Nancy Wallace

Education
PhD, Urban and Regional Planning, The University of Michigan
License, Maitrisse, The University of Paris VIII, Institute of Urbanism
BA, Political Science, The University of Michigan
Positions Held
At Haas since 1986
2001 – present, Co-Chair, Fisher Center for Real Estate and Urban Economics
2000 – present, Professor of Real Estate, Haas School of Business
1993 – 2000, Associate Professor in Real Estate, Haas School of Business
1986 – 1993, Assistant Professor in Real Estate, Haas School of Business
Spring 1997, Visiting Associate Professor in Finance, Graduate School of Business, Stanford University
External Service and Assignments
- The Federal Reserve System, Model Validation Council, (6/2013 – present) - Financial Research Advisory Committee, Office of Financial Research, U.S. Treasury, (2012 –present) - Committee on Academic Planning and Resource Allocation, CAPRA (2012 – 2013; Co-Chair 2013 – 2014) - University of California Office of the President, Task Force on Investments and Retirement, At-large member. (2013 – 2014). - Board of Directors and past president, American Real Estate and Urban Economics Association - Visiting Scholar: San Francisco Federal Reserve Bank, Stanford Graduate School of Business, Stockholm School of Economics - Editorial Board: Journal of Computational Finance, Journal of Real Estate Research

Current Research and Interests
- Housing price indices and models to monitor residential real estate price movements over the business cycle. - Mortgage prepayment and pricing models, mortgage contract design, and the market microstructure of mortgage backed security trading. - Option pricing models for pricing commercial and retail real estate leases for use in the commercial mortgage backed securities markets. - Executive stock option valuation.

Selected Papers and Publications
- “Energy Efficiency Retrofits for U.S. Housing: Removing the Bottlenecks,” with Ashok
Bardhan, Dwight Jaffee, and Cynthia Kroll, Forthcoming Regional Science and Urban Economics. - “Rebalancing Public and Private in the Law of Mortgage Transfer,” with John Patrick Hunt and Richard Stanton, Forthcoming American University Law Review. - “U.S. Residential-Mortgage Transfer Systems: A Data-Management Crisis,”with John Patrick Hunt and Richard Stanton, Forthcoming Handbook of Financial Risk: Volume 4 Data Risk, Cambridge University Press. - Stanton, Richard; & Wallace, Nancy. (2012). CMBS Subordination, Ratings Infl ation, and Regulatory-Capital Arbitrage. UC Berkeley: Fisher Center for Real Estate and Urban Economics. (Working Paper) Retrieved from:http://escholarship.org/uc/item/6dj7p4dg - “All in One Basket: The Bankruptcy Risk of a National Agent-Based Mortgage Recording System,” University of California, Davis Law Review, Volume 46, 2012. - Wallace, Nancy. (2011). Real Estate Price Measurement and Stability Crises. UC Berkeley: Fisher Center for Real Estate and Urban Economics. (Working Paper) Retrieved from: http://escholarship.org/uc/item/83w610d1 - “The Bear’s Lair: Indexed Credit Default Swaps and the Subprime Mortgage Crisis”with Richard Stanton, Review of Financial Studies, Volume 24, 2011. - “Optimal Exercise of Executive Stock Options and Implications for Firm Cost,”with Jennifer Carpenter and Richard Stanton, Journal of Financial Economics, Volume 98, 2010. - “The Dynamics of Job Creation and Destruction and the Size Distribution of Cities,”with Donald Walls. 2009, Housing Markets and the Economy: Risk, Regulation, Policy Essays in Honor of Karl Case, edited by Edward Glaeser and John Quigley, Cambridge, MA., Lincoln Land Institute. - “Is the Market for Mortgage Backed Securities a Market for Lemons?” with Christopher Downing and Dwight Jaffee, Review of Financial Studies. Volume 22, July 2009. - “An Empirical Test of a Contingent Claims Lease Valuation Model,” with Richard Stanton, Journal of Real Estate Research, 2007. - Downing, Chris; & Wallace, Nancy. (2007). An Empirical Investigation of Housing Investment under Uncertainty. UC Berkeley: Fisher Center for Real Estate and Urban Economics. (Working Paper)  Retrieved from: http://escholarship.org/uc/item/6gq6m7x0 - “Is the Market for Mortgage Backed Securities a Market for Lemons?” with Christopher Downing and Dwight Jaffee. Review of Financial Studies. - “Innovations in Mortgage Modelling: An Introduction.”Real Estate Economics 33, no. 3 (2005). - “An Empirical Test of a Two-Factor Mortgage Prepayment and Valuation Model: How Much Do House Prices Matter?” with Christopher Downing and Richard Stanton. Real Estate Economics 33, no. 3 (2005). - “Dwelling Price Dynamics in Paris, France,” with Richard Meese. Urban Studies 40, no. 5/6 (May 2003). - “Firm Performance and Executive Compensation in the Savings and Loan Industry,” with Benjamin Hermalin. Journal of Financial Economics 61 (2001).

Teaching
- Real Estate Finance, E283 - Real Estate Investment Analysis, MBA280 - Real Estate Strategy, MBA284 - Real Estate Investment Analysis and Urban Economics, MBA180 - Asset-backed Securization, MFE230M

Honors and Awards
- Earl F. Cheit Outstanding Teaching Award, Haas School, 2002, 2005 - Bloom Award, American Real Estate and Urban Economics, 2010