Richard H. Stanton
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Richard Stanton is a Professor of Finance, Barbara and Gerson Bakar Faculty Fellow, and past chair of the Finance Group at the Haas School of Business, U.C. Berkeley. He earned a Ph.D. in finance from Stanford University, a B.A. and M.A. in mathematics from Cambridge University, and has been on the Berkeley faculty since 1991. He is best known for his widely cited research on mortgage markets and term structure modeling, as well as more recent work on mutual funds and valuing employee stock options.
Recently, his paper, “A Liquidity-Based Model of Closed-End Funds” won the Best Paper award at the 2006 Utah Winter Finance conference, and his paper, “Managerial Ability, Compensation and the Closed-End Fund Discount” was nominated for the 2007 Journal of Finance Smith-Breeden best paper award. He has published numerous articles in top finance and real estate journals, is currently an Associate Editor at the Journal of Finance and the Journal of Real Estate Finance and Economics, and is a former Associate Editor at the Review of Financial Studies.
Ph.D., Finance, Stanford University, 1992
M.A., Mathematics, Honors, Cambridge University
B.A., Mathematics, Honors, Cambridge University
Areas of expertise
Recent news, presentations, and publications
“Pricing Continuously Resettled Contingent Claims,” Journal of Economic Dynamics and Control 16, 561 – 573, 1992 (with D. Duffie).
“Rational Prepayment and the Valuation of Mortgage-Based Securities,” Review of Financial Studies 8, 677 – 708, 1995.
“ARM Wrestling: Valuing Adjustable Rate Mortgages Indexed to the Eleventh District Costs of Funds,” Real Estate Economics 23, 311 – 345, 1995 (with N. Wallace).
“A New Strategy for Dynamically Hedging Mortgage-Backed Securities,” Journal of Derivatives 2, 60 – 77, 1995 (with J. Boudoukh, M. Richardson and R. Whitelaw).
“Unobservable Heterogeneity and Rational Learning: Pool Specific vs. Generic Mortgage-Backed Security Prices,” Journal of Real Estate Finance and Economics 12, 243 – 263, 1996.
“Pricing Mortgage-Backed Securities in a Multifactor Interest Rate Environment: A Multivariate Density Estimation Approach,” Review of Financial Studies 10, 405 – 446, 1997 (with J. Boudoukh, M. Richardson and R. Whitelaw).
“A Nonparametric Model of Term Structure Dynamics and the Market Price of Interest Rate Risk,” Journal of Finance 52, 1973 – 2002, 1997 (nominated for the Smith-Breeden prize).
“Mortgage Choice: What’s the Point?”, Real Estate Economics 26, 173 – 205, 1998 (with N. Wallace).
“Anatomy of an ARM: The Interest Rate Risk of Adjustable Rate Mortgages,” Journal of Real Estate Finance and Economics 19, 49 – 67, 1999 (N. Wallace).
See CV for more publications…