Publications
Forbearance and the Cost of Credit, with Pedro Gete, Andrey Pavlov, and Susan M. Wachter
Review of Finance (Financial Times Top 50) Accepted, 2026 (pdf, SSRN)
Using novel data from the GSE Credit Risk Transfer market and the 2020 CARES Act as a natural experiment, we uncover an important unintended consequence of forbearance policies: a contraction in credit supply.
Climate Risk in Mortgage Markets: Evidence from Hurricanes Harvey and Irma, with Pedro Gete and Susan M. Wachter
Real Estate Economics, 2024 (Open access article, Online appendix)
Research for Sustainability Impact Award, IE University, 2024
Top Cited Article in Real Estate Economics, WILEY, 2025
Using a new financial product, the Credit Risk Transfers (CRTs) issued by Fannie Mae and Freddie Mac, we study how markets would price hurricane risk in mortgages, absent government intervention.
The Economic Effects of Real Estate Investors, with Carlos Garriga and Pedro Gete
Real Estate Economics, 2023 (Open access article, Online appendix)
Edwin Mills Best Paper Award, AREUEA: Best Paper of 2023
We show that small and medium-sized real estate investors in U.S. housing markets increase price growth and reduce affordability, especially in the bottom price-tier, however, this effect is reversed as investors trigger a medium-run supply response.
Working Papers
The Paradox of Opportunity: Socioeconomic Origins of Financial Gender Gaps, with Şelale Tüzel, 2026 (pdf, SSRN)
We show that gender gaps in stock market participation and mortgage decisions widen with income and education, reflecting differences in financial literacy and earlier gaps in math skills and attitudes.
From Flipping to Holding: Dynamic Strategies of Housing Investors, with Carlos Garriga, Pedro Gete and Franco Zecchetto, 2026 (pdf, SSRN)
Junior Faculty Award, Vice Provost for Research and Scholarship, University of Miami, 2023
We develop a dynamic portfolio model in which housing investors' holding periods are endogenously determined by resale, rental, and financing decisions. Using transaction-level U.S. deed records, we document a sharp shift in investor behavior across two housing booms, from mortgage-financed flipping toward longer-horizon, cash-based, rent-oriented strategies, consistent with the model's predictions and underlying economic mechanisms.
Investment Booms and Natural Resources, with Pedro Gete and Michael Reher, 2026 (pdf)
We show that during California’s mid-2010s tree nut boom, overinvestment by late entrants on less-valuable land led to excessive well drilling and significant groundwater depletion, accounting for about one-fifth of the state’s total groundwater decline between 2013 and 2023.
Weathering the Storm: The Impact of Florida’s Insurance Crisis on Household Financial Behavior, with Stefanos Delikouras and Susan M. Wachter, 2025
Provost's Research Award, University of Miami, 2026
We show that rising property insurance premiums in Florida, driven by insurer exits and climate risks, causally influence household financial behavior, affecting portfolio allocation, real estate investment, and consumption decisions.
Do Too Many Cooks Spoil the Broth? How Reporting to Multiple Managers Affects Worker Performance, with Rocio Bonet, Juan Pablo Madiedo and Fabrizio Salvador, 2025 (pdf)
Revise & Resubmit (Second Round) Organization Science (Financial Times Top 50)
We show that in fluid organizations, workers' performance initially improves but eventually declines as the number of concurrent supervising managers increases, unless managers have prior coordination experience that sustains performance gains.
The Government-Sponsored Enterprises as Stabilization Tools, with Chuqiao Bi, Pedro Gete, and Susan M. Wachter, 2024
We analyze housing finance reform in a model calibrated with data from the market of Credit Risk Transfers (CRTs) linked to U.S. mortgages.