Richard Stanton
Table of Contents
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Professor of Finance and Real Estate |
Research
My main research interests are mortgage and lease markets, term structure modeling, mutual funds and risk management, and employee stock options (ESOs).
Selected Publications
- Algorithmic Fairness Annual Review of Financial Economics 15, 565-593, 2023 (with S. Das and N. Wallace).
- Consumer-Lending Discrimination in the FinTech Era, Journal of Financial Economics 143, 30-56, 2022 (with R. Bartlett, A. Morse and N. Wallace) (best paper, Wine Country Finance Conference, 2019).
- Non-Banks and Mortgage Securitization Annual Review of Financial Economics 14, 137-166, 2022 (with Y. Kim, K. Pence, J. Walden and N. Wallace).
- Employee Stock Option Exercise and Firm Cost, Journal of Finance 74, 1175-1216, 2019 (with Jennifer Carpenter and Nancy Wallace).
- Liquidity Crises in the Mortgage Market, Brookings Papers on Economic Activity (Spring), 347-406, 2018 (with Y. Kim, S. Laufer, K. Pence and N. Wallace).
- Mortgage Loan-Flow Networks and Financial Norms, Review of Financial Studies 31, 3595–3642, 2018 (with J. Walden and N. Wallace).
- CMBS Subordination, Ratings Inflation, and Regulatory-Capital Arbitrage, Financial Management 47, 175–201, 2018 (with N. Wallace) (best paper in Financial Management, 2017-2018).
- Financial Flexibility, Bank Capital Flows, and Asset Prices, Journal of Finance 67, 1685–1722, 2012 (with C. Parlour and J. Walden).
- Estimation of Dynamic Term Structure Models, Quarterly Journal of Finance 2, 2012 (with G. Duffee).
- The Bear’s Lair: Indexed Credit Default Swaps and the Subprime Mortgage Crisis, Review of Financial Studies 24, 3250-3280, 2011 (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 J. Berk and J. Zechner) (nominated for the Brattle prize).
- A Liquidity-Based Theory of Closed-End Funds, Review of Financial Studies 22, 257-297, 2009 (with M. Cherkes and J. Sagi) (best paper, Utah Winter Finance Conference, 2006).
- An Empirical Test of a Two-Factor Mortgage Valuation Model: How Much Do House Prices Matter?, Real Estate Economics 33, 681-710, 2005 (with C. Downing and N. Wallace).
- Managerial Ability, Compensation, and the Closed-End Fund Discount, Journal of Finance 62, 529-556, 2007 (with J. 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
- Mortgage markets with Climate-Change Risk: Evidence from Wildfires in California (with P. Issler, C. Vergara-Alert and N. Wallace), 2024.
- The Deposit Business at Large vs. Small Banks (with A. d’Avernas, A. Eisfeldt, C. Huang and N. Wallace), 2024.
- A New Dynamic House-Price Index (with C. Strickland and N. Wallace), 2018
- Energy Efficiency and Commercial-Mortgage Valuation (with D. Jaffee and N. Wallace), 2012.
- Valuing Mutual Fund Companies (with J. Boudoukh, M. Richardson and R. Whitelaw), 2003.
Teaching
- MBA 203 (MBA core finance)
- MFE 230I (MFE fixed income)
- PHDBA 239B (PhD continuous-time finance)
- PHDBA 239C (PhD empirical asset pricing)
Recent Awards
- Earl F. Cheit Outstanding Teaching Award.
- 2007: Undergraduate core finance
- 2013: MFE fixed income
- Best Paper award, 2019 Wine Country Finance Conference: “Consumer-Lending Discrimination in the FinTech Era.”
- Winner of 2017-18 Financial Management best paper award: “CMBS Subordination, Ratings Inflation, and Regulatory-Capital Arbitrage.”
- 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”
Writing Finance Papers in LaTeX
- I have recently written a document called “Writing Finance Papers in
LaTeX,” which provides recommendations for — you guessed it —
writing finance papers using LaTeX and related tools.
- The document also 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.
Managing Your Research
- I have also written a newer document, “Managing Your Research,” which discusses a broader range of tools for making your research efficient and organized. Topics covered include LaTeX, but also version control, GNU Make, embedding Python code inside your documents, etc.
Other Activities
- Board member, Financial Management Association (2011-2016).
- Associate Editor, Journal of Finance (2000-2012).
- Associate Editor, Review of Financial Studies (2001-2004).
- Editorial board, Journal of Real Estate Finance and Economics (1993-2018).
- Director, Montgomery Street Income Securities, Inc. (2014-2016).
- Adviser to Norwegian Ministry of Finance on investments of Norwegian Government Pension Fund Global (sovereign oil fund) (2015).
- Co-chair, Fisher Center for Real Estate and Urban Economics (2015-).