Vincent Yao
Professor Department of Real Estate- Education
- Ph.D., Economics, State University of New York at Albany, 2004
- B.A., Business, Renmin University of China, 1996
- Specializations
- household finance
- real estate finance
- macro finance
- Biography
Vincent Yao is the AREA Chair, Professor of Real Estate and Finance, and Director of Real Estate Center at the J. Mack Robinson College of Business, Georgia State University, in Atlanta, GA. He is a senior research fellow at the Federal Reserve Bank of Atlanta.
Professor Yao's current research interests are fintech, household finance, climate finance, and macro finance. His papers have been published in the American Economic Review, Econometrica, the Review of Economic Studies, Journal of Finance, Journal of Financial Economics, the Review of Financial Studies, Management Science, and Journal of Urban Economics.
- Publications
- Surviving the Fintech Disruption, Journal of Financial Economics, accepted (with W. Jiang, Y. Tang and R. Xiao).
- Second Chance: Life With Less Student Debt, Journal of Finance, forthcoming (with M. Di Maggio and A. Kalda).
- Valuation of Long-Term Property Rights under Political Uncertainty, American Economic Review, 114(9), 2024, 2701-2747 (with Z. He, M. Hu and Z. Wang).
- Searching for Approval, Econometrica, 92(4), 2024, 1195-1231 (with S. Agarwal, J. Grigsby, A. Hortağsu, G. Matvos, and A. Seru).
- Corporate Climate Risk: Measurements and Responses, The Review of Financial Studies, 37(6), 2024, 1778-1830 (with Q. Li, H. Shan and Y. Tang).
- Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the HARP, The Review of Economic Studies, 90(2), 2023, 499-537 (with S. Agarwal, G. Amromin, S. Chomsisengphet, T. Landvoigt, T. Piskorski, and A. Seru).
- he Pass-Through of Uncertainty Shocks to Households, Journal of Financial Economics, 145(1), 2022, 85-104 (with M. Di Maggio, A. Kermani, R. Ramcharan and E. Yu).
- Fintech Borrowers: Lax-Screening or Cream-Skimming? The Review of Financial Studies, 34(10), 2021, 4565-4618 (with M. Di Maggio).
- Comovements and Asymmetric Tail Dependence in State Housing Prices in US: A Nonparametric Approach, Journal of Applied Econometrics, 34(5), 2019, 843-849 (with H. Huang and L. Peng).
- Interest Rate Policy Pass-Through: Mortgage Rates, Household Consumption and Voluntary Deleveraging, American Economic Review, 107(11), 2017, 3550-88 (with M. Di Maggio, A. Kermani, B. Keys, T. Piskorski, R. Ramcharan, and A. Seru).
- Systemic Mistakes of Borrowers in the Mortgage Market and Lack of Financial Sophistication, Journal of Financial Economics, 123, 2017, 42-58 (with S. Agarwal and I. Ben-David).
- Why Do Borrowers Make Mortgage Refinancing Mistakes? Management Science, 62(12), 2016, 3494-3509 (with S. Agarwal and R. Rosen).
- Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market, Management Science, 61(9), 2015, 2220-2240 (with S. Agarwal and I. Ben-David).
- “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