- 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 Professor of Real Estate, Director of the College Ph.D. Program and Director of Real Estate Center in the J. Mack Robinson College of Business at Georgia State University in Atlanta GA, USA. 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.
Prior to joining GSU, Professor Yao spent over nine years as a director in Fannie Mae, responsible for overseeing a credit portfolio of $3 trillion loans guaranteed and securitized by the company.
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, Journal of Financial Economics, Management Science, and Journal of Urban Economics.
Professor Yao received his B.A. from Renmin University of China and Ph.D. in Economics from the State University of New York at Albany.
- 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