Haas School of Business

Faculty and Executive Leadership Directory
	Nancy E. Wallace Professor Haas Real Estate Group 510-642-4732 Email: click on the envelope icon below for full email address Academic Status: On duty Office Hours: Tuesdays 2-3:30 p.m., F626 Personal Homepage: http://faculty.haas.berkeley.edu/wallace/WallWeb/Firstry.html Curriculum Vitae (in PDF format, Acrobat Reader required)

Education

BA, Political Science, The University of Michigan
License, Maitrisse, The University of Paris VIII, Institute of Urbanism
PhD, Urban and Regional Planning, The University of Michigan

Positions Held

At Haas since 1986
2000 - present, Professor in Real Estate, Haas School of Business
1993 - 2000, Associate Professor in Real Estate, Haas School of Business
1986 - 1993, Assistant Professor in Real Estate, Haas School of Business
Spring 1997, Visiting Associate Professor in Finance, Graduate School of Business, Stanford University

External Service and Assignments

Board of Directors and past president, American Real Estate and Urban Economics Association
Visiting Scholar: San Francisco Federal Reserve Bank, Stanford Graduate School of Business, Stockholm School of Economics
Editorial Board: Journal of Computational Finance, Journal of Real Estate Research

Current Research and Interests

Housing price indices and models to monitor residential real estate price movements over the business cycle.
Mortgage prepayment and pricing models, mortgage contract design, and the market microstructure of mortgage backed security trading.
Option pricing models for pricing commercial and retail real estate leases for use in the commercial mortgage backed securities markets.
Executive stock option valuation.

Selected Papers and Publications

"The Dynamics of Job Creation and Destruction and the Size Distribution of Cities," with Donald Walls. Housing Markets and the Economy: Risk, Regulation, Policy Essays in Honor of Karl Case, edited by Edward Glaeser and John Quigley. Cambridge, MA: Lincoln Land Institute.
"Is the Market for Mortgage Backed Securities a Market for Lemons?" with Christopher Downing and Dwight Jaffee. Review of Financial Studies.
"An Empirical Test of a Contingent Claims Lease Valuation Model," with Richard Stanton. Journal of Real Estate Research.
"Innovations in Mortgage Modelling: An Introduction." Real Estate Economics 33, no. 3 (2005).
"An Empirical Test of a Two-Factor Mortgage Prepayment and Valuation Model: How Much Do House Prices Matter?" with Christopher Downing and Richard Stanton. Real Estate Economics 33, no. 3 (2005).
"Dwelling Price Dynamics in Paris, France," with Richard Meese. Urban Studies 40, no. 5/6 (May 2003).
"Firm Performance and Executive Compensation in the Savings and Loan Industry," with Benjamin Hermalin. Journal of Financial Economics 61 (2001).

Teaching

Real Estate Finance, E283
Real Estate Investment Analysis, MBA280
Real Estate Strategy, MBA284
Real Estate Investment Analysis and Urban Economics, MBA180
Asset-backed Securization, MFE230M

Honors and Awards

Earl F. Cheit Outstanding Teaching Award, Haas School, 2002, 2005

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Faculty and Executive Leadership Directory