Jay Hartzell

Jay Hartzell

Academic Affiliate

Email: Contact Jeffrey S. Andrien

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Jay Hartzell is a Professor and Chair of the Finance Department at the McCombs School of Business at the University of Texas at Austin. He is also the Executive Director of the McCombs School’s Real Estate Finance and Investment Center (REFIC).

Jay’s research focuses on real estate finance, corporate finance and corporate governance. His articles have been published in the leading academic journals, including Journal of Finance, Journal of Financial Economics, Real Estate Economics, and the Review of Financial Studies. Jay also serves on the editorial board of Real Estate Economics, and has been an Associate Editor of the Review of Financial Studies, and a member of the Board of Directors of the American Real Esate and Urban Economics Association.

In addition to his academic experience, Jay has worked as a Benefits Consultant with Hewitt Associates.

Jay holds a B.S. in Business Administration and Economics (cum laude) from Trinity University and a Ph.D. in Finance from the University of Texas at Austin.


Ph.D., Finance, McCombs School of Business, University of Texas – Austin, 1998
B.S., Business Administration and Economics, Cum Laude, National Merit Scholar, Trinity University, 1991

Areas of expertise

Recent news, presentations, and publications

“Alternative Benchmarks for Evaluating REIT Mutual Fund Performance” with Tobias  Muhlhofer and Sheridan Titman. Real Estate Economics, forthcoming.

“Explicit vs. Implicit Contracts: Evidence from CEO Employment Agreements” with Stuart Gillan and Robert  Parrino. 2009. Journal of Finance 64, 1629-1655.

“The Role of Corporate Governance in Initial Public Offerings: Evidence from Real Estate  Investment Trusts” with Jarl Kallberg and Crocker Liu. 2008. Journal of Law and Economics 51, 539-562.

“Why Do Firms Hold So Much Cash? A Tax-Based Explanation” with Fritz Foley, Sheridan Titman and Garry Twite. 2007. Journal of Financial Economics 86, 579-607 (Lead article).

“The Effect of Corporate Governance on Investment: Evidence from Real Estate Investment Trusts” with Libo Sun and Sheridan Titman. 2006. Real Estate Economics 34, 343-376 (Lead article). Winner of the 2006 Edwin S. Mills Real Estate Economics Best Paper Award.

“Active Institutional Shareholders and Costs of Monitoring: Evidence from Executive Compensation” with Andres  Almazan and Laura T. Starks. 2005. Financial Management 34(4), 5-34 (Lead article).

“The Impact of CEO Turnover on Equity Volatility” with Matthew J. Clayton and Joshua Rosenberg. 2005. Journal of Business 78, 1779-1808.

“The Role of the Underlying Real Asset Market in REIT IPOs” with Jarl G. Kallberg and CrockerH. Liu. 2005. Real Estate Economics 33, 27-50.

“What’s In It For Me? Private Benefits Obtained by CEOs Whose Companies are Acquired” with Eli Ofek and David Yermack. 2004. Review of Financial Studies 17, 37-61.

“Institutional Investors and Executive Compensation” with Laura T. Starks. 2003. Journal of Finance 58, 2351-2374.

“Market Reaction to Public Information: The Atypical Case of the Boston Celtics” with Gregory W. Brown. 2001. Journal of Financial Economics 60, 333-370.