Research Interest/Expertise

Capital market regulations: Stock market regulations and institutional framework of securities lending and short selling around the world (with focus on Japan, Hong Kong, China, Singapore and the U.S. markets)

Real Estate market regulations: The role of financial regulations and supervision in mortgage lending market and real estate investment in Asia and in the U.S.

Teaching Interest/Experience

Financial Markets, Banks and Financial Institutions, Finance Technology, Wealth Management, Fundamentals of Real Estate, Real Estate Investment and Valuation, Financial Management, Introductory Corporate Finance, Investment Analysis

Current and past academic positions

   Entrepreneur and Freelance Researcher
   Part time Lecturer, National University of Singapore
2018 -
2018 -
   Assistant Professor in Finance, National University of Singapore
Affiliated Researcher, Institute of Real Estate Studies (IRES) at NUS
   Affiliated Researcher, Risk Management Institute (RMI) at NUS
2010 - 2018
2009 – 2018
2009 – 2016


    Ph.D. Finance, Gatton College of Business and Economics, University of Kentucky 2003 – 2007
    M.S. Economics, Gatton College of Business and Economics, University of Kentucky 
2003 – 2004
    M.S. Property Management and Investment, Napier University, UK 2000 – 2003
    Visiting student, Princeton University, USA 2002 – 2003
    B.S. Construction Management, Szent István University, Hungary 1996 – 2000

Awards and Grants

    NUS Business School, Case Study Grant 2016 - 2017
    NUS Business School, Research Grant 2014 – 2016
    NUS Business School, Start-up Grant 2010 – 2013
    Fama-DFA Prize for the Best Paper in the Journal of Financial Economics
                                in the Areas of Capital Markets and Asset Pricing
    NUS Research grant under P.I., T. Yamada 2009-2011
    Luckett Fellowship, Gatton College of Business & Economics 2006

Publications available on SSRN or ResearchGate, or directly from the Journals.

Short Sale Publications and Working Papers: 

An Analysis of Over-the-counter and Centralized Stock Lending Markets”, with Melissa Porras-Prado (RR3, Journal of Financial Markets)
Are Shorts Equally Informed? A Global Perspective”, with Ekkehart Boehmer, Yanchu Wang, and Xiaoyang Zhang (RR, Review of Financial Studies)“Information of Lending Fees: Are Lenders Price Takers, with Truong X. Duong, R. S. K. Tan, and Weina Zhang, 2018. Review of Finance 21 (6), 2353-2377.
Short Covering Trades”, with Ekkehart Boehmer and Truong X. Duong, 2018. Journal of Financial and Quantitative Analysis 53 (2),  723-748.
“Do Short Sellers trade on Industry Information (previously Industry Concentration of Short Sellers: Cash Flow or Distress News?)” with Weina Zhang and Ruth S.K. Tan,  2017, Journal of Empirical Finance, 41 (C), 118-139. 

The Cost and Benefits of Short Disclosure”, with Truong X. Duong and Takeshi Yamada , 2015. Journal of Banking and Finance, 2015. 53, 124–13

The Good News in Short Interestt” with Bradford D. Jordan and Ekkehart Boehmer, 2010, Journal of Financial Economics 96 (1), 80-97. Fama-DFA Prize Winner.

Evaluating Regulators: The Efficacy of Discretionary Short Sale Rules”, with Darwin Choi 

Real Estate and Investment Publications and Working Papers:

Mortgage Lending Regulatory Arbitrage: A Cross-sectional Analysis of Non-bank lenders”, with Wei Yu (Accepted for publication in the Journal of Real Estate Research)

The Relationships between Real Estate Price and Expected Financial Asset Risk and Return: Theory and Empirical Evidence”, with Gang-Zhi Fan and Weina Zhang, 2013, Journal of Real Estate Finance and Economics 46 (4), 568-595.

The Helping Hand of the State in Chinese Real Estate Firms: Anti-corruption and Liberalization”, with Gang-Zhi Fan and Weina Zhang, 2016.  International Real Estate Review.
Does Mandatory Disclosure Affect Subprime Lending to Minority Neighbourhoods?” with George H. Lentz and Wei Yu, 2012. Journal of Economics and Finance 36 (4), 900-924.
A Note on Hybrid Mortgages,” with Brent W. Ambrose and Michael LaCour-Little, 2005,  Real Estate Economics 33, 765-782.
“Disclosure and Lending Practices: A Comparison between Depository and Nondepository Subprime Lenders”, with George H. Lentz and Wei Yu (Reject and Resubmit in Journal of Real Estate Research)

Editorial and Referee Work Special guest editor forStudies in Economics and Finance, Special edition: 2015 AFMLI conference Ad-hoc referee: Journal of Financial and Quantitative AnalysisReview of Financial StudiesManagement ScienceJournal of Banking and FinanceJournal of Housing and Built EnvironmentEuropean Journal of FinanceJournal of International Business Studies, Journal of Empirical Finance, Real Estate Economics, Studies in Economics and Finance

Professional Memberships 
Hungarian Academy of Science, Finance Sub-Committee member (since 2012), American Finance Association (AFA), American Real Estate and Urban Economics Association (AREUEA), Financial Management Association (FMA), Asian Real Estate Society (AsRES), and the European Finance Association (EFA)