Richard Stanton
	Professor of Finance Kingsford Capital Management Chair in Business Co-chair, Finance Group Haas School of Business, U.C. Berkeley 545 Student Services Bldg. #1900  Berkeley, CA 94720-1900  email: stanton@haas.berkeley.edu Phone: (510) 642-7382     Fax: (510) 643-1412
	Current Courses:  MBA 203 (MBA core finance), MFE 230I (MFE fixed income) [Curriculum Vitae] | [Finance Group] | [Masters in Financial Engineering]

Research Interests

Mortgage and lease markets.

Term structure modeling.

Mutual funds and risk management.

Employee stock options (ESOs).

Recent Awards

• Nomination for 2010 Journal of Finance Brattle best corporate-finance paper award: "Human Capital, Bankruptcy and Capital Structure".
• Nomination for 2007 Journal of Finance Smith-Breeden best paper award: "Managerial Ability, Compensation, and the Closed-End Fund Discount".
• Best Paper award, 2006 Utah Winter Finance conference: "A Liquidity-Based Model of Closed-End Funds".
• Earl F. Cheit Outstanding Teaching Award, 2007.

Selected Recent Publications

• "Financial Flexibility, Bank Capital Flows, and Asset Prices", forthcoming, Journal of Finance (with C. Parlour and J. Walden).
• "The Bear's Lair: Indexed Credit Default Swaps and the Subprime Mortgage Crisis", forthcoming, Review of Financial Studies (with N. Wallace).
• "Revisiting Asset Pricing Puzzles in an Exchange Economy", Review of Financial Studies 24, 629-674, 2011 (with C. Parlour and J. Walden).
• "Optimal Exercise of Executive Stock Options and Implications for Firm Cost", Journal of Financial Economics 98, 315-337, 2010 (with J. Carpenter and N. Wallace).
• "Human Capital, Bankruptcy and Capital Structure", Journal of Finance 65, 891-926, 2010 (with Jonathan Berk and Josef Zechner) (nominated for the Brattle prize).
• "A Liquidity-Based Model of Closed-End Funds," Review of Financial Studies 22, 257-297, 2009 (with Martin Cherkes and Jacob Sagi) (Best Paper, 2006 Utah Winter Finance Conference).
• "An Empirical Test of a Contingent Claims Lease Valuation Model" Journal of Real Estate Research 31, 1-26, 2008 (with Nancy Wallace).
• "Managerial Ability, Compensation, and the Closed-End Fund Discount", Journal of Finance 62, 529-556 2007 (with Jonathan Berk) (nominated for Smith-Breeden award).
• "A Nonparametric Model of Term Structure Dynamics and the Market Price of Interest Rate Risk", Journal of Finance 52, 1973-2002, 1997 (nominated for Smith-Breeden award).
• "Rational Prepayment and the Valuation of Mortgage-Backed Securities", Review of Financial Studies 8, 677-708, 1995.

Working Papers

• "The End of Mortgage Securitization? Electronic Registration as a Threat to Bankruptcy Remoteness" (with J. P. Hunt and N. Wallace), 2011.
• "CMBS Subordination, Ratings Inflation, and Regulatory-Capital Arbitrage" (with N. Wallace), 2011.
• "Accounting for Employee Stock Options" (with M. Rubinstein), 2004.
• "Valuing Mutual Fund Companies" (with J. Boudoukh, M. Richardson and R. Whitelaw), 2003.
• "Estimation of Dynamic Term Structure Models" (with G. Duffee), 2003.

 

• Complete list of published and working papers

Introductory Finance Notes

• Matthew Spiegel and I have written an Introductory Finance Reader to accompany the Brealey and Myers textbook, Principles of Corporate Finance. McGraw-Hill publishes it for use at any university (ISBN 007239451X). Faculty can also obtain overheads to accompany the notes. You can download a sample copy containing "lectures" 1 through 6 of the reader and the accompanying overheads.
• Faculty can also now obtain Powerpoint slides to accompany the reader. A sample Powerpoint file is available for downloading.

• Associate Editor, Journal of Finance (2000-present), Review of Financial Studies (2001-04).
• Editorial board, Journal of Real Estate Finance and Economics.

Richard Stanton <stanton@haas.berkeley.edu>

Last modified: Thu Jan 14 16:58:04 Pacific Standard Time 2010