Neil Brisley

Associate Professor, Finance

Office: Hagey Hall 383A

Image of Neil Brisley

Phone: 519-888-4567 x48887


Education and certifications

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


Neil studied mathematics at Oxford University before joining Price Waterhouse and qualifying as a Chartered Accountant in the UK. He taught finance for three years at Groupe École Supérieure de Commerce de Rennes (France).

Following his PhD in Finance at INSEAD, Neil joined the Richard Ivey School of Business at the University of Western Ontario, case teaching in the HBA and MBA programmes and twice receiving Dean's Commendations for Excellent Teaching. At the School of Accounting & Finance he has received Outstanding Teaching awards and was nominated for the University of Waterloo Distinguished Teaching Award.

Neil has visited and taught at HEC Lausanne (Switzerland); Helsinki School of Economics (Finland); University of Waterloo, Dubai campus (UAE).


Neil addresses questions in Corporate Financing, Executive Compensation/Ownership and Stock Options, Venture Capital, broader issues in corporate governance, organizations, incentives, and contracts. His research into the 'design, valuation, use and abuse of executive stock options' was funded as sole investigator by the Social Science and Humanities Research Council of Canada. He has published in 'Financial Times 50' ranked journals (Journal of Finance x2; Review of Finance; The Accounting Review); presented at the premier conferences (Western Finance Association, European Finance Association, American Accounting Association, FMA and NFA); reviewed for leading academic journals and grant-awarding bodies; and served on the programme committees of the European Finance Association and NFA. At SAF he has received Outstanding Research awards.

Industry outreach

A qualified Accountant, Neil is on the Board of Financial Executives International (FEI) Canada’s Golden Triangle chapter. He served as a member of the original CPA Canada Competency Map Development Task Force (1.0) and the 2021 revision CPA CMTF (2.0) discussion group. He led the plenary session for the CPA Ontario 'Chartered for Finance' 2020 conference. He was Director of the CPA-SAF Centre for Capital Markets Education and served on the Advisory Committee of the CICA Corporate Finance Program.

Neil’s valuation model for Executive Stock Options (in Financial Analysts Journal) won the Best Paper Award, FEI Canada. His research and opinions on executive compensation and governance issues are cited in media such as Globe & Mail, National Post, Maclean’s, CBC Radio, Radio Canada, CTV, and professional and trade outlets.

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.
  • Some papers available at the Social Science Research Network

Courses taught

  • ACTSCI 471 Advanced Corporate Finance
  • AFM476 Advanced Corporate Finance
  • AFM373 Cases & Applications in Corporate Finance
  • AFM372 Math Corporate Finance II
  • AFM371 Managerial Finance II
  • AFM102 Management Accounting
  • AFM101 Financial Accounting
  • At other institutions, undergrad/Masters/MBA/Executive MBA: Cases in Corporate Finance; Principles of Finance; International Finance; Management Accounting