Publications
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.
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
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.
Working Papers
Social Norms, Math Skills and Gender Gaps in Mortgage Outcomes, with Şelale Tüzel, 2025 (pdf, SSRN)
We find that single women pay higher mortgage rates and up-front fees, and they are less likely to refinance when interest rates decrease compared to single men, especially in affluent neighborhoods.
Forbearance and the Cost of Credit, with Pedro Gete, Andrey Pavlov, and Susan M. Wachter, 2025 (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.
Retail Investor Portfolio Strategies in Housing Markets, with Carlos Garriga, Pedro Gete and Franco Zecchetto, 2025
Junior Faculty Award, Vice Provost for Research and Scholarship, University of Miami, 2023
We conduct a large-scale data analysis to compare investors' purchases of single-family homes in the periods before and after the Global Financial Crisis.
Investment Booms and Natural Resources, with Pedro Gete and Michael Reher, 2025
We show that an optimistic investment boom in tree nuts has implications for groundwater well drilling during a drought.
Work in Progress
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.