Vincent YaoProfessor Department of Real Estate
- Ph.D., Economics, State University of New York at Albany, 2004
- B.A., Business, Renmin University of China, 1996
- Household Finance
- Marco Finance
- Real Estate Finance
- Housing Policy
Vincent Yao is the AREA Chair Professor, Professor and Director of Real Estate Center in the J. Mack Robinson College of Business at Georgia State University in Atlanta, GA. He is also a senior research fellow at the Federal Reserve Bank of Atlanta and a research fellow at the Hong Kong Monetary Authority. He holds visiting chair professorship at several universities.
Professor Yao's current research interests are household finance, real estate finance, and housing policies. His papers have been published in the American Economic Review, the Review of Economic Studies, Journal of Financial Economics, the Review of Financial Studies, Management Science, and Journal of Urban Economics.
- The Pass-Through of Uncertainty Shocks to Households (with M. Di Maggio, A. Kermani, R. Ramcharan and E. Yu), Journal of Financial Economics, Forthcoming
- Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program (with S. Agarwal, G. Amromin, S. Chomsisengphet, T. Piskorski, and A. Seru), The Review of Economic Studies, Forthcoming
- Fintech Borrowers: Lax-Screening or Cream-Skimming? (with M. Di Maggio), The Review of Financial Studies, 34(10), 2021, 4565-4618
- Comovements and Asymmetric Tail Dependence in State Housing Prices in US: A Nonparametric Approach (with H. Huang and L. Peng), Journal of Applied Econometrics, 34(5), 2019, 843-849
- Interest Rate Policy Pass-Through: Mortgage Rates, Household Consumption and Voluntary Deleveraging, (with M. Di Maggio, A. Kermani, B. Keys, T. Piskorski, R. Ramcharan, and A. Seru). American Economic Review, 107(11), 2017, 3550-88.
- “Systemic Mistakes of Borrowers in the Mortgage Market and Lack of Financial Sophistication,” (with S. Agarwal and I. Ben-David). Journal of Financial Economics, 123, 2017, 42-58.
- “Why Do Borrowers Make Mortgage Refinancing Mistakes?” (with S. Agarwal and R. Rosen). Management Science, 62(12), 2016, 3494-3509.
- “Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market,” (with S. Agarwal and I. Ben-David). Management Science, 61(9), 2015, 2220-2240. NBER Working Paper #19606
- “Collateral Pledge, Sunk-Cost Fallacy and Mortgage Default,” (with S. Agarwal, R. Green and E. Rosenblatt). Journal of Financial Intermediation, 24, 2015, 636-652
- “Foreclosure Externalities: New Evidence,” (with K. Gerardi, P. Willen and E. Rosenblatt). Journal of Urban Economics, 87, 2015, 42-56. NBER Working Paper #18353
- “The Foreclosure Discount: Myth or Reality?” (with J. Harding and E. Rosenblatt). Journal of Urban Economics, 71, 2012, 204-218
- “The Contagion Effect of Foreclosed Properties,” (with J. Harding and E. Rosenblatt). Journal of Urban Economics, 66(3), 2009, 164-178