Clifton Green joined Goizueta Business School in 1999 after completing his PhD at NYU where he taught 1998-1999. His research interests include investments and market microstructure, with an emphasis on behavioral finance. Clifton's research has been featured in the Wall Street Journal, The New York Times, Financial Times, and on CNBC television. At Goizueta, Clifton serves teaches the core Corporate Finance class in the BBA program and Behavioral Finance in the PhD program. He has also taught Security Analysis and Portfolio Management in the MBA program.


  • PhD
    New York University
  • MA
    University of Virginia
  • BS
    Texas A&M University

In the News

  • February 18, 2021
    The Investors Chronicle
    Stock trading commissions have been in steady decline for many years, making investment more accessible and helping to lift the proportion of retail investors in the US stock market from 10 per cent in 2010 to 20 per cent last year. But it is the arrival of zero trading commission platforms with no account minimums which has ushered in a new era of stock market participation, particularly in the US. Robinhood, the pioneer of commission-free trading, reported 3 million new accounts in the first quarter of 2020 alone, as lockdowns put many other activities on hold.
  • February 6, 2021
    “Robinhood investors’ evident lack of skill in aggregate is consistent with commission-free investors behaving as uninformed noise traders,” wrote Gregory W. Eaton and Brian S. Roseman from Oklahoma State University and T. Clifton Green and Yanbin Wu from Emory University. The authors also found that stocks with buzz on WallStreetBets see a spike in activity on Robinhood a few days later, a sign there’s likely much overlap between the two communities.
  • March 14, 2021
    When at least some of the Robinhood users could not trade because of platform problems, the stocks those Robinhood users commonly owned “all become more liquid, easier to trade and less costly to trade and less volatile,” said paper co-author Clifton Green of Emory University. The research comes on the heels of a warning from Owen Lamont, associate director of multiasset research for Wellington Management’s Quantitative Investment Group, that the GameStop saga illustrates rising “noise-trader risk” that could feed market volatility.
  • May 16, 2016
    Managers of concentrated funds have outperformed the main holdings in larger traditional funds because the stocks they bet on have outperformed those key holdings more the more broadly diversified fund group.
  • July 20, 2015
    “Exotic beta is alpha,” the trio of researchers said when hedge fund allocators view capital deployment. Confusing the two, particularly in investments where measures of beta are hard to come by or often privately deployed, can be particularly challenging. “Although we find strong evidence of persistence for alpha, persistence in hedge fund returns attributable to traditional and exotic risk exposures is modest, which suggests investors would benefit from employing more sophisticated risk models when evaluating fund performance,” Vikas Agarwal and T. Clifton Green from Georgia State University and Honglin Ren from Emory University conclude...
  • March 30, 2015
    Bloomberg Business
    “They’re not able to make a lot of money from exploiting slow investors following macroeconomic news,” Clifton Green, an associate professor of finance at Emory and one of three authors of the paper, said in a phone interview. “Concerns that they’re exploiting slow investors may be overstated.”...
  • June 12, 2014
    One such study, conducted in 2006 by Jeffrey A Busse, T Clifton Green and Klass Baks at the Emory University concluded that “…focused (ie concentrated) managers outperform their more broadly diversified counterparts by approximately 30 basis points per month, or roughly 4 per cent annualised”...
  • July 15, 2012
    The New York Times
    A 2004 study, titled “The Value of Client Access to Analyst Recommendations” and written by T. Clifton Green, a professor at Emory University’s business school, confirmed the profit potential. Responding rapidly to announcements of changes in stock recommendations gave brokerage firm clients average two-day returns of 1.02 percent and annualized gains of more than 30 percent, the study found...