Stijn Van Nieuwerburgh Phone: 212‐998‐0673 Fax: 212‐995‐4233 E‐mail: [email protected] http://www.stern.nyu.edu/~svnieuwe NYU Stern School of Business Department of Finance 44 West Fourth Street, 9‐120 New York, NY 10012 PERSONAL Born in Ghent, Belgium on July 8, 1976; married with two children. Dual citizenship (Belgium and U.S.) EDUCATION Stanford University Ph.D. in Economics, 2003 Dissertation: Equity Returns and the Role of Housing as a Collateral Asset Advisors: Thomas Sargent, Robert Hall, Dirk Krueger M.Sc. in Financial Mathematics, 2001 M.A. in Economics, 2001 University of Gent B.A. in Economics, 1998, summa cum laude RESEARCH AREAS Real Estate, Asset Pricing, Macroeconomics, Household Finance, Information Theory, Human Capital ACADEMIC APPOINTMENTS New York University, Stern School of Business Professor of Finance Director of the Center for Real Estate Finance Research Fellow Center for Global Economy and Business Yamaichi Faculty Fellow Associate Professor of Finance (tenured) Charles Schaefer Family Fellow Assistant Professor of Finance Elsewhere September 2012‐present April 2012‐present August 2011‐present September 2009‐present September 2009‐August 2012 August 2006‐2009 August 2003‐2009 Member of the Advisory Board World Economic Forum Project on Housing Risk 2014‐ Member of the Academic Council of the AEI International Center on Housing Risk 2014‐ Visiting Scholar Federal Reserve Bank of Minneapolis April 2013 Visiting Scholar Federal Reserve Bank of New York Fall 2012, Spring 2014 Academic Consultant, National Bank of Belgium April 2012‐December 2014 Visiting Scholar Stanford University GSB (9 month sabbatical from NYU) September 2010‐June 2011 NBER Research Associate April 2010 – present NBER Faculty Research Fellow April 2006 –March 2010 CEPR Faculty Research Fellow January 2009 – present Research Assistant for Prof. Sargent, Stanford University June 2000‐ August 2002 PUBLISHED PAPERS Refereed Journal Articles 1.
Housing Collateral, Consumption Insurance and Risk Premia: an Empirical Perspective, H. Lustig and S. Van Nieuwerburgh, Journal of Finance, vol. 60 (3), June 2005, pp. 1167‐1219 2.
Stock Market Development and Economic Growth in Belgium, S. Van Nieuwerburgh, F. Buelens and L. Cuyvers, Explorations in Economic History, vol. 43(1), January 2006, pp. 13‐38 Learning Asymmetries in Real Business Cycles, S. Van Nieuwerburgh and L. Veldkamp, Journal of Monetary Economics, vol. 53(4), May 2006, pp. 753‐772 Reconciling the Return Predictability Evidence, M. Lettau and S. Van Nieuwerburgh, Review of Financial Studies, vol. 21(4), July 2008, pp. 1607-1652 The Returns on Human Capital: Good News on Wall Street is Bad News on Main Street, H. Lustig and S. Van Nieuwerburgh, Review of Financial Studies, vol. 21(5), September 2008, pp. 2097‐2137 Information Immobility and the Home Bias Puzzle, S. Van Nieuwerburgh and L. Veldkamp, Journal of Finance, vol. 64(3), June 2009, pp. 1187‐1215 Mortgage Timing, R. Koijen, O. van Hemert, and S. Van Nieuwerburgh, Journal of Financial Economics, August 2009, vol. 93 (2), pp. 292‐324 Information Acquisition and Under‐Diversification, S. Van Nieuwerburgh and L. Veldkamp, Review of Economic Studies, vol. 77(2), April 2010, pp. 779‐805 How Much Does Household Collateral Constrain Regional Risk Sharing?, H. Lustig and S. Van Nieuwerburgh, Review of Economic Dynamics, vol. 13(2), April 2010, pp. 265‐294 Why Has House Price Dispersion Gone Up? S. Van Nieuwerburgh and P.‐O. Weill Review of Economic Studies, vol. 77(4), October 2010, pp.1567‐1606 Technological Change and the Growing Inequality in Managerial Compensation, H. Lustig, C. Syverson, and S. Van Nieuwerburgh, Journal of Financial Economics, vol. 99(3), March 2011, pp. 601‐627 The Joy of Giving or Assisted Living? Using Strategic Surveys to Separate Bequest and Precautionary Motives, J. Ameriks, A. Caplin, S. Laufer, and S. Van Nieuwerburgh, Journal of Finance, vol. 66 (2), April 2011, pp. 519‐561 Predictability of Stock Returns and Cash Flows, R. Koijen, S. Van Nieuwerburgh, Annual Review of Financial Economics, vol. 3, December 2011, pp. 467‐491 The Wealth‐Consumption Ratio, H. Lustig, A. Verdelhan, and S. Van Nieuwerburgh, Review of Asset Pricing Studies, vol. 3(1), 2013, pp. 38‐94 Guaranteed to Fail: Fannie Mae and Freddie Mac and What to Do about Them, V. Acharya, M. Richardson, S. Van Nieuwerburgh and L. White, Economist Voice, vol. 10 (1), 2013, pp. 15‐
19 Time‐Varying Fund Manager Skill, M. Kacperczyk, S. Van Nieuwerburgh, and L. Veldkamp, Journal of Finance, vol. 69(4), August 2014, pp. 1455‐1484 – lead article Health and Mortality Delta: Assessing the Welfare Costs of Household Insurance Choice, R. Koijen, S. Van Nieuwerburgh, M. Yogo, May 2014, forthcoming Journal of Finance 3.
Conference Proceedings Articles and Book Chapters 18. Inside Information and the Own Company Stock Puzzle, S. Van Nieuwerburgh and L. Veldkamp, Journal of the European Economic Association Papers and Proceedings, vol. 4 (2‐3), May 2006, pp. 623‐633, 19. Annuity Valuation Given Long‐term Care Concerns and Bequest Motives, J. Ameriks, A. Caplin, S. Laufer, and S. Van Nieuwerburgh, Recalibrating Retirement Spending and Saving, J. Ameriks and O. Mitchel, (Eds), Oxford University Press, September 2008 20. Market Efficiency and Return Predictability, R. Koijen and S. Van Nieuwerburgh, Encyclopedia of Complexity & Systems Science, Robert Meyers (Ed.),Springer, 2009, pp. 3448‐3456 21. Mortgage Origination and Securitization in the Financial Crisis, D. Jaffee, A. Lynch, M. Richardson, and S. Van Nieuwerburgh, in: Restoring Financial Stability: How to Repair a Failed System, John Wiley and Sons, March 2009, edited by V. Acharya and M. Richardson, Chapter 1. 22. What to Do About the Government Sponsored Enterprises?, D. Jaffee, M. Richardson, S. Van Nieuwerburgh, L. White, and R. Wright, in: Restoring Financial Stability: How to Repair a Failed System, John Wiley and Sons, March 2009, edited by V. Acharya and M. Richardson, Chapter 4. 23. Long‐Run Risk, the Wealth‐Consumption Ratio, and the Temporal Pricing of Risk, R. Koijen, H. Lustig, S. Van Nieuwerburgh, and A. Verdelhan American Economic Review Papers & Proceedings, vol. 100(2), May 2010, pp. 552‐556 24. The Government Sponsored Enterprises, V. Acharya, S. Kon, S. Oncu, M. Richardson, S. Van Nieuwerburgh, and L. White, in Regulating Wall Street, John Wiley and Sons, September 2010, edited by V. Acharya, T. Cooley, M. Richardson, and I. Walter. 25. Consumer Financial Protection, T. Cooley, X. Gabaix, S. Lee, T. Mertens, V. Morowitz, S. Sanatana, A. Schmeits, S. Van Nieuwerburgh, and R. Whitelaw, in Regulating Wall Street, John Wiley and Sons, September 2010, edited by V. Acharya, T. Cooley, M. Richardson, and I. Walter. 26. Reforming the U.S. Housing Finance System: A Proposal, V. Acharya, M. Richardson, S. Van Nieuwerburgh and L. White, Chapter 1.4, in Financial Development Report 2011, World Economic Forum 27. The Research Agenda: Stijn Van Nieuwerburgh on Housing and the Macroeconomy, S. Van Nieuwerburgh, Economic Dynamics Newsletter, vol. 13 (2), April 2012 28. International Capital Flows and House Prices: Theory and Evidence, J. Favilukis, S. Ludvigson, S. Van Nieuwerburgh, in Housing in the Financial Crisis, NBER Book Series, edited by E. Glaeser and T. Sinai, 2013. 29. Judging the Quality of Survey Data by Comparison with ʺTruthʺ as Measured By Administrative Records: Evidence from Sweden, R Koijen, S. Van Nieuwerburgh, R. Vestman, in Improving the Measurement of Consumption Expenditures, NBER Book Series in Income and Wealth, University of Chicago Press, edited by C. Carroll, T. Crossley, and J. Sabelhaus, 2013 30. Housing, Finance, and the Macroeconomy, M. Davis and S. Van Nieuwerburgh, forthcoming in the Handbook of Regional Economics, 2015 PAPERS UNDER SUBMISSION OR REVISION 31. Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium, J. Favilukis, S. Ludvigson, and S. Van Nieuwerburgh, September 2013 32. Rational Attention Allocation over the Business Cycle, M. Kacperczyk, S. Van Nieuwerburgh, and L. Veldkamp, June 2014 33. The Cross‐Section and the Times Series of Stock and Bond Returns, R. Koijen, H. Lustig, and S. Van Nieuwerburgh, March 2014 34. Too‐Systemic‐To‐Fail: What Option Markets Imply about Sector‐wide Government Guarantees, B. Kelly, H. Lustig, and S. van Nieuwerburgh, July 2013 35. Firm Volatility in Granular Networks, B. Kelly, H. Lustig, and S. Van Nieuwerburgh, Working Paper, September 2013 36. Foreign Ownership of U.S. Debt: Good or Bad?, J. Favilukis, S. Ludvigson, S. Van Nieuwerburgh, SSRN Working Paper, September 2014 37. The Common Factor in Idiosyncratic Volatility, B. Herskovic, B. Kelly, H. Lustig, and S. Van Nieuwerburgh, SSRN Working Paper, May 2014 WORKING PAPERS 38. Can Housing Collateral Explain Long‐Run Swings in Asset Returns?, H. Lustig and S. Van Nieuwerburgh, NBER Working Paper, December 2006 BOOKS Guaranteed To Fail: Freddie, Fannie, and the Debacle of U.S. Mortgage Finance, V. Acharya, M. Richardson, S. Van Nieuwerburgh, and L. White, Princeton University Press, March 2011 Exercises in Recursive Macroeconomic Theory S. Van Nieuwerburgh, P.O. Weill, L. Ljungqvist, and T. Sargent, 2003 HONORS AND AWARDS Glucksman Institute Research Prize – First Prize (Too Systemic To Fail) Q‐group Best Paper Prize – 3rd prize Keynote speaker Merton H. Miller Doctoral Seminar EFM Best paper prize Western Finance Association (JP Morgan prize) Excellence in Refereeing Award, American Economic Review Society for Economic Dynamics ‐ Research Agenda on Housing Overview Best paper prize at the Utah Winter Finance Conference World’s Best 40 Business School Professors under the Age of 40, Poets & Quants Excellence in Refereeing Award, American Economic Review NSF Grant ($423,800) with S. Ludvigson Winner of the NYU Stern Teaching Excellence Award Nominated for Professor of the Year award by MBA students Distinguished Referee Award, Review of Financial Studies Best paper prize at the Utah Winter Finance Conference Q‐group Research Award ($10,000) with M. Kacperczyk and L. Veldkamp Netspar Grant (€10,000) with R. Koijen and M. Yogo NSF Grant ($35,000) with R. Vestman Glucksman Institute Research Prize – First Prize (Mortgage Timing paper) UCLA Zinman Research Center for Real Estate grant ($10,000) 2014 2013 2012 2012 2012 2012 2012 2011 2011 2010‐2012 2010 2010 2010 2010 2009 2009 2008 2008 2007 Federal Deposit Insurance Corporation grant ($10,000) Glucksman Institute Research Prize – First Prize (Home Bias paper) NSF Grant ($80,000) with H. Lustig Nomination for the Smith‐Breeden Prize for the best paper in the Journal of Finance Financial Management Association Best Paper Prize in Investments John M. Olin Dissertation Fellowship, SIEPR Fellow of the Fund for Flanders Scientific Research Graduate Service Award, Stanford University Fellow of the Belgian American Educational Foundation Ippa Bank prize for best economics honorʹs thesis in Belgium Belgian Secretary of State prize for development research ASLK Bank prize for best student in economics, University of Gent 2007 2006 2006 2005 2005 2002‐2003 2000‐2003 2001 1998‐1999 1999 1998 1998 TEACHING EXPERIENCE M.B.A. (full‐time+part‐time)+UG Instructor Real Estate Investment Strategies Spring 2014 M.B.A. (full‐time), Instructor Foundations of Finance, NYU Stern Fall 2008‐12 average teaching rating: 6.7/7 M.B.A. (part‐time), Instructor Foundations of Finance, NYU Stern Fall 2004‐09 average teaching rating: 6.4/7 Ph.D., Instructor Asset Pricing Theory (core course), NYU Stern Fall 2011, 12, 13 average teaching rating: 7/7 Ph.D., Instructor Asset Pricing Theory Seminar, NYU Stern Fall 2007‐08, 09‐10 average teaching rating: 7/7 Undergraduate, Instructor Foundations of Financial Markets, NYU Stern Spring 2003‐04 average teaching rating: 6.1/7 Executive Master Program in Risk Management – Securitization module (5 cohorts) 2010‐13 PROFESSIONAL SERVICE Editorial Positions Foreign Editor, Review of Economic Studies, September 2013‐ Associate Editor, Journal of Economic Theory, January 2013‐ Associate Editor, Journal of Finance, July 2012‐ Associate Editor, Journal of Banking and Finance, September 2011‐ Associate Editor, Review of Financial Studies, July 2010‐2013 Associate Editor, Journal of Empirical Finance, September 2006‐2012 Academic Advising PhD Committee member for: (* indicates chairman role, # indicates external examiner) 1. Oleysa Grishchenko (NYU Stern finance department, 2005), Penn State 2. Jinyong Kim (NYU economics department, 2005), Lehman Brothers 3. Carlos Gutierrez Mangas# (NYU economics department 2006) 4. Jack Favilukis (NYU Stern finance department, 2007), LSE 5. Ralph Koijen* (visiting NYU Stern finance department from Tilburg University, 2008), Chicago Booth finance 6. Lorenzo Naranjo (NYU Stern finance department 2009), Essec Paris 7. Jonathan Halket# (NYU economics department 2009), University College London 8. Jordan Brooks* (NYU economics department 2011), AQR 9. Bryan Kelly (NYU Stern finance department 2010), Chicago Booth finance 10. Roine Vestman* (NYU economics department 2010), Stockholm Institute of Financial Research (2010, post‐doc), Stockholm University (2012, job market) 11. Steven Laufer (NYU economics department 2012), Fed Board of Governors 12. Pavol Pavola (visiting NYU Stern finance department from University of Lugano, 2013), University of London, Birbeck College 13. Irina Zviadadze# (London Business School, finance department, May 2013), Stockholm school of Economics finance dpt. 14. Bjorn Ohl# (Stockholm School of Economics, economics department, August 2013), Central Bank of Poland 15. Shaojun Zhang* (NYU Stern finance department, May 2014), Hong Kong University 16. David Kohn (NYU economics department, May 2014), Universidad Torcuato di Tella 17. Jason Levine, (NYU Stern finance department, September 2014), Congressional Budget Office 18. Emil Siriwardane (NYU Stern finance department), in progress 19. Bernard Herskovic* (NYU economics department), in progress 20. Vadim Elenev* (NYU Stern finance department), in progress 21. Mohsan Bilal (NYU Stern finance department), in progress Research practicum advisor in Stern Finance department for Yuanzhi Li (2003‐04), Jack Favilukis (Stern Finance department, 2004‐05), Lorenzo Naranjo (Stern Finance department, 2005‐07), Michelle Zemel (Stern Finance department,2008‐09), Rustom Irani (Stern Economics department, 2008‐09), Shaojun Zhang (Stern Finance department, 2011‐12), Vadim Elenev and Matteo Crosigniani (Stern Finance department, 2012‐13), Vadim Elenev (Stern Finance department, 2013‐
14), Mohsan Bilal (Stern Finance department, 2013‐14) Undergraduate honor’s thesis advisor: Ryan Kreitzer (2012), Scott Chung (2014) Stern Undergraduate Research Program (SPUR) mentor: Suraj Ravi, Andrew Kim, Janshaaz Khan (2013) Executive Masters in Risk Management thesis supervisor: thesis on strategic default in the mortgage market (2013), thesis on tail risk in housing markets (2015) Conference Organization: NYU Stern CREFR‐ NY Fed conference on Mortgage Contract Design, NY Fed, May 21‐22, 2015 NYU Stern CREFR‐ NYU Stern CGBE conference on Real estate and the Macroeconomy in China, NYU, April 17, 2015 Third CREFR Fall Symposium, Bloomberg headquarters, October 8, 2014 Third CREFR Spring Symposium, NYU, April 23, 2014 HULM meeting, NYU, February 28‐March 1 2014 Second Macro‐Finance Society Meeting, NYU, October 26, 2013 (guest of honor Lars P. Hansen, keynote Thomas J. Sargent) Second CREFR Fall Symposium, Bloomberg headquarters New York City, October 18, 2013 Second CREFR Spring Symposium, NYU, April 30, 2013 CREFR Winter Symposium on the Return of Private Capital to the Mortgage Market, NYU, March 5, 2013 Roundtable Conference on Future of Mortgage Finance in U.S., NYU, May 30, 2012 Inaugural Conference Real Estate Initiative at NYU Stern, NYU, May 15, 2012 Conference in Honor of Nobel laureate Thomas J. Sargent: co‐organizer, NYU, October 14‐15, 2011 SED meetings in Gent, Belgium: Local organizer, July 6‐9, 2011 NYU‐Maryland Conference on GSEs, Housing, and the Economy: co‐organizer, January 24, 2011 NYU Salomon Center Conference on Information Frictions in Macroeconomics and Finance: organizer, April 2, 2010 NBER Asset Pricing Group: Fall meeting organizer Nov 21, 2008 Program Committee member: European Finance Association 2014, 2013 (track chair Real Estate), 2012, 2011, 2010 Western Finance Association: 2014, 2013, 2012, 2011, 2010, 2009, 2008 European Household Finance conference: 2014, 2013 (founding member) RFS Cavalcade: 2014, 2013, 2012, 2011 Society for Economic Dynamics: 2010, 2009, 2008, 2006 Financial Management Association: 2008, 2005 Committee Member: 2013 AFA Nominating Committee, 2007 FMA Best Paper Award Invited Session Organizer: AEA in Boston, January 2006 (“Human Wealth Returns” session and “Portfolio Choice” session), SED in Vancouver, July 2006 (“Return Predictability”), AEA in Chicago, January 2007 (“Housing and the Macro Economy”), AEA in New Orleans, January 2008 (“Long Run Risk”), SED in Cambridge, July 2008 (2 finance sessions), SED in Istanbul, July 2009 (“Stock and Bond Pricing”), European Financial Management Association in Amsterdam, May 2015 (“Mortgage Finance Around the World”) Service at NYU Director of the Center for Real Estate Finance Research, leadership role in starting the center, designing MBA Real Estate Specialization and undergraduate Real Estate Track, academic advisor to both programs organizing conferences for alumni, students and industry practitioners (6 major conferences to date), organizing real estate seminar series, organizing executive‐in‐residence series, recruiting and managing personnel, fundraising Seminar organization: Monday Finance seminar, 2004‐2005 and spring 2006‐07, Salomon Center macro‐
finance reading group, 2004‐2005, Wednesday Finance seminar, 2006‐2007, Friday Finance seminar, 2006‐2007, 2012‐13 Real Estate seminar, 2012‐13 Real Estate brownbag lunch, Real Estate Seminar 2013‐
14, Real Estate Seminar 2014‐15. Committee work: Internal review committee of undergraduate program, Spring 2004‐05, visitors committee, Spring 2006‐07, junior recruiting committee 2007‐08, PhD reform committee 2009, Finance Core Committee 2009, ad hoc senior recruiting committee 2011, junior recruiting committee 2011‐12, member of the Faculty Council (governance body at Stern) 2011‐14, chairman of the junior recruiting committee 2012‐13, P&T committee and subcommittees 2013‐2015 New faculty orientation seminar, September 2005, 2007, 2008, and 2009; Teaching mentor for junior assistant professor 2012‐13 Guest lecturer, “Limited Commitment, Asset Pricing, and Risk Sharing” in Prof. Sargent’s advanced macroeconomics PhD class and in Prof Pedersen’s advanced asset pricing PhD class. Guest lecturer in Prof. Bigg’s “Financing Retirement” MBA class. Guest lecturer in Prof. Amihud’s “Seminar on Finance Faculty Research” PhD class, Fall 2009. Guest lecturer in Prof. Singleton’s “Empirical Asset Pricing” PhD class, Fall 2010. Guest lecturer in Prof. Elton’s “Seminar on Finance Faculty Research” PhD class, Fall 2011, Fall 2012, Fall 2013, Fall 2014. Guest lecturer in Prof. Fernandez and Leahy’s “Understanding the Financial Crisis” course ECON‐
AD 106J, January 2013 Guest lecturer in job market paper research seminar, February 2013, February 2014 Stern MBA recruiting event–“The Future of the Real estate Industry,” Fall 2013 Stern‐wide faculty lunch series–“The Future of the U.S. Housing Finance System,” Fall 2011 Membership: American Finance Association, Western Finance Association, American Economic Association, Econometric Society, Society for Economic Dynamics, American Real Estate and Urban Economics Association. Referee for: American Economic Journals: Macro, American Economic Review, Berkeley Electronic Journals in Macroeconomics, Danish Research Council, Econometrica, Economic Letters, European Research Council, Explorations in Economic History, International Economic Review, Israel Science foundation, Journal of Banking and Finance, Journal of Business and Economic Statistics, Journal of Econometrics, Journal of Economic Dynamics and Control, Journal of Economic Literature, Journal of Economic Studies, Journal of Economic Theory, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Journal of International Economics, Journal of Monetary Economics, Journal of Money, Credit, and Banking, Journal of Political Economy, Journal of Urban Economics, Management Science, The National Science Foundation, Real Estate Economics, Review of Economic Dynamics, Review of Economic Studies, Review of Economics and Statistics, Review of Financial Studies, Quarterly Journal of Economics, The Social Sciences and Humanities Research Council of Canada. SEMINAR AND CONFERENCE PRESENTATIONS 2015 2014 Seminars: FRB/George Washington, Berkeley Haas (real estate), Chicago Booth Seminars: McGill (finance), Toulouse (finance), NYU macrolunch, NYU Stern finance seminar, New York Fed, Chicago Fed, Georgia Tech (finance), IMF Conferences: AFA and AEA in Philadelphia, SED in Toronto 2013 2012 2011 2010 2009 Seminars: SPM, CUNY graduate school, Standard & Poors, Vanderbilt University, Minneapolis Federal Reserve Bank, NYU macrolunch, University of Amsterdam, London School of Economics (finance), London Business School (finance), University of Maastricht, MIT Sloan (finance), University of Madison at Wisconsin (finance), University of Miami (finance), UVA (finance), Cornell (economics) Conferences: AFA & AEA in San Diego, CREFR Winter Symposium NYU Stern, Adam Smith workshop in Asset Pricing in Oxford, WFA in Lake Tahoe, NBER Asset Pricing meeting, MIT Capital Markets research Workshop, EFA in Cambrige (UK) Seminars: Stanford (European Policy Institute), Ohio State University (economics), Queens University (economics), Boston University (finance), Rochester Simon School (finance), Lugano, INSEAD (finance), Bank of Canada, NYU Stern (finance), Wharton School (macro) Conferences: AFA & AEA in Chicago, NYC real estate conference at Baruch, Utah Winter Finance Conference, NBER International Finance group, HULM conference in Boston, NYU‐Moody’s Credit Risk conference, SED conference in Cyprus, EFM conference in Barcelona (keynote speaker, doctoral program), NBER Summer Institute, Minnesota Macro Seminars: San Francisco Federal Reserve Bank, Stanford macro lunch, UC Davis economics, Stanford GSB finance lunch, USC Marshall economics, Stanford Hoover Institution, Financial Engines, NYU Stern finance, NYU Stern macro, Georgetown University, Columbia University economics, Utah Finance, webinar, National Bank of Belgium Conferences: GSE Conference in D.C., webinar, UBC Winter Finance Conference, NBER Asset Pricing meeting in Chicago, Real Estate Symposium Santa Fe, SED conference in Ghent, Christmas conference for Belgians abroad Seminars: SUNY Albany, U.C. Berkeley Haas, University of Virginia Darden/UVA joint finance seminar, European Central Bank, Philadelphia Federal Reserve Bank, UCLA Anderson, Stanford GSB Conferences: AEA Atlanta (2), ES Atlanta, AFA Atlanta, NBER EFG, Utah Winter Finance Conference, Duke‐UNC Asset Pricing Conference, SED conference in Montreal, Duke Housing Conference Seminars: ULB Brussels, Temple, UT Austin, Boston University, NYU Stern finance, University of Vienna, Rotterdam Erasmus (economics), UC Berkeley Haas finance, Toronto Rotman finance, University of Michigan finance, University of Washington St.‐Louis, NYU macro lunch, Tilburg, Rotterdam Erasmus (finance) Conferences: AEA San Francisco (2), University of Amsterdam Asset Pricing Retreat (2), SED conference in Istanbul (3), CEPR conference in Gerzensee (2) 2008 Seminars: FGV Rio, MIT Sloan finance, Purdue econ, Baruch finance, Kellogg finance, Chicago GSB finance, George Washington/Federal Reserve Board joint seminar Conferences: AFA New Orleans, AEA New Orleans, SED conference in Cambridge, NBER AP summer institute, Five Star Conference 2007 Seminars: Princeton University finance, NYU Stern macro lunch, University of Pennsylvania, Stanford University GSB, UC Berkeley Haas, NYU Stern finance, Florida State University, University of Tokyo (2), London School of Economics, Bank of England, University College London IFS, Kansas City Federal Reserve Bank, Duke finance, NYU finance, Harvard Business School finance, NYU macro lunch, National Bank of Belgium. Conferences: AFA Chicago, AEA Chicago, Copenhagen business school predictability conference (keynote speaker), Wharton Pension Research Council Conference, University of Madison Wisconsin real estate conference, Big Sky Real Estate Symposium, SED in Prague, NBER AP meeting, CEPR conference in Gerzensee (2), NBER Aging meeting, NBER Real Estate meeting, Minnesota macro, UCL conference on income dynamics and consumption inequality in London, UCLA conference on bond pricing and the macro‐
economy, CEPR International Finance conference in Brussels, NBER Fall AP meeting. Seminars: Columbia GSB, Wharton finance (micro), UCLA economics, UCSD finance, Stockholm SIFR (2), Stockholm School of Economics, BI School of Management Oslo, Oslo University economics, Frankfurt University economics, Tilburg University finance, Yale SOM, University of Minnesota finance, CMU finance. Conferences: AFA Boston, AEA in Boston, ES in Boston, NBER EFG in San Francisco, Texas Finance Festival VIII, , Western Finance Association in Keystone, SED in Vancouver, NBER International Finance Summer Institute, NYU Stern macro lunch, NBER Fall AP meeting. Seminars: INSEAD, George Washington University, Federal Reserve Board Domestic Group, NYU Stern Finance, Princeton University, NYU Stern macro lunch, University of Illinois at Urbana‐Champaign, Iowa Business School, Ohio State economics, Ohio State finance, NYU Finance. Conferences: AEA in Philadelphia, Prague Macroeconomic Theory Workshop, SED conference in Budapest, NBER Summer Institute Asset Pricing Meeting, CEPR Asset Pricing Meeting in Gerzensee, ES World Congress in London, EFA in Moscow, Cleveland Fed International Macroeconomics Conference, FMA Conference in Chicago, FEA Conference at UNC. Seminars: NYU Stern Finance, Cornell Financial Engineering. Conferences: AEA in San Diego, SED Conference in Florence, CEPR Asset Pricing Meeting in Gerzensee, EFA Meetings in Maastricht. 2006 2005 2004 2003 Seminars: Stanford University Finance, New York University Finance, University of Wisconsin Real Estate, University of California at San Diego Economics, London Business School Finance, London School of Economics, University College London Economics, University of North Carolina Finance, Federal Reserve Bank of Richmond, Yale University Economics, University of Minnesota Economics, University of Maryland Economics, Federal Reserve Bank of New York, Boston University Economics, Wharton Finance (macro), University of Pittsburgh Economics, Carnegie Mellon University Economics, Northwestern University Finance, University of Texas at Austin Finance, University of Texas at Austin Economics, Federal Reserve Board of Governors. Conferences: NBER Summer Institute Asset Pricing in Cambridge, SED Conference in Paris. 2002 and Seminars: University of Gent Economics (3), UCLA Economics, University of Chicago earlier Economics, Stanford University Economics (3), Conferences: SED Conference in New York, North American Meeting of the ES in Los Angeles, SED Conference in Stockholm, Federal Reserve Bank of Chicago Conference DISCUSSIONS 1.
Mortgages as Recursive Contracts, by J. Krainer and M. Marquis, Econometric Society Winter Meetings, San Diego, January 6, 2004 2. Was There a NASDAQ Bubble in the Late 1990s?, by L. Pastor and P. Veronesi, CEPR Asset Pricing Conference, Gerzensee, July 29, 2004 3. US Banking Deregulation, Small Business and Interstate Insurance of Personal Income, by Y. Demanyk, C. Ostergaard, and B. Sorensen, Econometric Society Winter Meetings, Philadelphia, January 8, 2005 4. Examining the Statistical Properties of Financial Ratios, by C. Hansen and B. Tuypens, European Finance Association, Moscow, August 24, 2005 5. Higher Risk Aversion in Older Agents: Its Asset pricing Implications, by A. DaSilva and C. Giannikos, Financial Management Association, Chicago, October 15, 2005 6. No‐Arbitrage Macro‐Economic Determinants of the Yield Curve, by R. Bibkov and M. Chernov, Five Star Conference, New York, December 2, 2005. 7. Portfolio Concentration and the performance of Individual Investors, by Z. Ivkovic, C. Sialm and S. Weisbenner, American Finance Association, Boston, January 6, 2006 8. Risk, Uncertainty, and Asset Prices, by G. Bekaert, E. Engstrom, and Y. Xing, Caesarea Center Conference, Tel Aviv, May 15, 2006 9. The Baby Boom: Predictability in House Prices and Interest Rates, by R. Martin, AREUEA Winter Meetings, Chicago, January 6, 2007 10. Investment‐Cash Flow Sensitivity and the Value Premium, by R. Novy‐Marx, WFA Meetings, Big Sky, June 26, 2007 11. Housing and Consumer Bahavior, by J. Muellbauer, joint discussion with Sydney Ludvigson, NYU Economics Department, Federal Reserve Bank of Kansas City’s annual Economic Policy Symposium, Housing, Housing Finance, and Monetary Policy, Jackson Hole, September 1, 2007 12. The Term Structure of Bond Market Liquidity, by R. Goyenko, A. Subrahmanyam, and A. Ukhov, 18th Annual Conference on Financial Economics and Accounting, NYU Stern, October 27, 2007 13. Durability of Output and Expected Stock Returns, by J. Gomes, L. Kogan, and M. Yogo, AFA Meetings, New Orleans, January 2008 14. What is the Chance that the Equity Premium Varies Over Time? Evidence from Predictive Regressions, by J. Wachter and M. Warusawitharana, AFA Meetings, New Orleans, January 2008 15. The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis, by A. Mian and A. Sufi, NBER Monetary meeting, Chicago, April 2008 16. Changing Relationship between House Prices and Consumption, by J. Kim, The Bank of Korea International Conference, May 2008 17. A New Explanation for Under‐diversification, by H. Liu, AFA Meetings, San Francisco, January 2009 18. Industry‐Specific Human Capital, Idiosyncratic Risk and the Cross‐section of Stock Returns, by E. Eiling, AFA Meetings, San Francisco, January 2009 19. Risk and Return in Bond, Currency and Equity Markets, by R. Bansal and I. Shaliastovich, AEA Meetings, San Francisco, January 2009 20. Labor Hiring, Investment and Stock Return Predictability in the Cross‐Section, by S. Bazdrech, F. Belo, and X. Lin, CEPR Meetings Gerzensee, July 2009 21. Bond Positions, Expectations, and the Yield Curve, by M. Piazzesi and S. Schneider, AEA Meetings, Atlanta, January 2010 22. Asset Pricing With Left‐Skewed Long‐Run Risk in Durable Consumption, by W. Yang, AFA Meetings, Atlanta, January 2010 23. Sharpe ratios in Term Structure Models, by G. Duffee, NBER Asset Pricing Meeting, Chicago, April 2010 24. Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis, by E. Boz and E. Mendoza, Philadelphia Workshop on Macroeconomics, Federal Reserve Bank of Philadelphia, April 2011 25. Systemic Risk from Real Estate and Macro‐prudential Regulation, by F. Allen and E. Carletti, Federal Reserve Board and JMCB Conference on Regulation of Systemic Risk, Washington D.C., September 2011 26. The Good, Bad, and Volatility Beta: A Generalized CAPM, by R. Bansal, D. Kiku, and A. Yaron, AFA Meetings, Chicago, January 2012 27. Retirement Investing: Analyzing the ‘Roth’ Conversion and Re‐characterization Options, by R. Dammon and C. Spatt, Rodney White Center conference on Household Investment Decisions, the Wharton School, March 2012 28. Does Academic Research Destroy Return Predictability, by Jeff Pontiff and David McLean, WFA meetings, Lake Tahoe, June 2013 29. Collateral Value and Borrower Financial Constraints: Evidence from the Residential Real Estate Market, by S. Agarwal, I. Ben‐David, and V. Yao, ASSA/AREUEA meetings, Phildelphia, January 2014 30. Regional Risk Sharing through the U.S. Mortgage Market, by E. Hurst, B. Keys, A. Seru, and J. Vavra, NBER Housing Finance Meeting, Chicago, April 25, 2014 31. How Mortgage Finance Affects the Urban Landscape, by S. Chan, A. Haughwout, and J. Tracy, Handbook of Regional Economics conference, Toronto May 9, 2014 32. External Equity Financing Shocks, Financial Flows, and Asset Prices, by F. Belo, X. Lin, and F Yang, Third Macro Finance Society meeting, Chicago, May 31, 2014 33. Banking Integration and House Price Comovement, by A. Landier, D. Sraer,, and D. Thesmar, Conference on Financial Frictions, Copenhagen, August 25‐26, 2014 34. Time is Money: Rational Life Cycle Inertia and the Delegation of Investment Management, H. H. Kim, R. Maurer, and O. Mitchell, European Household Finance Conference, Stockholm, September 12, 2014 35. Bond Market Exposures to Macroeconomic and Monetary Policy Risks, by D. Song, NBER Asset Pricing meeting, Stanford, November 21, 2014 36. Leisure Preferences, Long‐Run Risk and Human Capital Returns, by R. Dittmar, and F. Palomino, AFA meetings, Boston, January 3, 2015 MEDIA COVERAGE “Shaky Markets Prompt Rumors of Who’s in Trouble,” by Julie Creswell, New York Times, August 10, 2007 – on the lack of transparency in sub‐prime mortgage‐backed securities holdings “Vancouver, B.C. Among The Most Overpriced Real Estate Markets,” by Matt Woolsey from Forbes, August 26, 2007 – on regional real estate prices “Time Warp: Reeling in the Years,” by Joe Lisanti, New York Daily News, August 27, 2007 – on the practice of back testing to provide historical performance statistics for new mutual funds and ETFs “Global Economist Downplays Concerns over Stagflation,” by Jae‐kyoung Kim, Korea Times, May 29, 2008 – article that discusses my opinion of the possibility on global stagflation and the associated risks for the Korean economy “Bank of Korea One of Big Winners in US Mortgage Bailout,” by Jae‐kyoung Kim, Korea Times, September 10, 2008 ‐ on the bailout of Freddie Mac and Fannie Mae and the implications for foreign central banks “Wall Street crisis: What business school professors are telling their ʹworriedʹ students,” by Jessica Troiano, AM New York, September 24, 2008 – article on the impact of the crisis on studying and preparing for a career in finance “Business School Students Feel the Effect of Wall Street Crisis,” by Ed Drantch, My Fox 5 News.com, October 5, 2008 – office interview on effects of crisis on student careers and teaching finance. “Recessie is ideaal om talentrijke fondsbeheerders te ontdekken,” by Kris Van Hamme, De Tijd, May 19, 2009 – profile interview about the financial crisis and about my research “Ex‐Countrywide leaders look to clean up mortgage mess they helped create,” by Rachel Beck, Associated Press, May 29, 2009, on Penny Mac and mortgage modification by newly formed private lenders Interview on Reuters TV (live), segment on the future of U.S. Treasury yields in the wake of rising budget deficits, May 29, 2009 “Compromis Bedreigt Hervorming,” by Kris Van Hamme, De Tijd, June 18, 2009 – covers my reaction on the Obama plan for financial regulatory reform “Obama Worstelt Met Lot Fannie & Freddie,” by Kris Van Hamme, De Tijd, September 8, 2009 – my commentary on the one year anniversary of the conservatorship of Freddie Mac and Fannie Mae and their long‐term future Wall Street Journal mentions my “Attention Allocation over the Business Cycle” paper, November 12, 2009 “The Anatomy of Great Fund Managers” BizEd coverage of my “Attention Allocation over the Business Cycle” paper, March‐April 2010 “De Toekomst van Fannie en Freddie,” by Kris Van Hamme, De Tijd, August 20, 2010 – covers my reaction on the housing finance conference on the future of the GSEs
“Washington Begint Puin Te Ruimen” by Roel Verrycken, De Tijd, February 11, 2011 ‐ covers my reaction on the Obama administration’s plan to reform Freddie and Fannie
All press coverage of Guaranteed to Fail book is available at http://www.stern.nyu.edu/Newsroom/FacultyResearch/CON_024705
“Indexeren met Enkel Voordelen,” with Gert Peersman, De Tijd, June 18, 2011 – opinion piece on automatic wage indexation system in Belgium
“How Much is the Bernanke Put Worth?” by Izabella Kaminska, Financial Times Alphaville, June 22, 2011 – coverage of my paper “Too Systemic to Fail”
“Belgische Rekenkunde,” with Gert Peersman, De Standaard, July 4, 2011 – opinion piece on the sustainability of fiscal policy in Belgium
“Three Questions on Financial Stability,” Simon Johnson, New York Times Economix Blog, September 1, 2011 – cites my paper “Too Systemic to Fail” extensively
“Making Europe safer”, opinion piece in the Wall Street Journal, September 27, 2011, with the euro‐nomics team, on European Safe Bonds (ESBies)
“Vergeet De Euro‐obligaties, Ga Voor European Safe Bonds,” opinion piece De Tijd, October 3, 2011.
Bloomberg Radio interview for Michael McKee and Sara Eisen’sʺOn the Economy,ʺ discussion of European crisis and the state of housing in the US, aired January 10, 2012
“How To Put an End to Freddie and Fannie,” guest piece in Forbes, joint with V. Acharya, M. Richardson, and L. White, January 10, 2012
“Florida Primary Turns Spotlight on Housing Bust’s Fallout,” USA Today (main story in economics section), January 23, 2011, quotes me and references our Guaranteed to Fail book.
The Economist mentions my article “International Capital Flows and House Prices: Theory and Evidence” as one of the interesting articles of the week on its blog, January 25, 2012.
“Lig Maar Wakker Van Dikke Bertha,” opinion piece De Tijd, on the LTRO program launched by the European Central Bank, February 28, 2012
“Housing Bubble? What Housing Bubble?,” Leon Neyfakh, Boston Globe, August 3, 2012 cites me in debate with Paul Willen on the origins of the U.S. housing boom and bust
“With Rates Low, Banks Increase Mortgage Profit,” Peter Eavis, New York Times, August 8, 2012, article on growing primary‐secondary mortgage spread
“Matters of Life and Death,” opinion piece Bloomberg Business Class, August 2012
“No Money Down Home Loans Return, With a Twist,” National Public Radio Market Place interview by Mark Garrison, March 25, 2013
“Regulators Worry Mortgage REITs Pose Threat to Financial System,” Deborah Salomon, Wall Street Journal, April 19, 2013
Radio interview for Deutschlandfunk, SRF 4 Switzerland, and Radio Berlin on Fannie Mae and Freddie Mac by Miriam Braun,
Television interview for Korean channel MBC by Simon Gim, on U.S. real estate market and role of institutional investors, September 24, 2013
“The New Math on renting versus Buying,” Annamaria Andriotis, Wall Street Journal, May 2, 2014
Radio Interview for Swiss Radio International, by Beat Solterman, on private institutional investment in single‐family homes, May 8, 2014
“Subsidizing Mortgage Debt Does More Harm Than Good,” on home ownership versus renting, New York Times, July 15, 2014. EXECUTIVE TEACHING
Morgan Stanley ‐ Portfolio Theory and Options Pricing – February 3, 10, and 17, 2007 Greenwich Associates – Foundations of Finance ‐ February 6 and 13, 2007, February 5 and 12, 2008, and Portfolio Theory ‐ June 19 and 26, 2008 NYU TRIUM Global Executive MBA program – Real Estate Before, During, and After the Financial Crisis, September 1, 2009 NYU China Southern Pacific Fund program – Portfolio Management ‐ October 1, 2009 NYU ‐ Standard & Poors Analyst Training Program – Fixed Income Securities – October 9 and 10, 2009 NYU ‐ Standard & Poors Open Enrollment Program Foundations of Credit Analysis – April 14, 2010 NYU ‐ Standard & Poors Analyst Training Program – Fixed Income Securities – June 21, 2010 and October 5, 2010 Master Class in Seoul, Asian Economic Forum – Foundations of Finance ‐ October 11, 2012 NYU –CMS custom program – Structured Finance – July 9, 2013 NYU –CTA wealth management custom program – Structured Finance –July 31 (pm) and August 1 (am), 2013 The Current State of the U.S. Real Estate markets, Global Frontiers – January 29, 2014 NYU – CFO program – session on securitization – April 18, 2014 NYU – FGV program – session on securitization – May 22, 2014 Master Class in Seoul, Asian Economic Forum – Real Estate Finance ‐ October 15, 2014 Last update: September 2014