Nils Hakansson

Education
PhD, Quantitative methods, University of California, Los Angeles
MBA, Accounting & Statistics, University of California, Los Angeles
BS, Business Administration & Economics, University of Oregon
Positions Held
At Haas since 1969
1977 – 2002, Sylvan C. Coleman Professor of Finance and Accounting, Haas School of Business
1971 – 1977, Professor, Haas School of Business
1969 – 1971, Associate Professor, Haas School of Business
1967 – 1969, Assistant Professor of Administrative Sciences, Yale University
1966 – 1967, Assistant Professor of Business Administration, UCLA
1962 – 1963, CPA and Consultant, Arthur Young & Company, Certified Public Accountants
1960 – 1962, Staff Accountant, Arthur Young & Company, Certified Public Accountants
External Service and Assignments
- Member, board of directors, Laudus Rosenberg Mutual Funds - Founding member: Society for the Promotion of Financial Studies - Member, editorial board: China Accounting and Finance Review

Current Research and Interests
- Dynamic portfolio strategies - The welfare economics of financial markets - Economics of Information - Disclosure regulation and productive efficiency - Financial reporting

Selected Papers and Publications
- “Social Security’s Investment Shortfall: $8 Trillion Plus – and The Way Forward – Plus How the US Government’s Financial Deficit Reporting = 64 Madoffs”, World Scientific, 2013. - “Applying Portfolio Change and Conditional Performance Measures: The Case of Industry Rotation via the Dynamic Investment Model,” with Robert Grauer. Review of Quantitative Finance and Accounting 17, no. 3 (November 2001): 233-265. - “The Role of a Corporate Bond Market in an Economy and in Avoiding Crisis.” China Accounting and Finance Review 1, no. 1 (March 1999): 105-114 (Chinese Version 98-104); Summary in Japanese by Nomura Research Institute. Over 3300 full-text downloads as of January 2006. - “Gains from Diversifying into Real Estate: Three Decades of Portfolio Returns Based on the Dynamic Investment Model,” with Robert Grauer. Real Estate Economics 23 (Summer 1995): 117-159. - “On the Feasibility of Automated Market Making by a Programmed Specialist,” with Avraham Beja and Jivendra Kale. The Journal of Finance 40 (March 1985): 1-20. - “To Pay or Not to Pay Dividends.” The Journal of Finance. XXXVII (May 1982): 415-428; reprinted in summary form in The C.F.A. Digest. 13 (Summer 1983): 16-17. - “Sufficient and Necessary Conditions for Information to Have Social Value in Pure Exchange,” with Gregory Kunkel and James Ohlson. The Journal of Finance 37 (December 1982): 1169-1181. - “Changes in the Financial Market: Welfare and Price Effects and the Basic Theorems of Value Conservation.” The Journal of Finance 37 (September 1982): 977-1004. - “On Politics of Accounting Disclosure and Measurement: An Analysis of Economic Incentives.” Journal of Accounting Research 19 (Supplement 1981): 1-35. - “The Purchasing Power Fund: A New Kind of Financial Intermediary.” Financial Analysts Journal 32 (November-December 1976): 49-59. - “Convergence to Isoelastic Utility and Policy in Multiperiod Portfolio Choice.” Journal of Financial Economics 1 (September 1974): 201-224. - “Optimal Investment and Consumption Strategies Under Risk for a Class of Utility Functions.” Econometrica 38 (September 1970): 587-607; reprinted in Stochastic Optimization Models in Finance. (eds. W. T. Ziemba and R. G. Vickson), Academic Press, (1975): 525-545.

Teaching
- Advanced Topics in Business Finance, BA 237 - Investment Strategies and Risk Management, BA 239 - Financial Investment Technologies, Executive Program

Honors and Awards
- Honorary Doctorate (Oecon. dr. hon. c.), Stockholm School of Economics, 1984 - Member, Financial Economists Roundtable, 1993 – 2003 - Listed in Who’s Who in Economics - Fellow, Accounting Researchers International Association, since 1980 - Graham and Dodd Scroll, 1982 (for article in Financial Analysts Journal) - Graham and Dodd Scroll, 1976 (for article in Financial Analysts Journal) - Earl F. Cheit Award for Excellence in Teaching, PhD Program, 1987 - National Science Foundation Research Grants, 1971-73, 1974-76 - Ford Foundation Fellowship, 1963-64, 1964-65, 1965-66