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Vincent Yao

Associate Professor    
  • Ph.D., Economics, State University of New York at Albany, 2004
  • B.A., Business, Renmin University of China, 1996
  • Real estate finance
  • Housing policy
  • Household finance
  • Bank regulation, stress testing and capital management
  • Mortgage origination, pricing and servicing
  • Credit risk management

Vincent Yao is an associate professor of real estate in the Robinson College of Business at Georgia State University. His current research interests are consumer behavior, evaluation of government interventions, and household portfolio decisions related to housing and mortgage markets. His papers have been published in Management Science, Journal of Urban Economics and Journal of Financial Intermediation. He is currently on the editorial board of Real Estate Economics – the leading journal in real estate.

Dr. Yao received his undergraduate degree from Renmin University of China and graduate degrees from State University of New York at Albany. Prior to GSU, he was a director of credit portfolio strategy and a director of underwriting analytics in Fannie Mae.

  • “Why Do Borrowers Make Mortgage Refinancing Mistakes?” Management Science, forthcoming, 2015 (with S. Agarwal and R. Rosen).
  • “Foreclosure Externalities: New Evidence,” Journal of Urban Economics, 87, 2015, 42-56. NBER Working Paper #18353 (with K. Gerardi, P. Willen and E. Rosenblatt).
  • “Collateral Pledge, Sunk-Cost Fallacy and Mortgage Default,” Journal of Financial Intermediation, 2014 (with S. Agarwal, R. Green and E. Rosenblatt).
  • “Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market,” Management Science, 2013. NBER Working Paper #19606 (with S. Agarwal and I. Ben-David).
  • “The Foreclosure Discount: Myth or Reality?” Journal of Urban Economics, 71, 2012, 204-218 (with J. Harding and E. Rosenblatt).
  • “The Contagion Effect of Foreclosed Properties,” Journal of Urban Economics, 66(3), 2009, 164-178 (with J. Harding and E. Rosenblatt).
  • “Model Stability and the Subprime Crisis,” Journal of Real Estate Finance and Economics, 45(3), 2012, 545-568 (with X. An, Y. Deng and E. Rosenblatt).
  • “Spillover Effects of Foreclosures on Neighborhood Property Value,” Journal of Real Estate Finance and Economics, 38(4), 2009 (with L. Lin and E. Rosenblatt).
  • “Housing Tenure and Mortgage Choice,” Journal of Real Estate Finance and Economics, 2009 (with E. Fortowsky, M. LaCour-Little and E. Rosenblatt).
  • “Economic Indicators for the US Transportation Sector,” Transportation Research Part A: Policy and Practice, 40 (10), 2006, 872–887 (with K. Lahiri).
  • “Measuring and Predicting Turning Points Using A Dynamic Bi-factor model,” International Journal of Forecasting, 21(3), 2005, 525-537 (with K. Kholodilin).