CV (Sep 2025)

Yun Joo An (안연주)

Welcome! My name is Yun Joo, and I am a Finance PhD candidate (ABD) at the Kelley School of Business at Indiana University. My research interests are asset pricing, macro-finance, and real estate.

I hold B.A and M.A. in Economics at Yonsei University. I am a co-host of Yonsei University Alumni Finance Seminar. Please reach out to me if you would like to bring new work to our seminar.

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

JOB MARKET PAPER

Feininger: Architecture II (The Man from Potin)

Tax Revenue Sensitivity and Bond Valuation (JMP)

Abstract: This study examines how municipal bond yield spreads respond to local housing price changes through the property tax channel. In the United States, property tax is the largest source of revenue for local governments. On average, a 1% change in local house price growth leads to a 0.4% change in property tax revenue growth. I show that higher sensitivity of property tax revenue growth to local house price growth leads to an increase of 23 basis points in municipal bond yield spreads. I term this relationship the sensitivity premium. To examine the channels, I find that higher sensitivity decreases level of future property tax revenue during downturns and increases its volatility. Moreover, sensitivity premium is pronounced when local governments face statutory limits on property taxation, such as assessment caps and infrequent reassessments. Overall, this study highlights a revenue-driven channel, whereby a local government's ability to raise property tax revenue, constrained by law and shaped by housing markets, plays a central role in municipal bond pricing.
Grants: NFA Travel Grants 2025, LBS Travel Grants 2025.
Presentations (at Conferences): LBS Transatlantic Doctoral Conference 2025, NFA PhD Session 2025, FMA 2025 (scheduled), AFA PhD Poster 2026 (scheduled).
Presentations (at Seminars): Indiana University 2024-2025, Yonsei University Alumni Finance Seminar 2025, Korea-America Finance Association FIN Seminar 2025, Sungkyunkwan University (SKKU) Seoul 2025.

WORKING PAPERS

Caravaggio: Boy with a Basket of Fruit

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.
Grants: AFA Travel Grants 2024.
Presentations: AFA PhD Poster 2024, North American Summer Meeting of the Econometric Society 2024, Korea University and KAIST 2024, AiE in Honor of Joon Park 2023, EasternFA 2023, FMCG 2023, IU Bloomington 2022
Presentations (*by coauthor): FMA 2025 (scheduled)*, University of Cincinnati* 2025, University of Alabama* 2024, CIREQ-CMP in Honor of Eric Ghysels* 2024, Drexel University* 2024, NFA* 2024, SoFiE* 2024, McGill University* 2024, HEC Montréal* 2024, Finance Down Under* 2024, Iowa University* 2024, Post-SoFiE* 2023, Federal Reserve Board* 2023, UNSW Asset Pricing Workshop* 2023, CICF* 2023, University of Virginia* 2023.

Raphael: The School of Athens

Strategic Liability Management: Lessons from Past Inflation

Indiana University CIBER Award funded by a Title VI grant from the US Department of Education 2024
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: SGF 2025, EasternFA 2025, European Winter Meeting of the Econometric Society 2024, IU Bloomington 2022-2023.

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Yun Joo An (안연주)

JOB MARKET PAPER

Tax Revenue Sensitivity and Bond Valuation (JMP)

Grants: NFA Travel Grants 2025, LBS Travel Grants 2025.

Presentations (at Conferences): LBS Transatlantic Doctoral Conference 2025, NFA PhD Session 2025, FMA 2025 (scheduled), AFA PhD Poster 2026 (scheduled).

Presentations (at Seminars): Indiana University 2024-2025, Yonsei University Alumni Finance Seminar 2025, Korea-America Finance Association FIN Seminar 2025, Sungkyunkwan University (SKKU) Seoul 2025.

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.

Grants: AFA Travel Grants 2024.

Presentations: AFA PhD Poster 2024, North American Summer Meeting of the Econometric Society 2024, Korea University and KAIST 2024, AiE in Honor of Joon Park 2023, EasternFA 2023, FMCG 2023, IU Bloomington 2022

Indiana University CIBER Award funded by a Title VI grant from the US Department of Education 2024

New version, 2025.

Grants: SWFA Travel Grants 2025.

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