Faculty & Research

Faculty and Executive Leadership Directory


Hayne Leland

Hayne E. Leland

Professor of the Graduate School
Haas Finance Group
Email: click on the envelope icon below for full email address
Academic Status: On duty
Curriculum Vitae (in PDF format, Acrobat Reader required)


AB, Economics, Harvard University
MS, Economics, London School of Economics
PhD, Economics, Harvard University

Positions Held

At Berkeley since 1974

2009-present, Arno Rayner Professor Emeritus of Finance and Management, Haas School of Business
1990 - 2008, Arno Rayner Professor of Finance and Management, Haas School of Business
1991 - 2000, Director, Berkeley Program in Finance
1978 - 1990, Professor, Haas School of Business
1974 - 1978, Associate Professor, Haas School of Business
1968 - 1974, Assistant Professor, Economics, Stanford University

External Service and Assignments

  • President, American Finance Association (1997)
  • Trustee, Barclays Global Investors Funds (2007-2009)
  • Scientific Committee, EuroPlace Institute of Finance
  • Fellow, American Finance and Financial Management Associations

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


  • Corporate Finance, MBA 231
  • Dynamic Asset Management, MFE 230K

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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