Nils Hakansson's Home Page

	Nils H. Hakansson
	Sylvan C. Coleman Professor of Finance and Accounting
	Haas School of Business University of California 545 Student Services Building Berkeley, CA 94720-1900 Phone: (510) 642-1686 Fax: (510) 643-1420 Email: hakansso@haas.berkeley.edu
	On Sabbatical - Fall 2000 Office Hours: By appointment in F692

EDUCATION

Ph.D., Quantitative Methods, UCLA, 1966
MBA, Accounting, Statistics, UCLA, 1960
B.S., Business Administration, Economics, University of Oregon, 1958

RESEARCH INTERESTS

Dynamic portfolio strategies
The welfare economics of financial markets
Information economics
Disclosure regulation and productive efficiency
Financial reporting

TEACHING

BA 223A/238A, Doctoral Seminar in Accounting and Finance, Spring 1997
BA 222, Financial Information Analysis, Spring 1998
BA 237, Advanced Topics in Business Finance, Spring 1999
BA 239, Investment Strategies and Risk Management, Spring 1999

SELECTED PUBLICATIONS

"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), Academi c Press, 1975, 525-545.
"Convergence to Isoelastic Utility and Policy in Multiperiod Portfolio Choice," Journal of Financial Economics, 1, September 1974, 201-224.
"The Superfund: Efficient Paths Toward Efficient Capital Markets in Large and Small Countries," Financial Decision Making Under Uncertainty (eds. Haim Levy and Marshall Sarnat), New York, Academic Press, 1977, 165-201.
"On the Politics of Accounting Disclosure and Measurement: An Analysis of Economic Incentives," Journal of Accounting Research, 19, Supplement 1981, 1-35.
"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.
"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.
"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.
"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.
"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.

WORKING PAPER

"Applying the Grinblatt-Titman and the Conditional (Ferson-Schadt) Performance Measures: The Case of Industry Rotation Via the Dynamic Investment Model" (with Robert R. Grauer), Institute of Business and Economic Research, Research Program in Finance Working Paper No. RPF-277, April 1998 (Acrobat.pdf file).

Updated 10/11/00jw. Photograph by Billy Hustace

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