CV (Jan 2026)

Yun Joo An (안연주)

Welcome! My name is Yun Joo, and I am a Finance PhD candidate (degree-expected in 2027) at Indiana University.

Jewon Shin and I co-organized Yonsei University Alumni Finance Seminar on April 16, 2026.

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

Research interests: Investments, government debt, and real estate finance.

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.

Property Tax Policy and Municipal 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 does property tax policy affect municipal bond yield spreads and subsequent changes in human capital investment? Some states impose lower-bound caps that limit declines in property taxes for public school districts (i.e., “floors”) but not for counties. Using a staggered difference-in-differences estimation, I show that school district bond yield spreads are 6 bps lower in floor states than comparable bonds. The floor protects school district revenue on the downside, which mitigates local fiscal volatility and, in turn, lowers bond spreads. Specifically, the floor decreases property tax volatility by 9% and, following a rise in house price volatility, lowers bond spreads by 11 bps. Furthermore, lower borrowing costs improve the private returns to human capital and skill investment. I find an increase in teacher salaries by 5% and a decline in student dropout rates by 3 percentage points. Explaining these results, lower borrowing costs lead to 3-5% higher education expenditure than similar districts. Overall, this study highlights a borrowing channel in which revenue protection improves student achievement and the teaching environment.
Presentations: Syracuse-Chicago Webinar Series on Property Tax Administration and Design 2026 (invited), Virtual Municipal Finance Workshop 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.
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

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.

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

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Yun Joo An (안연주)

JOB MARKET PAPER

Property Tax Policy and Municipal 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

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

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