CV (Dec 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 investments, real estate finance, and asset pricing.

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.

I recently interviewed my advisor Noah Stoffman, and the interview was featured in Financial News, a major and long-established financial news outlet.

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

JOB MARKET PAPER

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

Tax Sensitivity and Bond Valuation (JMP)

Best Paper Award (Semi-Finalist) at FMA 2025.
Best Doctoral Dissertation Award at Korea-America Finance Association 2025.
Abstract: How does property taxation shape fiscal risk and municipal bond yield spreads of local governments? Property tax is the largest source of revenue for local governments. I examine sensitivity of property tax growth with respect to house price growth. I find that higher sensitivity leads to an increase of 23 basis points in municipal bond yield spreads. This effect is more pronounced in housing market downturns than during upturns. A state-level regulation requires school districts to levy property taxes above a statutory minimum. The regulation protects school districts' property tax revenue from house price declines. Therefore, school districts are better able to dampen sensitivity, and their municipal bond yield spreads are 11 basis points lower than those of counties and cities. In contrast, counties and cities face legal constraints on property taxation, such as caps on increasing assessment values and lagged reassessments. These constraints reduce future property tax revenue. Municipal bonds issued by counties and cities subject to these statutory constraints carry high yield spreads. Finally, I use a theoretical framework to decompose the effects of both the level and the volatility of property tax revenue streams on municipal bond yield spreads. Overall, this paper highlights that a local government’s legally constrained ability to raise property tax revenue—rather than house price dynamics alone—plays a central role in the pricing of municipal bonds.
Presentations: MFA 2026 (scheduled), AFA Poster 2026 (scheduled), LBS Transatlantic Doctoral Conference 2025, NFA Poster 2025, FMA 2025, Yonsei University Alumni Finance Seminar 2025.
Grants: Travel Grants for the LBS Transatlantic Doctoral Conference, NFA, and AFA.
Media Coverage: Financial News (Oct, 2026).

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.
Grants: AFA Travel Grants 2024.
Presentations: North American Summer Meeting of the Econometric Society 2024, Korea University and KAIST 2024, AFA Poster 2024, AiE in Honor of Joon Park 2023, EasternFA 2023, FMCG 2023, IU Bloomington 2022
Presentations (*by coauthor): 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

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

Yun Joo An (안연주)

JOB MARKET PAPER

Tax Sensitivity and Bond Valuation (JMP)

Best Paper Award (Semi-Finalist) at FMA 2025.

Best Doctoral Dissertation Award at Korea-America Finance Association 2025.

Presentations: MFA 2026 (scheduled), AFA Poster 2026 (scheduled), LBS Transatlantic Doctoral Conference 2025, NFA Poster 2025, FMA 2025, Yonsei University Alumni Finance Seminar 2025.

Grants: Travel Grants for the LBS Transatlantic Doctoral Conference, NFA, and AFA.

Media Coverage: Financial News (Oct, 2026).

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: North American Summer Meeting of the Econometric Society 2024, Korea University and KAIST 2024, AFA Poster 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, SWFA 2025, European Winter Meeting of the Econometric Society 2024, IU Bloomington 2022-2023.