Vincent Yao's Research Page

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Working Papers

Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program (link)
with Agarwal, Amromin, Chomsisengphet, Piskorski, and Seru
NBER Working Paper #21512 – featured in the NBER Digest
R&R, Review of Economic Studies

The Effects and Limits of Regulation: Appraisal Bias in Mortgage Market (link)
with Agarwal and Ambrose
R&R, Journal of Financial Intermediation

The Political Economy of Loan Modification, 2018 (link)
with Agarwal and Gerardi
Accepted at YPFS Conference on The Financial Crisis Ten Years Afterward and RFS Dual Submission

Student Debt Relief, 2018 
with Di Maggio and Kalda

Property Rights and Housing Markets, 2018 
with Fang and Wu

Fintech Borrowers: Lax-Screening or Cream-Skimming? 2018 (link)
with Di Maggio
Media Coverage: WSJ 

Is the Wife a Risk Mitigator? Evidence from Chinese Family Firms, 2018 (link)
with Pan, Jin and Zhang

Relational Contracts in the Housing Market, 2017 (link)
with Agarwal and Song
AEA 2018 Annual Meeting

Search and Screening in Credit Markets, 2017 (link)
with Agarwal, Grigsby, Hortaçsu, Matvos and Seru
NBER Industrial Organization 2019

Financial Decision Making When Buying and Owning a Home (link)
with Agarwal, Liu and Torus

Banking Competition and Shrouded Attributes: Evidence from the Mortgage Market, 2016 (linkOnline Appendix)
with Agarwal and Song
AEA 2017 Annual Meeting; NBER Reporter 2018:4

Credit Expansion, Competition and House Prices, 2016 (link)
with An

Foreclosure Timelines and House Prices, 2016 (link)
with Fout, Palim and Song

Financial Literacy and Mortgage Credit: Evidence from the Recent Mortgage Market Crisis, 2015 (link)
with An and Bostic

Selected Journal Publications

Comovements and Asymmetric Tail Dependence in State Housing Prices in US: A Nonparametric Approach (link)
with Huang and Peng
Journal of Applied Econometrics, forthcoming

Interest Rate Pass-Through: Mortgage Rates, Household Consumption and Voluntary Deleveraging (link)
with M. Di Maggio, A. Kermani, B. Keys, T. Piskorski, R. Ramcharan, and A. Seru
American Economic Review, 107(11), November 2017, 3550-88
(Note: this is a combined version of working papers Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging by M. Di Maggio, A. Kermani and R. Ramcharan previously R&R at American Economic Review and Mortgage Rates, Household Balance Sheets, and the Real Economy by B. Keys, T. Piskorski, A. Seru, and V. Yao previously R&R at Journal of Political Economy)

Gender Difference and Intra-Household Economic Power in Mortgage Signing Order (link appendix)
with Agarwal, Green, Rosenblatt and Zhang
Journal of Financial Intermediation, forthcoming

Banking Competition, Asset Securitization and Mortgage Steering (link)
with S. Agarwal and B. Ambrose
Real Estate Economics, forthcoming

Systemic Mistakes of Borrowers in the Mortgage Market and Lack of Financial Sophistication (link)
with S. Agarwal and I. Ben-David
Journal of Financial Economics, 123, 2017, 42-58 

Why Do Borrowers Make Mortgage Refinancing Mistakes? (link)   
with S. Agarwal and R. Rosen 
Management Science62(12), 2016, 3494-3509 

Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market (link)
with S. Agarwal and I. Ben-David
Management Science, 61(9), 2015, 2220-2240

Collateral Pledge, Sunk-Cost Fallacy and Mortgage Default (link)
with S. Agarwal, R. Green and E. Rosenblatt
Journal of Financial Intermediation, 24, 2015, 636-652 

Foreclosure Externalities: New Evidence (link)
with K. Gerardi, P. Willen and E. Rosenblatt
Journal of Urban Economics, 87, 2015, 42-56 

The Foreclosure Discount: Myth or Reality? (link)
with J. Harding and E. Rosenblatt
Journal of Urban Economics, 71, 2012, 204-218 

The Contagion Effect of Foreclosed Properties 
with J. Harding and E. Rosenblatt
Journal of Urban Economics, 66(3), 2009, 164-178 

Work in Progress

Mandatory Financial Literacy Education and Borrower Outcomes

Credit Expansion and Road Safety