Kristi Minnick Westerling

  • Professor, Finance
  • Stanton Professor of Finance, Bentley University
  • Ph.D. Univ of Maryland-College Park
  • MBA College of William and Mary
  • BS Palm Beach Atlantic College

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

Bio

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.

Professional Links

Professional Memberships

  • AFA Present
  • EFA Present
  • FMA Present
  • 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., Burns, N., Stark, L. (2023). CEO Turnover: Cross-Country Effects. Corporate Governance: International Review. Forthcoming.
  • Minnick, K. L., Bose, S., Shams, S., Lim, E., Schorno, P. (2023). Do Foreign Institutional Investors Influence Corporate Climate Change Disclosure Quality? International Evidence. . (Link) Forthcoming.
  • Minnick, K. L., Khedmati, M., Gunaskerage,, A., Shams, S. (2023). Gender diversity and acquisitions: How female directors add value in acquisition decisions. . (Link) Forthcoming.
  • Minnick, K. L., Gunaskerage, A., Khedmati, M., Shams, S. (2023). Board Gender Diversity and Acquisition Choices. Journal of Financial Research, (46) 4 949-991. (Link) Forthcoming.
  • Minnick, K. L., Burns, N., Bose, S., Shams, S. (2023). Climate-Linked Compensation, Societal Values, and Outcomes. Corporate Governance: International Review, (31) 5 759-785. (Link) 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. Forthcoming.
  • 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

  • Conference Papers


  • Minnick, K. L. (2008). , European Financial Management Association .

  • Presentations

  • Minnick, K. L. (2023). “CEO-Director Ties and Readability of Financial Reports” Presented at theSouthern Finance Association Puerto Rico
  • Jang, I., Minnick, K. L., Nemani, A. K. (2023). “Safeguarding proprietary information in the supply chain and relationship specific investment” Presented at theMidwest Finance Association
  • Jang, I., Minnick, K. L., Nemani, A. K. (2022). “Does IDD adoption facilitate relationship-specific investments? ” Presented at theParis Financial Management Conference
  • Minnick, K. L. (2022). “Cross Country Examination of the Gender Pay Gap” Presented at theAmerican Finance Association Virtual
  • Minnick, K. L. (2022). Presented at theSouthern Finance Association
  • Minnick, K. L. (2020). Presented at theFinancial Management Association
  • Minnick, K. L. (2020). Presented at theSouthern Finance Association
  • Minnick, K. L. (2019). “The Role of Corporate Sustainability and Carbon Emissions in Corporate Acquisition Decisions” Presented at theEDHEC Climate Change Finance conference Paris
  • Minnick, K. L. (2019). “CEO Turnover: Cross-Country Effects” Presented at theEuropean Financial Management Association Azores, Portugual
  • Minnick, K. L. (2019). “Board Gender Diversity and Acquisition Performance” Presented at theParis Finance Conference Paris
  • Burns, N., Minnick, K. L., Smith, A. (2019). “The Role of Directors with Related Supply Chain Industry Experience in Corporate Acquisition Decisions” Presented at the Bentley University Research Seminar Waltham, MA
  • Minnick, K. L. (2018). “Worth the Fight? The Role of Internal Competition on New CEOs’ Compensation” Presented at theSouthern Finance Association
  • Hasan, I., Minnick, K. L., Raman, K. (2017). “Supply Chain Characteristics and Bank Lending Decisions ” Presented at the Southern Finance Association Southern Finance Association Conference Key West, FL
  • Hasan, I., Minnick, K. L., Raman, K. (2017). “Supply Chain Characteristics and Bank Lending Decisions ” Presented at the Financial Management Association Financial Management Association Conference Boston, MA
  • Shang, C., Minnick, K. L., Raman, K. (2017). “External Monitoring and Board Structure: Why do Major Customers Matter?” Presented at theFinancial Management Association Annual Meeting Boston, MA
  • Burns, N., Raman, K., Minnick, K. L. (2016). “Supply chain relationships and management's earnings forecasts” Presented at theSouthern Finance Asociation Conference Destin, FL
  • Minnick, K. L. (2015). Presented at theFinancial Management Association
  • Minnick, K. L. (2015). Presented at theSouthern Finance Association
  • Minnick, K. L. (2014). Presented at theBig Data Bentley University
  • Minnick, K. L., Raman, K. (2014). “Board composition and contracting frictions: Evidence on suppliers and customers” Presented at theSouthern Finance Association Conference
  • Minnick, K. L. (2014). Presented at theFMA Nashville. Tenn
  • Minnick, K. L., Raman, K. (2014). “Board composition and contracting frictions: Evidence on suppliers and customers” Presented at theIndian Institute of Management at Bangalore Seminar Series
  • Minnick, K. L. (2014). Presented at theEFMA Rome
  • Minnick, K. L., Raman, K. (2014). “Board composition and contracting frictions: Evidence on suppliers and customers” Presented at theBentley Seminar Series
  • Minnick, K. L., Raman, K. (2012). “Why are stock splits disappearing?” Presented at theFinancial Management Association Atlanta
  • Minnick, K. L., Raman, K. (2011). “Why are stock splits disappearing?” Presented at the Indian Institute of Management, Bangalore India Finance Conference Bangalore, India
  • Minnick, K. L., Raman, K. (2011). “Why are stock splits disappearing?” Presented at theSouthern Finance Association Conference Key West, FL
  • Minnick, K. L., Raman, K. (2011). “Why are stock splits disappearing?” Presented at the Bentley University Bentley Research Seminar Series Waltham, MA
  • Rosenthal, L., Minnick, K. L. (2011). “Stealth Compensation: Do CEOs/Directors Increase Their Pay by Influencing Dividend Policy” Presented at the FMA Financial Management Association Denver
  • Minnick, K. L., Raman, K. (2011). “Why are stock splits disappearing?” Presented at the Bentley University Boston Area Finance Conference Waltham, MA
  • Minnick, K. L., Rosenthal, L. (2011). “Stealth Compensation: Do CEOs/Directors Increase Their Pay by Influencing Dividend Policy” Presented at the MFA Midwest Finance Association Chicago
  • Wiggins, R. A., Erhemjamts, O., Minnick, K. L. (2010). “Bridging the Gender Gap: Explaining the Unexplainable” Presented at the Financial Management Association 2010 FMA Annual Conference New York, New York
  • Wiggins, R. A., Erhemjamts, O., Minnick, K. L. (2010). “Bridging the Gender Gap: Explaining the Unexplainable” Presented at the Financial Management Association 2010 European FMA Annual Conference Hamburg, Germany
  • Minnick, K. L. (2009). Presented at the FMA European Financial Management Association Turin, Italy
  • Erhemjamts, O., Minnick, K. L. (2009). “What Does It Take to Close the Gender Gap in Executive Compensation?” Presented at theEuropean Financial Management Association Milan, Italy
  • Erhemjamts, O., Minnick, K. L. (2009). “What Does It Take to Close the Gender Gap in Executive Compensation?” Presented at the Bentley University Faculty Research Roundtable: Gender Issues Across Disciplines Waltham, MA
  • Minnick, K. L. (2008). Presented at theEuropean Financial Management Association Prague
  • Minnick, K. L. (2008). Presented at theFinancial Management Association Dallas
  • Minnick, K. L. (2008). Presented at theFrontiers in Finance Conference Belize
  • Erhemjamts, O., Minnick, K. L. (2008). “What Does It Take to Close the Gender Gap in Executive Compensation?” Presented at theFinancial Management Association Grapevine, Dallas
  • Minnick, K. L. (2007). Presented at theEuropean Financial Management Association Barcelona
  • Minnick, K. L. (2007). Presented at theFDIC Center for Financial Research Merger Conference
  • Minnick, K. L. (2007). Presented at theFinancial Management Association Orlando
  • Minnick, K. L., Zhao, M. (2007). “Levered Repurchases: Who Benefits?” Presented at theFMA Annual Meeting Orlando, FL
  • Minnick, K. L., Zhao, M. (2007). “Levered Repurchases: Who Benefits?” Presented at theFMA European Conference Barcelona, Spain
  • Minnick, K. L. (2006). Presented at theFinancial Management Association Salt Lake City
  • Minnick, K. L. (2006). Presented at theFrontiers in Finance Conference
  • Minnick, K. L. (2005). Presented at theFinancial Management Association Chicago
  • Minnick, K. L. (2005). Presented at theFrontiers in Finance Conference
  • Minnick, K. L. (). “CEO Tournaments: A Cross-Country Analysis of Causes, Cultural Influences and Consequences” Presented at theEastern Finance Association Boston
  • Minnick, K. L. (). “Equity-Incentive Compensation and Payout Policy in Europe” Presented at theFinancial Management Association Chicago
  • Minnick, K. L. (). “When governance fails: Naming directors in class action lawsuits” Presented at theFinancial Management Association Chicago
  • Minnick, K. L., Rosenthal, L. (). “Stealth Compensation: Do CEOs/Directors Increase Their Pay by Influencing Dividend Policy” Presented at the Financial Management Association FMA Europe Conference Istanbul Turkey
  • Service

    Department Service


  • Committee Member for Recruiting Committee 2008 - Present
  • Committee Member for Research Council 2018 - 2021
  • Committee Chair for Finance Seminar Coordinator 2014 - 2019
  • Committee Member for Inauguration Planning Committee 2018 - 2018
  • Committee Member for Finance PhD Committee 2014 - 2015
  • Committee Chair for Financial Literacy Coordinator 2012 - 2014
  • Course Coordinator for FI380 Course Corrdinator 2011 - 2012
  • Committee Member for Curriculum Committee 2009 - 2011
  • University Service


  • Committee Chair for Gender Mix AIG workstream - Inside the Classroom 2022 - Present
  • Task Force Member for Hughey Center for Financial Research 2016 - Present
  • PhD Committee 2013 - 2014
  • Committee Member for Teaching and Scholarly Activities Committee 2010 - 2011
  • Committee Member for Curriculum Committee 2007 - 2010
  • Professional Service


  • Board of Directors of a Company for Eastern Finance Association 2024 - Present
  • Financial Review Associate Editor 2021 - Present
  • Southern Finance Association Executive Committee 2021 - Present
  • Editorial Review Board Member for Review of Business 2020 - Present
  • Editor (Associate), Journal for Journal of Business Research Editorial Board 2016 - Present
  • Conference/Workshop Track Chair for Eastern Finance Association Program Chair 2020 - 2021
  • Southern Finance Association Board of Directors 2019 - 2021
  • Midwestern Finance Association Track Chair 2015 - 2016
  • Reviewer, Conference Paper for Southern Finance Association Program Chair 2013 - 2016
  • Conference/Workshop Track Chair for Western Finance Association 2014 - 2015
  • Western Finance Association Program Committee 2012 - 2014
  • Board of Directors of a Company for Junior League of Boston 2008 - 2012