Real Estate Finance Conference - November 30–December 1, 2017

Federal Reserve Bank of Atlanta
1000 Peachtree Street, NE
Atlanta, Georgia 30309

The Federal Reserve Bank of Atlanta and the Georgia State University Department of Real Estate are hosting a two-day real estate finance conference on November 30–December 1, 2017. The conference will be on real estate finance broadly defined, including topics on both residential and commercial markets. The conference aims to bring together researchers and policymakers who work on these issues to explore recent advances in the field, to increase awareness of the subject, and to influence policy making by regulators and central banks.


Thursday, November 30, 2017
7:45 a.m. Continental breakfast
8:20 Welcome and opening remarks
Dean Phillips, J. Mack Robinson College of Business at Georgia State University
8:30 Session 1: RMBS Market
Chair: Vincent Yao, Georgia State Unversity
  "Information Asymmetry in Private-Label Mortgage Securitization: Evidence from Allocations to Affiliated Funds"
Brent Ambrose, Pennsylvania State University
Moussa Diop, University of Wisconsin
Walter D'Lima, University of Notre Dame
Mark Thibodeau, Pennsylvania State University

Discussant: Rohan Ganduri, Emory University
  "Market Dynamics Among the ABX Index, Credit Default Swaps, and Mortgage-Backed Bonds"
Michael Imerman, Lehigh University
Joe Mason, Louisiana State University
Rajesh Narayanan, Louisiana State University
Meredith Rhodes, Louisiana State University

Discussant: Feng Zhao, University of Texas–Dallas
10:00 Break
10:30 Session 2: Government Intervention in the Mortgage Market
Chair: Scott Frame, Federal Reserve Bank of Atlanta
  "Pockets of Poverty: The Long-Term Effects of Redlining"
Ian Appel, Boston College
Jordan Nickerson, Boston College

Discussant: Bhash Mazumder, Federal Reserve Bank of Chicago
  "The Effect of Government Mortgage Guarantees on Home Buying and Home Ownership"
Serafin Grundl, Federal Reserve Board
You Suk Kim, Federal Reserve Board

Discussant: Felipe Severino, Dartmouth College
Noon Lunch
1:00 p.m.
Session 3: Technological and Measurement Advances
Chair: Shane Sherlund, Federal Reserve Board
  "Highly Disaggregated Topological Land Unavailability"
Chandler Lutz, Copenhagen Business School
Ben Sand, York University

Discussant: Chris Foote, Federal Reserve Bank of Boston
  "The Role of Technology in Mortgage Lending"
Andreas Fuster, Federal Reserve Bank of New York
Matthew Plosser, Federal Reserve Bank of New York
Philip Schnabl, New York University
James Vickery, Federal Reserve Bank of New York

Discussant: Sudheer Chava, Georgia Tech
2:30 Break
Session 4: Foreclosure Mitigation
Chair: Jim Conklin, University of Georgia

"Foreclosure Moratorium and Strategic Default"
Nikolaos Artavanis, University of Massachusetts
Ioannis Spyridopoulos, American University

Discussant: Paul Willen, Federal Reserve Bank of Boston
  "A Shortage of Short Sales: Explaining Under-Utilization of a Foreclosure Alternative"
Calvin Zhang, Federal Reserve Bank of Philadelphia

Discussant: Geng Li, Federal Reserve Board
4:30 Break
4:45 Session 4 (Continued)
  "Financial Fragility with SAM?"
Daniel Greenwald, Massachusetts Institute of Technology
Tim Landvoigt, University of Pennsylvania
Stijn Van Nieuwerburgh, New York University

Discussant: Jiro Yoshida, Pennsylvania State University
5:30 Adjournment and reception
7:00 Conference dinner (Hudson Grille)
Friday, December 1, 2017
8:00 a.m. Continental breakfast
8:30 Session 5: Speculative Activity, Financial Stability and the Mortgage Market
Chair: Kristopher Gerardi, Federal Reserve Bank of Atlanta
  "The Price to Rent Ratio: A Macroprudential Application"
Sophia Gilbukh, Federal Reserve Bank of New York
Andrew Haughwout, Federal Reserve Bank of New York
Joseph Tracy, Federal Reserve Bank of Dallas

Discussant: Sam Kruger, University of Texas–Austin
  "Economic Consequences of Housing Speculation"
Zhenyu Gao, Chinese University of Hong Kong
Michael Sockin, University of Texas
Wei Xiong, Princeton University

Discussant: Charles Nathanson, Northwestern University
10:00 Break
10:30 Session 6: Borrower Behavior in Mortgage Markets
Chair: Gonzalo Maturana, Emory University
  "Responses to Saving Commitments: Evidence from Mortgage Run-offs"
Steffen Andersen, Copenhagen Business School
Philippe D'Astous, HEC Montreal
Jimmy Martinez-Correa, Copenhagen Business School
Stephen Shore, Georgia State University

Discussant: Benjamin Keys, University of Pennsylvania
  "'I'll Have What She's Having': Identifying Social Influence in Household Mortgage Decisions"
W. Benedict McCartney, Duke University
Avni Shah, University of Toronto

Discussant: Kyle Mangum, Georgia State University
Noon Lunch
Keynote delivered by Egbert Perry
1:30 p.m. Session 7: Commercial Real Estate
Chair: Jon Wiley, Georgia State University
  "There's No Place Like Home: Local Asset Concertation, Information Asymmetries, and Commercial Real Estate Returns"
David Ling, University of Florida
Andy Naranjo, University of Florida
Benjamin Scheick, Villanova University

Discussant: Brad Case, National Association of Real Estate Investment Trusts (NAREIT)
  "Learning the Hard Way? Hurricanes and Commercial Real Estate Values"
Piet Eichholtz, Maastricht University
Eva Steiner, Cornell University
Erkan Yonder, Ozyegin University

Discussant: Shane Sherlund, Federal Reserve Board