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Annual Conference

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Real Estate and Urban Economics

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May 2024

The Long-Run Environmental Consequences of Land Development

Congyan HAN, Lu HAN, Vincent YAO
We study the long-run environmental impacts of land development activities using flood claims and land use data at the zip code level. Employing long differences and instrumental variable approaches, we find that an increase in developed land is associated with a significant increase in flood claims...
Keywords: Land Use, Flood Damage, Environmental Effects, Right to Work Law
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Annual Conference

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Corporate Finance

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May 2023

Market-Based Innovation Policy: Evidence from High-Tech Incubators in China

Yue PAN, Tao SHU, Vincent YAO, Pengdong ZHANG
Using proprietary data of all high-tech incubators in China, we study a new approach by government to implement industrial policy through market intermediaries instead of directly allocating resources. Exploiting a highly localized industrial policy that targets different “strategic emerging indus...
Keywords: Entrepreneurship, Incubators, High-tech startups, Industrial policy, Innovation
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Annual Conference

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Real Estate and Urban Economics

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May 2019

FinTech Borrowers: Lax-Screening or Cream-Skimming?

Vincent YAO, Marco Di MAGGIO
Personal credit is the fastest-growing segments of the consumer credit market, mainly driven by fintech lenders' staggering expansion. We show that fintech lenders acquire market share by first lending to higher-risk borrowers and then to safer borrowers, and mainly rely on hard information to make ...
Keywords: FinTech, Credit History, Self-Control, Present-Bias
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2016

Mortgage Refinancing, Consumer Spending and Competition

Sumit AGARWAL, Amit SERU, Tomasz PISKORSKI, Vincent YAO, Gene AMORMIN, Souphala CHOMSISENGPHET
Using loan-level mortgage data merged with consumer credit records, we examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP). The policy relaxed housing equity constraints by extending government...
Keywords: financial crisis, HARP, Debt, Refinancing, Consumption, Spending, Household Finance, Mortgages, Policy Intervention
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