Richard H. Stanton

About

Richard H. Stanton is a Professor of Finance and Real Estate at UC Berkeley Haas School of Business, holding the Kenneth Rosen Chancellor's Chair in Real Estate. His main research interests include mortgage and lease markets, term structure modeling, mutual funds and risk management, and employee stock options (ESOs). Since joining Haas in 1991, he has held positions from Assistant Professor to Professor, and has been recognized with numerous awards for teaching and research excellence. Stanton is a leading expert in mortgage markets and has contributed to understanding financial norms, credit default swaps, and the subprime mortgage crisis through his scholarly work.

Research topics

• Financial system
• Computer Science
• Finance
• Political Science
• Sociology
• Business
• Economics
• Actuarial science
• Public administration
• Law and economics

Selected publications

• Consumer-lending discrimination in the FinTech Era

  Journal of Financial Economics · 2021 · 528 citations

  Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, and business professionals.

  PublisherOA PDFDOI

• Mortgage Markets with Climate-Change Risk: Evidence from Wildfires in California

  SSRN Electronic Journal · 2019-01-01 · 89 citations

  articleOpen access
  PublisherDOI

• CMBS Subordination, Ratings Inflation, and Regulatory‐Capital Arbitrage

  Financial Management · 2017-04-24 · 66 citations

  articleOpen access1st authorCorresponding

  Abstract Using detailed origination and performance data on a comprehensive sample of commercial mortgage‐backed security (CMBS) deals, along with their underlying loans and a set of similarly rated residential mortgage‐backed securities (RMBS), we apply reduced‐form and structural modeling strategies to test for regulatory‐capital arbitrage and ratings inflation in the CMBS market. We find that the spread between CMBS and corporate‐bond yields fell significantly for ratings AA and AAA after a l…

  PublisherOA PDFDOI

• Liquidity Crises in the Mortgage Market

  Brookings Papers on Economic Activity · 2018-01-01 · 60 citations

  articleOpen access

  Nonbanks originated about half of all mortgages in 2016, and 75 percent of the mortgages insured by the FHA and the VA. Both shares are much higher than those observed at any point in the 2000s. In this paper, we describe how nonbank mortgage companies are vulnerable to liquidity pressures in both their loan origination and servicing activities, and we document that this sector in the aggregate appears to have minimal resources to bring to bear in an adverse scenario. We show how the same liquid…

  PublisherOA PDFDOI

• Consumer Lending Discrimination in the FinTech Era

  SSRN Electronic Journal · 2017-01-01 · 33 citations

  articleOpen access
  PublisherDOI

Frequent coauthors

• Nancy Wallace

  York University

  115 shared

• Matthew Richardson

  56 shared

• Robert Whitelaw

  New York University

  54 shared

• Chris Downing

  University of Chester

  52 shared

• Jacob Boudoukh

  50 shared

• Adair Morse

  25 shared

• Robert P. Bartlett

  23 shared

• Johan Waldén

  University of California, Berkeley

  14 shared

Education

• PhD, Graduate School of Business

  Stanford University

  1992

Awards & honors

• Financial Management best paper prize (2018)
• Nomination for Journal of Finance Brattle best corporate-fin…
• Earl F. Cheit Award for Excellence in Teaching, Undergraduat…
• Nomination for Journal of Finance Smith-Breeden best-paper p…
• Best Paper award, Utah Winter Finance conference (2006)

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