Publications and Forthcoming Papers
(Complete List)
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List of all Publications
  1. “Thy Neighbor’s Misfortune: Peer Effect on Consumption” (with Qian W., and S. Xou), conditional accept American Economic Journal – Economic Policy
  2. “Timing to the Statement: Understanding Fluctuations in Consumer Credit Use” (with Bubna, A., and M. Lipscomb), forthcoming Management Science
  3. “Tax Evasion, Capital Gains Taxes, and the Housing Market” (with Li, K, Q. Yu, J. Wu, and J Yan), forthcoming Journal of Public Economics
  4. “Mortgage brokers and effectiveness of regulatory oversight” (with Ang, S., Deng, Y. and Y. Wang), forthcoming Management Science
  5. “Monetary Policy Transmission and Consumption Response: The Deposit Channel” (with Chomsisengphet, S., Y. Yildaram, and J. Zhang), forthcoming Review of Economics and Statistics
  6. “The Choice Between Arm's-Length and Inside Debt” (with Hauswald, R), conditionally accepted Journal of Monetary Economics
  7. “Government Employment Guarantee, Labor Supply, and Firms' Reaction: Evidence from the Largest Public Workfare Program in the World” (with Alok, S., Y. Chopra and P. Tantri), forthcoming Journal of Financial and Quantitative Analysis
  8. “Can Regulation De-bias Appraisers?” (with Ambrose, B. and V. Yao), forthcoming Journal of Financial Intermediation
  9. “Impact of Transboundary Haze Pollution on Household Utilities Consumption” (with Sing. T., and Z. Yang), forthcoming Energy Economics
  10. “Disguised Corruption: Evidence from Consumer Credit from China” (with Qian, W., A. Seru, and J. Zhang) forthcoming Journal of Financial Economics
  11. “Lender Steering in Residential Mortgage Market” (with Ambrose, B., and V. Yao), forthcoming Real Estate Economics
  12. "Hedonic Price of Housing Space" (with Chen, Y., and Yi Jin Tan) forthcoming Real Estate Economics
  13. “Age of Decision: Pension Savings Withdrawal and Consumption and Debt Response” (with Pan. J., and W. Qian),Management Science, 2020, Vol. 66(1), Pp. 43-69
  14. “Financial Education versus Costly Counseling: How to Dissuade Borrowers from Choosing Risky Mortgages?” (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff), American Economic Journal – Economic Policy, 2020, Vol. 12(1), Pp. 1-32 (Lead Article).
  15. “Does Keeping Up with the Joneses Cause Financial Distress? Evidence from Lottery Winners and Neighboring Bankruptcies" (with Scholnick, B., and M. Slava), Review of Financial Studies, 2020, Vol. 33(1), Pp. 433-472
  16. “Matching in Housing Markets: The Role of Ethnic Social Networks” (with Hyun-Soo Choi, Jia He and Tien Foo Sing), Review of Financial Studies, 2019, Vol. 32(10), Pp. 3958-4004
  17. “Environmental Regulation as a Double-edged Sword for Housing Markets: Evidence from the NOx Budget Trading Program” (with Deng Y. and L. Teng), Journal of Environmental Economics and Management, 2019, Vol. 96, Pp. 286-309
  18. “Do Real Estate Agents Have Information Advantage in Housing Markets” (with Jia, H., T. Sing, C. Song), Journal of Financial Economics 2019, Vol. 134(3), Pp. 715-735
  19. “Holdup by Junior Claimholders: Evidence from the Mortgage Market” (with Amromin, G., I. Ben-David, S. Chomsisengphet, and Y. Zhang), Journal of Financial and Quantitative Analysis, 2019, Vol. 54(1), Pp. 247-274
  20. “Job Displacement and Financial Outcomes” (with Aaronson, D., J. Hotchkiss, and T. Kelley), Economic Letters, 2019, Vol. 177, Pp. 18-21
  21. “Mobile Wallets and Entrepreneurship Growth” (with Qian, W., B. Yeung, and X. Zou), American Economic Association -- Papers and Proceeding, 2019, Vol. 109(5), Pp. 48-53
  22. “The Politics of Foreclosures” (with Amromin, G., I. Ben-David, and S. Dinc), Journal of Finance, 2018, Vol. 73(6), Pp. 2677-2717
  23. “Loan Prospecting and the Loss of Soft Information” (with Ben-David, I), Journal of Financial Economics, 2018, Vol. 129(3), Pp. 608-628
  24. “Relationship Lending: Evidence from the Consumer Credit Market” (with Chomsisengphet, S., C. Liu, C. Song, and N. Souleles), Journal of Monetary Economics, 2018, Vol. 96, Pp. 16-32
  25. “Gender Differences and Inter-Household Economic Power in Mortgage Signing Order” (with Green, R., E. Rosenblat, V. Yao, and J. Zhang), Journal of Financial Intermediation 2018, Vol 36, Pp. 86-100
  26. “Effects of Government Bailouts on Mortgage Modification” (with Zhang, Y), Journal of Banking and Finance, 2018, Vol. 93, Pp. 54-70
  27. “Gender and Household Financial Decision: Evidence from Personal Bankrutpcy” (with Jia, H., T. Sing, and J. Zhang), Review of Finance, 2018, Vol. 22(2), Pp. 813-847
  28. “Do Banks Pass Through Credit Expansions to Consumers Who Want to Borrow? Evidence from Credit Cards” (with, Chomsisengphet, S., N. Mahoney and J. Stroebel), Quarterly Journal of Economics, 2018, Vol. 133(1), Pp. 129-190
  29. “What Shapes Consumer Choices and Financial Products: A Review” (with Chomsisengphet, S., and C. Lim), Annual Review of Financial Economics, 2017, Vol. 9, Pp. 127–146
  30. “Consumption Response to Temporary Tax Incentives: Evidence from State Sales Tax Holidays” (with Marvell, N., and L. McGranahan), American Economic Journal – Economic Policy, 2017, Vol 9(4), Pp. 1-27, (Lead Article)
  31. “Policy Intervention in Debt Renegotiation: Evidence from Home Affordability Modification Program” (with Amromin, G., I. Ben-David, S. Chomsisengphet, A. Seru and T. Piskorski), Journal of Political Economy, 2017, Vol. 125(3), Pp. 654-712
  32. “Access to Home Equity and Consumption: Evidence from a Policy Experiment” (with Qian, W), Review of Economics and Statistics, 2017, Vol. 99(1), Pp. 40-52
  33. “Systematic Mistakes of Borrowers in the Mortgage Markets” (with Ben-David, Z., and V. Yao), Journal of Financial Economics, 2017, Vol. 123, Pp. 42-58
  34. “How Does Working in a Financial Profession Affect Mortgage Delinquency?” (with Chomsisengphet, S., and Y. Zhang), Journal of Banking and Finance, 2017, Vol. 78, Pp. 1-13
  35. “The 10% carbon challenge: Nudge and energy savings” (with Rengarajan Styanarain, Tien Foo Sing, and Yang Yang), Energy Economics, 2017, Vol. 61, Pp. 29-41
  36. “Rushing into the American Dream? House Prices Growth and the Timing of Homeownership” (with Hu, L., and X. Huang), Review of Finance, 2016, Vol. 20(6), Pp. 2183-2218
  37. “Why do Borrowers Make Mortgage Refinancing Mistakes?” (with Rosen, R., and V. Yao), Management Science, 2016, Vol. 62(12), Pp. 3494-3509
  38. “Impact of Electronic Road Pricing Changes on Transportation Modal Choice,” (with K. Kang), Regional Science and Urban Economics, 2016, Vol. 60, Pp. 1-11
  39. “The Hidden Perils: The Role of the Condominium Market in the Current Financial Crisis?” (with Deng Y., X. Luo, and W. Qian), Review of Finance, 2016, Vol. 20(2), Pp. 467-500
  40. “Playing the Boys Game: Golf Buddies and Board Diversity” (Qian, W., D. Reeb and S. Tien-Foo), American Economic Review – Papers and Proceedings, 2016, Vol. 106(5), Pp. 272-76
  41. “Effects of construction activities on residential electricity consumption: Evidence from Singapore’s public housing estates,” (with Rengarajan Styanarain, Tien Foo Sing, and Derek Vollmer), Energy Economics, 2016, Vol. 55, Pp. 101-111
  42. “Adverse Selection in Lending: Evidence from Home Equity Cash Out Behavior” (with Chomsisengphet, S. and C. Liu), Journal of Financial Services Research, 2016, Vol. 49(1), Pp. 101-119
  43. Joint Liability Lending and Credit Risk: Evidence from the Home Equity Market,” (with Ambrose, B., S. Chomsisengphet, and C. Liu),Journal of Housing Economics,2016, Vol (32), pp. 47-66
  44. “School Allocation Policies and Housing Prices: An Experiment with School Relocation Events in Singapore,” (with Satyanarain Rengarajan, Tien Foo Sing, and Yang Yang), Regional Science and Urban Economics,2016, Vol. (58), Pp. 42-56
  45. “The Information Value of Credit Rating Action Reports: A Textual Analysis” (with Chen, V., and W. Zhang),Management Science, 2016, Vol. 62, Pp. 2218-40
  46. “Regulating Consumer Financial Products: Evidence from the Card Act” (with, Chomsisengphet, S., N. Mahoney and J. Stroebel),Quarterly Journal of Economics,2015, Vol. 130(1), Pp. 111-164
  47. “Collateral Pledge, Sunk-Cost Fallacy, and Mortgage Default” (with Green, R., and V. Yao),Journal of Financial Intermediation, 2015, Vol. 24(4), Pp. 636-652
  48. “Impact of Electronic Road Pricing (ERP) charges on Real Estate Prices in Singapore” (with Mo Koo, K., and S. Tien-foo), Journal of Urban Economics, 2015, Vol 90, Pp. 50-59
  49. “The Subprime Virus” (with Ambrose, B. and Y. Yildirim), Real Estate Economics,2015, Vol. 43(4), Pp. 891-915
  50. “Financial Literacy and Financial Planning: Evidence from India” (with Amromin, G., I. Ben-David, S. Chomsisengphet and D. Evanoff), Journal of Housing Economics,2015, Vol 27, Pp. 4-21
  51. “Do Consumers Choose the Right Credit Contracts?” (with Chomsisengphet, S., C. Liu, and N. Souleles),Review of Corporate Financial Studies, 2015, Vol 4(2), Pp. 239-257
  52. “The Composition Effect of Consumption Around Retirement: Evidence from Singapore” (with Pan, J., and W. Qian), American Economic Review – Papers and Proceedings,2015, Vol. 105(5), Pp. 426-431
  53. “Collateral Valuation and Institutional Pressures: Evidence from the Residential Real-Estate Market” (with Ben-David, Z., and V. Yao), Management Science,2015, Vol. 61(9), Pp.2220-2240
  54. “Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore” (with Qian, W),American Economic Review,2014, Vol. 104(12), Pp. 4205-4230
  55. “A Simple Framework for Estimating Consumers Benefits from Regulating Hidden Fees” (with, Chomsisengphet, S., N. Mahoney and J. Stroebel),Journal of Legal Studies, 2014, Vol. 43(S2), Pp. 239-252
  56. “Predatory Lending and the Subprime Crisis?” (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff), Journal of Financial Economics,2014, Vol. 113(1), Pp. 29-52
  57. “Inconsistent Regulators: Evidence from Banking” (with Lucca, D., A. Seru and F. Trebbi), Quarterly Journal of Economics,2014, Vol. 129(2), Pp.889-938
  58. “Optimal Mortgage Refinancing: A Closed Form Solution” (with Driscoll, J., and D. Laibson), Journal of Money, Credit and Banking 2013, Vol. 45(4), Pp. 591-622
  59. “Cognitive Ability and Financial Decision Making” (with Mazumder, B), American Economic Journal: Applied Economics, 2013, Vol. 5(1), Pp. 193-207
  60. “Consumption and Debt Response to Minimum Wage Increases” (with Aaronson, D., and E.French), American Economic Review, 2012, Vol. 102(7), Pp. 3111-39 (Lead Article)
  61. “Adverse Selection in Mortgage Securitization” (with Chang, Y. and A. Yavas), Journal of Financial Economics, 2012, Vol. 105(3), Pp.640-660
  62. “Thy Neighbor’s Mortgage: Does Living in a Subprime Neighborhood Affect Once Probability of Default” (with Ambrose, B., S. Chomsisengphet, and A. Sanders), Real Estate Economics, 2012, Vol. 40(1), Pp. 1-22 (Lead article)
  64. “The Role of Securitization in Mortgages Renegotiation” (with Amromin, G., I. Ben-David, S. Chomsisengphet and D. Evanoff), Journal of Financial Economics, 2011, Vol. 102(3), Pp.559-578
  65. “Does Social Capital Impact Household Default and Bankruptcy Behavior?” (with Chomsisengphet, S and C. Liu), Journal of Economic Psychology, 2011, Vol. 32, Pp. 632-650
  66. “The Term Structure of Lease Rates with Endogenous Default Triggers and Tenant Capital Structure: Theory and Evidence” (with Ambrose, B., H. Huang, and Y. Yildirim), Journal of Financial and Quantitative Analysis, 2011, Vol.46(2), Pp. 553-584
  67. “The Role of Soft Information in Dynamic Contract Settings: Evidence from the Home Equity Market” (with Ambrose, B., S. Chomsisengphet, and C. Liu), Journal of Money, Credit and Banking, 2011, Vol. 43(4), Pp. 633-655
  69. “Internal Capital Allocation in a Diversified Firm: Evidence from the Annual Capital Expenditure Survey” (with Chiu, I., X. Souphom, and G. Yamashiro), Quarterly Review of Economics and Finance, 2011, Vol. (51), Pp. 162-172
  70. “The Brokerage Firm Effect in Herding: Evidence from Indonesia” (with Chiu, I., Liu, C., and G. Rhee), Journal of Financial Research, 2011, Vol. 34(3), Pp. 461-479
  71. “Distance and Private Information in Lending” (with Hauswald, R), Review of Financial Studies, 2010, Vol. 23(7), Pp. 2757-2788
  72. “The Importance of Adverse Selection in the Credit Card Market: Evidence from Randomized Trials of Credit Card Solicitations” (with Chomsisengphet, S., and C. Liu), Journal of Money, Credit and Banking, 2010, Vol. 42(4), Pp. 743-754
  73. “Learning to Cope: Voluntary Financial Education Programs and the Housing Crisis” (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff), American Economic Review – Papers and Proceedings, 2010, Vol. 100(2), Pp. 495-500
  74. “The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation” (with Driscoll, J., X. Gabaix, and D. Laibson), NBER Working Paper #1319, Brookings Papers on Economic Activity, 2009, Vol. Fall, Pp. 51-117
  75. “Payday Loans and Credit Cards: New Liquidity and Credit Scoring Puzzles?” (with Skiba, P., and J. Tobacman), NBER Working Paper #14659, American Economic Review – Papers and Proceedings, 2009, Vol. 99(2), Pp. 412-417
  76. “Bankruptcy Exemption Laws and the Market for Mortgages” (with Chomsisengphet, S), Cityscape, 2009, Vol. 11(1), Pp. 101-112
  77. “Why do Foreign Investors Under-Perform Domestic Investors in Trading Activities? Evidence from Indonesia” (with Faircloth, S., C. Liu, and G. Rhee), Journal of Financial Markets, 2009, Vol. 12, Pp. 32-53
  78. “Investor Demand for Initial Public Offerings and Aftermarket Performance of These Firms: Evidence from the Hong Kong Stock Market” (with Liu, C., and G. Rhee), Journal of International Financial Markets, Institutions, and Money, 2008, Vol. 18, Pp. 176-190
  79. “Do Forbearance Plans Help Mitigate Credit Card Losses?” (with Chomsisengphet, S., and L. Mielnicki), Journal of Family and Economic Issues, 2008, Vol. 29(2), Pp. 191-209 (Lead article)
  80. “Reaction of Consumer Spending and Debt to Tax Rebates - Evidence from Consumer Credit Data” (with Liu, C., and N. Souleles), NBER Working Paper #13694, Journal of Political Economy, 2007, Vol. 115(6), Pp. 986-1019
  81. “Earnings Management Behavior Under Different Economic Environments: Evidence from Japanese Banks” (with Chomsisengphet, S., C. Liu, and G. Rhee), International Review of Economics and Finance, 2007, Vol. 16(3), Pp. 429-443
  82. “Where Does Price Discovery Occur for Stocks Traded in Multiple Markets? Evidence from Hong Kong and London” (with Liu, C., and G. Rhee), Journal of International Money and Finance, 2007, Vol. 26, Pp. 46-63
  83. “The Impact of Homeowners’ Housing Wealth Misestimation on Consumption and Saving Decisions” Real Estate Economics, 2007, Vol. 35(2), Pp.135-154 (Lead article)
  84. “An Empirical Analysis of Home Equity Loan and Line Performance” (with Ambrose, B., S. Chomsisengphet, and C. Liu), Journal of Financial Intermediation, 2006, Vol. 15(4), Pp. 444-469
  85. “Credit Quality and Credit Commitment” (with Ambrose, B., and C. Liu), Journal of Money, Credit and Banking, 2006, Vol. 38(1), Pp, 1-22 (Lead article)
  86. “The Impact of the 2001 Financial Crisis and the Economic Policy Responses on the Argentine Mortgage Market” (with Chomsisengphet, S., and O. Hassler), Journal of Housing Economics, 2005, Vol. 14(3), Pp. 242-270
  87. “Impact of State Exemption Laws on Small Business Bankruptcy Decision” (with Chomsisengphet, S., C. Liu, and L. Mielnicki), Southern Economic Journal, 2005, Vol. 71(3), Pp. 620-635
  88. “Telecommunication and Economic Growth: A Panel Data Approach” (with Dutta, A), Applied Economics, 2004, Vol. 36(15), Pp. 1649-1654
  89. “Financial Markets and Financing Choices of Firms: Evidence from Developing Countries” (with Mohtadi, H), Global Finance Journal, 2004, Vol. 15(1), Pp. 57-70
  90. “Mortgages, Minorities, and Discrimination: A Bank-Specific Analysis” (with Li, S., and L. Mielnicki), Housing Studies, 2003, Vol. 18(3), Pp. 303-311
  91. “Exemption Laws and Consumer Delinquency and Bankruptcy Behavior: An Empirical Analysis of Credit Card Data” (with Liu, C., and L. Mielnicki), Quarterly Review of Economics and Finance, 2003, Vol. 43(2), Pp. 273-289
  92. “Determinants of Credit Card Delinquency and Bankruptcy: Macroeconomic Factors” (with Liu, C), Journal of Economics and Finance, 2003, Vol. 27, Pp. 75-84