Assistant Professor of Finance at @Rice_Biz. Working on housing finance.
Joined August 2017
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Great paper! Very thought provoking.
This has been in the back of our minds since we started working on credit scoring years ago. Credit scores are used by lenders and others, so can a lower score worsen financial health and cause the default it predicts? If so, do scorers have incentives to limit these defaults?
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Cool paper!
Many think the rise in risky gambling is linked to economic nihilism and housing unaffordability
This paper finds evidence that’s the case: winning a housing lottery lowers crypto usage, losing your job raises it. “Status” motives matter
conference.nber.org/conf_pap…
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AI is getting better at independent research by day! Big mathematical breakthrough by AI.
hello there the jacobian conjecture is false thanx to my close friend akhil for asking about it and my other close friend fable for working during the world cup final
((1+xy)^3 z + y^2 (1+xy) (4+3xy), y + 3 x (1+xy)^2 z + 3 x y^2 (4+3xy), 2 x - 3 x^2 y - x^3 z): \C^3\to \C^3, has jacobian determinant -2, and sends (0, 0, -1/4), (1, -3/2, 13/2), and (-1, 3/2, 13/2) to (-1/4, 0, 0)
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This is an impressive slide from Hyung Won Chun, and the application to economics/finance feels inevitable to me.
As an AI faculty now surrounded by economists at Booth, the discussion on scaling and the Lucas critique has been entertaining to watch. IMO the spirit of @arpitrage's claim feels right but double descent isn't the best analogy. Instead, we should look to language understanding:
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David H Zhang retweeted
Our researchers present a new model of mortgage default that better matches the data. They find that more realistically capturing the tradeoffs between staying in a home versus exiting into the rental market are key to understanding the decision to default clefed.org/4mDX7lU
ALT "Is There a Puzzle in Underwater Mortgage Default?”
Thanks for sharing our paper on the impact of the NAR settlement! We find some changes in buyers’ and sellers’ representation choices, though little effects on commission rates conditional on hiring an agent.
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David H Zhang retweeted
Measuring the Impact of the NAR Settlement @SSRN papers.ssrn.com/sol3/papers.…
Thanks for organizing and looking forward to the session!
Come join us for the #ASSA2025 session on Mortgage Lock-In today at 10:15h! @SVNieuwerburgh @JuliaAFonseca @dhzecon @VadimElenev @alz_zyd_
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David H Zhang retweeted
Fun project to work on! Fun fact: @NunoClara_ and I met in-person for the first time after the paper was accepted, and @Franc_J_Gomes and I haven’t even been in the same country. I kept trying to convince both of them that we needed to meet on the beaches of Portugal…
Great to see this finally in print: Borrow now, pay even later: A quantitative analysis of student debt payment plans☆, joint with @Franc_J_Gomes @mboutros_econ
sciencedirect.com/science/ar…
Had a fantastic time in London for the MoFiR conference! Grateful for the opportunity to present my paper and big thanks to the organizers for putting together such a great event.
MoFiR Workshop Day 2: David Zhang @RiceUniversity presenting his paper on algorithmic underwriting in high-risk mortgage markets
@dhzecon @ThomasMosk @cepr_org @mofir_workshop
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David H Zhang retweeted
17-year old fashion design high school student randomly reads a bunch of math textbooks for fun and gets 12th place in an international math contest, scoring higher than a bunch of math majors at top universities
The feel good 💕story of the year:
China's Good Will(a) Hunting, Vocational Fashion Student and Improbable Math Genius
17-year old vocational high school student Jiang Ping, who spends her days studying fashion design and literally making clothes, places 12th out of 801 finalists for the global Alibaba Math Contest. Unlike most of the other contestants, who hail from the top educational institutions in the world -- plenty from MIT, Carnegie Mellon, and of course Tsinghua and Peking University -- she was one of the roughly 50% of kids in China who didn't even go to a regular high school and ended up at this vocational high school, where the primary purpose is to prepare them for a skilled, hands-on vocation. In her case, that is fashion design.
She seems to have had just a super high aptitude for Math since she was young, and always found all the math problems in class very trivial. When she aced her first math exam at the vocational school, her Math teacher gave her a few advanced math books for self study. Armed with just a Chinese-English dictionary and translation app, she began to study in her spare time and found a lot of joy in exploring the beautiful universe that is Math.
When asked if she likes fashion design more or Math more, she still said fashion design, and said that she saw her favorite, partial differential equations, present everywhere in fashion designs.
She was quite intimidated initially and wasn't going to sign up for the prestigious math contest, but at her teacher's urging that it's open to anyone and totally free, she decided to give it a try.
Now, the final portion of the Alibaba Math contest is 6/22, and she is just a "top finalist," not one of the five 1st place winners ... yet, but she has won already in my mind, and I really hope this stories inspires other talented, but also poorly-resourced students and teachers to go for their dreams. And kudos to @AlibabaGroup for setting up such an awesome, prestigious and yet open-to-all contest to discover more latent talent like Jiang Ping!
h/t @passluo
Very cool paper on rent guarantee insurance
New paper with @Boaz_Abramson on Rent Guarantee Insurance, a nascent product with potential to improve housing insecurity in a fiscally responsible way.
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Fascinating paper, and cool illustrations!
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David H Zhang retweeted
Please help spread the word! I’m excited to be co-organizing this conference with Jackie Begley of @FannieMae. I hope you’ll consider submitting your work!
Fannie Mae and the Philadelphia Fed Consumer Finance Institute are co-organizing a workshop that examines the evolving relationship with demographic change, housing demand, and housing finance. We invite research papers on a variety of housing topics. bit.ly/3Pc61ZW
David H Zhang retweeted
🚨New/revised job alert📢: Come work with Sylvain Catherine (@sc_cath), Huan Tang and me as a pre-doc at Wharton, on exciting topics in household finance, wealth inequality, housing and fintech! Please share, we'll start reviewing applications by March 15. @econ_ra #EconTwitter
David H Zhang retweeted
How and why do households react to unexpected income shocks? Our new paper🚨w/ @PierfrancescMei & @RColarieti dives into this question, which is crucial for informing macroeconomic models & understanding the impacts of fiscal policy. Paper socialeconomicslab.org/resea… A short 🧵1/N
