Jay C. Hartzell Chair, Department of Finance Professor Allied Bancshares Centennial Fellow Executive Director, Real Estate Finance and Investment Center Phone: (512) 471-6779 Fax : (512) 471-5073 Email:  jhartzell@mail.utexas.edu Office: CBA 6.238 Dept. of Finance The University of Texas at Austin 2110 Speedway Stop B6600 Austin, TX 78712-1276

Education:

• PhD  Finance  The University of Texas at Austin  1998
• BS    Business Administration / Economics  Trinity University  1991

Teaching:

• Seminar in Real Estate Finance (MBA elective in real estate debt markets), Seminar in Real Estate Analysis (MBA elective in real estate equity markets), Real Estate Investment (BBA elective in real estate capital markets), Financial Management (MBA core class), Empirical Corporate Finance (PhD class)

Research Interests:

• Corporate Governance (including executive compensation, managerial turnover, and mergers and acquisitions)
• Real Estate Finance
• Corporate Finance

Business Experience:

• Benefits Consultant, Hewitt Associates, The Woodlands, Texas

Selected Publications and Working Papers:

• "Institutional Investors as Monitors of Corporate Diversification Decisions:  Evidence from Real Estate Investment Trusts" with Libo Sun and Sheridan Titman, Journal of Corporate Finance (forthcoming).

• "Explaining Corporate Governance: Boards, Bylaws, and Charter Provisions" with Stuart Gillan and Laura T. Starks, The Quarterly Journal of Finance, 2011.

• "Incentive Compensation and the Likelihood of Termination: Theory and Evidence from Real Estate Organizations" with Greg Hallman and Chris Parsons, Real Estate Economics, 2011.

• "Is a Higher Calling Enough?  Incentive Compensation in the Church" with Chris Parsons and David Yermack, Journal of Labor Economics, 2010.

• "Alternative Benchmarks for Evaluating Mutual Fund Performance" with Tobias Muhlhofer and Sheridan Titman, Real Estate Economics, 2010.

• "Explicit vs. Implicit Contracts: Evidence from CEO Employment Agreements" with Stuart Gillan and Robert Parrino,  Journal of Finance, 2009.

• "The Role of Corporate Governance in Initial Public Offerings: Evidence from Real Estate Investment Trusts” with Jarl G. Kallberg and Crocker H. Liu, Journal of Law and Economics, 2008.

• "Why Do Firms Hold So Much Cash? A Tax-Based Explanation" with C. Fritz Foley, Sheridan Titman and Garry Twite, Journal of Financial Economics, 2007.

• "The Effect of Corporate Governance on Investment: Evidence from Real Estate Investment Trusts (REITs)" with Libo Sun and Sheridan Titman, Real Estate Economics, 2006.

• "Active Institutional Shareholders and Costs of Monitoring: Evidence from Executive Compensation" with Andres Almazan and Laura T. Starks, Financial Management, 2005.

• "The Impact of CEO Turnover on Equity Volatility" with Mattew J. Clayton and Joshua Rosenberg, Journal of Business, 2005.

• "The Role of  the Underlying Real Asset Market in REIT IPOs” with Jarl G. Kallberg and Crocker H. Liu, Real Estate Economics, 2005.

• "What's In It For Me?  Personal Benefits Obtained by CEOs Whose Firms Are Acquired" with Eli Ofek and David Yermack, Review of Financial Studies, 2004.

• "Institutional Investors and Executive Compensation" with Laura T. Starks, Journal of Finance, December 2003.

• "Market Reaction to Public Information: The Atypical Case of the Boston Celtics" with Gregory W. Brown, The Journal of Financial Economics, 2001.

• "On Enhancing Shareholder Control: A (Dodd-) Frank Assessment of Proxy Access" with Jonathan B. Cohn and Stuart L. Gillan (working paper).

• "Is There a Disposition Effect in Corporate Investment Decisions?  Evidence from Real Estate Investment Trusts" with Alan Crane (working paper).

• "Human Capital and the Supply of Religion" with Joseph Engelberg, Raymond Fisman, and Christopher Parsons (working paper).

• "Returns in the Nontraded REIT Industry: Evidence from Full-Cycle Events" with Jung-Eun Kim, Vee Kimbrell and James Sprow (working paper).