Barney Hartman-Glaser

Profile photo of Barney Hartman-Glaser
“You never truly understand something until you can explain it well to others.”
 

Assistant Professor of Finance

About

 

Biography

Barney Hartman-Glaser began his teaching career as an assistant professor at the Fuqua School of Business at Duke University, teaching real estate finance and core corporate finance, before joining UCLA Anderson as assistant professor of finance in 2013.

A native Californian who hails from a family of academics, Hartman-Glaser was influenced early on to pursue a career in academia. He credits his father — a sociology professor at the University of California, San Francisco, and a real estate finance practitioner — with his current interest in real estate finance, admitting that he “learned how to use a spreadsheet before I could read.” He is also the director of research at the UCLA Ziman Center for Real Estate, with responsibility for allocating grants for research in the areas of real estate and urban economics.

Hartman-Glaser’s research applies contract and game theory to financial and real estate markets. He has conducted research on the consequences of private information in mortgage markets in which he showed that mortgage-backed securities issuers may cash in on their reputations by selling low-quality assets. He has also written on the incentives of mortgage originators to screen for good borrowers. He showed that requiring originators to retain an equity “tranche” is the most effective way to encourage good behavior.

One of Hartman-Glaser’s current projects focuses on how the development of quantitative easing can make it more difficult for low-credit quality buyers to obtain mortgages. A second paper takes a deep look at the declining share of profits that workers at large firms are receiving compared with those given to shareholders.

When not teaching or conducting research, look for Hartman-Glaser in any of Southern California’s outdoor playgrounds, where he could be surfing, cycling or backcountry skiing.

 

Education

Ph.D. Finance and Real Estate, 2011, UC Berkeley

M.S. Financial Mathematics, 2004, Stanford University

B.S. Mathematics with Honors, 2003, Stanford University

 

Recognition

Fisher Center for Real Estate and Urban Economics Research Grant, 2010–2011

Institute for Business and Economics Research Mini-Grant, 2010

White Foundation Dissertation Fellow, 2009–2010

Fisher Center for Real Estate and Urban Economics Fellow, 2005–2009

 

Publications

Optimal securitization with moral hazard, with Tomasz Piskorski and Alexei Tchistyi, Journal of Financial Economics, 104 (2012) 186-202.  

Reputation and signaling in asset sales, accepted Journal of Financial Economics, 2016.  

 

Working Papers

Dynamic agency and real options, with Sebastian Gryglewicz, revise and resubmit, Journal of Finance, 2016.  

Are Lemons Sold First? Dynamic Signaling in Mortgage Markets, with Manuel Adelino and Kris Gerardi, 2016.  

Mortgage Underwriting Standards in the Wake of Quantitative Easing with Richard Stanton and Nancy Wallace (2014).  

The Insurance is the Lemon: Failing to Index Contracts, with Benjamin Hèbert, 2016. Growth Options, Incentives, and Pay-for-Performance: Theory and Evidence, with Sebastian Gryglewicz and Geoffrey Zheng, 2016 (work in progress).  

Collateral Constraints, Wealth Effects and Volatility: Evidence from Real Estate Markets, with William Mann, 2016 (work in progress).  

A Theory of Optimal Capital Structure and Endogenous Bankruptcy, Hengjie Ai and Barney Hartman-Glaser, 2016 (work in progress).

Cash and Dynamic Agency, with Konstantin Milbradt, 2015 (work in progress).