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PROFESSOR DENG Yongheng
PROVOST'S CHAIR PROFESSOR
PROFESSOR OF REAL ESTATE AND FINANCE
DIRECTOR, INSTITUTE OF REAL ESTATE STUDIES
HEAD OF DEPARTMENT

National University of Singapore
4 Architecture Drive, Singapore 117566

 
  Appointment: HEAD
  Office: SDE1-03-03
  Email: rstdy@nus.edu.sg
  Tel: 65-6516 3469
  Fax: 65-6774 8684
  Homepage: http://profile.nus.edu.sg/sde/rstdy/
  Curriculum Vitae (CV): Click Here
  Research Impact: Google Scholar | Web of Science
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Professor Deng Yongheng is a Provost`s Chair Professor and the Head of Department of Real Estate. He is also Director of the NUS Institute of Real Estate Studies (IRES). He holds a joint appointment as a Professor of Real Estate at the School of Design and Environment, and Professor of Finance at the NUS Business School. Prior to joining NUS, he was a full professor with tenure at the University of Southern California. He has also served as economist and expert in the Office of Federal Housing Enterprise Oversight (OFHEO) -- a financial regulator overseeing Fannie Mae and Freddie Mac -- in Washington DC, and was a post‐doctoral research fellow at The Wharton School of the University of Pennsylvania.

Professor Deng holds several other positions in addition to his academic roles. He has been elected as the 50th President of the American Real Estate and Urban Economics Association (AREUEA), the first Asian ever to helm this establishment. He has been serving on the World Economic Forum(WEF)`s Global Agenda Councils since 2010. He has chaired the World Economic Forum`s Global Agenda Council for Real Estate, and also as a Vice Chair of the Global Agenda Council for Financing and Capital. In these capacities, he spoke at WEF`s Annual Meeting in Davos in Switzerland, and at WEF`s Summer Davos Meetings in China. Professor Deng is also co-chairing the United Nation`s Sustainable Development Solutions Network (UN SDSN) Singapore Chapter, the initiative launched by the UN Secretary-General Ban Ki-moon to mobilize global scientific and technological expertise to promote practical problem solving for sustainable development. He has served as a special advisor to the Bank for International Settlements (BIS) Representative Office for Asia and the Pacific, and as a subcommittee member of Economic Strategy Committee of the Singapore Government.

Professor Deng is a Senior Fellow of the Asian Bureau of Finance and Economic Research (ABFER); a Penn IUR Scholar at the Penn Institute of Urban Research, University of Pennsylvania; a Fellow of Homer Hoyt Institute for Advanced Real Estate Studies; a Fellow of the Royal Institution of Chartered Surveyors (FRICS), and a recipient of the American Real Estate and Urban Economics Association Best PhD Dissertation Award.

While his primary research interest is in evaluating conditions in China`s real estate and housing markets; his research pertains to a wide variety of issues in real estate finance and urban economics worldwide, including real estate capital market and asset-backed security pricing and risk analysis, econometric analysis of competing risks of mortgage prepayment and default with unobserved heterogeneity. Professor Deng has had his research published in leading economics and finance journals such as Econometrica; Journal of Financial Economics; Review of Finance; Journal of Urban Economics; China Economic Review; European Economic Review; Capitalism and Society; Journal of Money, Credit and Banking; Regional Science and Urban Economics; Real Estate Economics; Journal of Housing Economics; Journal of Real Estate Finance and Economics; and Journal of Portfolio Managment. His research works have also appeared in large volumes of book chapters, including The International Library of Critical Writings in Economics: Economics of Housing; The Oxford Companion to the Economics of China; The Handbook of Financial Intermediation and Banking; and The International Encyclopedia of Housing and Home.

Professor Deng completed his Master of Science in Transportation Management at the Shanghai Maritime University and his PhD in Economics at the University of California at Berkeley.


 
  • Real Estate Capital and Financial Markets
  • Mortgage and Mortgage-Backed Securities
  • Structured Finance, Securitization and Derivatives
  • Credit Risk Analysis
  • Empirical Asset Pricing
  • Survival Models with Unobserved Heterogeneity
  • Borrower's Behavior
  • Green Development
  • Housing Policy

 
  • PhD, Economics, University of California, Berkeley, 1995
  • MS, Transportation Management, Shanghai Maritime University, 1986
  • BA, Maritime Economics, Shanghai Maritime University, 1983

 

SELECTED PUBLICATIONS

Journal Articles

Citation counts based on SSCI: 828, h-index: 16, (other citation counts -- Scopus: 982, h-index: 17; Google Scholar: 3,741, h-index: 31).

  1. Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options, with John Quigley and Robert Van Order, Econometrica, 68(2), 275-307, 2000 (Citation track by SSCI: 230; by Scopus: 256; by Google Scholar: 783)
     
  2. Evaluating Conditions in Major Chinese housing Markets, with Jing Wu and Joseph Gyourko, Regional Science and Urban Economics, 42(3), 531-543, 2012; also in NBER working paper w16189 (Citation track by SSCI: 66; by Scopus: 72; by Google Scholar: 283)
     
  3. One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility? with Xin Liu and Shang-jin Wei, Journal of Financial Economics, 2017 (forthcoming); also in NBER working paper w19974
     
  4. Did Bubbles Migrate from the Stock to the Housing Market in China between 2005 and 2010? with Eric Girardin, Roselyne Joyeux and Shuping Shi, Pacific Economic Review, 2017 (conditionally accepted)
     
  5. Fundamentals and the Volatility of Real Estate Prices in China: A Sequential modelling strategy, with Eric Girardin and Roselyne Joyeux, China Economic Review, 2016 (forthcoming)
     
  6. Information Asymmetry and Organizational Structure: Evidence from Real Estate Investment Trusts, with Maggie (Rong) Hu, and Anand Srinivasan, Journal of Real Estate Finance and Economics, 2015 (forthcoming)
     
  7. Fear of Nuclear Power? Evidence from Fukushima Nuclear Accident and Land Market in China, with Hongjia Zhu, Rong Zhu and Xiaobo He, Regional Science and Urban Economics, 60, 139-154, 2016.
     
  8. Evaluating the Risk of Chinese Housing Market: What We Know and What We Need to Know, with Jing Wu and Joe Gyourko, China Economic Review, 39, 91-114, 2016; also in NBER working paper w21346, 2015.
     
  9. The Hidden Peril: The Role of the Condo Loan Market in the Recent Financial Crisis, with Sumit Agarwal, Chenxi Luo and Wenlan Qian, Review of Finance, 20(2), 467-500, 2016
     
  10. Commercial Real Estate Rental Index: A Dynamic Panel Data Model Estimation, with Xudong An, Jeffrey Fisher and Maggie (Rong) Hu, Real Estate Economics, 44(2), 378-410, 2016
     
  11. The Role of Debt Covenants in the Investment Grade Bond Market -- The REIT Experiment, with Erik Devos, Shofiqur Rahman and Desmond Tsang, Journal of Real Estate Finance and Economics, 52(4), 428-448, 2016
     
  12. Demongraphic Shock, Marriage and the Housing Market, with Xueliang Liu and Jing Wu, Nankai Economic Studies (A Chinese National Social Science Foundation Sponsored Journal), 187(1), 58-76, 2016 (in Chinese)
     
  13. China's Pseudo-monetary Policy, with Randall Morck, Jing Wu and Bernard Yeung, Review of Finance, 19(1), 55-93, 2015; also in NBER working paper w16871
     
  14. Real Estate Collateral Value and Investment: The Case of China, with Jing Wu and Joseph Gyourko, Journal of Urban Economics, 86, 43-53, 2015; also in NBER working paper w18762
     
  15. What is Subordination About? Credit Risk and Subordination Levels in Commercial Mortgage-backed Securities, with Xudong Ang, Joseph Nichols and Anthony Sanders, Journal of Real Estate Finance and Economics, 51(2), 231-252, 2015
     
  16. Intercity Information Diffusion and Price Discovery in Housing Markets: Evidence from Google Searches, with Jing Wu, Journal of Real Estate Finance and Economics, 50(3), 289-306, 2015 (lead article)
     
  17. Matching Indices for Thinly-Traded Commercial Real Estate in Singapore, with Daniel McMillen and Tien Foo Sing, Regional Science and Urban Economics, 47, 86-98, 2014
     
  18. Economic Returns to Residential Green Building Investment: The Developers' Perspective, with Jing Wu, Regional Science and Urban Economics, 47, 35-44, 2014
     
  19. Incentives and Outcomes: China's Environmental Policy, with Jing Wu, Jun Huang, Randall Morck and Bernard Yeung, Capitalism and Society: 9(1), Article 2., 2014 ; also in NBER working paper w18754
     
  20. Breakeven Determination of Loan Limits for Reverse Mortgages under Information Asymmetry, with Ming Pu and Gang-zhi Fan, Journal of Real Estate Finance and Economics, 48(3), 492-521, 2014
     
  21. House Price Index Construction in the Nascent housing market: The Case of China, with Jing Wu and Hongyu Liu, Journal of Real Estate Finance and Economics, 48(3), 522-545, 2014
     
  22. Local Traits and Securitized Commercial Mortgage Default, with Xudong An, Joseph Nichols and Anthony Sanders, Journal of Real Estate Finance and Economics, 47(4), 787-813, 2013
     
  23. Evaluation of Reverse Mortgage Programs in Korea, with Seungryul Ma, Seoul Journal of Business, 19(1), 137-160, 2013
     
  24. Commercial Mortgage Workout Strategy and Conditional Default Probability: Evidence from Special Serviced CMBS Loans, with Jun Chen, Journal of Real Estate Finance and Economics, 46(4), 609-632, 2013
     
  25. The Effect of Market Expectation on the Change of Housing Rent to Price Ratio: An Analysis Based on User Cost Model, with Chaoqun Ren and Jing Wu, Journal of Zhejiang University (Humanities and Social Sciences), 43(1), 58-72, 2013 (in Chinese)
     
  26. The Nascent Market for "Green" Real Estate in Beijing, with Siqi Zheng, Jing Wu and Matthew Kahn, European Economic Review, 56(5), 974-984, 2012
     
  27. Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market, with Stuart Gabriel, Kiyohiko Nishimura and Della Zheng, Real Estate Economics, 40(S1), S234-S272, 2012
     
  28. Model Stability and the Subprime Mortgage Crisis, with Xudong An, Eric Rosenblatt and Vincent Yao, Journal of Real Estate Finance and Economics, 45(3), 545-568, 2012 (lead article)
     
  29. Economic Returns to Energy-Efficient Investments in the Housing Market: Evidence from Singapore, with Zhiliang Li and John Quigley, Regional Science and Urban Economics, 42(3), 506-515, 2012
     
  30. Private Residential price Indices in Singapore: A Matching Approach, with Daniel McMillen and Tien Foo Sing, Regional Science and Urban Economics, 42(3), 485-494, 2012
     
  31. Asymmetric Information, Adverse Selection and the Pricing of CMBS, with Xudong An and Stuart Gabriel, Journal of Financial Economics, 100(2), 304-325, 2011
     
  32. CDO Market Implosion and the Pricing of Subprime Mortgage-Backed Securities, with Stuart Gabriel and Anthony Sanders, Journal of Housing Economics, 20(2), 68-80, 2011 (lead article)
     
  33. Omitted Mobility Characteristics and Property Market Dynamics: Application to Mortgage Termination, with Xudong An and John Clapp, Journal of Real Estate Finance and Economics, 41(3), 245-271, 2010 (lead article)
     
  34. Is the Mean Return of Hotel Real Estate Stocks Apt to Overreact to Past Performance?, with Minye Zhang, Journal of Real Estate Finance and Economics, 40(4), 497-543, 2010
     
  35. Correlation and Volatility Dynamics in REIT Returns: Performance and Portfolio Considerations, with Peng Fei and Letian Ding, Journal of Portfolio Management, 36(2), 113-125, 2010
     
  36. Value Creation through Securitization: Evidence from the CMBS Market, with Xudong An and Stuart Gabriel, Journal of Real Estate Finance and Economics, 38(3), 302-326, 2009
     
  37. Mortgage Prepayment and Default Behavior with Embedded Forward Contract Risks in China's Housing Market, with Peng Liu, Journal of Real Estate Finance and Economics, 38(3), 214-240, 2009
     
  38. Property Appraisal in High-Rises: A Cooperative Game Theory Approach, with Danny Ben-Shahar and Eyal Sulganik, Journal of Housing Economics, 18(1), 25-33, 2009
     
  39. Index Revision, House Price Risk, and the Market for House Price Derivatives, with John Quigley, Journal of Real Estate Finance and Economics, 37(3), 191-209, 2008 (lead article)
     
  40. An Examination of the Impact of Rent Control on Mobile Home Prices in California, with Diehang Zheng, Peter Gordon and David Dale-Johnson, Journal of Housing Economics, 16(2), 209-242, 2007
     
  41. Unobserved Heterogeneity in Models of Competing Mortgage Termination Risks, with Xudong An and John Clapp, Real Estate Economics, 34(2), 243-273, 2006
     
  42. Risk-Based Pricing and the Enhancement of Mortgage Credit Availability among Underserved and Higher Credit-Risk Populations, with Stuart Gabriel, Journal of Money, Credit and Banking, 38(6), 1431-1460, 2006
     
  43. An Early Assessment of Residential Mortgage Performance in China, with Della Zheng and Changfeng Ling, Journal of Real Estate Finance and Economics, 31(2), 117-136, 2005 (lead article)
     
  44. Spatial Heterogeneity in Mortgage Terminations by Refinance, Sale and Default, with Andrey Pavlov and Lihong Yang, Real Estate Economics, 33(4), 739-764, 2005
     
  45. A Proportional Hazards Model of Commercial Mortgage Default with Originator Bias, with Brian Ciochetti, Gail Lee, James Shilling and Rui Yao, Journal of Real Estate Finance and Economics, 27(1), 5-23, 2003 (lead article)
     
  46. Duration of Residence in the Rental Housing Markets, with Stuart Gabriel and Frank Nothaft, Journal of Real Estate Finance and Economics, 26(2-3), 268-281, 2003
     
  47. Racial Differences in Homeownership: The Effect of Residential Location, with Stephen Ross and Susan Wachter, Regional Science and Urban Economics, 33(5), 517-556, 2003 (lead article)
     
  48. A Dynamic Analysis of Adjustable- and Fixed-Rate Mortgage Termination, with Charles Calhoun, Journal of Real Estate Finance and Economics, 24(1-2), 9-33, 2002 (lead article)
     
  49. The Termination of Lending Relationships through Prepayment and Default in the Commercial Mortgage Markets: A Proportional Hazard Approach with Competing Risks, with Brian Ciochetti, Bin Gao and Rui Yao, Real Estate Economics, 30(4), 595-633, 2002
     
  50. Optimal Put Exercise: An Empirical Examination of Conditions for Mortgage Foreclosure, with Brent Ambrose and Charles Capone, Journal of Real Estate Finance and Economics, 23(2), 213-234, 2001
     
  51. Mortgage Termination: An Empirical Hazard Model with Stochastic Term Structure, Journal of Real Estate Finance and Economics, 14(3), 309-331, 1997
     
  52. Mortgage Default and Low Downpayment Loans: The Costs of Public Subsidy, with John Quigley and Robert Van Order, Regional Science and Urban Economics, 26(3-4), 263-285, 1996 ; also in The NBER Digest, Dec 1995; and NBER working paper w5184
     

Chapters In Books

  1. The Value of Land and Housing in China's Residential Market, The Oxford Companion to the Economics of China, S. Fan, R. Kanbur, S. Wei and X. Zhang (ed.), Oxford University Press., 2014, ISBN: 978-0-19-967820-4.
     
  2. The Story of Singapore's Public Housing: From a Nation of Home-Seekers to a Nation of Homeowners, with Tien Foo Sing and Chaoqun Ren, The Future of Public Housing: Ongoing Trends in the East and the West, J. Chen, M. Stephens, Y. Man (ed.), Springer., 2013, ISBN: 978-3-642-41621-7
     
  3. Land and House Price Measurement in China, with Joseph Gyourko and Jing Wu, Property Market and Financial Stability, A. Heath, F. Packer and C. Windsor (ed.), Reserve Bank of Australia., 2012, ISBN: 978-0-9873620-3-2; also in The NBER Digest, Feb 2013; and NBER working paper w18403
     
  4. Mortgage Market, Character and Trends, with Peng Fei, The International Encyclopedia of Housing and Home, Susan J. Smith (ed.), Elsevier., 2012, reprint, ISBN: 9780080471631
     
  5. Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options, with John Quigley and Robert Van Order, Housing Economics, Vol. 2, Housing Finance, Alex Marsh and Kenneth Gibb (ed.), Sage Pub., 2011, reprint, ISBN: 978-1849200189
     
  6. Index Revision, House Price Risk, and the Market for House Price Derivatives, with John Quigley, Housing Economics, Vol. 2, Housing Finance, Alex Marsh and Kenneth Gibb (ed.), Sage Pub., 2011, reprint, ISBN: 978-1849200189
     
  7. Housing Finance in China, with Peng Fei, China's Housing Reform and Outcomes, Joyce Y. Man (ed.), Lincoln Institute of Land Policy, 2011, ISBN: 978-1-55844-211-5
     
  8. Subordinations Levels in Structured Financing, with Xudong An and Anthony Sanders, Handbook of Financial Intermediation and Banking (Handbooks in Finance), Anjan V. Thakor and Arnoud Boot (ed.), Elsevier Pub., 2008, ISBN: 978-0-444-51558-2
     
  9. Emerging Mortgage Markets in China, with Peng Fei, Mortgage Markets Worldwide, D. Ben-Shahar, C. Leung and S. E. Ong (ed.), Blackwell Publisher, 2008, ISBN: 978-1-4051-3210-7
     
  10. GSE Loan Purchases, The FHA, And Housing Outcomes In Targeted, Low-Income Neighborhoods, with Xudong An, Raphael Bostic, and Stuart Gabriel, Brookings-Wharton Papers on Urban Affairs, Gary Burtless and Janet Rothenberg Pack (ed.), Brookings Institution Press, 2007, ISBN: 978-0-8157-1372-2
     
  11. Mortgage Default and Low Downpayment Loans: The Costs of Public Subsidy, with John Quigley and Robert Van Order, The International Library of Critical Writings in Economics: Economics of Housing, John Quigley (ed.), Edward Elgar Pub., 1997, reprint, ISBN: 1-85278-754-6
     

Working Papers

  1. Default Option Exercise over the Financial Crisis and Beyond, with Xudong An and Stuart Gabriel, NUS Institute of Real Estate Studies Working Paper, 2014.
     
  2. Estimating the Unofficial Income of Officials from Housing Purchases: The Case of China, with Shang-jin Wei and Jing Wu, NUS IRES working paper, 2015.
     
  3. Time Preferences, Mortgage Choice and Mortgage Default, with Sumit Agarwal, and Jia He, NUS IRES working paper, 2014.
     
  4. Understanding the Risk of China’s Local Government Debts and Its Linkage with Property Markets, with Brent Ambrose, Yongheng Deng and Jing Wu, NUS IRES working paper, 2015.
     
  5. Hold-Up Versus Benefits in Relationship Banking: A Natural Experiment Using REIT Organizational Form, with Maggie (Rong) Hu, and Anand Srinivasan, NUS IRES working paper, 2014.
     
  6. Can Air Pollution Be Capitalized into Land Prices in the Short Run? Evidence from Beijing, with Hongjia Zhu, NUS IRES working paper,  2015.
     
  7. Disparities in the Geographic Focus of Real Estate and Urban Economics Publication, with Hongjia Zhu, AREUEA 2015 Presidential Speech.
     
  8. Reinforcement Learning and Mortgage Partial Prepayment Behavior, with Quanlin Gu and Jia He, NUS IRES working paper, 2014.
     
  9. Effectiveness of Cooling Measures in the Housing Markets: Evidence from China and Singapore, with Susan Wachter and Hongjia Zhu, NUS IRES working paper, 2015.
     
  10. Analysis of policy options to address Japan’s declining population, shrinking birthrate, and aging society, with Chihiro Shimizu, Yasuhito Kawamura and Kiohiko Nishimura, NUS IRES working paper, 2015.
     
  11. Woodhead Behavior and the Pricing of Residential Mortgages, with John Quigley, NUS Institute of Real Estate Studies Working Paper, 2012 (updated)
     
  12. Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market, with Randall Morck, Jing Wu and Bernard Yeung, NBER working paper w16871, 2011
     
  13. Real Estate Ownership by Non-Real Estate Firms: The Impact on Firm Returns, with Joseph Gyourko, Wharton Real Estate Working Paper Series, No. 321, 1999
     

Others

  1. The Rise and Rise of Shoebox Units, with Sumit Agarwal, Tien Foo Sing, The Straits Times, Opinion, 12 Sept, 2012
     
  2. A Blow to Household Wealth, New Nork Times, Opinion, April 15, 2011
     
  3. Hidden Perils of China's Stimulus Boost, with Bernard Yeung, The Straits Times, 16 October, 2010
     
  4. China's Stimulus May Be A Curse In Disguise, with Bernard Yeung, Forbes, 25 Aug, 2010
     
  5. Just How Risky Are China's Housing Markets?, with Joseph Gyourko and Jing Wu, VOX Research-based policy analysis and commentary from leading economists, 2010
     
  6. State of the Commercial Real Estate Market in China, PREA Quarterly, 2010
     
  7. Are Underserved Borrowers Lower Risks? New Evidence on the Performance and Pricing of FHA-Insured Mortgages, with Stuart Gabriel, The Art of the Loan in the 21st Century: Producing, Pricing, and Regulating Credit, Federal Reserve Bank of Chicago, 2005
     
  8. Modeling the Performance of FHA-Insured Loans: Borrower Heterogeneity and The Exercise of Mortgage Default and Prepayment Options, with Stuart Gabriel, Office of Policy Development and Research, U.S. Department of Housing and Urban Development, 2001
     
  9. Estimating the Portfolio Effect of the Elimination of the Mortgage Interest Deduction, Using Tax Policy to Increase Homeownership Among Low- and Moderate-Income Households, Richard Green and Andrew Reschovsky (Ed.), 2001
     

 

Courses Taught

  • BMM5105 Real Estate Fundamentals
  • RE4203 Real Estate Summer Program
  • RE6001 Real Estate Finance and Securitization
  • RE6004 Research Methodology in Real Estate
  • RE6006 Real Estate Finance Seminar

 

PhD Dissertations Supervised

  • Xin Liu, (NUS, Finance, 2014), Beyond the Financial System: The Real Effects of Bank Bailout, (Chair) (Placement: Australian National University, Australia)
  • Jia He, (NUS, Real Estate, 2014), Essays on Economic Behavior of Loan Repayment: Evidence from Household and Corporate Loan Markets, (Chair) (Placement: Nankai University, China)
  • Maggie (Rong) Hu, (NUS, Finance, 2014), Industry Competition and Bank Lines of Credit, (Placement: University of New South Wales, Australia)
  • Jing Wu, (PostDoc, NUS, IRES, 2013) (Placement: Tsinghua University, China)
  • Zhiliang Li, (NUS, Real Estate, 2013), Towards Sustainable Property Investment: Perspective from Asian Emerging Markets, (Chair) (Placement: M&G Real Estate)
  • Chaoqun Ren (PostDoc, NUS, IRES, 2013) (Placement: Government Investment Corporation of Singapore, GIC)
  • Erik de Wit, (University of Amsterdam, Finance, 2011), Liquidity and Price Discovery in Real Estate Assets
  • Minye Zhang, (USC SPPD, 2009), Housing Consumption-Based Asset Pricing and Residential Mortgage Default Risk, (Chair) (Placement: California State University, Pomona)
  • Peng Fei, (USC SPPD, 2009), Essays on Real Estate Risk and Return. (Chair) (Placement: China Foreign Economy and Trade Trust Co. Ltd., China)
  • Yuegang Zhou, (USC Mathematics, 2008), Credit Risk of a Leveraged Firm in a Controlled Optimal Stopping Framework, (Placement: Central University of Economics and Finance, China)
  • Qian Song, (USC Mathematics, 2008), Optimal and exact Control of Evolution Equations.
  • Xudong An, (USC SPPD, 2007), Macroeconomic Conditions, Systematic Risk Factors, and the Time Series Dynamics of Commercial Mortgage Credit Risk. (Chair) (Placement: San Diego State University)
  • Della Zheng, (USC SPPD, 2007), Essays on Market Behavior Analysis within the International Context. (Chair) (Placement: IndyMac Bank)
  • Lanlan Wang, (USC SPPD, 2007), Essays in the Study of Institutions and Development. (Placement: Central University of Economics and Finance, China)
  • Duan Zhuang, (USC SPPD, 2007), Redlining Revisited: Spatial Dependence and Neighborhood Effects in Mortgage Lending. (Placement: Countrywide Financial)
  • Xiufang Li, (USC Mathematics, 2007), New Results on Pricing Asian Options.
  • Qingzhong Ma, (USC Marshall School of Business, 2006), Essays on Mergers and Acquisitions, Investment Banking and Divestitures. (Placement: Cornell University)
  • Kim, Soojung, (USC SPPD, 2006), New Approach to Measuring The Effects Of Infrastructure On Economic Performance: Us States Vs. Metropolitan Areas. (Placement: Milken Institute)
  • Seungryul Ma, (Post-Doc, USC SPPD, 2006), Insurance Premium Structure of Reverse Mortgage Loans in Korea. (Chair) (Placement: Daegu University, South Korea)
  • Qi Qin, (USC Economics, 2005), The Decisions of Migration and Remittances in Rural China. (Placement: Wachovia Bank)
  • Lihong Yang, (USC SPPD, 2004), Neighborhood Effects and Mortgage Prepayment. (Chair) (Placement: Credit Suisse First Boston)
  • Jun Chen, (USC SPPD, 2003), Essays on Commercial Real Estate and Commercial Mortgages. (Chair) (Placement: Property & Portfolio Research)
  • Cathy Karnchanasai, (USC Economics, 2003), Credit Constraints, High Fixed Costs, and the Asian Currency Crisis. (Placement: Bank of Thailand)

 

Academic Services

  • Provost's Chair Professor, National University of Singapore, since 2011
  • Director, Institute of Real Estate Studies, National University of Singapore, since 2009
  • Head, Department of Real Estate, National University of Singapore, since 2013
  • Professor of Finance, and Professor of Real Estate, National University of Singapore, since 2009
  • Member of management board, Asia Research Institute, National University of Singapore, since 2014
  • Director, Lifecycle Financing Program, GAI, National University of Singapore, since 2012
  • Professor, University of Southern California, 2008
  • Director of Doctoral Program, SPPD, University of Southern California, 2006 - 2008
  • Associate Professor, University of Southern California, 2003 - 2008
  • Assistant Professor, University of Southern California, 1999 - 2003
  • Academic Advisory Board Member, Renmin University, Hanqing Advanced Institute of Economics and Finance, Since 2013
  • Visiting Chair Professor, School of Finance, Nankai University, China, since 2016
  • Senior Fellow, Asian Bureau of Economics and Finance (ABFER), since 2013
  • Penn IUR Scholar, Penn Institute of Urban Research, University of Pennsylvania, since 2013
  • Visiting Scholar, UCLA Anderson School of Management, Ziman Center for Real Estate, since 2011
  • Visiting Professor, Shanghai University of Finance and Economics, since 2009
  • Visiting Scholar, University of California, Berkeley, 2005 - 2006
  • Visiting Scholar, Stockholm School of Economics, 2005
  • Visiting Professor, Renmin University, School of Business, 2005 - 2007, since 2011
  • Visiting Scholar, University of California, Berkeley, 2004
  • Visiting Professor, Shanghai Maritime University, since 2004
  • Post Doc Fellow, Wharton School at the University of Pennsylvania, 1998 - 1999
  • Economist and Expert, Office of Federal Housing Enterprise Oversight, USA, 1995 - 1998
  • Assistant Professor, Shanghai Maritime University, 1983 – 1988

 

Professional Services

  • Co-Chair, United Nation Sustainable Development Solutions Network (UN SDSN), Singapore Chapter, since 2016
  • President, American Real Estate and Urban Economic Association, 2014 (1st VP, 2013, 2nd VP, 2012)
  • Executive Committee Member, Asian Bureau of Finance and Economic Research (ABFER), since 2013
  • Advisory Board, Penn IUR Global Urban Commons, since 2015
  • Editorial Board Member, Real Estate Economics, since 2007
  • Editorial Board Member, Journal of Real Estate Finance and Economics, since 1998
  • Editorial Board Member, Journal of Housing Economics, since 2009
  • Board of Directors, American Real Estate and Urban Economic Association, 2004-2006
  • Board of Directors, Asian Real Estate Society, since 2007
  • Founding Board of Directors, Global Chinese Real Estate Congress, since 2008
  • Advisory Board Member, Real Estate Research Institute, since 2006
  • Council Member, American Society for Public Administration, Los Angeles Metropolitan Chapter, 2008
  • External Reviewer, The Government of Hong Kong Academic Grant Office, since 2000

 


 

In The News

 


 
  • Senior Fellow, Asian Bureau of Finance and Economic Research (ABFER), since 2013
  • Penn IUR Scholar, Penn Institute for Urban Research, since 2013
  • Elected Fellow, the Homer Hoyt Institute for Advanced Real Estate Studies, since 2005
  • Elected Fellow, the Royal Institution of Chartered Surveyors, since 2007
  • Aareal Award of Excellence in Real Estate Research (with Erik Devos, Shofiqur Rahman and Desmond Tsang), 16th EBS Real Estate Conference, Germany, 2015.
  • CICF Best Paper Award (with Xin Liu and Shang-jin Wei), China International Conference in Finance, 2014
  • Best Paper Award (with Wu Jing and Joseph Gyourko), Global Chinese Real Estate Congress, 2013
  • Second Prize Best Paper Award (with Ren Chaoqun and Wu Jing), Global Chinese Real Estate Congress, 2012
  • First Prize Best Paper Award (with Liu Xue Liang and Wu Jing), Global Chinese Real Estate Congress, 2011
  • Homer Hoyt Best Paper Award (with Ming Pu and Gang-Zhi Fan), AsRES-AREUEA Joint International Conference, 2011
  • Best Paper Award (with John Quigley), Cambridge-UNCC Symposium on Risk Management, 2007
  • Exceptional Mellon Mentor Recognition, University of Southern California, 2005
  • Homer Hoyt Best Paper Award (with Stuart Gabriel), AsRES-AREUEA Joint International Conference, 2002
  • Homer Hoyt Post Doctoral Fellowship, 2001-2002
  • Best Ph.D. Dissertation Award, American Real Estate and Urban Economics Association, 1996

 
  • United Nation Sustainable Development Solutions Network (UN SDSN), Singapore Chapter Co-Chair (since 2016)
  • The World Economic Forum's Global Agenda Council (since 2010); Chair of the Global Agenda Council for Real Estate (2011-2012); Vice Chair of the Global Agenda Council for Finance and Capital (2012-2013)
  • Advisory Board of the Future of Urban Development, The World Economic Forum (since 2012)
  • Special Advisor to the Bank for International Settlements, Representative Office for Asia and the Pacific, (2010-2012)
  • Member of Singapore Economic Strategies Committee, Sub-Committee on Land, 2009-2010
  • Bank of China Senior Executive Program 2012
  • Jones Lang LaSalle Senior Management Asia Pacific Program, 2011
  • China Construction Bank Senior Executive Program, 2011
  • Asia Capital Reinsurance Group, 2009
  • GIC Real Estate Executive Program, 2009
  • Sponsor of AMICI CURLAE brief to the Supreme Court of the United States, on Mobile Home Rent Control, 2005
  • Real Estate Council of Advisors, Gerson Lehrman Group, since 2004

 
  Last Modified: 2017-05-24