Faculty and Executive Leadership Directory

Hayne Leland

Professor of the Graduate School
Haas Finance Group
1-510-642-8694
Email: click on the envelope icon below for full email address
Academic Status: On Duty
Office Hours:
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
1990 - 2008 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
1974 - 1978 Associate Professor, Haas

1968 - 1974 Assistant Professor, Economics, Stanford

External Service and Assignments

Trustee, Barclays Global Investors Funds, 2007-present
Scientific Advisory Board, Wells 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
"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.
"Corporate Debt Value, Bond Covenants, and Optimal Capital Structure," Journal of Finance. 1994, 1213-1252. (awarded Stephen A. Ross Prize, 2008)

Teaching

MBA231: Corporate Finance Syllabus
MFE230K: Dynamic Asset Management Syllabus

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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