Professor of the Graduate School
Stephen A. Ross Prize in Financial Economics, 2008
Lifetime Achievement Award, Financial Intermediation Research Society, 2008
At Haas since 1974
Finance Professor Hayne Leland at the University of California, Berkeley's Haas School of Business won the first-ever Stephen A. Ross Prize from the Foundation for the Advancement of Research in Financial Economics (FARFE) for his research in corporate debt pricing and capital structure.
The foundation is a consortium of finance academics and practitioners from around the world. It created the $100,000 prize in 2007 to recognize and encourage research in financial economics—a field that explains the underpinnings of corporate finance and capital markets.
Leland won the award for his 1994 Journal of Finance paper, "Corporate Debt Value, Bond Covenants, and Optimal Capital Structure." The paper analyzed how firms determine the optimal mix of debt and equity to acquire funding at the lowest cost.