CV (July 2026)

Yunjoo An (안연주)

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

I will be on the job market in 2026-2027.

Research Interests: Financial Intermediation, Debt Pricing, Real Estate Finance

Prior to joining IU, I obtained MA and BA in Economics at Yonsei University in Seoul. In April 2026, Jewon Shin (PSU) and I co-organized Yonsei University Alumni Finance Seminar.

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

WORKING PAPERS

Architecture II (The Man from Potin)
By Lyonel Feininger

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

Link to paper (Jul 27, 2026)
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
Indiana University CIBER Award
Abstract: I study how downside protection for local property tax revenue affects local governments' borrowing costs and, in turn, human capital investment. To identify these effects, I exploit statewide regulations that limit declines in the property tax revenue of school districts, but not of counties. Using a staggered difference-in-differences estimation, I find that these regulations lower school district borrowing costs, showing a decrease in bond yield spreads by 13 basis points and an increase in bond issuance by 4%. Revenue protection could encourage wasteful spending and generate moral hazard problems. However, I find that this protection improves educational outcomes, as evidenced by lower student dropout rates and higher instruction compensation. These benefits for school districts come at the expense of counties. I show that county bond yield spreads increase and county bond issuance declines. On net, the present value of the interest savings for school districts exceeds the interest costs borne by counties by 18%.
Presentations: Brookings Institution Municipal Finance Conference 2026, Virtual Municipal Finance Workshop 2026 (invited), Property Tax Seminar in Syracuse University and University of Chicago 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 2025-2026, Indiana University 2024-2026
Grants: Student Travel Grants from AFA, NFA, MFA, LBS, Brookings, and KAFA

Bedroom in Arles
By Vincent van Gogh

Housing Affordability via Macroprudential Policy

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

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), 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

Yunjoo An (안연주)

WORKING PAPERS

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

Link to paper (Jul 27, 2026)

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

Indiana University CIBER Award

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

Housing Affordability via Macroprudential Policy

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

Presentations: ASSA-AREUEA 2027 (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