Faculty and Executive Leadership Directory
Hayne Leland
Arno Rayner Professor of Finance and Management
Haas Finance Group
1-510-642-8694
Email: click on the envelope icon below for full email address
Academic Status: On duty
Office Hours: T 2:00 - 4:00, F688
Personal Homepage:
Academic Group Homepage: http://www.haas.berkeley.edu/finance/
Curriculum Vitae (in PDF Format, Acrobat Reader required)
Education
AB, Economics, Harvard University
MS, Economics, London School of Economics
Ph.D., Economics, Harvard University
Positions Held
At Haas since 1974
1990 - present Arno Rayner Professor of Finance and Management, Haas School of Business, U.C. Berkeley.
1991 - 2000 Director, Berkeley Program in Finance
1978 - 1990 Professor, School of Business Administration, U.C. Berkeley
External Service and Assignments
- Scientific Advisory Board, Wells Fargo Investment Management, 2002-2006
- Scientific Committee, EuroPlace Institute of Finance, 2002-present
- Member of Policy Committee, Goldman Sachs Bond Indexes, 2005-2006
- President, American Finance Association, 1997
- Founding Principal, Leland O'Brien Rubinstein Associates (LOR), 1980-2000
- Fellow, American Finance and Financial Management Associations
- Member, New Products Advisory Committee, Chicago Mercantile Exchange, 1986-1990
- Associate Editor: Financial Management, 1998-present
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
- "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
- "On Purely Financial Synergies and the Optimal Scope of the Firm: Implications for Mergers, Spinoffs, and Structured Finance", Journal of Finance
- "Predictions of Default Probabilities in Structural Models of Debt", Journal of Investment Management, Volume 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.
- "Optimal Portfolio Implementation with Transactions Costs and Capital Gains Taxes." (December 20, 2000.)
Teaching
Honors and Awards
- 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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haas.berkeley.edu
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