CV (Jan 2026)

Yun Joo An (안연주)

Welcome! My name is Yun Joo, and I am a fifth-year PhD candidate in finance (ABD, degree-expected in 2027) at the Kelley School of Business at Indiana University.

📫: yunjooan@iu.edu 📖: Google Scholar 🖥️: IU Website

Research interests: Investments, macro-finance, and real estate finance.

Jewon Shin and I are co-organizing the Second Yonsei University Alumni Finance Seminar on April 15-16 in 2026.

I recently interviewed my advisor, Noah Stoffman, about his research on innovation, and the interview was featured in Financial News (November 2025).

JOB MARKET PAPER

Feininger: Architecture II (The Man from Potin)
Picture on Property Tax.

Local Government Fiscal Policy and Bond Valuation (JMP)

Best Paper Award (Semi-Finalist) at FMA.
Best Doctoral Dissertation Award at Korea-America Finance Association (KAFA), with Shinhan Bank Scholarship support; Featured in Financial News.
Abstract: How do fiscal policies of state and local governments affect municipal bond pricing? I exploit U.S. state-level regulations enacted between 2000 and 2021 that restrict declines in property tax revenue of school districts by imposing lower-bound percentage caps (i.e. "floors") on annual changes. Ex ante, school district bond yield spreads are 6 basis points lower in floor states than control bonds. Ex post, when house price volatility rises, property tax volatility falls by 9 percentage points in floor states, and bond spreads decline by 11 bps. On the other hand, an expenditure shock increases municipal bond yield spreads when local governments are unable to increase property taxes. They face constraints such as state-wide ceilings on increasing property taxes and the absence of property reassessments for taxation. Overall, this study highlights the central role of local governments’ revenue-raising capacity and expenditure decisions in municipal bond pricing.
Presentations: Syracuse-Chicago Webinar Series on Property Tax Administration and Design 2026 (invited), Virtual Municipal Finance Workshop 2026 (invited), MFA 2026 (scheduled), AFA Poster 2026, NFA Poster 2025, LBS Transatlantic Doctoral Conference 2025, KAFA-FIN Seminar 2025, Yonsei University Alumni Finance Seminar 2025.
Grants: Student Travel Grants from AFA, NFA, MFA, LBS, KAFA.

WORKING PAPERS

Caravaggio: Boy with a Basket of Fruit
Consumption Basket.

The Relative Price Premium

with Fotis Grigoris, Christian Heyerdahl-Larsen, and Preetesh Kantak

Best Paper Award at the Finance Down Under Conference 2024
New version, 2025.

Abstract: This study shows that relative output price dispersion impacts risk premia. High price dispersion carries a negative price of risk, and firms associated with goods that have risen (fallen) in price compared to the Personal Consumption Expenditures (PCE) price index earn high (low) stock returns. We refer to this 0.35% per month return spread as the relative price premium. We rationalize these facts via a consumption-based model featuring imperfectly substitutable goods and an investor with preferences for the mix of goods consumed. Shocks to relative prices induce the investor to consume bundles that deviate from their desired mix, signaling bad times for the economy.
Presentations: FIRS 2026 (scheduled), Villanova School of Business Mid-Atlantic Research Conference in Finance 2026 (scheduled), University of Cincinnati 2025, North American Summer Meeting of the Econometric Society 2024, Korea University and KAIST 2024, AFA Poster 2024, University of Alabama 2024, Drexel University 2024, NFA 2024, SoFiE 2024, McGill University 2024, HEC Montréal 2024, Finance Down Under 2024, Iowa University 2024, CIREQ-CMP in Honor of Eric Ghysels 2024, Advances in Econometrics Conference and Festschrift in Honor of Joon Park 2023, EasternFA 2023, FMCG 2023, Post-SoFiE 2023, Federal Reserve Board 2023, UNSW Asset Pricing Workshop 2023, CICF 2023, University of Virginia 2023, IU Bloomington 2022

Raphael: The School of Athens

Picture on Learning.

Strategic Liability Management: Lessons from Past Inflation

Indiana University CIBER Award funded by a Title VI grant from the US Department of Education.
New version, 2025.

This paper: I study firm liability decisions through the learning-from-experience channel, where a manager who experienced high inflation in her lifetime strategically decreases the real value of firm liabilities. During periods of high inflation, the real value of fixed-rate liabilities is lower than that of floating-rate liabilities. A manager that learned from past inflation, acknowledging this fact, converts floating-rate to fixed-rate debts using interest rate swaps. This liability management mitigates unexpected inflation shocks and demands high returns sorted by inflation beta. Consistent with findings from survey data, a manager draws lessons from inflation experience, stretching her experience back to the distant past.
Grants: SWFA Travel Grants 2025.
Presentations: EasternFA 2025, SWFA 2025, European Winter Meeting of the Econometric Society 2024, IU Bloomington 2022-2023.

Yun Joo An (안연주)

JOB MARKET PAPER

Local Government Fiscal Policy and Bond Valuation (JMP)

Best Paper Award (Semi-Finalist) at FMA.

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

Grants: Student Travel Grants from AFA, NFA, MFA, LBS, KAFA.

WORKING PAPERS

The Relative Price Premium

with Fotis Grigoris, Christian Heyerdahl-Larsen, and Preetesh Kantak

Best Paper Award at the Finance Down Under Conference 2024

New version, 2025.

Indiana University CIBER Award funded by a Title VI grant from the US Department of Education.

New version, 2025.

Grants: SWFA Travel Grants 2025.

Presentations: EasternFA 2025, SWFA 2025, European Winter Meeting of the Econometric Society 2024, IU Bloomington 2022-2023.