", with Claudia Williamson and Adam S Yore, International Society for New Institutional Economics, Duke University, 2014.
  • "Information Quality and Equity Risk", with Katsiaryna Salavei Bardos and Gregory Koutmos, FMA Applied Finance Conference, New York, NY, 2014.
  • "Economic Calculation and Constraints on Firm Size", with Claudia Williamson and Adam S. Yore, APEE Annual Meeting, Las Vegas, NV, 2014.
  • "The Persistence of Opportunistic Insider Trading", with Sinan Gokkaya and Xi Liu, Eastern Finance Association Annual Meeting, Pittsburgh, PA, 2014.
  • "Incentive-Based Compensation for CEOs in Small and Medium Sized Enterprises: Does Pay for Performance Matter?", with Josh R. Aaron, William C. McDowell, and Michael L. Harris, Small Business Institute Meeting, Las Vegas, NV, 2014.
  • "The Agency Costs of Managerial Indiscretions: Sex, Lies, and Firm Value", with Ralph Walkling and Adam Yore, American Finance Association, Philadelphia, PA, 2014.
2013
  • "CEO Selling During Lockup Agreements: The Bankers Blessing", with Collin Gilstrap and Xudong Fu, Southern Finance Association Annual Meeting, Fajardo, Puerto Rico, 2013.
  • "Should the Outsiders Be Left Out? Director Stock Options, Expectations and Earnings Management", with Adam Yore and Anwar Boumosleh, Southern Finance Association Annual Meeting, Fajardo, Puerto Rico, 2013.
  • "The Persistency of Opportunistic Insider Trading", with Sinan Gokkaya and Xi Liu, Southern Finance Association Annual Meeting, Puerto Rico, 2013.
  • "The Agency Costs of Managerial Indiscretions: Sex, Lies, and Firm Value”", with Ralph Walkling and Adam Yore, West Virginia University, West Virginia University, 2013.
  • "A Comparison of the Information in the LIBOR and CMT Term Structure of Interest Rates", with Robert Brooks and Walter Enders, Financial Management Association Annual Meeting, Chicago, IL, 2013.
  • "CEO Selling During Lockup Agreements: The Bankers Blessing", with Collin Gilstrap and Xudong Fu, Financial Management Association Annual Meeting, Chicago, IL, 2013.
  • "The Persistency of Opportunistic Insider Trading", with Sinan Gokkaya and Xi Liu, Financial Management Association Annual Meeting, Chicago, IL, 2013.
  • "The Agency Costs of Managerial Indiscretions: Sex, Lies, and Firm Value", with Ralph Walkling and Adam Yore, APEE Annual Meeting, Maui, HI, 2013.
  • "Silverback CEOs: Age, Experience, and Firm Value", with Adam Yore, Eastern Finance Association Annual Meeting, St. Petersburg, FL, 2013.
  • "The Agency Costs of Managerial Indiscretions: Sex, Lies, and Firm Value”", with Ralph Walkling and Adam Yore, Louisianna State University, Louisianna State University, 2013.
  • "Silverback CEOs: Age, Experience, and Firm Value", with Adam Yore, Midwest Finance Association Annual Meeting, Chicago, IL, 2013.
2012
  • "Should the Outsiders Be Left Out? Director Stock Options, Expectations and Earnings Management", with Adam Yore, Northern Illinois University, Northern Illinois University, 2012.
  • "Silverback CEOs: Age, Experience, and Firm Value", with Adam Yore, Financial Management Association Annual Meeting, Atlanta, GA, 2012.
  • "Should the Outsiders Be Left Out? Director Stock Options, Expectations and Earnings Management", with Anwar Boumosleh and Adam Yore, University of Mississippi, University of Mississippi, 2012.
  • "Corporate Governance and the Diversification Discount: The Implications of the Sarbanes-Oxley Act", with Anwar Boumosleh, Fawzi Hader, and Adam Yore, Eastern Finance Association Annual Meeting, Boston, MA, 2012.
  • "Information Quality and Equity Risk", with Katsiaryna Bardos and Gregory Koutmos, Eastern Finance Association Annual Meeting, Boston, MA, 2012.
  • "Should the Outsiders Be Left Out? Director Stock Options, Expectations and Earnings Management", with Adam Yore and Anwar Boumosleh, Eastern Finance Association Annual Meeting, Boston, MA, 2012.
  • "The Bankers Blessing", with Collin Gilstrap and Xudong Fu, Eastern Finance Association Annual Meeting, Boston, MA, 2012.
  • "Corporate Governance and the Diversification Discount: The Implications of the Sarbanes-Oxley Act", with Anwar Boumosleh and Adam Yore, Midwest Finance Association Annual Meeting, New Orleans, LA, 2012.
  • "Information Quality and Equity Risk", with Katsiaryna Bardos and Gregory Koutmos, Midwest Finance Association Annual Meeting, New Orleans, LA, 2012.
  • "The Bankers Blessing", with Collin Gilstrap and Xudong Fu, Midwest Finance Association Annual Meeting, New Orleans, LA, 2012.