Kristi Minnick Westerling

Professor Kristina Minnick's research focuses on empirical corporate finance, particularly corporate governance, executive compensation, director compensation, and banking. She has also studied mergers and acquisitions and the relationship between cultural values and corporate finance. Her academic interests include corporate finance, mergers, and acquisitions, international finance, investments, and banking. In addition to teaching at John Hopkins University and the University of Maryland, she was a business analyst at Fidelity Investments and a visiting scholar at the Federal Deposit Insurance Corporation. She has presented at conferences in the U.S. and abroad, including in the Czech Republic, Spain, and the Netherlands, and has been published in the Journal of Financial and Quantitative Analysis, Review of Financial Studies, Journal of Business, as well as numerous other top journals.

Education

• University of Maryland - Robert H. Smith School of Business - Ph.D., Finance 1999 - 2005
• William & Mary – Raymond A. Mason School of Business - MBA, Finance 1997 - 1999

Teaching Interests

M&A; Corporate Finance; International Finance; Banking; Financial Economics; Introductory Finance

Research Interests

Corporate Governance; Corporate Finance; M&A; Environmental Finance; Diversity, Equity and Inclusion

Awards and Honors

• 2013, Outstanding Scholarly Contribution Award, Bentley University
• 2013, Research Sabbatical, Bentley University
• 2013, Bentley Summer Research Grant, Bentley
• 2012, Bentley Research Grant, Bentley
• 2012, Bentley Summer Research Grant, Bentley
• 2011, Bentley Research Grant, Bentley
• 2011, Bentley Summer Research Grant, Bentley
• 2010, Bentley Summer Research Grant, Bentley University
• 2010, Dean's Fund, Bentley
• 2009, Bentley Summer Research Grant, Bentley University
• 2009, Dean's Fund, Bentley University
• 2008, Bentley Summer Research Grant, Bentley University
• 2008, Dean's Fund, Bentley
• 2007, Babson United Business Ethics Award
• 2007, Bentley Summer Research Grant
• 2007, Dean's Fund
• 2006, Bentley Summer Research Grant
• 2006, Davis Workshop
• 2005, Bentley Summer Research Grant

Publications

Journal Articles

• Minnick, K. L., Khedmati, M., Gunaskerage,, A., Shams, S. (2023). Board Gender Diversity and Acquisition Performance. . Forthcoming.
• Minnick, K. L., Burns, N., Stark, L. (2023). CEO Turnover: Cross-Country Effects. Corporate Governance: International Review. Forthcoming.
• Minnick, K. L., Gunaskerage, A., Khedmati, M., Shams, S. (2023). Board Gender Diversity and Acquisition Choices. Journal of Financial Research. Forthcoming.
• Minnick, K. L., Burns, N., Bose, S., Shams, S. (2023). Climate-Linked Compensation, Societal Values, and Outcomes. Corporate Governance: International Review. Forthcoming.
• Minnick, K. L., Rivolta, M., Hadley, B., Blank, B. (2022). A Game of Thrones – Dynamics of Internal CEO Succession and Outcome. European Financial Management Journal. 1 280-324.
• Minnick, K. L., Gupta, A. (2022). Social capital and managerial opportunism: Evidence from option backdating. Journal of Financial Research. Forthcoming.
• Minnick, K. L., Bose, S., Shams, S. (2022). Does Carbon Risk Matter for Corporate Acquisition Decisions?. Journal of Corporate Finance, (70) 102058. (Link)
• Minnick, K. L., Smith, A., Burns, N. (2021). The Role of Directors with Related Supply Chain Industry Experience in Corporate Acquisition Decisions. Journal of Corporate Finance. 67 (Link)
• Hasan, I., Minnick, K. L., Raman, K. (2020). Credit allocation when borrowers are economically linked: An empirical analysis of bank loans to corporate customers. Journal of Corporate Finance, (62) June
• Minnick, K. L., Raman, K. (2020). Director Industry Expertise and Voluntary Corporate Disclosure. Quarterly Journal of Finance, 10 (3)
• Cornett, M., Minnick, K. L., Shorno, P. J., Tehranian, H. (2020). An Examination of Bank Behavior around Federal Reserve Stress Tests. Journal of Financial Intermediation.
• Minnick, K. L., Schorno, P., Crutchley, C. (2018). Corporate Governance, Social Responsibility and Data Breaches. Financial Review Journal, (https://onlinelibrary.wiley.com/doi/full/10.1111/fire.12160) 2 413-455.
• Minnick, K. L., Raman, K. (2017). Board composition and relationship-specific investments by customers and suppliers. Financial Management, (46) 1 203-239.
• Minnick, K. L., Burns, N., Jindra, J. (2017). Sales of private firms and the role of CEO compensation. Journal of Corporate Finance, (43) 1 444-463.
• Minnick, K. L., Noga, T. J. (2017). The influence of firm and industry political spending on tax management among S&P 500 firms. Journal of Corporate Finance. 44 233-254.
• Minnick, K. L., Schorno, P., Crutchley, C. (2015). When governance fails: Naming directors in class action lawsuits. Journal of Corporate Finance, (35) 81-96.
• Minnick, K. L., Burns, N., Starks, L. (2015). Equity-Incentive compensation and payout policy in Europe. Journal of Corporate Finance, (30) 85-97. (Link)
• Minnick, K. L., Raman, K. (2014). Why are stock splits declining?. Financial Management, (43) 1 29-60.
• Minnick, K. L., Rosenthal, L. (2014). Stealth compensation : do CEOs increase their pay by influencing dividend policy? . Journal of Corporate Finance, (25) 435-454 . (Link)
• Minnick, K. L., Burns, N. (2013). Does Say-On-Pay Matter? Evidence from Say-On-Pay Proposals in the U.S. The Financial Review, (48) 2 233-58.
• Minnick, K. L., Raman, K. (2013). Why are Stock Splits Disappearing?. , CFA Digest, 43(4), (43) 4
• Minnick, K. L., Crutchley, C. (2012). Cash versus incentive compensation: Lawsuits and director pay. Journal of Business Research, (65) 7 907-14. (Link)
• Haushalter, D., Lowry, M., Cremers, K. M., Huang, R., Sautner, Z., Conyon, M. J., Core, J. E., Guay, W. R., Minnick, K. L., Unal, H., others, . (2011). The Review of Financial Studies. Studies, (24) 2
• Minnick, K. L. (2011). The Role of Corporate Governance in the Write-off Decision. Review of Financial Economics, (20) 4 130-145. (Link)
• Minnick, K. L., Knill, A., Nejadmalayeri , A. (2011). Experience, Information Asymmetry, and Rational Forecast Bias. Review of Quantitative Finance and Accounting.
• Minnick, K. L., Noga, T. J. (2010). Do Corporate Governance Characteristics Influence Tax Management?. Journal of Corporate Finance, (16) 5 703-718.
• Minnick, K. L., Yang, L., Unal, H. (2010). Pay for Performance? CEO Compensation and Acquirer Returns in BHCs. Review of FInancial Studies, (Online) (Link)
• Minnick, K. L., Zhao, M. (2009). Backdating and Director Incentives: Money or Reputation. Journal of Financial Research, (XXXII) 4 449-477. (Link)
• Knill, A., Minnick, K. L., Nejadmalayeri, A. (2006). Selective Hedging, Information Asymmetry and Futures Prices. Journal of Business, (79) 3 1475-1502. (Link)
• Minnick, K. L., Burns, N., Rivolta, M. (). When in Rome: Local Social Norms and Tournament Incentives. . (Link) Forthcoming.
• Minnick, K. L., Burns, N., Starks, L. (). CEO Tournaments: A Cross-Country Analysis of Causes, Cultural Influences and Consequences. Journal of Financial and Quantitative Analysis. Forthcoming.

Book Chapters

• Minnick, K. L., Knill, A., Nejadmalayeri , A. (2012). Experience, Information Asymmetry, and Rational Forecast Bias In , (Eds.) Handbook of Financial Econometrics and Statistics. 2 241-272. Review of Quantitative Finance and Accounting
• Minnick, K. L., Knill, A., Nejadmalayeri , A. (). Experience, Information Asymmetry, and Rational Forecast Bias In , (Eds.) Handbook of Financial Econometrics and Statistics. Forthcoming.