Yongheng Deng

Wisconsin School of Business, University of Wisconsin-Madison

John P. Morgridge Distinguished Chair Professor in Business

4110 Grainger Hall

975 University Avenue

Madison, WI 53706

United States

http://bus.wisc.edu/faculty/yongheng-deng

  • Wisconsin School of Business, University of Wisconsin-Madison

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SCHOLARLY PAPERS

65

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227

Scholarly Papers (65)

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1.

Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options

Downloads 2,588 ( 7,476)

Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options

Number of pages: 47 Posted: 22 Mar 1999
John M. Quigley, Yongheng Deng and Robert Van Order
University of California, Berkeley, College of Letters & Science, Department of Economics (Deceased), Wisconsin School of Business, University of Wisconsin-Madison and Federal Home Loan Mortgage Corporation (FHLMC) - Housing Economics and Financial Research
Downloads 2,588 (7,350)
Citation 48

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Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options

Posted: 30 Mar 1999
Yongheng Deng, John M. Quigley and Robert Van Order
Wisconsin School of Business, University of Wisconsin-Madison, University of California, Berkeley, College of Letters & Science, Department of Economics (Deceased) and Federal Home Loan Mortgage Corporation (FHLMC) - Housing Economics and Financial Research

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2.

Commercial Mortgage Workout Strategy and Conditional Default Probability: Evidence from Special Serviced CMBS Loans

NUS Institute of Real Estate Studies Working Paper IRES2010-011
Number of pages: 39 Posted: 06 Jun 2003 Last Revised: 18 Mar 2012
Jun Chen and Yongheng Deng
Property & Portfolio Research, Inc. and Wisconsin School of Business, University of Wisconsin-Madison
Downloads 1,082 (28,734)
Citation 10

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default risk, CMBS loan, special service, workout strategy, hazard model, logit model

3.

Mortgage Debt, Hand-to-Mouth Households, and Monetary Policy Transmission

Number of pages: 60 Posted: 27 Dec 2018 Last Revised: 14 Oct 2020
Sumit Agarwal, Yongheng Deng, Quanlin Gu, Jia He, Wenlan Qian and Yuan Ren
National University of Singapore, Wisconsin School of Business, University of Wisconsin-Madison, Peking University, Nankai University, HKU Business School and Zhejiang University
Downloads 963 (33,915)
Citation 3

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Consumption, Monetary Policy, Disposable Income Shocks, MPC, Mortgage, Housing, Policy, Constraints, Credit Access, Wealthy Hand-to-Mouth, Debt, Deleverage, Credit Cards, Household Finance, China

4.

Risk-Based Pricing and the Enhancement of Mortgage Credit Availability Among Underserved and Higher Credit-Risk Populations

Number of pages: 47 Posted: 17 Sep 2002
Yongheng Deng and Stuart A. Gabriel
Wisconsin School of Business, University of Wisconsin-Madison and University of California, Los Angeles - Anderson School of Management
Downloads 940 (35,102)
Citation 20

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5.

Woodhead Behavior and the Pricing of Residential Mortgages

NUS Institute of Real Estate Studies Working Paper Series IRES2012-025
Number of pages: 34 Posted: 04 Nov 2001 Last Revised: 23 Jan 2013
Yongheng Deng and John M. Quigley
Wisconsin School of Business, University of Wisconsin-Madison and University of California, Berkeley, College of Letters & Science, Department of Economics (Deceased)
Downloads 862 (39,661)
Citation 36

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Mortgage prepayment, heterogeneity, mortgage pricing, behavioral finance, martingale transform

6.

Understanding the Risk of China's Local Government Debts and its Linkage with Property Markets

Number of pages: 36 Posted: 29 Jan 2015
Brent W. Ambrose, Yongheng Deng and Jing Wu
Pennsylvania State University, Wisconsin School of Business, University of Wisconsin-Madison and Tsinghua University - Hang Lung Center for Real Estate
Downloads 842 (40,941)
Citation 15

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China municipal bonds, fixed-income securities, house prices, China development

7.

Unobserved Heterogeneity in Models of Competing Mortgage Termination

Number of pages: 41 Posted: 05 Mar 2004
John M. Clapp, Xudong An and Yongheng Deng
University of Connecticut - Department of Finance, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Wisconsin School of Business, University of Wisconsin-Madison
Downloads 748 (47,967)
Citation 1

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Mortgage termination risks, Cox Proportional Hazard Model (CPH), Multinomial Logit Model (MNL), Out-of-sample prediction; Unobserved heterogeneity

8.

Value Creation Through Securitization: Evidence from the CMBS Market

Downloads 626 ( 60,510)
Citation 3

Value Creation Through Securitization: Evidence from the CMBS Market

Number of pages: 44 Posted: 22 Feb 2008
Xudong An, Yongheng Deng and Stuart A. Gabriel
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison and University of California, Los Angeles - Anderson School of Management
Downloads 626 (59,756)
Citation 3

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Securitization, commercial mortgage-backed securities, conduit loans, portfolio loans, mortgage-treasury rate spread, simultaneous equation model

Value Creation Through Securitization: Evidence from the CMBS Market

Journal of Real Estate Finance and Economics, Vol. 38, No. 3, 2009
Posted: 15 Nov 2008
Xudong An, Yongheng Deng and Stuart A. Gabriel
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison and University of California, Los Angeles - Anderson School of Management

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securitization, commercial mortgage-backed securities (CMBS), conduit loans, portfolio loans, mortgage-treasury rate spread, simultaneous equation model

9.

Evaluation of Reverse Mortgage Programs in Korea

NUS Institute of Real Estate Studies Working Papers IRES2011-027
Number of pages: 19 Posted: 18 Oct 2006 Last Revised: 13 Nov 2011
Seungryul Ma and Yongheng Deng
Daegu University and Wisconsin School of Business, University of Wisconsin-Madison
Downloads 588 (65,508)
Citation 8

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Insurance premium structure, Reverse mortgage, Constant monthly payments, Graduate monthly payments, Total annual loan costs rates

10.

Incentives and Outcomes: China's Environmental Policy

Downloads 583 ( 66,225)
Citation 17

Incentives and Outcomes: China's Environmental Policy

Capitalism and Society, Vol. 9, No. 1, Article 2, 2014
Number of pages: 41 Posted: 24 Apr 2014
Jing Wu, Yongheng Deng, Jun Huang, Randall Morck and Bernard Yin Yeung
Tsinghua University - Hang Lung Center for Real Estate, Wisconsin School of Business, University of Wisconsin-Madison, Shanghai University of Finance and Economics, University of Alberta - Department of Finance and Statistical Analysis and National University of Singapore - Business School
Downloads 345 (122,203)
Citation 6

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Incentives and Outcomes: China's Environmental Policy

ECGI - Finance Working Paper No. 368
Number of pages: 56 Posted: 24 Jan 2013 Last Revised: 24 Jul 2013
Jing Wu, Yongheng Deng, Jun Huang, Randall Morck and Bernard Yin Yeung
Tsinghua University - Hang Lung Center for Real Estate, Wisconsin School of Business, University of Wisconsin-Madison, Shanghai University of Finance and Economics, University of Alberta - Department of Finance and Statistical Analysis and National University of Singapore - Business School
Downloads 206 (205,755)
Citation 4

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Urban Infrastructure, Environmental Protection, Local Government, China

Incentives and Outcomes: China's Environmental Policy

NBER Working Paper No. w18754
Number of pages: 48 Posted: 30 Sep 2013 Last Revised: 31 Mar 2022
Jing Wu, Yongheng Deng, Jun Huang, Randall Morck and Bernard Yin Yeung
Tsinghua University - Hang Lung Center for Real Estate, Wisconsin School of Business, University of Wisconsin-Madison, Shanghai University of Finance and Economics, University of Alberta - Department of Finance and Statistical Analysis and National University of Singapore - Business School
Downloads 32 (633,014)
Citation 2

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11.

CDO Market Implosion and the Pricing of Subprime Mortgage-Backed Securities

Number of pages: 42 Posted: 11 Mar 2009 Last Revised: 07 Sep 2010
Yongheng Deng, Stuart A. Gabriel and Anthony B. Sanders
Wisconsin School of Business, University of Wisconsin-Madison, University of California, Los Angeles - Anderson School of Management and George Mason University - School of Business
Downloads 542 (72,580)
Citation 5

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collateralized debt obligations, subprime crisis, yield spreads on mortgage-backed securities

12.

Commercial Mortgage Terminations: Evidence from CMBS

Number of pages: 22 Posted: 11 Mar 2005
Yongheng Deng, John M. Quigley and Anthony B. Sanders
Wisconsin School of Business, University of Wisconsin-Madison, University of California, Berkeley, College of Letters & Science, Department of Economics (Deceased) and George Mason University - School of Business
Downloads 480 (84,206)
Citation 8

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13.

Spatial Heterogeneity in Mortgage Terminations by Refinance, Sale and Default

Number of pages: 35 Posted: 23 Jul 2003
Yongheng Deng, Andrey D. Pavlov and Lihong Yang
Wisconsin School of Business, University of Wisconsin-Madison, Simon Fraser University (SFU) - Finance Area and University of Southern California
Downloads 435 (94,553)
Citation 9

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duration model, competing risks, space-varying coefficient, martingale residual, mortgage refinance, default, residential mobility

14.

Economic Returns to Energy-Efficient Investments in the Housing Market: Evidence from Singapore

Number of pages: 36 Posted: 06 Sep 2010 Last Revised: 24 Apr 2011
Yongheng Deng, Zhiliang LI and John M. Quigley
Wisconsin School of Business, University of Wisconsin-Madison, affiliation not provided to SSRN and University of California, Berkeley, College of Letters & Science, Department of Economics (Deceased)
Downloads 434 (94,823)
Citation 8

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environmental sustainability, housing market, energy efficiency, green labels

15.

Duration of Residence in the Rental Housing Market

Downloads 420 ( 98,480)
Citation 2

Duration of Residence in the Rental Housing Market

Number of pages: 31 Posted: 26 Mar 2002
Yongheng Deng, Frank Nothaft and Stuart A. Gabriel
Wisconsin School of Business, University of Wisconsin-Madison, Freddie Mac and University of California, Los Angeles - Anderson School of Management
Downloads 420 (97,640)
Citation 2

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Duration of Residence in the Rental Housing Market

Posted: 09 Dec 2002
Yongheng Deng, Frank Nothaft and Stuart A. Gabriel
Wisconsin School of Business, University of Wisconsin-Madison, Freddie Mac and University of California, Los Angeles - Anderson School of Management

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duration of residence, rental housing, hazard model

16.

Omitted Mobility Characteristics and Property Market Dynamics: Application to Mortgage Termination

Number of pages: 48 Posted: 22 Sep 2005
Xudong An, Yongheng Deng and John M. Clapp
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison and University of Connecticut - Department of Finance
Downloads 393 (106,323)
Citation 5

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Mortgage termination risks, Multinomial Logit Model (MNL), Nested Logit Model (NMNL), Mobility, Refinance, Default

17.

China’s Pseudo-Monetary Policy

Downloads 381 (110,160)
Citation 17

China’s Pseudo-Monetary Policy

Review of Finance, Forthcoming
Number of pages: 67 Posted: 04 Mar 2011 Last Revised: 20 May 2014
Yongheng Deng, Randall Morck, Jing Wu, Jing Wu and Bernard Yin Yeung
Wisconsin School of Business, University of Wisconsin-Madison, University of Alberta - Department of Finance and Statistical Analysis, Institute of Real Estate Studies, NUSInstitute of Real Estate Studies, Tsinghua University and National University of Singapore - Business School
Downloads 306 (139,017)
Citation 11

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Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market

NBER Working Paper No. w16871
Number of pages: 63 Posted: 14 Mar 2011 Last Revised: 06 Feb 2022
Yongheng Deng, Randall Morck, Jing Wu, Jing Wu and Bernard Yin Yeung
Wisconsin School of Business, University of Wisconsin-Madison, University of Alberta - Department of Finance and Statistical Analysis, Institute of Real Estate Studies, NUSInstitute of Real Estate Studies, Tsinghua University and National University of Singapore - Business School
Downloads 75 (435,916)

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18.

COVID-19 Pandemic and Unemployment: Evidence from Mobile Phone Data in China

Number of pages: 47 Posted: 28 Dec 2020 Last Revised: 13 May 2021
Teng Li, Panle Jia Barwick, Yongheng Deng, Xinfei Huang and Shanjun Li
Sun Yat-sen University, Cornell University - Department of Economics, Wisconsin School of Business, University of Wisconsin-Madison, Sun Yat-sen University and Cornell University - School of Applied Economics and Management
Downloads 323 (132,008)

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COVID-19, Unemployment, Mobile Phone

19.

Commercial Real Estate Rental Index: A Dynamic Panel Data Model Estimation

Downloads 280 (153,076)
Citation 2

Commercial Real Estate Rental Index: A Dynamic Panel Data Model Estimation

Number of pages: 42 Posted: 23 Jan 2013
Xudong An, Yongheng Deng, Jeffrey D. Fisher and Maggie Hu
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison, Indiana University - Kelley School of Business - Department of Finance and The Chinese University of Hong Kong
Downloads 280 (152,375)
Citation 3

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Commercial Real Estate Rental Index: A Dynamic Panel Data Model Estimation

Real Estate Economics, Vol. 44, Issue 2, pp. 378-410, 2016
Number of pages: 33 Posted: 11 Apr 2016
Xudong An, Yongheng Deng, Jeffrey D. Fisher and Maggie Hu
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison, Indiana University - Kelley School of Business - Department of Finance and The Chinese University of Hong Kong
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Commercial Real Estate Rental Index: A Dynamic Panel Data Model Estimation

Real Estate Economics, Forthcoming
Posted: 08 Jun 2014
Yongheng Deng, Jeffrey D. Fisher, Maggie Hu and Xudong An
Wisconsin School of Business, University of Wisconsin-Madison, Indiana University - Kelley School of Business - Department of Finance, The Chinese University of Hong Kong and Federal Reserve Banks - Federal Reserve Bank of Philadelphia

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rental index, cap rate, commercial real estate, dynamic panel data model

20.

Evaluating Conditions in Major Chinese Housing Markets

46th Annual AREUEA Conference Paper
Number of pages: 45 Posted: 01 Dec 2010
Yongheng Deng, Joseph Gyourko and Jing Wu
Wisconsin School of Business, University of Wisconsin-Madison, University of Pennsylvania - Real Estate Department and affiliation not provided to SSRN
Downloads 278 (154,183)
Citation 21

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21.

Mortgage Prepayment and Default Behavior with Embedded Forward Contract Risks in China's Housing Market

Downloads 273 (157,075)
Citation 4

Mortgage Prepayment and Default Behavior with Embedded Forward Contract Risks in China's Housing Market

Number of pages: 39 Posted: 06 Aug 2008
Yongheng Deng and Peng Liu
Wisconsin School of Business, University of Wisconsin-Madison and Cornell University - S.C. Johnson College of Business - School of Hotel Administration
Downloads 273 (156,380)
Citation 4

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Mortgage, Prepayment, Default, Credit Risk, Forward Contract, Pre-sale

Mortgage Prepayment and Default Behavior with Embedded Forward Contract Risks in China's Housing Market

Journal of Real Estate Finance and Economics, Vol. 38, No. 3, 2009
Posted: 09 Nov 2008
Yongheng Deng and Peng Liu
Wisconsin School of Business, University of Wisconsin-Madison and Cornell University - S.C. Johnson College of Business - School of Hotel Administration

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mortgage, prepayment, default, credit risk, forward contract, pre-sale

22.

An Examination of the Impact of Rent Control on Mobile Home Prices in California

Number of pages: 49 Posted: 19 Oct 2006
Diehang Zheng, Yongheng Deng, Peter Gordon and David Dale-Johnson
University of Southern California - Sol Price School of Public Policy, Wisconsin School of Business, University of Wisconsin-Madison, University of Southern California - Sol Price School of Public Policy and University of Southern California - Marshall School of Business
Downloads 273 (157,075)

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Mobile Home, Rent Control, Capitalization, Regulatory Taking

23.

Shapley Cost Allocation Coincides With Relative Status: The Case of Skyscrapers

Number of pages: 42 Posted: 18 Jun 2004
Danny Ben-Shahar, Yongheng Deng and Eyal Sulganik
Tel Aviv University, Wisconsin School of Business, University of Wisconsin-Madison and Interdisciplinary Center (IDC) Herzliyah - Adelson School of Entrepreneuship
Downloads 273 (157,075)
Citation 3

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24.

What is Subordination About? Credit Risk and Subordination Levels in Commercial Mortgage-Backed Securities (CMBS)

Downloads 269 (159,394)
Citation 5

What is Subordination About? Credit Risk and Subordination Levels in Commercial Mortgage-Backed Securities (CMBS)

Journal of Real Estate Finance and Economics, Forthcoming
Number of pages: 40 Posted: 19 Nov 2010 Last Revised: 21 Jul 2015
Xudong An, Yongheng Deng, Joseph Nichols and Anthony B. Sanders
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison, Board of Governors of the Federal Reserve System and George Mason University - School of Business
Downloads 269 (158,732)
Citation 5

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What is Subordination About? Credit Risk and Subordination Levels in Commercial Mortgage-Backed Securities (CMBS)

Journal of Real Estate Finance and Economics, Vol. 51, No. 2, 2015
Posted: 04 Sep 2015
Xudong An, Yongheng Deng, Joseph Nichols and Anthony B. Sanders
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison, Board of Governors of the Federal Reserve System and George Mason University - School of Business

Abstract:

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Commercial mortgage-backed securities (CMBS); Subordination; Credit risk; Credit rating agency (CRA)

25.

Default Risk of CMBS Loans: What Explains the Regional Variations?

Number of pages: 40 Posted: 06 Sep 2010
Xudong An, Yongheng Deng and Anthony B. Sanders
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison and George Mason University - School of Business
Downloads 256 (167,541)
Citation 2

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default risk, CMBS loan, regional variation, hazard model, martingale residual

26.

Evaluating Conditions in Major Chinese Housing Markets

NBER Working Paper No. w16189
Number of pages: 47 Posted: 19 Jul 2010 Last Revised: 28 Mar 2021
Jing Wu, Jing Wu, Joseph Gyourko and Yongheng Deng
Institute of Real Estate Studies, NUSInstitute of Real Estate Studies, Tsinghua University, University of Pennsylvania - Real Estate Department and Wisconsin School of Business, University of Wisconsin-Madison
Downloads 225 (189,504)
Citation 5

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27.

Asymmetric Information, Adverse Selection, and the Pricing of CMBS

Number of pages: 61 Posted: 18 Jun 2010 Last Revised: 09 Apr 2011
Xudong An, Yongheng Deng and Stuart A. Gabriel
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison and University of California, Los Angeles - Anderson School of Management
Downloads 224 (190,333)
Citation 29

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CMBS, conduit lending, asymmetric information, lemons discount

28.

Index Revision, House Price Risk, and the Market for House Price Derivatives

Downloads 218 (195,470)

Index Revision, House Price Risk, and the Market for House Price Derivatives

Number of pages: 32 Posted: 22 Feb 2008
John M. Quigley and Yongheng Deng
University of California, Berkeley, College of Letters & Science, Department of Economics (Deceased) and Wisconsin School of Business, University of Wisconsin-Madison
Downloads 218 (195,203)
Citation 3

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Repeat sales index, index revision, house price risk, house price derivatives

Index Revision, House Price Risk, and the Market for House Price Derivatives

Journal of Real Estate Finance and Economics, Vol. 37, No. 3, 2008
Posted: 30 Sep 2008
Yongheng Deng and John M. Quigley
Wisconsin School of Business, University of Wisconsin-Madison and University of California, Berkeley, College of Letters & Science, Department of Economics (Deceased)

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repeat sales index, index revision, house price risk, house price derivative

29.

Model Stability and the Subprime Mortgage Crisis

Downloads 196 (215,487)
Citation 1

Model Stability and the Subprime Mortgage Crisis

Journal of Real Estate Finance and Economics, Forthcoming
Number of pages: 43 Posted: 14 Sep 2010
Xudong An, Yongheng Deng, Eric Rosenblatt and Vincent Yao
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison, Federal National Mortgage Association (Fannie Mae) - Research and Georgia State University - J. Mack Robinson College of Business
Downloads 196 (215,393)
Citation 1

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Subprime Mortgage, Default Risk, Model Stability, Hazard Model, Logit Model

Model Stability and the Subprime Mortgage Crisis

Journal of Real Estate Finance and Economics, Vol. 45, No. 3, 2012
Posted: 26 Oct 2012 Last Revised: 20 Feb 2021
Xudong An, Yongheng Deng, Eric Rosenblatt and Vincent Yao
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison, Federal National Mortgage Association (Fannie Mae) - Research and Georgia State University - J. Mack Robinson College of Business

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Subprime mortgage, Default risk, Model stability, Hazard model, Logit model

30.

Information Asymmetry and Organizational Structure: Evidence from REITs

Downloads 178 (234,265)

Information Asymmetry and Organizational Structure: Evidence from REITs

Journal of Real Estate Finance and Economics, Forthcoming
Number of pages: 56 Posted: 16 Nov 2011 Last Revised: 22 Feb 2017
Yongheng Deng, Maggie Hu and Anand Srinivasan
Wisconsin School of Business, University of Wisconsin-Madison, The Chinese University of Hong Kong and National University of Singapore - Department of Finance
Downloads 178 (234,375)
Citation 2

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external advisor, Real Estate Investment Trust, organizational structure, loan contract terms, information opacity, certification effect

Information Asymmetry and Organizational Structure: Evidence from REITs

Journal of Real Estate Finance and Economics, Vol. 55, No. 1, 2017
Posted: 27 Jul 2017
Yongheng Deng, Maggie Hu and Anand Srinivasan
Wisconsin School of Business, University of Wisconsin-Madison, The Chinese University of Hong Kong and National University of Singapore - Department of Finance

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External advisor; Real estate investment trust (REIT); Organizational structure; Loan contract terms; Information opacity; Certification effect

31.

Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market

Downloads 166 (248,473)
Citation 7

Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market

Number of pages: 44 Posted: 12 Feb 2008 Last Revised: 20 Feb 2012
Yongheng Deng, Stuart A. Gabriel, Kazuo G. Nishimura and Diehang Zheng
Wisconsin School of Business, University of Wisconsin-Madison, University of California, Los Angeles - Anderson School of Management, Kyoto University - Institute of Economic Research and University of Southern California - Sol Price School of Public Policy
Downloads 124 (314,130)

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price dispersion, search models, housing markets, time on the market

Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market

Number of pages: 48 Posted: 03 Mar 2012 Last Revised: 05 Mar 2012
Yongheng Deng, Stuart A. Gabriel, Kiyohiko G. Nishimura and Diehang (Della) Zheng
Wisconsin School of Business, University of Wisconsin-Madison, University of California, Los Angeles - Anderson School of Management, National Graduate Institute for Policy Studies (GRIPS) and affiliation not provided to SSRN
Downloads 41 (579,593)

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price dispersion, search models, housing markets, time on the market

Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market

Real Estate Economics, Vol. 40, pp. S234-S272, 2012
Number of pages: 39 Posted: 28 Dec 2012
Yongheng Deng, Stuart A. Gabriel, Kazuo G. Nishimura and Diehang (Della) Zheng
Wisconsin School of Business, University of Wisconsin-Madison, University of California, Los Angeles - Anderson School of Management, Kyoto University - Institute of Economic Research and affiliation not provided to SSRN
Downloads 1 (931,525)
Citation 2

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Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market

Real Estate Economics, Forthcoming
Posted: 06 Mar 2012
Yongheng Deng, Stuart A. Gabriel, Kazuo G. Nishimura and Diehang Zheng
Wisconsin School of Business, University of Wisconsin-Madison, University of California, Los Angeles - Anderson School of Management, Kyoto University - Institute of Economic Research and University of Southern California - Sol Price School of Public Policy

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price dispersion, search models, housing markets, time on the market

32.

The Hidden Peril: The Role of the Condo Loan Market in the Recent Financial Crisis

Number of pages: 48 Posted: 08 Nov 2012 Last Revised: 07 May 2014
Sumit Agarwal, Yongheng Deng, Chenxi Luo and Wenlan Qian
National University of Singapore, Wisconsin School of Business, University of Wisconsin-Madison, National University of Singapore (NUS) - Department of Real Estate and HKU Business School
Downloads 146 (276,037)
Citation 2

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Financial Crisis, Condo Market, Default, Mortgages, Household Finance, Investors, Speculators, Subprime Mortgages

33.

Whither Weather?: High Temperature, Climate Change and Mortgage Default

Proceedings of Paris December 2021 Finance Meeting EUROFIDAI - ESSEC
Number of pages: 46 Posted: 26 Oct 2021
Yongheng Deng, Congyan Han, Teng Li and Timothy J. Riddiough
Wisconsin School of Business, University of Wisconsin-Madison, University of Wisconsin - Madison, School of Business, Department of Real Estate and Urban Land Economics, Sun Yat-sen University and University of Wisconsin - School of Business - Department of Real Estate and Urban Land Economics
Downloads 145 (277,565)

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34.

Breakeven Determination of Loan Limits for Reverse Mortgages under Information Asymmetry

Downloads 143 (280,579)

Breakeven Determination of Loan Limits for Reverse Mortgages under Information Asymmetry

Number of pages: 48 Posted: 06 Mar 2011 Last Revised: 28 Dec 2012
Ming Pu, Gang-Zhi Fan and Yongheng Deng
Southwestern University of Finance and Economics (SWUFE) - Research Institute of Economics & Management, School of Management, Guangzhou University and Wisconsin School of Business, University of Wisconsin-Madison
Downloads 143 (281,541)
Citation 4

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Reverse Mortgages, Heterogeneous Beliefs, Information Asymmetry, Loan Limits

Breakeven Determination of Loan Limits for Reverse Mortgages Under Information Asymmetry

Journal of Real Estate Finance and Economics, Vol. 48, No. 3, 2014
Posted: 26 Mar 2014
Ming Pu, Gang-Zhi Fan and Yongheng Deng
Southwestern University of Finance and Economics (SWUFE) - Research Institute of Economics & Management, School of Management, Guangzhou University and Wisconsin School of Business, University of Wisconsin-Madison

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Reverse mortgages; Heterogeneous beliefs; Information asymmetry; Loan limits

35.

Did Bubbles Migrate from the Stock to the Housing Market in China between 2005 and 2010?

Number of pages: 26 Posted: 04 Apr 2017 Last Revised: 11 Sep 2017
Yongheng Deng, Eric Girardin, Roselyne Joyeux and Shuping Shi
Wisconsin School of Business, University of Wisconsin-Madison, University Aix-Marseille 2 - GREQAM, Macquarie University - Department of Economics and Macquarie University
Downloads 137 (290,118)

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36.

Melting Pot or Salad Bowl: Cultural Distance and Housing Investments

Number of pages: 71 Posted: 17 Aug 2015 Last Revised: 03 Feb 2020
Yongheng Deng, Maggie Hu and Adrian D. Lee
Wisconsin School of Business, University of Wisconsin-Madison, The Chinese University of Hong Kong and Deakin University - Department of Finance (Property and Real Estate)
Downloads 129 (303,690)

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cultural distance, housing investment, housing price, information friction, home bias

37.

Mortgage Brokers and the Effectiveness of Regulatory Oversights

Management Science, forthcoming
Number of pages: 58 Posted: 29 Apr 2019 Last Revised: 27 Apr 2020
Sumit Agarwal, Swee Hoon Ang, Yongheng Deng and Yonglin Wang
National University of Singapore, National University of Singapore (NUS) - Department of Marketing, Wisconsin School of Business, University of Wisconsin-Madison and Lingnan University
Downloads 123 (314,601)

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mortgage brokers, occupational licensing regulations, reported and unreported information, loan performance

38.

Time Preferences, Mortgage Choice and Mortgage Default

Number of pages: 42 Posted: 11 Jun 2014 Last Revised: 14 Sep 2014
Sumit Agarwal, Yongheng Deng and Jia He
National University of Singapore, Wisconsin School of Business, University of Wisconsin-Madison and Nankai University
Downloads 123 (314,601)

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Mortgage default, mortgage choice, heterogeneity, present-biased preference, dynamic inconsistency

39.

Default Option Exercise Over the Financial Crisis and Beyond

Number of pages: 54 Posted: 15 Apr 2016 Last Revised: 01 Sep 2020
Xudong An, Yongheng Deng and Stuart A. Gabriel
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison and University of California, Los Angeles - Anderson School of Management
Downloads 113 (333,949)
Citation 7

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Mortgage default; option exercise; default option beta; time-varying coefficient hazard model

40.

Lenders’ Pricing Strategy: Do Neighborhood Risks Matter?

Downloads 108 (344,502)

Lenders’ Pricing Strategy: Do Neighborhood Risks Matter?

Number of pages: 48 Posted: 28 May 2020 Last Revised: 21 Jul 2021
Sumit Agarwal, Yongheng Deng, Jia He and Yonglin Wang
National University of Singapore, Wisconsin School of Business, University of Wisconsin-Madison, Nankai University and Lingnan University
Downloads 70 (452,908)

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Refinancing waves, loan pricing, neighborhood effect, mortgage securitization

Lenders’ Pricing Strategy: Do Neighborhood Risks Matter?

Number of pages: 48 Posted: 09 Aug 2021
Sumit Agarwal, Yongheng Deng, Jia He and Yonglin Wang
National University of Singapore, Wisconsin School of Business, University of Wisconsin-Madison, Nankai University and Lingnan University
Downloads 38 (596,198)

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refinancing waves, loan pricing, prepayment risk, neighborhood effect, mortgage securitization

41.

Transaction Tax and Market Illiquidity

Number of pages: 56 Posted: 17 Jun 2019 Last Revised: 22 Feb 2021
Yongheng Deng, Yong Tu and Yanjiang ZHANG
Wisconsin School of Business, University of Wisconsin-Madison, National University of Singapore (NUS) - Department of Real Estate and Chinese Academy of Housing and Real Estate
Downloads 98 (367,384)
Citation 1

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Tax Policy, Seller's Behavior, Housing, Illiquidity

42.

One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility?

Downloads 89 (390,023)
Citation 8

One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility?

Journal of Financial Economics (JFE), Vol. 130, 2018
Number of pages: 76 Posted: 03 Nov 2014 Last Revised: 01 Sep 2020
Yongheng Deng, Xin Liu and Shang-Jin Wei
Wisconsin School of Business, University of Wisconsin-Madison, Research School of Finance, Actuarial Studies & Applied Statistics, CBE, Australian National University and Columbia University - Columbia Business School, Finance
Downloads 63 (478,621)
Citation 1

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Tobin tax, institutional investors, cross-listed stocks

One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility?

NBER Working Paper No. w19974
Number of pages: 60 Posted: 19 Mar 2014 Last Revised: 31 Jul 2022
Yongheng Deng, Xin Liu and Shang-Jin Wei
Wisconsin School of Business, University of Wisconsin-Madison, National University of Singapore (NUS) - Department of Finance and Columbia University - Columbia Business School, Finance
Downloads 26 (675,683)
Citation 4

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43.

Mortgage Default and Low Downpayment Loans: The Costs of Public Subsidy

NBER Working Paper No. w5184
Number of pages: 42 Posted: 21 Jul 2000 Last Revised: 17 Apr 2022
Yongheng Deng, John M. Quigley and Robert Van Order
Wisconsin School of Business, University of Wisconsin-Madison, University of California, Berkeley, College of Letters & Science, Department of Economics (Deceased) and Federal Home Loan Mortgage Corporation (FHLMC) - Housing Economics and Financial Research
Downloads 66 (461,045)
Citation 3

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44.

Environmental Regulation as a Double-Edged Sword for Housing Markets: Evidence From the NOx Budget Trading Program

Georgetown McDonough School of Business Research Paper No. 3075855
Number of pages: 61 Posted: 05 Dec 2017
Sumit Agarwal, Yongheng Deng and Teng Li
National University of Singapore, Wisconsin School of Business, University of Wisconsin-Madison and Sun Yat-sen University
Downloads 59 (487,301)
Citation 1

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NOx Budget Trading Program, Air pollution, House prices, Manufacturing intensity

45.

Land and House Price Measurement in China

NBER Working Paper No. w18403
Number of pages: 51 Posted: 22 Sep 2012 Last Revised: 15 Apr 2022
Yongheng Deng, Joseph Gyourko and Jing Wu
Wisconsin School of Business, University of Wisconsin-Madison, University of Pennsylvania - Real Estate Department and Tsinghua University - Hang Lung Center for Real Estate
Downloads 55 (503,182)
Citation 1

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46.

Evaluating the Risk of Chinese Housing Markets: What We Know and What We Need to Know

NBER Working Paper No. w21346
Number of pages: 64 Posted: 13 Jul 2015 Last Revised: 30 Apr 2022
Jing Wu, Joseph Gyourko and Yongheng Deng
Tsinghua University - Hang Lung Center for Real Estate, University of Pennsylvania - Real Estate Department and Wisconsin School of Business, University of Wisconsin-Madison
Downloads 45 (547,693)
Citation 13

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47.

Pulling the Trigger: Default Option Exercise Over the Business Cycle

Number of pages: 45 Posted: 20 Sep 2014
Xudong An, Yongheng Deng and Stuart A. Gabriel
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison and University of California, Los Angeles - Anderson School of Management
Downloads 44 (552,536)
Citation 1

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48.

Unobserved Heterogeneity in Models of Competing Mortgage Termination Risks

Downloads 18 (718,183)
Citation 2

Unobserved Heterogeneity in Models of Competing Mortgage Termination Risks

Real Estate Economics, Vol. 34, No. 2, pp. 243-273, Summer 2006
Number of pages: 31 Posted: 20 Nov 2006
John M. Clapp, Xudong An and Yongheng Deng
University of Connecticut - Department of Finance, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Wisconsin School of Business, University of Wisconsin-Madison
Downloads 18 (742,300)
Citation 2

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Unobserved Heterogeneity in Models of Competing Mortgage Termination Risks

Real Estate Economics, Forthcoming
Posted: 25 Jan 2006 Last Revised: 30 Dec 2013
John M. Clapp, Yongheng Deng and Xudong An
University of Connecticut - Department of Finance, Wisconsin School of Business, University of Wisconsin-Madison and Federal Reserve Banks - Federal Reserve Bank of Philadelphia

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49.

Is There Evidence of a Real Estate Collateral Channel Effect on Listed Firm Investment in China?

NBER Working Paper No. w18762
Number of pages: 56 Posted: 02 Feb 2013 Last Revised: 08 Apr 2022
Jing Wu, Joseph Gyourko and Yongheng Deng
Tsinghua University - Hang Lung Center for Real Estate, University of Pennsylvania - Real Estate Department and Wisconsin School of Business, University of Wisconsin-Madison
Downloads 9 (799,987)

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50.

Spatial Misallocation in Chinese Housing and Land Markets

NBER Working Paper No. w27230
Number of pages: 67 Posted: 26 May 2020 Last Revised: 28 May 2022
Yongheng Deng, Yang Tang, Ping Wang and Jing Wu
Wisconsin School of Business, University of Wisconsin-Madison, Nanyang Technological University (NTU), Washington University in St. Louis - Department of Economics and Tsinghua University - Hang Lung Center for Real Estate
Downloads 8 (810,113)

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51.

The Nascent Market for ‘Green’ Real Estate in Beijing

Posted: 11 Nov 2019
Siqi Zheng, Jing Wu, Matthew E. Kahn and Yongheng Deng
Samuel Talk Lee Professor of Urban and Real Estate Sustainability, Faculty Director of MIT Center for Real Estate, Tsinghua University - Hang Lung Center for Real Estate, University of Southern California and Wisconsin School of Business, University of Wisconsin-Madison

Abstract:

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52.

The Role of Debt Covenants in the Investment Grade Bond Market - The REIT Experiment

Journal of Real Estate Finance and Economics, Vol. 52, No. 4, 2016
Posted: 14 Apr 2016
Yongheng Deng, Erik Devos, Shofiqur Rahman and Desmond Tsang
Wisconsin School of Business, University of Wisconsin-Madison, University of Texas at El Paso - College of Business Administration - Department of Economics and Finance, University of Texas at El Paso and McGill University - Desautels Faculty of Management

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Debt covenants; Investment grade bond; REIT

53.

Intercity Information Diffusion and Price Discovery in Housing Markets: Evidence from Google Searches

Journal of Real Estate Finance and Economics, Vol. 50, No. 3, 2015
Posted: 28 Mar 2015
Jing Wu and Yongheng Deng
Tsinghua University - Hang Lung Center for Real Estate and Wisconsin School of Business, University of Wisconsin-Madison

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Information diffusion; Price discovery; House price; Google searches

54.

House Price Index Construction in the Nascent Housing Market: The Case of China

Journal of Real Estate Finance and Economics, Vol. 48, No. 3, 2014
Posted: 25 Mar 2014
Jing Wu, Yongheng Deng and Hongyu Liu
Tsinghua University - Hang Lung Center for Real Estate, Wisconsin School of Business, University of Wisconsin-Madison and Tsinghua University - Institute of Real Estate Studies

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House price index; Hedonic method; Quality change; Nascent housing market

55.

Local Traits and Securitized Commercial Mortgage Default

Journal of Real Estate Finance and Economics, Vol. 47, No. 4, 2013
Posted: 15 Nov 2013
Xudong An, Yongheng Deng, Joseph Nichols and Anthony B. Sanders
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, Wisconsin School of Business, University of Wisconsin-Madison, Board of Governors of the Federal Reserve System and George Mason University - School of Business

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Default risk; CMBS loan; Local trait; Hazard model

56.

Commercial Mortgage Workout Strategy and Conditional Default Probability: Evidence from Special Serviced CMBS Loans

Journal of Real Estate Finance and Economics, Vol. 46, No. 4, 2013
Posted: 21 Mar 2013
Jun Chen and Yongheng Deng
Moody's Corporation - Moody’s Analytics and Wisconsin School of Business, University of Wisconsin-Madison

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Default risk, CMBS loan, Special service, Workout strategy, Hazard model, Logit model

57.

Omitted Mobility Characteristics and Property Market Dynamics: Application to Mortgage Termination

Journal of Real Estate Finance and Economics, Vol. 41, No. 3, 2010
Posted: 26 May 2010
Xudong An, John M. Clapp and Yongheng Deng
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, University of Connecticut - Department of Finance and Wisconsin School of Business, University of Wisconsin-Madison

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Housing Market, Mobility, Mortgage Termination, Multinomial Logit Model

58.

Correlation and Volatility Dynamics in REIT Returns: Performance and Portfolio Considerations

Posted: 12 Apr 2010
Peng Fei, Letian Ding and Yongheng Deng
University of Southern California, University of Southern California and Wisconsin School of Business, University of Wisconsin-Madison

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Dynamic Conditional Correlation, REIT returns, Real Estate, Diversification

59.

Is the Mean Return of Hotel Real Estate Stocks Apt to Overreact to Past Performance?

Journal of Real Estate Finance and Economics, Vol. 40, No. 4, 2010
Posted: 27 Feb 2010
Minye Zhang and Yongheng Deng
California State Polytechnic University, Pomona and Wisconsin School of Business, University of Wisconsin-Madison

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Hotel, Stock return pattern, Overreact

60.

An Early Assessment of Residential Mortgage Performance in China

Posted: 14 Jan 2005
Della Zheng, Yongheng Deng and Changfeng Ling
Independent, Wisconsin School of Business, University of Wisconsin-Madison and Tsinghua University

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Chinese Mortgage Market, Prepayment and Default, Empirical Hazard Model, Econometric Analysis

61.

A Proportional Hazards Model of Commercial Mortgage Default with Originator Bias

Posted: 04 Feb 2003
Brian A. Ciochetti, Rui Yao, Yongheng Deng, Gail Lee and James D. Shilling
Independent, Baruch College - Department of Economics and Finance, Wisconsin School of Business, University of Wisconsin-Madison, Credit Suisse First Boston and DePaul University

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mortgages, asset pricing, bankruptcy, liquidation, prepayment, default

62.

Racial Differences in Homeownership: The Effect of Residential Location

Posted: 22 Nov 2002
Yongheng Deng, Stephen L. Ross and Susan M. Wachter
Wisconsin School of Business, University of Wisconsin-Madison, University of Connecticut - Department of Economics and University of Pennsylvania - Wharton School, Department of Real Estate

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Homeownership, Residential Location, Race, Credit Constraints, Equity Risk

63.

Optimal Put Exercise: An Empirical Examination of Conditions for Mortgage Foreclosure

Posted: 15 Jun 2002
Brent W. Ambrose, Yongheng Deng and Charles A. Capone
Pennsylvania State University, Wisconsin School of Business, University of Wisconsin-Madison and Federal Housing Finance Agency

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mortgage default, loss severity, foreclosure

64.

A Dynamic Analysis of Fixed- and Adjustable-Rate Mortgage Terminations

Posted: 20 Apr 2002
Charles A. Calhoun and Yongheng Deng
Calhoun Consulting and Wisconsin School of Business, University of Wisconsin-Madison

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default, prepayment, option values, event history models, conditional probability, time-varying logit

65.

Mortgage Termination: An Empirical Hazard Model with Stochastic Term Structure

J. OF REAL ESTATE FINANCE AND ECONOMICS
Posted: 19 Apr 1996
Yongheng Deng
Wisconsin School of Business, University of Wisconsin-Madison

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