Clifford Stephens

Clifford P. Stephens

Instructor and Director of Graduate Studies-MS Finance Program , Department of Finance
2934 Business Education Complex North
501 South Quad Drive
Baton Rouge, LA 70803
Phone: 225-578-6291
Fax: 225-578-6366

Biographical Summary

Dr. Stephens has 25+ years experience teaching finance. He has published numerous articles in the top Finance journals and his research has been cited 2,500+ times.


  • PhD Finance, University of Arizona, 1996
  • BS Accounting, University of Northern Colorado, 1985
  • MBA University of Colorado-Colorado Springs, 1992

Awards & Honors

  • LOUIS OER Commons Faculty Cohort grant, Louisiana Board of Regents


  • Teaching Interests: Corporate Finance, Investments, Financial Institutions
  • Research Interests: Corporate Finance, Dividend and payout policy, IPO - lockup provisions, Managerial incentives

Selected Research Publications

  • Chance, D., Bui, D., and Stephens, C. (2019). Does the Choice between Listing on the NYSE versus Nasdaq Matter? An Examination of Firms that Voluntarily Move from the NYSE to Nasdaq. 19(7), 18-48.
  • Lin, J., Stephens, C., and , . (2014). Takeover vulnerability and long-run performance following open-market share repurchases. Journal of Banking and Finance, 42(May 2014), 283-301..
  • Maxwell, W. F and Stephens, C. (2003). The Wealth Effects of Repurchases on Bondholders. Journal of Finance, 58(2), 895-919.
  • Jagannathan, M., Stephens, C., and Weisbach, M. S (2000). Financial Flexibility and the Choice Between Dividends and Stock Repurchases. Journal of Financial Economics, 57(3), 355-384.


  • Stephens, C. and , . (2018, October). Using accelerated share repurchases to meet or beat earnings expectations. Presented at Financial Management Association Annual Meeting sponsored by FMA, San Diego, CA.

Professional and Service Activities

  • Assurance of Learning, Committee Member (July, 2018 - July, 2019)
  • Assurance of Learning Committee, Committee Member (August 1, 2014 - July 31, 2015)
  • Assurance of Learning Committee, Committee Member (August 1, 2013 - July 31, 2014)
  • Assurance of Learning Committee, Committee Member (August 1, 2012 - July 31, 2013)
  • Master of Science in Finance, Program director (September, 2018)

Employed by LSU since

July 1, 2002