Associate Professor, Finance

Neil Brisley

Office: Hagey Hall 383A

Phone: 519-888-4567 x48887


Education and certifications

  • BA (Honours) & MA in Mathematics, St. Catherine's College, Oxford University
  • Fellow Chartered Accountant (FCA), Fellow of the Institute of Chartered Accountants in England & Wales (ICAE&W)
  • PhD (Finance), INSEAD, France

Brief biography

Neil studied mathematics at Oxford University before joining Price Waterhouse and qualifying as a Chartered Accountant in the UK. He then taught finance for three years at Groupe École Supérieure de Commerce de Rennes in France and twice visited Helsinki School of Economics to teach on their international BBA programme. Following his PhD in Finance at INSEAD, Neil joined the Richard Ivey School of Business at the University of Western Ontario, teaching case courses in the Honours Business Administration (HBA) and MBA programmes and twice receiving Dean's Commendations before progressing to the School of Accounting and Finance (SAF) at Waterloo. He is on the Advisory Committee of the Canadian Institute of Chartered Accountants' Corporate Finance Program, a member of the Chartered Professional Accountants Competency Map Development Task Force, and Director of the CPA-SAF Centre for Capital Markets Education.

Neil’s corporate finance research addresses issues in executive compensation and stock options, initial public offerings and auctions, and broader issues in corporate governance, organizations, incentives, and contracts. His ongoing research into the design, valuation, use and abuse of executive stock options is funded as sole investigator by the Social Science and Humanities Research Council of Canada. He has presented his research at the Annual Meetings of the Western Finance Association, European Finance Association, American Accounting Association, Financial Management Association and Northern Finance Association, as well as at specialized corporate governance conferences. He has reviewed articles for leading academic journals including the Review of Financial Studies, the Journal of Financial and Quantitative AnalysisJournal of Corporate Finance,  and the Financial Analysts Journal, and served on the programme committees of the European Finance Association and Northern Finance Association.

Neil’s model for the valuation of executive stock options won the Best Annual Conference Paper Award, Financial Executives International (FEI) Canada. His research and opinions on executive compensation and governance issues have been cited in media such as Globe & Mail, National Post, Maclean’s, CBC Radio, Radio Canada, CTV, as well as professional and trade outlets.

Neil spent Fall 2012 term teaching at University of Waterloo's campus in Dubai. 

Read Neil’s research at the Social Science Research Network

Selected publications

  • Brisley, Neil; Jai Cai and Tu Nguyen (2021), "Required CEO stock ownership: consequences for risk-taking and compensation," Journal of Corporate Finance, Forthcoming.
  • Brisley, Neil and Alan V. Douglas (2015), Optimal Information Asymmetry, Control Environment, and Investment in Firm-Specific Human Capital”, The Accounting Review.
  • Brisley, Neil; Arturo Bris and Christos Cabolis, (2011), “A theory of optimal expropriation, mergers and industry competition,” Journal of Banking and Finance 35, 955-965. 
  • Anderson, Chris K., and Neil Brisley, (2009), “Employee stock options: an up-and-out protected barrier call”, Applied Mathematical Finance 16, No. 4: 347-352.
  • Brisley, Neil, and Chris K. Anderson, (2008), “Employee Stock Option valuation with an early exercise boundary”, Financial Analysts Journal, September/October 2008, Vol. 64, No. 5: 88-100.  
    • Reprinted in “Investment Perspectives: Valuation Techniques”, John Wiley & Sons, (2013), CFA Institute publications, edited by David T. Larrabee and Jason A. Voss.
  • Bris, Arturo; Neil Brisley and Christos Cabolis, (2008), “Adopting Better Corporate Governance: Evidence from Cross-border Mergers”, Journal of Corporate Finance 14, pp. 224-240.                             
    • Reprinted in “Corporate takeovers: Modern empirical developments”, Elsevier/Academic Press, (2010), edited by B. Espen Eckbo, Tuck School of Business, Dartmouth College.
  • Brisley, Neil, and Walid Busaba, (2007), “Secret Reservation Prices in Bookbuilding”, Review of Finance 11, pp. 693-718.
  • Brisley, Neil, (2006), “Executive Stock Options: Early Exercise Provisions and Risk-taking Incentives”, Journal of Finance 61, pp. 2487-2509.
  • Brisley, Neil, (2003), “A Comparative Analysis of IPO Proceeds Under Alternative Regulatory Environments: A Comment”, Economics Bulletin 7, pp. 1-7.
  • Brisley, Neil, and Michael Theobald, (1996), “A Simple Measure of Price Adjustment Coefficients: A Correction”, Journal of Finance 51, pp. 381-382.
University of Waterloo

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