CV (Nov 2026)

Yunjoo An (안연주)

Welcome! I am a Finance PhD candidate (ABD) at the Kelley School of Business at Indiana University.

I am on the job market in 2026-2027.

Research Interests: Financial Intermediation, Investments, Real Estate Finance

In October 2026, I won the Craig W. Holden PhD Student Award at the Holden Conference in Finance and Real Estate at Indiana University. In the same month, I received the Dr. Bong-Soo Lee Memorial Scholarship from the Korea-America Finance Association.

📫: yunjooan@iu.edu 📖: Google Scholar 🖥️: IU Website 📚Yonsei University Alumni Finance Seminar

WORKING PAPERS

Architecture II (The Man from Potin)
By Lyonel Feininger

1. Property Tax Protection and Municipal Bond Valuation (Solo-authored, JMP)

Link to paper (Nov 2026)
Craig W. Holden PhD Student Award at the Holden Conference in Finance and Real Estate
Best Paper Award Semi-Finalist at FMA
Dr. Bong-Soo Lee Memorial Scholarship, Korea-America Finance Association
Best Doctoral Dissertation Award at Korea-America Finance Association, with Shinhan Bank Scholarship support; Featured in Financial News
Indiana University CIBER Award
Abstract: I study how downside protection for property tax revenue affects local governments' borrowing costs and human capital investment. I exploit staggered, statewide adoption of floors, which limit declines in property tax revenue of school districts, but not of counties. Revenue protection reduces school district bond yields and increases school district bond issuance. This protection could encourage wasteful spending by school districts. However, I find that revenue protection improves student engagement and instruction compensation with more pronounced effects in financially constrained school districts. The floor redistributes property tax revenue from counties to school districts. Counties bear the cost of this protection, facing an increase in their bond yields and a decline in their bond issuance. Overall, interest savings for school districts exceed interest costs borne by counties by 18%.
Presentations: Brookings Institution Municipal Finance Conference 2026, Virtual Municipal Finance Workshop 2026 (invited), Property Tax Seminar at The University of Chicago and Syracuse University 2026 (invited), MFA 2026, AFA Poster 2026, NFA Poster 2025, LBS Transatlantic Doctoral Conference 2025, KAFA FIN Seminar 2025, Yonsei University Alumni Finance Seminar 2025, FMA 2025 and 2026, Indiana University 2024-2026
Grants: Travel Grants from AFA, NFA, MFA, LBS, Brookings Institution, and KAFA

Bedroom in Arles
By Vincent van Gogh

2. Housing Affordability via Macroprudential Policy

with Isaac Hacamo (IU) and Kristoph Kleiner (IU)
Link to Paper (September 2026)
Abstract: Traditional macroprudential restrictions on household borrowing promote financial stability and slow house price growth, but do so by excluding low-income borrowers from the housing market. We demonstrate how regulations mandating appraisal independence serve as similarly effective stability tools while simultaneously promoting housing affordability. Our analysis exploits the staggered, US state-level adoption of panel-removal requirements between 2010 and 2019, which limit the ability of appraisal management companies (AMCs) to blacklist appraisers who resist pressure to inflate valuations. Following regulatory changes, appraised values decline, reducing house prices by roughly six percent five years after adoption, with larger effects in areas with low housing supply elasticity. Explaining these results, we find that low appraisals lead to price renegotiation rather than contract termination. In addition, as the effects are greatest among more affordable housing, we observe a shift towards lower-income and first-time homeowners without a decline in borrower credit scores. Despite this shift, depressed house price growth also decreases monthly mortgage payments, leading to a lower mortgage delinquency rate in equilibrium.
Presentations: ASSA-AREUEA 2027 (scheduled), Colorado Finance Summit 2026 (scheduled), Sungkyunkwan (SKK) University Conference 2026, INSEAD 2026, Nova School of Business 2026, Bank of Portugal 2026, University of Alberta 2026, Tilburg University 2026, Maastricht University 2026

House by the Railroad
By Edward Hopper

3. The Price of Inflation Protection: Evidence from Housing
with Dean Ryu (ITAM)

Link to Paper (September 2026)
Abstract: Traditional financial assets, such as stocks and Treasuries, do not hedge inflation surprises. We ask whether and how much real estate does, by examining direct housing, commercial properties, and REITs. Housing and commercial properties have positive and significant inflation betas, suggesting that they hedge core and headline inflation surprises. In contrast, REITs, including mortgage and equity REITs whose underlying assets are housing and commercial properties, have negative inflation betas and lose value when inflation surprises hit. Across all five assets, housing, commercial properties, REITs, stocks, and Treasuries, inflation beta carries a negative price of risk, showing that the hedge is costly and that housing's modest return is the premium owners pay. The hedge does not depend on which house a household owns, but it does depend on owning one, and homeownership is unevenly distributed. Homeownership rises from 36% in the bottom income decile to 89% in the top decile, and the bottom-decile renter pays average 90% of income in rent.
Presentations: Sungkyunkwan (SKK) University Seoul 2026

Yunjoo An (안연주)

WORKING PAPERS

1. Property Tax Protection and Municipal Bond Valuation (Solo-authored, JMP)

Link to paper (Nov 2026)

Craig W. Holden PhD Student Award at the Holden Conference in Finance and Real Estate

Best Paper Award Semi-Finalist at FMA

Dr. Bong-Soo Lee Memorial Scholarship, Korea-America Finance Association

Best Doctoral Dissertation Award at Korea-America Finance Association, with Shinhan Bank Scholarship support; Featured in Financial News

Indiana University CIBER Award

Grants: Travel Grants from AFA, NFA, MFA, LBS, Brookings Institution, and KAFA

2. Housing Affordability via Macroprudential Policy

with Isaac Hacamo (IU) and Kristoph Kleiner (IU)

Link to Paper (September 2026)

Presentations: ASSA-AREUEA 2027 (scheduled), Colorado Finance Summit 2026 (scheduled), Sungkyunkwan (SKK) University Conference 2026, INSEAD 2026, Nova School of Business 2026, Bank of Portugal 2026, University of Alberta 2026, Tilburg University 2026, Maastricht University 2026

3. The Price of Inflation Protection: Evidence from Housing with Dean Ryu (ITAM)

Link to Paper (September 2026)

3. The Price of Inflation Protection: Evidence from Housing
with Dean Ryu (ITAM)