Hayne Leland, Ph.D.

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Economics Consulting Services

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A pioneer in the field of modern corporate finance.  Professor Leland’s research on option pricing, capital structure and risk management has influenced the fields of banking, asset pricing, bond valuation, portfolio management, and portfolio insurance.  Professor Leland is a past President of the American Finance Association.  At the University of California-Berkeley since 1974, he is the Arno Rayner Professor Emeritus of Finance and Management Berkeley’s Haas School of Business. Professor Leland holds a Ph.D. and A.B from Harvard, and an M.Sc degree from the London School of Economics. 

Based on his research on portfolio insurance, Professor Leland founded Leland O’Brien Rubinstein (LOR), for which he was named one of Fortune Magazine’s “Businessmen of the Year” in 1987. LOR, the subject of Harvard case studies, was a pioneer in the field of portfolio insurance and developed SuperTrust, the nation’s first exchange-traded fund (ETF).  LOR’s contributions, which have since been adopted by numerous financial institutions worldwide, have directly resulted in the tremendous growth of ETFs, which now account for several billion dollars in daily trading volume.

Professor Leland has received numerous accolades for his seminal research, including the Stephen A. Ross Award for Research in Financial Engineering and an honorary Doctorate degree from the University of Paris (Dauphine).  He was the inaugural Pembroke Visiting Professor in International Finance at the University of Cambridge (UK) and has served on the scientific advisory boards of several institutions including Goldman Sachs and the Paris Stock Exchange.   Professor Leland was an independent Trustee of Barclays Global Investors Funds, one of the world’s largest mutual fund complexes (now part of BlackRock). 

Professor Leland has been invited to address numerous distinguished panels of finance academics and policymakers at the Federal Reserve, the Bank of International Settlements, the European Central Bank, and the Deutsche Bundesbank.  His current research interest include developing innovative financial structures that allow energy market participants to capitalize or hedge future resource production, and the design of home equity-sharing contracts as a solution to the present housing market crisis.

Education
Ph.D., Economics, Harvard University

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Hayne Leland, Ph.D.

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