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Faculty and Staff Profile

Brandon Lockhart

Wells Fargo Faculty Scholar
Associate Professor of Finance

Office: 336-C Sirrine Hall
Phone: 864.986.0340
Fax: 864.656.4892

 Educational Background

Ph.D. Finance
University of Florida 2009

B.S. Management
Georgia Institute of Technology 1998

 Courses Taught

Corporate Financial Analysis (FIN 4010)
Financial Management I (FIN 3110)
Financial Management (MBA 8070)
Introduction to Accounting and Finance (MBA 8190)


Brandon Lockhart teaches corporate finance topics in both the undergraduate and MBA programs at Clemson. His research focuses on empirical corporate finance topics, including capital structure, debt contracting, and investment policy. He received a B.S. in management, with certificates in economics and finance, from Georgia Tech in 1998, and a Ph.D. in finance from the University of Florida in 2009. Professor Lockhart worked as an analyst and relationship manager in commercial banking between his time at Georgia Tech and Florida, and he was previously on the faculty at the University of Nebraska-Lincoln.

 Research Interests

Empirical Corporate Finance

 Research Publications

"Industry tournament incentives and stock price crash risk" with Thomas R. Kubick, forthcoming at Financial Management.

"Does inside debt moderate corporate tax avoidance?" with Thomas R. Kubick and John R. Robinson, National Tax Journal, Volume 73, Issue 1 (March 2020), pp. 47-76.

"Does corporate lobbying activity provide useful information to credit markets?" with Emre Unlu, Journal of Corporate Finance, Volume 50 (June 2018), pp. 128-157.

"Overconfidence, CEO awards, and corporate tax aggressiveness" with Thomas R. Kubick, Journal of Business Finance and Accounting, Volume 44, Issue 5-6 (May/June 2017), pp. 728-754.

"IRS and corporate taxpayer effects of geographic proximity" with Thomas R. Kubick, Lillian F. Mills, and John R. Robinson, Journal of Accounting and Economics, Volume 63 (April-May 2017), pp. 428-453.

"Corporate tax aggressiveness and the maturity structure of debt" with Thomas R. Kubick, Advances in Accounting, Volume 36 (March 2017), pp. 50-57.

"Proximity to the SEC and stock price crash risk," with Thomas R. Kubick, Financial Management, Volume 45, Issue 2 (Summer 2016), pp. 341-367.

"Do external labor market incentives motivate CEOs to adopt more aggressive corporate tax reporting preferences?" with Thomas R. Kubick, Journal of Corporate Finance, Volume 36 (February 2016), pp. 255-277.

"Credit lines and leverage adjustments" Journal of Corporate Finance, Volume 25 (April 2014), pp. 274-288.

"Determinants and effects of corporate lobbying" with Matthew D. Hill, G. Wayne Kelly, and Robert Van Ness, Financial Management, Volume 42, Issue 4 (Winter 2013), pp. 931-957.

"Downstream value of upstream finance" with Matthew D. Hill and G. Wayne Kelly, Financial Review, Volume 48, Issue 4 (November 2013), pp. 691-723.

"The effectiveness and valuation of political tax minimization" with Matthew D. Hill, Thomas R. Kubick, and Huishan Wan, Journal of Banking and Finance, Volume 37, Issue 8 (August 2013), pp. 2836-2849.

"Shareholder returns from supplying trade credit" with Matthew D. Hill and G. Wayne Kelly, Financial Management, Volume 41, Issue 1 (Spring 2012), pp. 255-280.

Selected working papers:

"CEO tax burden and debt contracting" (with Thomas R. Kubick and David C. Mauer).

"Industry tournament incentives and debt contracting" (with Thomas R. Kubick and David C. Mauer).

"Internal capital and investment: Evidence from 2012 pension relief" (with Thomas R. Kubick and John R. Robinson).


Dr. Lockhart - Google Scholar webpage
Dr. Lockhart - SSRN webpage