1. The Politics of Foreclosures” (with Amromin, G., I. Ben-David, and S. Dinc), forthcoming Journal of Finance

2.     Relationship Lending: Evidence from the Consumer Credit Market” (with Chomsisengphet, S., C. Liu, C. Song, and N. Souleles), conditionally accepted at Journal of Monetary Economics

  1. Do Second Liens Holdup First Lien Holders’ Modifications?” (with Amromin, G., I. Ben-David, S. Chomsisengphet, and Y. Zhang), forthcoming Journal of Financial and Quantitative Analysis

4.     Loan Prospecting and the Loss of Soft Information” (with Ben-David, I), forthcoming, Journal of Financial Economics

  1. Gender and Household Financial Decision: Evidence from Personal Bankrutpcy” (with Jia, H., T. Sing, and J. Zhang), forthcoming Review of Finance
  2. Gender Differences and Inter-Household Economic Power in Mortgage Signing Order” (with Green, R., E. Rosenblat, V. Yao, and J. Zhang), forthcoming, Journal of Financial Intermediation
  3. How Does Working in a Financial Profession Affect Mortgage Delinquency?” (with Chomsisengphet, S., and Y. Zhang), forthcoming Journal of Banking and Finance
  4. Lender Steering in Residential Mortgage Market” (with Ambrose, B., and V. Yao), forthcoming Real Estate Economics
  5. 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
  6. 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

11.  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)

  1. 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
  2. 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
  3. Systematic Mistakes of Borrowers in the Mortgage Markets” (with Ben-David, Z., and V. Yao), Journal of Finance Economics, 2017, Vol. 123, Pp. 42-58
  4. 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
  5. 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

17.  Why do Borrowers Make Mortgage Refinancing Mistakes?” (with Rosen, R., and V. Yao), Management Science, 2016, Vol. 62(12), Pp. 3494-3509

  1. Impact of Electronic Road Pricing Changes on Transportation Modal Choice,” (with K. Kang), Regional Science and Urban Economics, 2016, Vol. 60, Pp. 1-11
  2. 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
  3. 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
  4. 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

22.  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

  1. 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
  2. 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

25.  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

  1. 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

27.  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

  1. 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
  2. The Subprime Virus” (with Ambrose, B. and Y. Yildirim), Real Estate Economics, 2015, Vol. 43(4), Pp. 891-915
  3. 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

31.  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

  1. 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
  2. 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
  3. 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
  4. 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

36.  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

  1. Inconsistent Regulators: Evidence from Banking” (with Lucca, D., A. Seru and F. Trebbi), Quarterly Journal of Economics, 2014, Vol. 129(2), Pp.889-938

38.  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

  1. Cognitive Ability and Financial Decision Making” (with Mazumder, B), American Economic Journal: Applied Economics, 2013, Vol. 5(1), Pp. 193-207

40.  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)

41.  Adverse Selection in Mortgage Securitization” (with Chang, Y. and A. Yavas), Journal of Financial Economics, 2012, Vol. 105(3), Pp.640-660

  1. 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)
  2. 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

44.  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

  1. 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

46.  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

47.  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

  1. 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
  2. Distance and Private Information in Lending” (with Hauswald, R), Review of Financial Studies, 2010, Vol. 23(7), Pp. 2757-2788
  3. 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
  4. 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
  5. 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
  6. 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

54.  Bankruptcy Exemption Laws and the Market for Mortgages” (with Chomsisengphet, S), Cityscape, 2009, Vol. 11(1), Pp. 101-112

55.  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

56.  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

57.  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)

58.  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

59.  “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

60.  “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

61.  “The Impact of Homeowners’ Housing Wealth Misestimation on Consumption and Saving Decisions” Real Estate Economics, 2007, Vol. 35(2), Pp.135-154 (Lead article)

62.  “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

63.  “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)

64.  “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

65.  “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

66.  “Telecommunication and Economic Growth: A Panel Data Approach” (with Dutta, A), Applied Economics, 2004, Vol. 36(15), Pp. 1649-1654

67.  “Financial Markets and Financing Choices of Firms: Evidence from Developing Countries” (with Mohtadi, H), Global Finance Journal, 2004, Vol. 15(1), Pp. 57-70

68.  “Mortgages, Minorities, and Discrimination: A Bank-Specific Analysis” (with Li, S., and L. Mielnicki), Housing Studies, 2003, Vol. 18(3), Pp. 303-311

69.  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

70.  “Determinants of Credit Card Delinquency and Bankruptcy: Macroeconomic Factors” (with Liu, C), Journal of Economics and Finance, 2003, Vol. 27, Pp. 75-84

 

Policy Publications

  1. How did The Great Recession Affect Payday Loans” (with Mazumder, B., and T. Gross), Federal Reserve Bank of Chicago Economic Perspective, Q2 2016, Pp. 1-12
  2. “Homebuilder, Affiliated Financing Arms and the Current Mortgage Crisis” (with Amromin, G., C. Gartenberg, A. Paulson, and S. Villupuram), Federal Reserve Bank of Chicago Economic Perspective, Q2 2014, Pp. 39-51

73.  “The Asset-Backed Securities Market, the Crisis, and TALF” (with Burette, J. and C. DeNardi), Federal Reserve Bank of Chicago Profitwise, 2011

74.  “Loan Commitments and Private Firms” (with Chomsisengphet, S., and J. Driscoll), Federal Reserve Bank of Chicago Economic Perspective, Q2 2011, Pp. 71-79

75.  “Determinants of Loan Modifications and Their Success.” (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff) in the 46th Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 2010

76.  “Why aren’t Banks Lending More? The Role of Commercial Real Estate” (with Genay. H., and R. McMenamin), Chicago Fed Letter, #281, December 2010

77.  “TARP, Credit Crisis, and the Securities Markets” (with Burette, J., C. Cun, and C. DeNardi), Federal Reserve Bank of Chicago Economic Perspective, Q4 2010, Pp. 101-115

78.  “Rescuing Asset-backed Securities Markets” (with DeNardi, C., and C. Cun), Chicago Fed Letter, #270, January 2010

  1. “Do Financial Counseling Mandates Improve Mortgage Choice and Performance?” (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff) in the 45th Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 2009
  2. “Determinants of Automobile Prepayment and Default” (with Ambrose, B., and S. Chomsisengphet), Federal Reserve Bank of Chicago Economic Perspective, Q3 2008, Pp.17-28

81.  “Comparing the Prime and Subprime Mortgage Markets” (with Ho, C), Chicago Fed Letter, #241, August 2007

82.  “Distance and Lending Decisions,” (with Hauswald, R) in the Proceedings of the 43nd Proceeding of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 2007

 

Book Chapters and Other Publications

  1. Rationality in the Consumer Credit Market: Choosing between Alternative and Mainstream Credit” (with Bos, M), in Haughart, A., and B. Mandel (eds.), Handbook of U.S. Consumer Economics, Palgrave-Macmillan Publishing, June 2018, forthcoming
  2. “Market Bases Loss Mitigation Outcome for Troubles Mortgages during the Financial Crisis” (with Amromin, G., I. Ben-David, S. Chomsisengphet and D. Evanoff), in Franklin Allen, Ester Faia, Michael Haliassos, and Katja Langenbucher (eds.), June 2018, forthcoming

85.  “Does it Pay to Read Your Junk Mail: Evidence on the Effect of Persuasion on Financial Decisions” (with Ambrose, B), in Kathryn Zeiler and Joshua Teitelbaum (eds.), Research Handbook on Behavioral Law and Economics, Edward Elgar Publishing April 2015, forthcoming

86.  “Financial Counseling, Financial Literacy, and Household Decision Making” (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff) in Mitchell, O., and A. Lusardi (eds.), Financial Literacy: Implications for Retirement Security and the Financial Marketplace, Oxford University Press, October 2011, Pp. 181-205

87.  “Consumer Behavior in Financial Markets: Financial Crisis and Policy Implication,” ISB Insight,  2010, Vol. Summer 2010, Pp. 16-19

88.  “What is the Age of Reason?” (with Driscoll, J., X. Gabaix, and D. Laibson), Center for Retirement Research - Issue in Brief, 2010, Vol. 10-12, Pp. 1-8

89.  “Consumer Bankruptcy: Theory, Empirical Evidence, and Lessons for China” People’s Bank of China and World Bank – IFC, Fall 2008

90.  “Determinants of Small Business Default” (with Chomsisengphet, S., and C. Liu) in Christodoulakis, G., and S. Satchell (eds.), The Analytics of Risk Model Validation, Palgrave-Macmillan Publishing, December 2007, Pp. 1-12

  1. “Information Asymmetry and the Automobile Loan Market” (with Ambrose, B., and S. Chomsisengphet) in Agarwal, S., and B. Ambrose, (eds.), Household Credit Usage: Personal Debt and Mortgages, Palgrave-Macmillan Publishing, October, 2007, Pp. 93-116

92.  “Liberalization of Equity Markets, Capital Structure and Growth: Progress, Lessons and Challenges in Developing Countries” in Banerjee, P., and F. Richter (eds.), Economic Institutions in India: Sustainability Under Liberalization and Globalization, Palgrave-Macmillan Publishing, 2002, Pp. 99-120

93.  “Stock Market Development and Economic Growth: Preliminary Evidence from African Countries,” Journal of Sustainable Development in Africa, Spring 2001

94.  “Assessing Real Sector Response to Stabilization and Structural Adjustment Program in Uganda: The Case of the Manufacturing Sector” Journal of Sustainable Development in Africa, Fall 2000