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Jay Hartzell - The University of Texas at Austin, McCombs School of Business. Austin, TX, US

Jay Hartzell Jay Hartzell

Dean | The University of Texas at Austin, McCombs School of Business


Real estate finance, corporate investments, and capital markets


Areas of Expertise (10)

Executive Compensation Corporate Governance Corporate Finance Real Estate Capital Markets Real Estate Finance Corporate Incentives Mutual Funds Financial Modeling Real Estate Investment Private Equity


Jay Hartzell is the dean of the McCombs School of Business at The University of Texas at Austin. He assumed this role Feb. 1, 2016.

Previously Dean Hartzell was a finance professor and expert on corporate finance, real estate finance, corporate governance and executive compensation. His research explains the real-world impact of corporate investments, contractual relationships, executive compensation structures, and board performance. Hartzell is renowned in the world of real estate finance and is the executive director of the Real Estate Finance and Investment Center (REFIC).

Hartzell is the former chair of the finance department (ranked 5th among top-tier graduate programs by U.S. News 2017) and is the Trammell Crow Regents' Professor in Business at the McCombs School of Business, The University of Texas at Austin.

His scholarly articles have been published in the leading academic journals, including Journal of Finance, Journal of Financial Economics, Real Estate Economics, and the Review of Financial Studies. Hartzell also has served as an Associate Editor of the Review of Financial Studies and is a member of the Board of Directors of the American Real Estate and Urban Economics Association.

Hartzell previously was an assistant professor at the Stern School of Business at New York University, and he has been a consultant with Hewitt Associates.

In addition to his academic experience, Jay has worked as a Benefits Consultant with Hewitt Associates.





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Viewpoint 2014 McCombs School of Business Overview 2015 Economic Forecast in San Antonio: MOMENTUM Economic Forecast 2014 - Year of the Rebound? Austin Economic Forecast 2014 - Year of the Rebound? Oct. 25, 2013, Park City Club, Dallas, Texas Economic Forecast 2014 - Year of the Rebound? Oct. 17, 2013, Federal Reserve Bank, Houston Branch


Education (2)

The University of Texas at Austin: Ph.D., Finance 1998

Trinity University: B.Sc., Business Administration / Economics 1991

Media Appearances (11)

Deans’ First Jobs: From Washing Dishes To Selling Hot Dogs

Poets & Quants  online


Dean Hartzell talks about his first job and what he learned from it with Poets & Quants.

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Inside Billionaire John Goff's Biggest Single Donation to Create the Top Real Estate Program

Dallas Business Journal  online


"It was very well thought out and put together for a good presentation," Goff told me. "Jay Hartzell, the new dean, has a real passion for real estate that will really make sure the money is going to a good use. His aspiration of the program is similar to mine.

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Crescent Real Estate CEO John Goff Makes $6 Million Gift to UT

Dallas News  online


"This gift will catapult forward a real estate program that is already among the world's elite," Jay Hartzell, dean of the McCombs School, said. "We will be second to none in our ability to provide experiential learning for our undergraduate and graduate students, complementing the analytical foundation we've always given them."

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Rackspace CEO: Fostering Tech Ecosystem Will Keep City on ‘Winning Side’

Rivard Report  online


Joining Rhodes on the panel were local billionaire businessman Red McCombs, UT-Austin McCombs School of Business Dean Jay Hartzell, Federal Reserve Bank of Dallas Assistant Vice President Keith Phillips, and Republic National Distributing Company partner and board member Alan Dreeben.

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Inno Approved: The Week's Top Tech Events in Austin

Austin Inno  online


2017 Business Forecast: Confidence in Uncertain Times — Austin event. The 7-9 a.m. event features Dimensional Fund Advisors CEO David Booth; Ethernet inventor Bob Metcalfe; Mine Yücel, the senior VP and director of research at the Federal Reserve Bank of Dallas; and UT McCombs School of Business Dean Jay Hartzell.

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UT Biz School Promotes From Within for New Leader

Austin Business Journal  online


Jay Hartzell will take over the school's top position Feb. 1. He has worked at UT since 2001 and serves as senior associate dean for academic affairs at the McCombs School.

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2015 Economic Forecast: Momentum

Texas CEO Magazine  print


Hartzell served as moderator of panel discussions featuring top CEOs and executives from Fortune 500 and other top business and governmental entities.

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Quick Study with Jay Hartzell

REIT News | NAREIT  online


Interview with Jay Hartzell regarding REITs, tax reform, and corporate governance.

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Protecting Your Bucket

Wall Street Journal online  online


The fact that you don't see the price changing over time could give you the false impression that a nontraded REIT is behaving like a bond, says Jay Hartzell.

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The Almighty Dollar

Slate  online


The researchers show that Oklahoma's ministers are driven not just by spiritual motivations but also by high-powered financial incentives.

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New book, Leading Clarity, introduces new business hierarchy

Business and Industry Connection Magazine  online


"Brad Deutser's work on clarity is thought-provoking, challenging and insightful. He connects several key features of organizations that all too often seem separate, while persuasively conveying the need for such connections. Not only has he helped me think about the ways in which we work within our institution, he calls into question the traditional silos and functional orientation of business education, thinking, and practice,” explained Jay Hartzell, Dean, McCombs School of Business at the University of Texas at Austin. "Deutser has convinced me that CLARITY is the new necessity.

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Articles (11)

Jay Hartzell Citations Google Scholar

Listing of top scholarly works by Jay Hartzell.

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Getting the Incentives Right: Backfilling and Biases in Executive Compensation Data Review of Financial Studies


We document that backfilling in the ExecuComp database introduces a data-conditioning bias that can affect inferences and make replicating previous work difficult. Although backfilling can be advantageous due to greater data coverage, if not addressed, the oversampling of firms with strong managerial incentives and higher subsequent returns leads to a significant upward bias in abnormal compensation, pay-for-performance sensitivity, and the magnitudes of several previously established relations. We offer methods to address this issue.

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Human Capital and the Supply of Religion Review of Economics and Statistics


We study the role of labor inputs in religious attendance using data on Oklahoma Methodist congregations from 1961 to 2003. Pastors play a significant role in church growth: replacing a 25th percentile pastor with a 75th percentile one increases annual attendance growth by 3%. A pastor’s performance in his or her first church (largely the result of random assignment) predicts future performance, suggesting a causal effect of pastors on growth. The deployment of pastors by the church indicates efficient use of labor: low-performing pastors are more likely to be rotated or exit the sample, and high-performing pastors are moved to larger congregations.

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On Enhancing Shareholder Control: A (Dodd-) Frank Assessment of Proxy Access Journal of Finance


These results suggest that an increase in shareholder control from its current level would generally benefit shareholders. However, we find that the benefits of increased control are muted for firms with shareholders whose interests may deviate from value maximization.

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Institutional Investors as Monitors of Corporate Diversification Decisions: Evidence from Real Estate Investment Trusts Journal of Corporate Finance

Libo Sun and Sheridan Titman


Observing whether diversification adds or destroys value is notoriously difficult. This study uses the unique setting of real estate investment trusts (REITs) to examine this issue.

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Trade-offs in Corporate Governance: Evidence From Board Structures and Charter Provisions Quarterly Journal of Finance

Stuart L. Gillan and Laura T. Starks


We provide arguments and present evidence that corporate governance structures are composed of interrelated mechanisms, which are in turn endogenous responses to the costs and benefits firms face when they choose those mechanisms.

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Why Do Firms Hold So Much Cash? A Tax-Based Explanation Journal of Financial Economics


This paper develops and tests the hypothesis that the magnitude of US multinational cash holdings are, in part, a consequence of the tax costs associated with repatriating foreign income.

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Active Institutional Shareholders and Costs of Monitoring: Evidence From Executive Compensation Financial Management


We present a stylized model that examines the effects of institutional monitoring on executive compensation.

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What's In It For Me? CEOs Whose Firms are Acquired Review of Financial Studies


We study benefits received by target chief executive officers (CEOs) in completed mergers and acquisitions.

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Explaining Corporate Governance: Boards, Bylaws, and Charter Provisions University of Otargo Research Archive


We provide arguments and present evidence that corporate governance structures are endogenous responses to the costs and benefits firms face when they choose the mechanisms that comprise those structures.

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Institutional Investors and Executive Compensation The Journal of Finance


We find that institutional ownership concentration is positively related to the pay-for-performance sensitivity of executive compensation and negatively related to the level of compensation.

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