Peer-Reviewed Academic Journal Publications:
"Can Everyone Tap into the Housing PIggy Bank? Racial Disparities in Access to Home Equity" (with James Conklin and Lauren Lambie-Hanson).
Conditionally accepted at Journal of Financial Economics.
"A Critical Review of the Common Ownership Literature" (with Michelle Lowry and Carola Schenone). Forthcoming in Annual Review of Financial Economics.
"Mortgage Prepayment, Race, and Monetary Policy (with Paul Willen and David Zhang). 2023. Journal of Financial Economics, 147(3), 498-524.
Winner of the 2023 Jensen First Prize for the Best Papers Published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations.
"Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry" (with Patrick Dennis and Carola Schenone). 2022. Journal of Finance, 77(5): 2765-2798.
Winner of the Best Conference Paper at the 2018 European Finance Association (EFA) Annual Meeting.
"Villains or Scapegoats? The Role of Subprime Borrowers in Driving the U.S. Housing Boom" (with Jim Conklin, Scott Frame, and Haoyang Liu). 2022. Journal of Financial Intermediation, 51(July).
"Foreclosure Externalities and Vacant Property Registration Ordinances" (with Arnab Biswas, Chris Cunningham, and Daniel Sexton). 2021. Journal of Urban Economics, 123(3).
"The Double Trigger for Mortgage Default: Evidence from the Fracking Boom" (with Chris Cunningham and Lily Shen). 2020. Management Science, 67(6): 3321–3345.
Note: This paper originally circulated under the title "Fracking and Mortgage Default"
"Are Lemons Sold First? Dynamic Signaling in the Mortgage Market" (with Manuel Adelino and Barney Hartman-Glaser). 2019. Journal of Financial Economics, 132(1): 1--25.
Winner of the 2019 Jensen Second Prize for the Best Papers Published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations.
"Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default" (with Kyle Herkenhoff, Lee O'Hanian, and Paul Willen). 2017. Review of Financial Studies, 31(3): 1098--1131.
"The Effect of Large Investors on Asset Quality: Evidence from Subprime Mortgage Securities" (with Manuel Adelino and Scott Frame). 2017. Journal of Monetary Economics, 87: 34--51.
"Foreclosure Externalities: New Evidence" with Eric Rosenblatt, Paul Willen, and Vincent Yao. 2015. Journal of Urban Economics, 42(3): 42--56.
"Identifying the Effect of Securitization on Foreclosure and Modification Rates Using Early-Payment Defaults" with Manuel Adelino and Paul S. Willen. 2014. Journal of Real Estate Finance and Economics, 49(3): 352--378.
"The Effect of Social Entitlement Programs on Private Transfers: New Evidence of Crowding Out" with Yuping Tsai. 2014. Economica, 81(324): 721--746.
"Why Don’t Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitization" with Manuel Adelino and Paul S. Willen. 2013. Journal of Monetary Economics, 60(7): 835--853.
"Numerical Ability Predicts Mortgage Default" with Lorenz Goette and Stephan Meier. 2013. Proceedings of the National Academy of Sciences (PNAS), 110(28): 11267--11271.
"Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process" with Lauren Lambie-Hanson and Paul Willen. 2013. Journal of Urban Economics, 73(1): 1--17.
"Price Discrimination and Business Cycle Risk" with Marco Cornia and Adam Hale Shapiro. 2012. Journal of Industrial Economics, 60(3): 347--373.
"The Impact of Deregulation and Financial Innovation on Consumers: The Case of the Mortgage Market" with Harvey Rosen and Paul S. Willen. 2010. Journal of Finance, 65(1): 333--360.
"Reducing Foreclosures: No Easy Answers" with Chris Foote, Lorenz Goette, and Paul S. Willen. 2009. NBER Macroeconomics Annual, 24: 89--138.
“Subprime Mortgages, Foreclosures, and Urban Neighborhoods" with Paul S. Willen. 2009. The B.E. Journal in Economic Analysis and Policy, 9(3).
"Does Competition Reduce Price Dispersion? New Evidence from the Airline Industry" with Adam Hale Shapiro. 2009. Journal of Political Economy, 117(1): 1--37.
"Making Sense of the Subprime Crisis" with Andreas Lehnert, Shane M. Sherland, and Paul S. Willen. 2008. Brookings Papers on Economic Activity, Fall: 69--145.
"Negative Equity and Foreclosure: Theory and Evidence" with Chris Foote and Paul S. Willen. 2008. Journal of Urban Economics, 64(2): 234--245.
"Just the Facts: An Initial Analysis of Subprime's Role in the Housing Crisis" with Chris Foote, Lorenz Goette, and Paul S. Willen. 2008. Journal of Housing Economics, 17(4): 1--24.
Other Publications:
1. "Racial Differences in Mortgage Refinancing, Distress, and Housing Wealth Accumulation during COVID-19" (with Lauren Lambie-Hanson and Paul Willen). 2021. Atlanta Fed Policy Hub.
2. "Evaluating the Benefits of a Streamlined Refinance Program" (with Lara Loewenstein and Paul Willen). 2021. Housing Policy Debate, 31(1), 51-65.
3. "Why did so many people make so many ex-post bad decisions? The causes of the foreclosure crisis" (with Chris Foote and Paul Willen) 2012. Prepared for the conference, "Rethinking Finance: New Perspectives on the Crisis," organized by Alan Blinder, Andrew Lo, and Robert Solow and sponsored by the Russell Sage and Century Foundations.
4. "Why principal reduction won't solve the foreclosure crisis" (with Chris Foote and Paul Willen) 2012. Harvard College Economics Review, 5(1): 9--10.
5. "Reasonable people did disagree: Optimism and pessimism about the U.S. housing market before the crash" (with Chris Foote and Paul Willen) 2011. In The American Mortgage System Crisis and Reform, coedited by Marvin Smith and Susan M. Wachter, University of Pennsylvania Press.
6. "Understanding the Foreclosure Crisis" (with Stephen L. Ross and Paul S. Willen) 2011. Journal of Policy Analysis and Management ("Point/Counterpoint" section) 30(2): 382--388.
7. "The Economics of Foreclosure" 2010. New Palgrave Online Dictionary of Economics (2nd Edition), S. Durlauf and L. Blume (eds.).
8. "Mortgage Foreclosure Prevention Efforts" (with Wenli Li) 2010. FRB Atlanta Economic Review, 95(2).