I am an Assistant Professor of Finance at Yale School of Management. I received my PhD from the Economics Department at Columbia University.
My research explores topics in real estate, corporate finance, and macro-finance.
I study issues related to the regulation of real estate markets and where firms choose to locate their operations in response to local tax and financing incentives. My work also touches on household finance and climate finance aspects of property investment, including climate-proofing buildings and green home energy adoption.
My CV is here My SSRN page Google Scholar Official Yale page
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If you are a Yale undergraduate or graduate student interested in part-time research assistant opportunities, please see application instructions here.​​
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Recent updates:
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New version of “Housing Is the Financial Cycle: Evidence from 100 Years of Local Building Permits,” joint with Gustavo Cortes. We build a new database from historical reports covering a century of monthly building permits for all 50 states plus 60 MSAs. Building permit growth (BPG) volatility predicts stock and corporate bond return volatility at 12-month horizons, driven by housing supply elastic parts of the U.S.
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Updated December 2024 version of, “Picking Up the PACE: Loans for Residential Climate-Proofing,” joint with Aymeric Bellon, Francesco Mazzola, & Guosong Xu. We study the housing market equilibrium effects of PACE, a new publicly-backed loan program designed to encourage green home improvement projects.
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Release of my new paper, forthcoming in the National Tax Journal, on “Property Tax Policy and Housing Affordability,” co-authored with Emily Horton, Byron Lutz, Nathan Seegert, & Jared Walczak. We provide a nationwide atlas of local property tax burdens and new evidence from Georgia that lower property tax rates via assessment limits are positively capitalized into home values.​​​​​