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44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
Session Name Page NumberThursday, June 02, 201610:00 AM
Local Governments and the Housing MarketGallery I
1
Lending and GSEGallery II
2
Foreclosures and DefaultGallery III
3
01:00 PMMortgages I
Gallery I4
Central CitiesGallery II
5
Urban CrimeGallery III
6
03:15 PMMortgages II
Gallery I7
Special Session to Honor Edwin MillsGallery II
8
Real Estate ReturnsGallery III
9
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
Session Name Page Number
Point of Contention: Declining HomeownershipGallery II
14
NeighborhoodsGallery III
15
02:00 PMLabor
Gallery I16
Housing and the MacroeconomyGallery II
17
Special Topics in Real Estate EconomicsGallery III
18
Friday, June 03, 201608:00 AM
Amenities and DisamenitiesGallery I
10
Commercial Real EstateGallery II
11
HomeownershipGallery III
12
10:15 AMREITs
Gallery I13
44 AREUEA National Conference
Washington, DC
June 2-3, 2016
th
Featured Luncheon Speaker:
Friday, June 3, 201612:15 pm - 1:45 pm
Salon Ballroom
Immediately following the lunch,
Theodore W. Tozer, President of Ginnie Mae,
will provide a keynote address.
44 AREUEA National ConferenceWashington, DC
June 2-3, 2016
th
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Local Governments and the Housing Market
Day: Thursday, June 02, 2016
Time: 10:00 AM
Location: Gallery I
Presiding: William DoernerFederal Housing Finance Agency (FHFA)Washington, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
Does Zoning Help or Hinder Transit-Oriented (Re)Development?Jenny Schuetz (Board of Governors of the Federal Reserve System), Genevieve Giuliano (University of Southern California), Eun Jin Shin (University of Southern California)
Housing Affordability: The Land Use Regulation link to Informal Tenure in Developing CountriesCynthia Goytia (Torcuato di Tella University), Pasquini Ricardo (Torcuato di Tella University)
Further Empirical Evidence on Property Taxation and the Occurrence of Urban SprawlRob Wassmer (California State University-Sacramento)
Strategic Sequential Bidding for Government Land Auction Sales - Evidence from SingaporeJing Li (Singapore Management University), Sumit Agarwal (National University of Singapore), Alan Cheong (Savills Valuation and Professional Services (S) Pte Ltd), Ernie Teo (Kim Kee Boon Institute for Financial Economics)
Page 1 of 19
D ISCUSSANTS:
Alistair McFarlane (US Department of Housing and Urban Development)
Lynn Fisher (Mortgage Bankers Association)
William D. Larson (Federal Housing Finance Agency)
Justin Contat (Longwood University)
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Lending and GSE
Day: Thursday, June 02, 2016
Time: 10:00 AM
Location: Gallery II
Presiding: Andrea HeusonUniversity of MiamiCoral Gables, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
Phasing Out the GSEsStijn Van Nieuwerburgh (New York University), Vadim Elenev (New York University Stern School of Business), Tim Landvoigt (University of Texas at Austin)
Effects of FHA Loan Limit Increases by ESA 2008: Housing Demand and Moral HazardRobert Van Order (George Washington University), Min Hwang (George Washington University), Chen Miller (George Washington University)
Mortgage Lender Profitability and Its Impact on Market SpreadsMichael Fratantoni (Mortgage Bankers Association)
D ISCUSSANTS:
Kamila Sommer (Federal Reserve Board of Governors)
Daniel Broxterman (Florida State University)
Mariya Letdin (Florida State University)
Page 2 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Foreclosures and Default
Day: Thursday, June 02, 2016
Time: 10:00 AM
Location: Gallery III
Presiding: Michael EriksenUniversity of CincinnatiCincinnati, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
How does mortgage distress affect neighboring properties' resale value? Evidence from Worcester, MAThomas Davidoff (University of British Columbia), Arnab Biswas (University of Wisconsin-stout)
Foreclosure Timeline and House PriceHamilton Fout (Fannie Mae), Mark Palim (Fannie Mae), Yi Song (Fannie Mae), Vincent Yao (Georgia State University)
Mortgage Loss Given Default: Loss on Sale and Lost TimeBen Le (Edgewood College), Anthony Pennington-Cross (Marquette University)
Owner Occupancy Fraud and Mortgage PerformanceElul Ronel (Federal Reserve Bank of Philadelphia), Tilson Sebastian (Federal Reserve Bank of Philadelphia)
D ISCUSSANTS:
Feng Liu (Consumer Finance Protection Bureau)
Robert Avery (Federal Housing Finance Agency)
Eric Rosenblatt (Fannie Mae)
Neil Bhutta (Board of Governors of the Federal Reserve System)
Page 3 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Mortgages I
Day: Thursday, June 02, 2016
Time: 01:00 PM
Location: Gallery I
Presiding: James ConklinUniversity of GeorgiaAthens, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
Are Lemons Sold First? Dynamic Signaling in the Mortgage MarketKris Gerardi (Federal Reserve Bank of Atlanta), Manuel Adelino (Duke), Barney Hartman-Glaser (University of California-Los Angeles)
Do Mortgage Subsidies Promote Household Formation? Evidence from the VA Home Loan ProgramJudith Ricks (Syracuse University)
Network Affiliation and Mortgage Modification in the Non-Agency MBS MarketMoussa Diop (University of Wisconsin), James Conklin (University of Georgia), Walter D'Lima (The Pennsylvania State University)
Systemic Banks, Mortgage Supply and Housing RentsPedro Gete (Georgetown University), Michael Reher (Harvard)
D ISCUSSANTS:
Anthony Pennington-Cross (Marquette University)
Hyojung Lee (University of Southern California)
Michael LaCour-Little (California State University-Fullerton)
Brent Ambrose (Pennsylvania State University)
Page 4 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Central Cities
Day: Thursday, June 02, 2016
Time: 01:00 PM
Location: Gallery II
Presiding: Jeffrey ZabelTufts UniversityMedford, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
The Effects of the Housing Crisis on the Finances of Central CitiesSandra Newman (Johns Hopkins University), Howard Chernick (Hunter College, City University of New York), Andrew Reschovsky (Lincoln Institute of Land Policy)
Urban Revival in America, 2000-2010Victor Couture (University of California, Berkeley), Jessie Handbury (The Wharton School, University of Pennsylvania)
Zoning and the Economic Geography of CitiesAllison Shertzer (University of Pittsburgh), Tate Twinam (University of Washington), Randall Walsh (University of Pittsburgh)
Income Driven Neighborhood Change: Labor Demand and Gentrification in New York CityJessica Burley (University of Toronto)
D ISCUSSANTS:
Leah Brooks (George Washington University)
Thom Malone (University of Southern California)
Edward Coulson (University of Nevada - Las Vegas)
Ingrid Ellen (New York University)
Page 5 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Urban Crime
Day: Thursday, June 02, 2016
Time: 01:00 PM
Location: Gallery III
Presiding: Keith FinlayUS Census [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
Keep the Kids Inside? Juvenile Curfews and Urban Gun ViolenceJennifer Doleac (University of Virginia), Jillian Carr (Purdue University)
The Academic Effects of Chronic Exposure to Neighborhood ViolenceAgustina Laurito (New York University), Ingrid Ellen (New York University), Johanna Lacoe (Mathematica Policy Research), Amy Schwartz (Maxwell School Syracuse University), Patrick Sharkey (New York University)
Police Incentives and the Enforcement of Drug CrimesR. Gittings (Texas Tech University), Gregory Deangelo (West Virginia University), Amanda Ross (West Virginia University), Annie Walker (University of Colorado, Denver)
Decriminalizing Indoor Prostitution: Implications for Sexual Violence and Public HealthScott Cunningham (Baylor University), Manisha Shah (UCLA)
D ISCUSSANTS:
Agustina Laurito (New York University)
Gregory Deangelo (West Virginia University)
Scott Cunningham (Baylor University)
Jennifer Doleac (University of Virginia)
Page 6 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Mortgages II
Day: Thursday, June 02, 2016
Time: 03:15 PM
Location: Gallery I
Presiding: Robert SaramaBoard of Governors of Federal Reserve SystemWashington, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
Cross-Sectional Patterns of Mortgage Debt During the Housing Boom: Stocks and FlowsPaul Willen (Federal Reserve Bank of Boston), Chris Foote (Federal Reserve Bank of Boston), Lara Loewenstein (Federal Reserve Bank of Boston)
Missing the Mark: Choosing a Local House Price Index and its Consequence on Mortgage ValuationWilliam Doerner (Federal Housing Finance Agency), Alexander Bogin (Federal Housing Finance Agency), William Larson (Federal Housing Finance Agency)
Cure Rates on Defaulted Junior Lien Mortgage DebtMichael LaCour-Little (California State University-Fullerton), Kimberly Luchtenberg (East Carolina University), Michael Seiler (The College of William & Mary)
Bank Adaptation to Neighborhood Change: Mortgage Lending and the Community Reinvestment ActRaphael Bostic (University of Southern California), Hyojung Lee (University of Southern California)
D ISCUSSANTS:
Douglas McManus (Freddie Mac)
Steven Laufer (Federal Reserve Board)
Paul Calem (Federal Reserve Bank of Philadelphia)
Kenneth Brevoort (Consumer Financial Protection Bureau)
Page 7 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Special Session to Honor Edwin Mills
Day: Thursday, June 02, 2016
Time: 03:15 PM
Location: Gallery II
Presiding: Edward CoulsonUniversity of Nevada - Las VegasLas Vegas, [email protected]
ESSION NFORMATION:
P DANEL ISCUSSION:
The Vertical City: Rent Gradients and Spatial StructureStuart Rosenthal (Syracuse University), Crocker Liu (Cornell University), William Strange (University of Toronto)
The Price of Land and the Height of Buildings in Chicago 1870-2010Daniel McMillen (University of Illinois), Gabriel Ahlfeldt (London School of Economics)
Measuring the Monocentricity of CitiesArthur O'Sullivan (Lewis and Clark College)
Urban Form and Driving: Evidence from US CitiesGilles Duranton (University of Pennsylvania), Matthew Turner (Brown University)
Page 8 of 19
PANELISTS:
William Strange (University of Toronto)
Daniel McMillen (University of Illinois)
Arthur O'Sullivan (Lewis and Clark College)
Gilles Duranton (University of Pennsylvania)
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Real Estate Returns
Day: Thursday, June 02, 2016
Time: 03:15 PM
Location: Gallery III
Presiding: Anthony YezerGeorge Washington UniversityWashington, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
Housing Booms and the Return to Salient FundamentalsJohn Clapp (University of Connecticut), Ran Lu-Andrews (University of Connecticut)
Asset-level risk and return in real estate investmentsJacob Sagi (University of North Carolina at Chapel Hill)
Repeat Rent Index Using Multiple Listing Service DataMolly Boesel (CoreLogic), Shu Chen (CoreLogic)
D ISCUSSANTS:
Weihua Zhao (George Washington University)
Robert Van Order (George Washington University)
Chun Kuang (George Washington University)
Page 9 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Amenities and Disamenities
Day: Friday, June 03, 2016
Time: 08:00 AM
Location: Gallery I
Presiding: Jenny SchuetzBoard of Governors of the Federal Reserve SystemWashington, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
The Effect of Legalizing Retail Marijuana on Housing Values: Evidence from ColoradoCheng Cheng (The University of Mississippi), Walt Mayer (The University of Mississippi), Yanling Mayer (FNC, Inc.)
Information Shock and Housing Market ResponsesKwan Ok Lee (National University of Singapore), Seonghoon Kim (Singapore Management University)
Are Local Retail Services an Amenity or a Nuisance?Rachel Meltzer (The New School), Sean Capperis (NYC Dept. of Housing Preservation and Development)
Obesity and House PricesStephen Popick (George Washington University), Anthony Yezer (George Washington University)
D ISCUSSANTS:
Brett Theodos (Urban Institute)
Jennifer Doleac (University of Virginia)
Anthony Pennington-Cross (Marquette University)
Judith Ricks (Syracuse University)
Page 10 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Commercial Real Estate
Day: Friday, June 03, 2016
Time: 08:00 AM
Location: Gallery II
Presiding: Tobias MuhlhoferUniversity of [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
How Taxes and Required Returns Drove Commercial Real Estate Valuations over the Past Four DecadesDavid Ling (University of Florida), John Duca (Federal Reserve Bank of Dallas), Patric Hendershott (DePaul University)
Does Enhanced Airport Access Affect Various Commercial Property Prices Differently?Jeffrey Cohen (University of Connecticut), James Blake (Vancouver Airport Authority), Mike Brown (Greater Toronto Airports Authority)
Supply Elasticity and Constraints in Commercial Real Estate MarketsGianluca Marcato (University of Reading), Michelle Tong (University of Reading)
D ISCUSSANTS:
Robert Connolly (University of North Carolina, Chapel Hill)
Edward Coulson (University of Nevada, Las Vegas)
Tobias Muhlhofer (University of Miami)
Page 11 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Homeownership
Day: Friday, June 03, 2016
Time: 08:00 AM
Location: Gallery III
Presiding: Andrew HansonMarquette UniversityMilwaukee, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
Cross-Country Differences in Homeownership: A Cultural Phenomenon?Stefanie Huber (European Central Bank), Tobias Schmidt (Deutsche Bundesbank)
Homeownership and Wealth Accumulation for Low-Income HouseholdsJeffrey Zabel (Tufts University), Allison Wainer (Tufts University)
Effects of Perceived House-Price Risk on Attitudes and Intentions about HomeownershipJames Wilcox (Haas School of Business)
Education and Attainment of Homeownership: How Important is Parental Background Compared to Individual Resources?Dowell Myers (University of Southern California), Hyojung Lee (University of Southern California), Gary Painter (University of Southern California), Julie Zissimopoulos (University of Southern California)
D ISCUSSANTS:
Joshua Miller (Department of Housing and Urban Development)
Jesse Bricker (Federal Reserve Board of Governors)
Dan Ringo (Federal Reserve Board of Governors)
Jeffrey Weinstein (Federal Deposit Insurance Corporation)
Page 12 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: REITs
Day: Friday, June 03, 2016
Time: 10:15 AM
Location: Gallery I
Presiding: David LingUniversity of FloridaGainesville, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
Geographic Proximity and Managerial Alignment: Evidence from Asset Sell-offs by Real Estate Investment Trusts (REITs)Chongyu Wang (University of Connecticut), John Glascock (University of Connecticut), Tingyu Zhou (Concordia University)
Paying for Peace of Mind: The High Cost of Secured DebtLinda Allen (Baruch College), Mariya Letdin (Florida State University)
The Importance of Location in the Financing of Property Acquisitions by REITsMingming Qiu (Baruch College), James Conklin (University of Georgia), Moussa Diop (University of Wisconsin)
The Impact of the Taxpayer Relief Act of 1997 on REIT ReturnsThomas Gosnell (University of Arizona ), Andrea Heuson (University of Miami)
D ISCUSSANTS:
Brad Case (National Association of Real Estate Investment Trusts)
Shaun Bond (University of Cincinnati)
Wayne Archer (University of Florida)
Yongqiang Chu (University of South Carolina)
Page 13 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Point of Contention: Declining Homeownership
Day: Friday, June 03, 2016
Time: 10:15 AM
Location: Gallery II
Presiding: Mark ShroderUS Department of HUDCollege Park, [email protected]
ESSION NFORMATION:
P DANEL ISCUSSION:
On the Plausibility of a 53-Percent Homeownership Rate by 2050Arthur Nelson (University of Arizona)
Cohort Momentum and Future Homeownership: The Outlook to 2050Dowell Myers (University of Southern California), Hyojung Lee (University of Southern California)
A Renter or Homeowner Nation?Laurie Goodman (Urban Institute), Susan Wachter (University of Pennsylvania), Arthur Acolin (University of Southern California)
The Future Course of U.S. Homeownership RatesDonald Haurin (Ohio State University)
PANELISTS:
Arthur Nelson (University of Arizona)
Dowell Myers (University of Southern California)
Arthur Acolin (University of Southern California)
Donald Haurin (Ohio State University)
Page 14 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Neighborhoods
Day: Friday, June 03, 2016
Time: 10:15 AM
Location: Gallery III
Presiding: Shimeng LiuUniversity of Southern CaliforniaLos Angeles, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
Difficult Development Areas and the Supply of Low-Income Housing Tax Credit UnitsMichael Eriksen (University of Cincinnati)
Is Anybody Home? The Impact and Taxation of Non-Resident BuyersMichael Suher (New York University)
High-Cost Cities, Gentrification and Voucher UseIngrid Ellen (New York University), Gerard Torrats-Espinosa (NYU )
Gentrification and Residential Mobility in PhiladelphiaLei Ding (Federal Reserve Bank of Philadelphia), Eileen Divringi (Federal Reserve Bank of Philadelphia), Jackelyn Hwang (Princeton University)
D ISCUSSANTS:
Jeffrey Zabel (Tufts University)
Jing Li (Singapore Management University)
Nuno Mota (Fannie Mae)
Jung Hyun Choi (University of Southern California)
Page 15 of 19
44 AREUEA National Conference
Washington, DC
June 2-3, 2016
th
Featured Luncheon Speaker:
Friday, June 3, 201612:15 pm - 1:45 pm
Salon Ballroom
Immediately following the lunch,
Theodore W. Tozer, President of Ginnie Mae,
will provide a keynote address.
Page 16 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Labor
Day: Friday, June 03, 2016
Time: 02:00 PM
Location: Gallery I
Presiding: Matthew FreedmanDrexel UniversityPhiladelphia, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
Agglomeration, Urban Wage Premiums, and College MajorsShimeng Liu (University of Southern California)
Local Labor Market Shocks and Residential Mortgage Payments: Evidence from Shale Oil and Gas BoomsGregory Upton (Louisiana State University), Meagan McCollum (Baruch College/CUNY)
How does the Surrounding Industrial Composition Affect Earnings Losses for Displaced Workers?Ken Ueda (University of Maryland - College Park)
Do Bank Branches Still Matter? The Effect of Closings on Local Economic OutcomesHoai-Luu Nguyen (University of California at Berkeley, Haas School of Busines)
D ISCUSSANTS:
Jeffrey Lin (Federal Reserve Bank of Philadelphia)
Ryan Decker (Federal Reserve Board)
Mark Kutzbach (US Census Bureau)
Leah Brooks (George Washington University)
Page 17 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Housing and the Macroeconomy
Day: Friday, June 03, 2016
Time: 02:00 PM
Location: Gallery II
Presiding: Paul WillenFederal Reserve Bank of BostonBoston, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
Housing Tenure and UnemploymentBingbing Wang (University of Southern California), Richard Green (University of Southern California)
Housing Market Stability, Mortgage Market Structure, and Monetary Policy: Evidence from the Euro AreaBing Zhu (University of Regensburg), Michael Betzinger (University of Regensburg), Steffen Sebastian (University of Regensburg)
The Effect of Interest Rates on the Housing Market in an Environment with Search FrictionsEdward Kung (University of California-Los Angeles), Elliot Anenberg (Federal Reserve Board of Governors)
Does Easing Monetary Policy Increase Financial Instability?Alessandro Rebucci (Johns Hopkins University), Ambrogio Cesa-Bianchi (Bank of England)
D ISCUSSANTS:
Kristopher Gerardi (Federal Reserve Bank of Atlanta)
Pedro Gete (Georgetown University)
Tess Scharlemann (Department of the Treasury)
Bora Durdu (Federal Reserve Board of Governors)
Page 18 of 19
44 th AREUEA National ConferenceWashington, DC
June 2-3, 2016
S ISession Title: Special Topics in Real Estate Economics
Day: Friday, June 03, 2016
Time: 02:00 PM
Location: Gallery III
Presiding: Lynn FisherMortgage Bankers AssociationWashington, [email protected]
ESSION NFORMATION:
P AAPERS & UTHORS:
Effects of Differential and Non-differential Measurement Error of Explanatory Variables on Mortgage ModelsShuang Zhu (Kansas State University), Raffaella Calabrese (University of Essex), Darren Hayunga (University of Georgia), Robert Pace (Louisiana State University)
Self-Reported vs. Market Estimated House Value: Are Homeowners Ignorant or Are They Lying?Jung Choi (University of Southern California), Gary Painter (University of Southern California)
Competition, Financial Constraints, and Appraisal InflationJames Conklin (University of Georgia), Edward Coulson (University of Nevada - Las Vegas), Moussa Diop (University of Wisconsin), Thao Le (Pennsylvania State University)
A New Estimate of Elasticity of Substitution Between Structure and Land for New York CityTian Luan (The George Washington University)
D ISCUSSANTS:
Chijack Lin (IFE Group)
Lynn Fisher (Mortgage Bankers Association)
Lauren Lambie-Hanson (Federal Reserve Bank of Philadelphia)
Jeffrey Zabel (Tufts University)
Page 19 of 19