Working Papers

1. Mortgage Aggregation and Credit Supply (Job Market Paper)

• Peter Lusztig Fellowship

• Canadian Securities Institute Research Foundation PhD Scholarship

Presentations: AREUEA PhD Session 2024, Federal Reserve Bank of Philadelphia Mortgage Market Research Conference 2024, NFA PhD Session 2024, Simon Fraser University, FMA 2024, Sydney Banking and Financial Stability Conference 2024, Colorado Finance Summit Job Market Session 2024, University of Guelph, Fudan University, The Chinese University of Hong Kong, City University of Hong Kong, University of Virginia (Darden), New York University - Shanghai, University of New Mexico, University of Pittsburgh, Southern Methodist University, INSEAD, Singapore Management University, SKK GSB, University of Oklahoma, Western University (cancelled)

Main finding: Mortgage aggregation eases securitization frictions and expands credit access. 

2. Lending by Servicing: How Shadow Banks Dampen Monetary Policy Transmission

joint with Isha Agarwal, Malin Hu and Raluca A. Roman 

• Revise & Resubmit, Review of Financial Studies

• Award: IFABS Conference Best Paper, 2022

• Media: SUERF

Presentations: AFA 2024, MFA 2023, NFA 2023, AEA 2023, AREUEA International 2023, University of Colorado Boulder, Cornell Economics Alumni Workshop 2023, Wake Forest University Empirical Monetary Policy Workshop 2023, UBC Winter Finance Conference 2023, Federal Reserve Day-Ahead Conference on Financial Markets and Institutions 2023, 8th Emerging Scholars in Banking and Finance Conference, Southern Economic Association Annual Meeting 2022, Midwest Macro Meeting Fall 2022, I-85 Macroeconomics Workshop Fall 2022, CEPR-BIS-ECB WE ARE IN Macroeconomics and Finance Conference 2022, International Finance and Banking Society Conference 2022, and the 1st Naples School of Economics and Finance PhD and Post-Doctoral Workshop

Main finding: Mortgage servicing rights (MSRs) act as a hedge and weaken the transmission of monetary policy to mortgage lending by shadow banks. 

3. Do Politicians Profit from Real Estate? (Submitted)

joint with Markus Baldauf, Jack Favilukis and Lorenzo Garlappi

Presentations: Canadian Urban and Real Estate Summer Symposium 2022, University of North Carolina at Chapel Hill, University of Wisconsin—Madison, University of Colorado Boulder

Main finding: Active politicians outperform average homeowners by 3.1% annually in the real estate market. 

4. How Do Nonbank Mortgage Lenders Shape Bank Small Business Lending?

joint with Xiyue Li and Dongliang Lu

Presentations: Sydney Banking and Financial Stability Conference 2024

Main finding: Banks reallocate lending from mortgages to small business loans when facing competition from nonbank mortgage lenders.

5. Foreign Buyer Tax Impacts on Submarkets: Evidence from Canada (Submitted)

joint with Thomas Davidoff

Presentations: Urban Economic Association Annual Meeting 2023, Canadian Economic Association Conference 2024

Main finding: Foreign buyer taxes led to larger and more prolonged decreases in the prices of single-family and high-quality homes compared to condos.

Discussions

• Occupational Licensing, Workforce Composition, and Competition: Evidence from the Real Estate Industry (Jeanna Kenney), UEA 2023

• Spatially Targeted LTV Policies and Collateral Values (Chun-Che Chi, Cameron LaPoint and Ming-Jen Lin), AREUEA International 2023

• Financial Subsidies, Female Employment, and Plant Performance (Raffi E. Garcia and Ricardo A. Lopez), FMA 2022

• Resilience and Implied Discount Rates (Elham Daadmehr), NSEF Workshop 2022