Distinguished Teaching Scholar

Adler Prize for Excellence in Teaching

Keough Award for Excellence

Crystal Apple Undergraduate Teaching Award

Economic news and the impact of trading on bond prices

Market efficiency in real time

Economic news and bond prices: Evidence from the US Treasury market

Market risk and model risk for a financial institution writing options

Tax and liquidity effects in pricing government bonds

Welcome to Emory University’s Goizueta Business School. Our goal is to make a positive impact on society by developing future leaders through our suite of undergraduate, MBA, and PhD degree programs, and our tailored non-degree courses; and by creating and disseminating impactful knowledge and insights.

Emory University, Goizueta Business School

Clifton Green joined Goizueta Business School in 1999 after completing his PhD at NYU where he taught 1998-1999. His research interests include investments and market microstructure, with an emphasis on behavioral finance. Clifton's research has been featured in the Wall Street Journal, The New York Times, Financial Times, and on CNBC television.  At Goizueta, Clifton serves teaches the core Corporate Finance class in the BBA program and Behavioral Finance in the PhD program. He has also taught Security Analysis and Portfolio Management in the MBA program.

Investments

Behavioral Finance

Market Microstructure

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What causes bond prices to rise and fall?

BROS, BETZ and DNA: The Race to Claim a Good Ticker and Attract Investors

Naming Your New Company: Here’s What to Know

7 Mistakes to Avoid When Naming Your Business

The most frequently asked questions by Robinhood traders reveal ‘new type of uninformed equity-market participant’

Robinhood Traders Have a Troubled Track Record of Stock Picking

LUV your stock: Why ticker symbols matter

Concentrated Funds: What Investors Should Know

Emory Expert Offers Analysis On Stock Market, China Slowdown

Separating Alpha From Beta Is Best Done With CAPM

Speed Traders Make Peanuts in Profits From Economic Data

Making the most of equity market anomalies

Surveys Give Big Investors an Early View From Analysts

The Atlanta Braves' first day on Wall Street went about as well as the team's play on the diamond in the 2016 season.

Braves stock plunges in first day of trading

As Braves’ stock dip well below the Mendoza Line, does this signal the team is soon to be put on the market? Goizueta Business School’s experts can help explain how stock market behaviours can decide the fate of Atlanta’s MLB future.

Braves IPO

Polling analysts on their outlooks for a given company has become a way for large wall street firms to discover trading advantages from information that might not be public yet.

Hedge funds tap into early views of stock analysts

In a research paper, T. Clifton Green, associate professor of finance and doctoral area coordinator, and coauthors Russell Jame 10PhD (U of Kentucky), Stanimir Markov (Southern Methodist U), and Musa Subasi (U of Maryland) focused their investigation on broker-hosted investor conferences to determine their impact on investor research. They studied 68,194 presentations by 4,394 companies at 2,749 investor conferences led by 107 brokerages for the period January 2004 to December 2010. According to the data, Green and his coauthors concluded that brokerage research analysts were more likely to provide better research for firms that participated at their conferences. Conference-hosting brokers were more likely to provide “more informative stock recommendations and more accurate earnings forecasts” than non-hosts. They discovered that firms participating in “broker-hosted investor conferences have a closer relation with the hosting analyst than with non-hosts, resulting in more private interactions (e.g., more company visits and meetings with management) and a continual flow of value-relevant information throughout the sample period.”

Investor conferences and analyst advantage

expert-insight-properties-on-confederatenamed-us-streets-sell-for-less

John W. McIntyre Professor of Finance

   Houses on streets that are named after Confederate figures or themes sell for 3% less than similar properties in neighboring areas, says a new study led by John W. McIntyre Professor of Finance, Clifton Green.  For an average property worth $240,000, the mean discount works out to around $7,000. Not only that, these homes take considerably longer to sell than comparable houses on streets that are named for secessionists. Green and his co-authors reviewed data from home sales across 35 states in the U.S., analyzing nearly 6,000 transactions between 2001 and 2020. Their data set looked at properties located on streets named after Jefferson Davis, Robert E. Lee, and Thomas “Stonewall” Jackson, as well as the more generic options of “Confederate” and “Dixie.” 

The majority of these streets are located in former Confederate states, though some are also found in California and Massachusetts, as well as a number of Midwestern and Western states that had not been created before the U.S. Civil War.

 To be certain of their findings, Green et al looked at homes with similar features and characteristics such as lot size, age, building type, and the number of bedrooms and bathrooms. The findings are unequivocal, says Green, although the effect is not equally distributed across states.

What is the Confederate Discount?  “The discount in prices for homes of Confederate-named streets is geographically variable. In those states that make up the former Confederacy, the effect is more muted at around two percent,” he notes. “And in some states where you find the most Lost Cause memorials, there may even be a fraction of a percentage point boost in sales for properties on streets with secessionist names.”  Beyond the South, the “Confederate discount” effect is notably more visible. The debate around changing street names in the U.S. has gathered momentum in recent years, with some 1,400 streets still named after Confederate figures. Much of the discussion, however, has focused on what Green calls the “principled reasons” for name changes–arguments that may or may not stack up favorably against the cost of changing signs.

This new study lends more economic clout to the cause of revising street names in the U.S.–albeit that the effect is more pronounced in Democratic-voting areas or areas with a higher share of Black or highly-educated residents. “In these places, sales on streets with Confederate names dipped even further, going for eight percent less on average, and this is particularly noticeable after events that have shone a spotlight on race inequity or white supremacy in the U.S.”

Interested in knowing more? Get in touch today. T. Clifton Green is a Professor of Finance at the Goizueta Business School. He is an expert in the areas of market microstructure, with an emphasis on behavioral finance and his research has been featured in the Wall Street Journal, Barrons, Financial Times, and on CNBC.



Expert Insight: Properties on Confederate-named U.S. Streets Sell for Less

why-do-extroverts-seem-to-always-get-that-much-more-when-it-comes-to-career-advancement-our-experts-can-explain

 People with outgoing personalities get noticed. Heads turn toward those with charismatic voices, emotional speech, high energy, empathetic gestures, and engaging smiles, but on the corporate front, how do these traits come to bear on executive compensation, hiring, and firm outcomes?

“The short answer is that extraversion is associated with positive career and firm outcomes,” said T. Clifton Green, professor of finance at Emory’s Goizueta Business School, whose published work Executive Extraversion: Career Firm and Outcomes (The Accounting Review, 2019), explores this phenomenon.  The study, with coauthors Russell Jame 10PhD,  University of Kentucky’s Gatton College of Business and Economics, and Brandon Lock 12BBA Baruch College’s Zicklin School of Business, City University of New York, highlights the role of personality traits in explaining executive promotions, job tenure, and outside board service. Green also finds evidence that having an extraverted CEO bodes well for investor recognition, sales growth, and acquisitions.

The study goes on to explain the personality trait of Extraversion, which is often described as “the single most important aspect of an individual’s personality,” according to Green, with the other of the Big Five traits being Agreeableness, Openness, Emotional Stability, and Conscientiousness.

 
Extraverts tend to be outgoing and gain energy from being around others, whereas introverts tend to be more reserved and recharge through solitude. Psychology research identifies extraversion as the personality trait most closely associated with leadership emergence.

 The study linked above is available for reading – and if you are a journalist looking to learn more or cover this very interesting topic, then let our experts help.

T. Clifton Green is a Professor of Finance at the Goizueta Business School. He is an expert in the areas of market microstructure, with an emphasis on behavioral finance and his research has been featured in the Wall Street Journal, Barrons, Financial Times, and on CNBC.

 

Why do extroverts seem to always get that much more when it comes to career advancement? Our experts can explain.

investor-conferences-and-analyst-advantage

In a research paper, T. Clifton Green, associate professor of finance and doctoral area coordinator, and coauthors Russell Jame 10PhD (U of Kentucky), Stanimir Markov (Southern Methodist U), and Musa Subasi (U of Maryland) focused their investigation on broker-hosted investor conferences to determine their impact on investor research. They studied 68,194 presentations by 4,394 companies at 2,749 investor conferences led by 107 brokerages for the period January 2004 to December 2010. According to the data, Green and his coauthors concluded that brokerage research analysts were more likely to provide better research for firms that participated at their conferences. Conference-hosting brokers were more likely to provide “more informative stock recommendations and more accurate earnings forecasts” than non-hosts. They discovered that firms participating in “broker-hosted investor conferences have a closer relation with the hosting analyst than with non-hosts, resulting in more private interactions (e.g., more company visits and meetings with management) and a continual flow of value-relevant information throughout the sample period.”

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