Richard Stanton
	Professor of Finance and Real Estate Kingsford Capital Management Chair in Business 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

• Earl F. Cheit Outstanding Teaching Award, 2007 and 2013.
• 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".

Selected Recent Publications

• "Financial Flexibility, Bank Capital Flows, and Asset Prices", forthcoming, Journal of Finance (with C. Parlour and J. Walden).
• "Estimation of Dynamic Term Structure Models", forthcoming, Quarterly Journal of Finance (with G. Duffee).
• "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.

Writing Finance Papers in LaTeX

• I have recently written a document providing recommendations for writing finance papers using LaTeX and related tools.
• The document includes LaTeX style files and BibTeX format files, along with sample paper outlines, to make your paper meet the formatting requirements of the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies.
  • Download the full document or individual files.

• Associate Editor, Journal of Finance (2000-2012), Review of Financial Studies (2001-04).
• Editorial board, Journal of Real Estate Finance and Economics.

Richard Stanton <stanton@haas.berkeley.edu>

Last modified: Sat Jun 2 16:58:04 Pacific Standard Time 2012