CV (July 2026)

Yunjoo An (안연주)

Welcome! I am a Finance PhD candidate (degree-expected in 2027) at the Kelley School of Business at Indiana University.

Research Interests: Investments, Debt Pricing, Real Estate

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

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

JOB MARKET PAPER

Architecture II (The Man from Potin)
By Lyonel Feininger

Property Tax Protection 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
Indiana University CIBER Award
Abstract: I study how downside protection on local property tax revenue affects local governments' ability to commit to bondholders, and in turn their borrowing costs and 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 increase school district bond issuance by 4% and decrease the school district bond yield spreads by 13 basis points compared to unprotected school districts and counties. Protection could encourage wasteful spending and generate moral hazard problems. However, I find that this protection improves educational outcomes rather than encouraging wasteful spending, as evidenced by lower student dropout rates and higher teacher salaries in protected school districts. These benefits for school districts come at the expense of counties, showing an increase in county borrowing costs.
Presentations: Brookings Institute Municipal Finance Conference 2026, Virtual Municipal Finance Workshop 2026 (invited), Syracuse-Chicago Property Tax Seminar 2026 (invited), MFA 2026, AFA Poster 2026, FMA 2025, 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, Brookings, and KAFA

WORKING PAPERS

Bedroom in Arles
By Vincent van Gogh

Housing Affordability via Macroprudential Policy

with Isaac Hacamo and Kristoph Kleiner

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 (scheduled), INSEAD 2026, Nova School of Business 2026, Bank of Portugal 2026, University of Alberta 2026, Tilburg University 2026, Maastricht University 2026

Boy with a Basket of Fruit
By Michelangelo Merisi da Caravaggio

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, UNC Kenan-Flagler Finance Ph.D. Alumni Conference 2026, Villanova School of Business Mid-Atlantic Research Conference in Finance 2026, 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

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Yunjoo An (안연주)

JOB MARKET PAPER

Property Tax Protection 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

Indiana University CIBER Award

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

WORKING PAPERS

Housing Affordability via Macroprudential Policy

with Isaac Hacamo and Kristoph Kleiner

Presentations: ASSA-AREUEA 2027 (scheduled), Sungkyunkwan (SKK) University Conference 2026 (scheduled), INSEAD 2026, Nova School of Business 2026, Bank of Portugal 2026, University of Alberta 2026, Tilburg University 2026, Maastricht University 2026

The Relative Price Premium

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

Best Paper Award at the Finance Down Under Conference 2024