Richard Stanton

University of California, Berkeley - Haas School of Business

Professor

Haas School of Business

545 Student Services Building #1900

Berkeley, CA 94720-1900

United States

  • University of California, Berkeley - Haas School of Business

    • Email
    • Tel: (510) 642-7382
    • Fax: (510) 643-1412
SCHOLARLY PAPERS

37

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17,451

TOTAL CITATIONS
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Top 2,109

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190

Scholarly Papers (37)

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1.

The Assumptions and Math Behind Wacc and Apv Calculations

Number of pages: 19 Posted: 05 Nov 2005 Last Revised: 24 Nov 2008
Richard Stanton and Mark S. Seasholes
University of California, Berkeley - Haas School of Business and Arizona State University (ASU)
Downloads 5,209 (3,642)
Citation 7

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WACC, APV, Cost of Capital

2.

Housing and Mortgage Markets with Climate Risk: Evidence from Wildfires in California

Number of pages: 40 Posted: 23 Jan 2020 Last Revised: 03 Apr 2024
Paulo Issler, Richard Stanton, Carles Vergara-Alert and Nancy Wallace
University of California, Berkeley - Haas School of Business, University of California, Berkeley - Haas School of Business, University of Navarra, IESE Business School and University of California, Berkeley - Real Estate Group
Downloads 2,203 (14,742)
Citation 10

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Housing, mortgages, climate risk, household finance, moral hazard.

3.

Consumer Lending Discrimination in the FinTech Era

Downloads 1,462 (27,895)
Citation 16

Consumer Lending Discrimination in the FinTech Era

UC Berkeley Public Law Research Paper
Number of pages: 43 Posted: 06 Nov 2017 Last Revised: 11 Sep 2019
Robert Bartlett, Adair Morse, Richard Stanton and Nancy Wallace
Stanford Law School, University of California, Berkeley - Haas School of Business, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 1,309 (32,262)
Citation 7

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Discrimination, FinTech, Mortgages, Credit Scoring, Algorithmic Underwriting, Big Data Lending, Platform Loans, Disparate Impact, Legitimate Business Necessity

Consumer-Lending Discrimination in the Fintech Era

NBER Working Paper No. w25943
Number of pages: 44 Posted: 21 Nov 2019 Last Revised: 29 Aug 2023
Robert Bartlett, Adair Morse, Richard Stanton and Nancy Wallace
Stanford Law School, University of California, Berkeley - Haas School of Business, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 153 (402,473)
Citation 9

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4.

Maxvar: Long Horizon Value at Risk in a Mark-to-Market Environment

Downloads 902 (55,830)
Citation 6

Maxvar: Long Horizon Value at Risk in a Mark-to-Market Environment

Number of pages: 9 Posted: 26 Mar 2004
Jacob Boudoukh, Richard Stanton, Matthew P. Richardson and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, University of California, Berkeley - Haas School of Business, Department of Finance, Leonard N. Stern School of Business, New York University and New York University
Downloads 902 (54,963)
Citation 6

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Value at risk, drawdown risk, long horizon risk

Maxvar - Long Horizon Value at Risk in a Mark-to-Market Environment

Journal of Investment Management, Vol. 2, No. 3, Third Quarter 2004
Posted: 16 Sep 2004
Jacob Boudoukh, Matthew P. Richardson, Richard Stanton and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, Department of Finance, Leonard N. Stern School of Business, New York University, University of California, Berkeley - Haas School of Business and New York University

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5.

A Liquidity-Based Theory of Closed-End Funds

Downloads 835 (62,071)
Citation 25

A Liquidity-Based Theory of Closed-End Funds

EFA 2006 Zurich Meetings, Sixteenth Annual Utah Winter Finance Conference
Number of pages: 50 Posted: 24 Mar 2005
Martin Cherkes, Richard Stanton and Jacob S. Sagi
NYU, University of California, Berkeley - Haas School of Business and University of North Carolina (UNC) at Chapel Hill - Finance Area
Downloads 835 (61,108)
Citation 25

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theory of closed-end funds

A Liquidity-Based Theory of Closed-End Funds

The Review of Financial Studies, Vol. 22, Issue 1, pp. 257-297, 2009
Posted: 03 Jan 2009
Martin Cherkes, Jacob S. Sagi and Richard Stanton
NYU, University of North Carolina (UNC) at Chapel Hill - Finance Area and University of California, Berkeley - Haas School of Business

Abstract:

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G14

6.

A Multifactor, Nonlinear, Continuous-Time Model of Interest Rate Volatility

Downloads 753 (71,258)

A Multifactor, Nonlinear, Continuous-Time Model of Interest Rate Volatility

Number of pages: 43 Posted: 13 Aug 1999
Jacob Boudoukh, Richard Stanton, Matthew P. Richardson and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, University of California, Berkeley - Haas School of Business, Department of Finance, Leonard N. Stern School of Business, New York University and New York University
Downloads 586 (96,870)

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A Multifactor, Nonlinear, Continuous-Time Model of Interest Rate Volatility

NBER Working Paper No. w7213
Number of pages: 44 Posted: 08 Jul 2000 Last Revised: 18 Sep 2022
Jacob Boudoukh, Matthew P. Richardson, Richard Stanton and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, Department of Finance, Leonard N. Stern School of Business, New York University, University of California, Berkeley - Haas School of Business and New York University
Downloads 110 (524,325)

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A Multifactor, Nonlinear, Continuous-Time Model of Interest Rate Volatility

NYU Working Paper No. FIN-99-042
Number of pages: 43 Posted: 11 Nov 2008
Jacob Boudoukh, Matthew P. Richardson, Richard Stanton and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, Department of Finance, Leonard N. Stern School of Business, New York University, University of California, Berkeley - Haas School of Business and New York University
Downloads 57 (778,669)

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7.

Employee Stock Option Exercise and Firm Cost

Downloads 620 (91,355)
Citation 1

Employee Stock Option Exercise and Firm Cost

Journal of Finance, Forthcoming
Number of pages: 48 Posted: 08 Feb 2010 Last Revised: 20 Jul 2018
Jennifer N. Carpenter, Richard Stanton and Nancy Wallace
New York University (NYU) - Department of Finance, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 361 (172,674)
Citation 1

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Estimation of Employee Stock Option Exercise Rates and Firm Cost

NYU Working Paper No. 2451/31455
Number of pages: 30 Posted: 09 Mar 2009
Jennifer N. Carpenter, Richard Stanton and Nancy Wallace
New York University (NYU) - Department of Finance, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 259 (245,782)

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8.

An Empirical Test of a Two-Factor Mortgage Valuation Model: How Much Do House Prices Matter?

Number of pages: 40 Posted: 17 Oct 2003
Chris Downing, Richard Stanton and Nancy Wallace
BlackRock, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 607 (93,852)
Citation 25

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Prepayment, default, mortgage, valuation, house price, transaction cost, heterogeneity

9.

Mortgage Choice: What's the Point?

Number of pages: 30 Posted: 12 Jul 1995
Richard Stanton and Nancy Wallace
University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 594 (96,447)
Citation 25

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10.

Algorithmic Discrimination and Input Accountability under the Civil Rights Acts

Berkeley Technology Law Journal, Vol. 36, 2021
Number of pages: 62 Posted: 16 Aug 2020 Last Revised: 29 Jun 2022
Robert Bartlett, Adair Morse, Nancy Wallace and Richard Stanton
Stanford Law School, University of California, Berkeley - Haas School of Business, University of California, Berkeley - Real Estate Group and University of California, Berkeley - Haas School of Business
Downloads 547 (106,970)
Citation 2

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Discrimination law, algorithms, Title VII of the Civil Rights Act, disparate impact, statistical discrimination, compliance testing

11.

Optimal Exercise of Executive Stock Options and Implications for Firm Cost

Downloads 538 (109,239)
Citation 6

Optimal Exercise of Executive Stock Options and Implications for Firm Cost

Number of pages: 38 Posted: 13 Dec 2007 Last Revised: 10 Jan 2008
Jennifer N. Carpenter, Richard Stanton and Nancy Wallace
New York University (NYU) - Department of Finance, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 287 (221,148)
Citation 1

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Employee stock option, risk aversion, option exercise

Optimal Exercise of Executive Stock Options and Implications for Firm Cost

NYU Working Paper No. FIN-06-042
Number of pages: 26 Posted: 03 Nov 2008
Jennifer N. Carpenter, Richard Stanton and Nancy Wallace
New York University (NYU) - Department of Finance, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 127 (468,544)
Citation 5

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Optimal Exercise of Executive Stock Options and Implications for Firm Cost

NYU Working Paper No. FIN-07-024
Number of pages: 38 Posted: 03 Nov 2008
Richard Stanton, Nancy Wallace and Jennifer N. Carpenter
University of California, Berkeley - Haas School of Business, University of California, Berkeley - Real Estate Group and New York University (NYU) - Department of Finance
Downloads 124 (477,615)

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12.

The Bear's Lair: Indexed Credit Default Swaps and the Subprime Mortgage Crisis

Number of pages: 29 Posted: 16 Jul 2009
Richard Stanton and Nancy Wallace
University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 439 (139,671)
Citation 19

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ABX.HE, credit default swaps, subprime crisis, limits to arbitrage

13.

All in One Basket: The Bankruptcy Risk of a National Agent-Based Mortgage Recording System

46 U.C. Davis L. Rev. 1 (2013)
Number of pages: 52 Posted: 15 Aug 2011 Last Revised: 19 Feb 2013
John P. Hunt, Richard Stanton and Nancy Wallace
University of California, Davis - School of Law, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 338 (187,202)

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Mortgage-backed securities, MBS, Special Purpose Vehicle, SPV, bankruptcy remoteness, MERS, Article 9

14.

The Deposit Business at Large vs. Small Banks

Downloads 14 (223,605)

The Deposit Business at Large vs. Small Banks

NBER Working Paper No. w31865
Number of pages: 54 Posted: 13 Nov 2023
Adrien d'Avernas, Andrea L. Eisfeldt, Can Huang, Richard Stanton and Nancy Wallace
Swedish House of Finance, UCLA Anderson School of Management, University of Illinois at Urbana-Champaign - Department of Finance, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 14 (1,222,318)
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15.

A New Dynamic House-Price Index

Number of pages: 36 Posted: 08 Jan 2020
Richard Stanton, Chris Strickland and Nancy Wallace
University of California, Berkeley - Haas School of Business, AutoStat Institute: The Centre for Complex Analytics and Visualisation and University of California, Berkeley - Real Estate Group
Downloads 277 (231,048)

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House-Price Index, Markov Chain Monte Carlo, Stress Testing, Hedonic Index

16.

Rebalancing Public and Private in the Law of Mortgage Transfer

UC Davis Legal Studies Research Paper No. 327
Number of pages: 54 Posted: 25 Jul 2012 Last Revised: 08 Jul 2013
John P. Hunt, Richard Stanton and Nancy Wallace
University of California, Davis - School of Law, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 273 (234,434)

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foreclosure, foreclosure litigation, MERS, securitization, mortgages, mortgage securitization, U.C.C., commercial law, mortgage transfer

17.

Human Capital, Bankruptcy and Capital Structure

NBER Working Paper No. w13014
Number of pages: 39 Posted: 06 Apr 2007 Last Revised: 23 Jan 2022
Jonathan Berk, Richard Stanton and Josef Zechner
Stanford Graduate School of Business, University of California, Berkeley - Haas School of Business and Vienna University of Economics and Business
Downloads 260 (246,421)
Citation 27

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18.

Pricing Mortgage-Backed Securities in a Multifactor Interest Rate Environment: A Multivariate Density Estimation Approach

Downloads 249 (257,385)
Citation 19

Pricing Mortgage-Backed Securities in a Multifactor Interest Rate Environment: A Multivariate Density Estimation Approach

NYU Working Paper No. FIN-94-018
Number of pages: 48 Posted: 11 Nov 2008
Jacob Boudoukh, Matthew P. Richardson, Richard Stanton and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, Department of Finance, Leonard N. Stern School of Business, New York University, University of California, Berkeley - Haas School of Business and New York University
Downloads 161 (385,033)
Citation 14

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Pricing Mortgage-Backed Securities in a Multifactor Interest Rate Environment: A Multivariate Density Estimation Approach

NYU Working Paper No. FIN-95-013
Number of pages: 52 Posted: 11 Nov 2008
Jacob Boudoukh, Richard Stanton and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, University of California, Berkeley - Haas School of Business and New York University
Downloads 88 (612,024)
Citation 5

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Pricing Mortgage-Backed Securities in a Multifactor Interest Rate Environment: A Multivariate Density Estimation Approach

Posted: 21 Apr 1995
Jacob Boudoukh, Matthew P. Richardson, Richard Stanton and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, Department of Finance, Leonard N. Stern School of Business, New York University, University of California, Berkeley - Haas School of Business and New York University

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Pricing Mortgage-Backed Securities in a Multifactor Interest Rate Environment: A Multivariate Density Estimation Approach

REVIEW OF FINANCIAL STUDIES, Vol. 10, No. 2
Posted: 02 Apr 1997
Jacob Boudoukh, Matthew P. Richardson, Richard Stanton and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, Department of Finance, Leonard N. Stern School of Business, New York University, University of California, Berkeley - Haas School of Business and New York University

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19.

The Valuation of Mutual Fund Contracts

NYU Working Paper No. SC-AM-03-09
Number of pages: 48 Posted: 04 Nov 2008
Jacob Boudoukh, Matthew P. Richardson, Richard Stanton and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, Department of Finance, Leonard N. Stern School of Business, New York University, University of California, Berkeley - Haas School of Business and New York University
Downloads 215 (296,553)

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20.

The Term Structure in an Exchange Economy with Two Trees

Number of pages: 35 Posted: 23 Jan 2009 Last Revised: 22 Mar 2011
Christine A. Parlour, Richard Stanton and Johan Walden
University of California, Berkeley - Finance Group, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Finance Group
Downloads 196 (323,399)
Citation 1

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Term structure, yield curve, risk-free rate puzzle, two trees, Lucas model, asset pricing

21.

A New Strategy for Dynamically Hedging Mortgage-Backed Securities

Downloads 195 (324,919)

A New Strategy for Dynamically Hedging Mortgage-Backed Securities

NYU Working Paper No. FIN-94-019
Number of pages: 34 Posted: 11 Nov 2008
Jacob Boudoukh, Matthew P. Richardson, Richard Stanton and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, Department of Finance, Leonard N. Stern School of Business, New York University, University of California, Berkeley - Haas School of Business and New York University
Downloads 195 (323,860)

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A New Strategy for Dynamically Hedging Mortgage-Backed Securities

Posted: 28 Apr 1998
Jacob Boudoukh, Matthew P. Richardson, Richard Stanton and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, Department of Finance, Leonard N. Stern School of Business, New York University, University of California, Berkeley - Haas School of Business and New York University

Abstract:

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22.

Estimation of Employee Stock Option Exercise Rates and Firm Cost: Methodology

NYU Working Paper No. FIN-06-043
Number of pages: 26 Posted: 03 Nov 2008
Jennifer N. Carpenter, Richard Stanton and Nancy Wallace
New York University (NYU) - Department of Finance, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 176 (356,643)

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23.

An Empirical Test of a Contingent Claims Lease Valuation Model

Journal of Real Estate Research (JRER), Vol. 31, No. 1, 2008
Number of pages: 26 Posted: 24 Jan 2008 Last Revised: 16 Oct 2009
Richard Stanton and Nancy Wallace
University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 169 (369,574)

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24.

A Rational Model of the Closed-End Fund Discount

NBER Working Paper No. w10412
Number of pages: 30 Posted: 20 Apr 2004 Last Revised: 15 Dec 2022
Jonathan Berk and Richard Stanton
Stanford Graduate School of Business and University of California, Berkeley - Haas School of Business
Downloads 158 (391,533)
Citation 1

Abstract:

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25.

Optimal Exercise of Executive Stock Options and Implications for Valuation

NYU Working Paper No. FIN-05-047
Number of pages: 22 Posted: 03 Nov 2008
Jennifer N. Carpenter, Richard Stanton and Nancy Wallace
New York University (NYU) - Department of Finance, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 110 (520,684)

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26.

CMBS Subordination, Ratings Inflation, and the Crisis of 2007-2009

NBER Working Paper No. w16206
Number of pages: 51 Posted: 26 Jul 2010 Last Revised: 14 Apr 2023
Richard Stanton and Nancy Wallace
University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group
Downloads 71 (682,981)

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27.

Measuring the wildfire risk of California real estate with spatiotemporal convolutional neural networks

Number of pages: 81 Posted: 07 Mar 2025
Richard Stanton, Nancy Wallace, Paulo Issler and Yao Zhao
University of California, Berkeley - Haas School of Business, University of California, Berkeley - Real Estate Group, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Haas School of Business
Downloads 41 (882,190)

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mortgages, climate risk, household finance, Housing

28.

Energy Factors, Leasing Structure and the Market Price of Office Buildings in the U.S.

Journal of Real Estate Finance and Economics, October 2019, Volume 59, Issue 3, pp 329–371
Posted: 05 Dec 2019
Dwight M. Jaffee, Richard Stanton and Nancy Wallace
University of California, Berkeley - Finance Group, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group

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Energy efficiency; commercial real estate

29.

The Industrial Organization of the US Residential Mortgage Market

Annual Review of Financial Economics, Vol. 6, pp. 259-288, 2014
Posted: 25 Nov 2014
Richard Stanton, Johan Walden and Nancy Wallace
University of California, Berkeley - Haas School of Business, University of California, Berkeley - Finance Group and University of California, Berkeley - Real Estate Group

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30.

Evidence on Simulation Inference for Near Unit-Root Processes with Implications for Term Structure Estimation

Journal of Financial Econometrics, Vol. 6, Issue 1, pp. 108-142, 2008
Posted: 10 Jul 2008
Gregory R. Duffee and Richard Stanton
Johns Hopkins and University of California, Berkeley - Haas School of Business

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AR process, unit root, EMM, indirect inference

31.

Anatomy of an Arm: The Interest Rate Risk of Adjustable Rate Mortgages

Posted: 06 Dec 1998
Richard Stanton and Nancy Wallace
University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group

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32.

A Nonparametric Model of Term Structure Dynamics and the Market Price of Interest Rate Risk

Posted: 23 Aug 1998
Richard Stanton
University of California, Berkeley - Haas School of Business

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33.

New Strategy for Dynamically Hedging Mortgage-Backed Securities

JOURNAL OF DERIVATIVES, Vol 2 No 4
Posted: 25 May 1998
Jacob Boudoukh, Richard Stanton, Matthew P. Richardson and Robert Whitelaw
Reichman University - Interdisciplinary Center (IDC) Herzliyah, University of California, Berkeley - Haas School of Business, Department of Finance, Leonard N. Stern School of Business, New York University and New York University

Abstract:

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34.

From Cradle to Grave: How to Loot a 401(K) Plan

Posted: 30 Apr 1998
Richard Stanton
University of California, Berkeley - Haas School of Business

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35.

Rational Prepayment and the Valuation of Mortgage-Backed Securities

THE REVIEW OF FINANCIAL STUDIES, Vol. 8 No. 3, 1995
Posted: 18 Apr 1998
Richard Stanton
University of California, Berkeley - Haas School of Business

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36.

Arm Wrestling: Valuing Adjustable Rate Mortgages Indexed to the Eleventh District Cost of Funds

JOURNAL OF THE AMERICAN REAL ESTATE AND URBAN ECONOMICS ASSOCIATION, 1995
Posted: 23 Jan 1995
Richard Stanton and Nancy Wallace
University of California, Berkeley - Haas School of Business and University of California, Berkeley - Real Estate Group

Abstract:

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37.

Unobservable Heterogeneity and Rational Learning: Pool Specific vs. Generic Mortgage-Backed Security Prices

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Unobservable Heterogeneity and Rational Learning: Pool Specific vs. Generic Mortgage-Backed Security Prices

J. OF REAL ESTATE FINANCE AND ECONOMICS, Vol. 12 No. 3
Posted: 26 Jul 1996
Richard Stanton
University of California, Berkeley - Haas School of Business

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Unobservable Heterogeneity and Rational Learning: Pool Specific vs. Generic Mortgage-Backed Security Prices

Posted: 13 Jan 1995
Richard Stanton
University of California, Berkeley - Haas School of Business

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Other Papers (1)

Total Downloads: 103
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1.

The Long-Term Discount Rate

EFA 2009 Bergen Meetings Paper
Number of pages: 34 Posted: 19 Feb 2009 Last Revised: 14 Jul 2009
Christine A. Parlour, Richard Stanton and Johan Walden
University of California, Berkeley - Finance Group, University of California, Berkeley - Haas School of Business and University of California, Berkeley - Finance Group
Downloads 103

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Term structure, yield curve, risk-free rate puzzle, two trees, Lucas model, asset pricing