Hayne Leland

Professor of the Graduate School at Haas School of Business

Schools

  • Haas School of Business

Expertise

Links

Biography

Haas School of Business

Education
PhD, Economics, Harvard University
MS, Economics, London School of Economics
AB, Economics, Harvard University
Positions Held
At Berkeley since 1974
2009-present, Arno Rayner Professor Emeritus of Finance and Management, Haas School of Business
1991 – 2000, Director, Berkeley Program in Finance
1990 – 2008, Arno Rayner Professor of Finance and Management, Haas School of Business
1978 – 1990, Professor, Haas School of Business
1974 – 1978, Associate Professor, Haas School of Business
1968 – 1974, Assistant Professor, Economics, Stanford University
External Service and Assignments
- President, American Finance Association (1997) - Trustee, Barclays Global Investors Funds (2007-2009) - Scientific Committee, EuroPlace Institute of Finance - Fellow, American Finance and Financial Management Associations

Current Research and Interests
- Structural modeling of credit risk - Dynamic models of optimal leverage and agency costs - Optimal investment strategies in the presence of transactions costs - Performance measurement: beyond mean-variance analysis

Selected Papers and Publications
- “Adventures of an Academic in Asset Management.” Pembroke Lecture, University of Cambridge (2012) - “Leverage, Forced Asset Sales, and Market Stability: Lessons from Past Market Crises and the Flash Crash.” Foresight Project Driver: The Future of Computer Trading in Financial Markets (2011) - “Beyond Mortgages: Equity Financing for Homes.” FIRS Conference, Lisbon (2016) - “Optimal Portfolio Implementation: Asset Management with Transactions Costs and Capital Gains Taxes” (2013) - “Structural Models of the Firm: An Underview.” FARFE Conference (2009) - “Structural Models and the Credit Crisis.” China International Conference in Finance (2009) - “Financial Synergies and the Optimal Scope of the Firm: Implications for Mergers, Spinoffs, and Structured Finance.” Journal of Finance 62 (2007): 765-807. - Princeton Lecture Series in Finance: Lecture 1: Pros and Cons of Structural Models: An Introduction - Princeton Lecture Series in Finance: Lecture 2: A New Structural Model - Princeton Lecture Series in Finance: Lecture 3: Financial Synergies and the Optimal Scope of the Firm - “Predictions of Default Probabilities in Structural Models of Debt.” Journal of Investment Management 2, no. 2 (2004). - “An EBIT-based Model of Optimal Capital Structure,” with R. Goldstein and N. Ju. Journal of Business 74 (2001): 483-512. - “Corporate Debt Value, Bond Covenants, and Optimal Capital Structure.” Journal of Finance (1994): 1213-1252. (Awarded Stephen A. Ross Prize, 2008)

Teaching
- Corporate Finance, MBA 231 - Dynamic Asset Management, MFE 230K

Honors and Awards
- Stephen A. Ross Prize in Financial Economics, 2008. (Given to a significant paper in finance published in the last 15 years.) - Lifetime Achievement Award, Financial Intermediation Research Society, 2008 - Honorary Doctorate (Doctor honoris causa), University of Paris (Dauphine), 2007 - Graham and Dodd Award, 1999 - Roger Murray Prize, Institute for Quantitative Research in Finance, 1997 - Named “Businessman of the Year” (one of 12) by Fortune Magazine, December 1987

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