Bio

I am an incoming Assistant Professor of Finance at the Alberta School of Business, University of Alberta. I will be graduating with a PhD in Economics from the London School of Economics in Summer 2025.

Research Interests: Real Estate, Household Finance, Industrial Organization

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Working Papers

An Equilibrium Model of the Markets for Rental and Owner-Occupied Housing

Presented at: Bocconi Finance, Duke Fuqua Finance, University of Alberta School of Business Finance, CERGE-EI, CEP-LSE Annual Conference, AREUEA National Conference (scheduled), AREUEA-ASSA (scheduled)

Abstract

A large and growing share of households rent from private landlords. I empirically analyze how landlord supply constraints affect welfare and housing affordability by influencing rents, prices, and the allocation of houses between the rental and owner-occupied sectors in the UK in the presence of household borrowing constraints. I combine several novel datasets of UK property markets and document three key facts that suggest the impact of landlord supply constraints on the housing market: (i) housing quality is segmented between the rental and owner-occupied sectors, with rentals generally offering lower quality; (ii) cities with more pronounced quality segmentation tend to have higher rent-to-price ratios; and (iii) in more segmented cities landlords have fewer assets. To quantify the effect of landlord supply constraints on the housing market, I develop and estimate a two-sided assignment model featuring household tenure and quality choice under borrowing constraints, and landlords’ quality choices for renting. I conduct counterfactuals to show that differences in landlord supply constraints explain much of the variation in quality segmentation and rent-to-price ratios observed across cities.

The Anatomy of a Shock to Residential Real Estate: The Role of Lending

with Benjamin Guin and Liam Clark

Abstract

What is the role of lending in transmitting shocks to residential real estate? We consider this question by examining an adverse and salient shock to a segment of the property market in England and Wales. This shock, arising from a tragic event which resulted in significant loss of life, affected high-rise properties. Using comprehensive administrative data on all residential mortgage and property transactions, combined with property-level rent data, we study responses in these markets. We document a decline in mortgage originations following the shock, with the sharpest contraction among first-time buyers. We also highlight the role of cash buyers and lender size in dampening the overall impact. Finally, we provide a framework to interpret how salient shocks—including climate-related risks—propagate through credit and housing markets, offering insight for financial policymakers.

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Publications

Risk Differentials between Green and Brown Assets

with Benjamin Guin and Perttu Korhonen · Economics Letters, April 2022

Abstract

We examine the relative riskiness of residential mortgages depending on the energy efficiency of the underlying property. Using a unique micro-level dataset in the UK, our analyses suggest that mortgages against energy-efficient properties are less frequently in payment arrears than mortgages against energy-inefficient properties. This result is robust to controlling for other relevant determinants of mortgage default including borrower income and loan-to-value (LTV).

Publishing and Promotion in Economics: The Tyranny of the Top Five

with James J. Heckman · Journal of Economic Literature, June 2020

Abstract

This paper examines the relationship between placement of publications in top five (T5) journals and receipt of tenure in academic economics departments. Analyzing the job histories of tenure-track economists hired by the top 35 US economics departments, we find that T5 publications have a powerful influence on tenure decisions and rates of transition to tenure. A survey of the perceptions of young economists supports the formal statistical analysis. Pursuit of T5 publications has become the obsession of the next generation of economists. However, the T5 screen is far from reliable. A substantial share of influential publications appear in non-T5 outlets. Reliance on the T5 to screen talent incentivizes careerism over creativity.

Evaluation of the Reggio Approach to Early Education

with J. J. Heckman, P. Biroli, D. Del Boca, L. P. Heckman, Y. K. Koh, S. Kuperman, C. D. Pronzato, and A. L. Ziff · Research in Economics, 2017

Abstract

We evaluate the Reggio Approach using non-experimental data on individuals from the cities of Reggio Emilia, Parma, and Padova belonging to one of five age cohorts: ages 50, 40, 30, 18, and 6 as of 2012. The treated were exposed to municipally offered infant-toddler (ages 0–3) and preschool (ages 3–6) programs. The control group either did not receive formal childcare or were exposed to programs offered by the state or religious systems. Our evaluation strategy consists of comparing the outcomes of those who attended municipal institutions in Reggio Emilia (treatment group) to control groups who experienced other preschool types (including no preschool) either in Reggio Emilia or in Parma and Padova. Relative to not receiving formal care, the Reggio Approach significantly boosts outcomes related to employment, socio-emotional skills, high school graduation, participation in elections, and obesity.