People

Penn IUR is affiliated with more than 200 experts in the field of urbanism. Its Faculty Fellows program identifies faculty at the University of Pennsylvania with a demonstrated interest in urban research; the Penn IUR Scholars program identifies urban scholars outside of Penn; and the Penn IUR Fellows program identifies expert urban practitioners. Together, these programs foster a community of scholars and encourage cross-disciplinary collaboration.

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Affiliated PhD Student

Cameron Anglum

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Doctoral Candidate in Education Policy, University of Pennsylvania

School/Department

Areas of Interest

    About

    Cameron Anglum is a Doctoral Student in Education Policy and a Dean’s Scholar at the Graduate School of Education. He is interested in research centered on domestic urban educational reform in the context of myriad interdependent urban concerns including fiscal policy, spatial analysis, and public-private partnerships, subjects often siloed in public dialogue.

    Formerly of the Penn Institute for Urban Research, Anglum earned a Master’s degree in Education Policy at Penn GSE and a Bachelor’s degree in Economics from Penn’s College of Arts and Sciences. Prior to returning to Penn, he worked in investment management in the portfolio construction space for private and institutional clients.

     

    Affiliated PhD Student

    Lee Ann Custer

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    Doctoral Candidate, History of Art, University of Pennsylvania

    About

    Lee Ann Custer is a doctoral student in History of Art at the University of Pennsylvania. Her research interests include the urban vernacular built environment and modern architectural history. Before coming to Penn, Lee Ann worked on a variety of architecture and urban studies initiatives, including the BMW Guggenheim Lab at the Guggenheim Museum and Spontaneous Interventions: Design Actions for the Common Good at the American Pavilion of the 13th Venice Architecture Biennale. Additionally, she has worked for SO – IL architects in New York, as well as for museum planning consultants Lord Cultural Resources. Lee Ann holds a BA in History of Art and Architecture from Harvard University, where she graduated magna cum laude with highest honors. 

    Fellow

    Andrew Davidson

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    President, Andrew Davidson & Co.

    Areas of Interest

      About

      Andrew Davidson is a financial innovator and leader in the development of financial research and analytics. He has worked extensively on mortgage-backed securities product development, valuation and hedging. He is president of Andrew Davidson & Co., Inc., a New York firm specializing in the application of analytical tools to investment management, which he founded in 1992. Andrew was instrumental in the creation of the Freddie Mac and Fannie Mae risk-sharing transactions: STACR and CAS. These transactions allow Freddie Mac and Fannie Mae to attract private capital to bear credit risk, even as they remain in government conservatorship. Andrew is also active in other dimensions of GSE reform and has testified before the Senate Banking Committee on multiple occasions. Andrew also helped establish the Structured Finance Industry Group and served on the Executive Committee at its inception. He received an MBA in Finance at the University of Chicago and a BA in Mathematics and Physics at Harvard.

       

      Selected Publications

      Mortgage Valuation Models: Embedded Options, Risk, and Uncertainty with Alexander Levin, June 2014, Oxford University Press.

      Securitization: Structuring and Investment Analysis with Anthony Sanders, Lan-Ling Wolff and Anne Ching, Sep 2003, Wiley.

      Mortgage-Backed Securities: Investment Analysis and Advanced Valuation Techniques with Michael Herskovitz, Dec 1993, Probus.

      Affiliated PhD Student

      Matt Davis

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      PhD Candidate, Applied Economics, The Wharton School, University of Pennsylania

      About

      Matt begun his PhD training in Applied Economics in 2013. He earned his undergraduate degree in Economics from Princeton University in 2009 and subsequently worked as a research analyst at the Environmental Defense Fund and the Education Innovation Lab at Harvard University.  He is currently working on projects related to the distributional impact of the mortgage interest tax deduction and the consequences of housing cycles for school district finances.

      Selected Publications

      "No Excuses" Charter Schools and College Enrollment: New Evidence From a High-School Network in Chicago (with Blake Heller). Forthcoming, Education Finance and Policy.

      Affiliated PhD Student

      Anthony DeFusco

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      Doctoral Student in Applied Economics, University of Pennsylvania

      Areas of Interest

        About

        Anthony DeFusco is a Doctoral Student in Applied Economics at The Wharton School of the University of Pennsylvania. His research interests include public economics, urban economics, and real estate finance. DeFusco received his Bachelor of the Arts in Mathematics and Mathematical Economics from Temple University in 2009. Prior to graduate school, he spent some time as a research assistant at the Federal Reserve Bank of Philadelphia.

        Selected Publications

        DeFusco, Anthony A., and Andrew D. Paciorek (2014). "The Interest Rate Elasticity of Mortgage Demand: Evidence from Bunching at the Conforming Loan Limit" Finance and Economics Discussion Series 2014-11. Board of Governors of the Federal Reserve System (U.S.).

        DeFusco, Anthony, Wenjie Ding, Fernando Ferreira, and Joseph Gyourko (2013). “The Role of Contagion in the Last American Housing Cycle.” Wharton School, mimeo.

        Caitlin Gorback

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        PhD Candidate, Applied Economics, The Wharton School, University of Pennsylvania

        School/Department

        Areas of Interest

          About

          Caitlin is a fourth year doctoral student in the applied economics PhD program in the Wharton School at the University of Pennsylvania. Her interests span household and housing finance, real estate economics, and urban economics. Current work includes transportation infrastructure’s impact on commercial and residential rent gradients, how mortgage lenders incorporate neighborhood information updating into lending models, and the implications of young households’ participation in mortgage markets. More generally, she is interested in urban renewal and gentrification, affordable housing, and the demographic drivers of local housing markets. Prior to Wharton, Caitlin earning a B.S. in Economics from Duke University and worked in capital markets research at the Federal Reserve Bank of New York. 

          Faculty Fellow

          Mauro Guillén

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          Dr. Felix Zandman Professor of International Management

          Director, Lauder Institute

          About

          Mauro Guillén is the Dr. Felix Zandman Professor of International Management and Director of The Lauder Institute at The Wharton School. His research interests include organizational theory, economic sociology, international management, international banking strategies, and emerging economies. He previously taught at the MIT Sloan School of Management. He is a member of the advisory board of the Escuela de Finanzas Aplicadas (Grupo Analistas), and serves on the World Economic Forum’s Global Agenda Council on Emerging Multinationals. He has received a Wharton MBA Core Teaching Award, a Wharton Graduate Association Teaching Award, a Wharton Teaching Commitment and Curricular Innovation Award, the Gulf Publishing Company Best Paper Award of the Academy of Management, the W. Richard Scott Best Paper Award of the American Sociological Association, the Gustavus Myers Center Award for Outstanding Book on Human Rights, and the President’s Book Award of the Social Science History Association. Guillén is an Elected Fellow of the Macro Organizational Behavior Society, a former Guggenheim and Fulbright Fellow, and a Member in the Institute for Advanced Study in Princeton. 

          Selected Publications

          Guillen, Mauro. 2016. The Architecture of Collapse: The Global System in the 21st Century. Oxford: Oxford University Press, 2016.

          Berges, Angel, Mauro Guillen, Juan Pedro Moreno, and Emilio Ontiveros. 2014. A New Era in Banking: The Landscape after the Battle. Brookline, MA: Bibliomotion.

          Guillen, Mauro and Laurence Capron. 2015. “State Capacity, Minority Shareholder Protections, and Stock Market Development.” Administrative Science Quarterly 61(1):125-160.

          Heather Berry, Mauro Guillen, and Arun S. Hendi. 2014. “Is there Convergence across Countries? A Spatial Approach.” Journal of International Business Studies 45: 387-404.

          Guillen, Mauro, editor. 2013. Women Entrepreneurs: Inspiring Stories from Developing Countries and Emerging Economies. New York: Routledge.

          Affiliated PhD Student

          Ben Hyman

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          PhD Candidate, Applied Economics, The Wharton School, University of Pennsylvania

          Areas of Interest

            About

            Ben Hyman is a doctoral candidate in Applied Economics at the Wharton School, University of Pennsylvania, affiliated with the Departments of Business Economics & Public Policy and Real Estate. Ben's research interests span the fields of public finance, local labor markets, urban economics, and international trade. Ben received his B.A. (Honors) from the University of Southern California (USC), and holds an M.C.P. with a concentration in urban and regional economics from MIT. Prior to graduate school, he worked as a research associate with MIT's poverty action lab (J-PAL). Ben's current research focuses on two streams of work. The first concerns whether worker re-training programs help mitigate the adverse effects of local labor market disruptions. The second agenda studies the effects of state and local tax credit incentives on firm behavior and labor demand.

            Selected Publications

            Can Displaced Labor be Retrained? Evidence from Quasi-Random Assignment to Trade Adjustment Assistance (2017) [Work-in-progress]

            Firm Mobility and the Economic Development Effects of Location Subsidies: Evidence from a Large-Scale Tax Credit Lottery (2017) [Work-in-progress]

            Harrison, A., Hyman, B., Martin, L., & Nataraj, S. (2015). When do Firms Go Green? Comparing Price Incentives with Command and Control Regulations in India (No. w21763). National Bureau of Economic Research.

            Faculty Fellow

            Robert P. Inman

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            Richard King Mellon Professor of Finance

            Professor of Business Economics and Public Policy

            Professor of Real Estate

            School/Department

            Areas of Interest

              About

              Robert P. Inman is the Richard King Mellon Professor of Finance, Professor of Business Economics and Public Policy, and Professor of Real Estate at the Wharton School. His primary research interests include public finance, urban fiscal policy, and political economy. He is a Research Associate for the National Bureau of Economic Research and a Visiting Senior Research Economist for the Federal Reserve Bank of Philadelphia. He has advised the City of Philadelphia, the State of Pennsylvania, U.S. Treasury, U.S. Department of Education, U.S. Department of Housing and Urban Development, Republic of South Africa, National Bank of Sri Lanka, and others on matters of fiscal policy. 

              Selected Publications

              Carlino, Gerald and Robert P Inman. 2016. “Fiscal Stimulus in Economic Unions: What Role for States?” Tax Policy and the Economy 30(1).

              Inman, Robert P. and Daniel L. Rubinfeld. 2013. “Understanding the Democratic Transition in South Africa.” American Law and Economics Review 15(1): 1-38.

              Inman, Robert, ed. 2009. Making Cities Work: Prospects and Policies for Urban America. Princeton: Princeton University Press.

              Inman, Robert P. 2008. “Federalism’s Values and the Value of Federalism.” NBER Working Paper No. 13735.

              Craig, Steven, Andrew Haughwout, Robert P. Inman, and Thomas Luce. 2004. “Local Revenue Hills: Evidence from Four U.S. Cities.” The Review of Economics and Statistics 86(2): 570-585.  

              Fellow

              Michael LaCour-Little

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              Director of Economics, Economic and Strategic Research, Fannie Mae

              Areas of Interest

                About

                Michael LaCour-Little joined Fannie Mae in 2016 as Director – Economics. He recently retired from the position of Chair of the Department of Finance at California State University-Fullerton, where he continues in its faculty early retirement program.  Prior to a ten-year stint in academia, he worked for decades in banking at Wells Fargo and Citibank, including their mortgage companies.  He continues to serve on the editorial boards of a number of academic journals and is the author of dozens of peer-reviewed papers on topics in housing economics and real estate finance. A native of California, he earned his Ph.D. at the University of Wisconsin-Madison, and undergraduate and MBA degrees at the University of California.  

                Selected Publications

                LaCour-Little, Michael, Wei Yu, and Libo Sun. “The Role of Home Equity Lending in the Recent Mortgage Crisis”. Real Estate Economics 42(1): 153-189, 2014.

                LaCour-Little, Michael and Jing Yang. "Taking the Lie Out of Liar Loans: The Effect of Reduced Documentation on the Pricing and Performance of Alt-A and Subprime Mortgages”. Journal of Real Estate Research 35(4): 507-553, 2013.

                LaCour-Little, Michael. “The Pricing of Mortgages by Brokers: An Agency Problem?” Journal of Real Estate Research 31(2): 235-264, 2009.

                Coleman, Major, Michael LaCour-Little, and Kerry Vandell. “Subprime Lending and the Housing Bubble: Tail Wags Dog?” Journal of Housing Economics 17(4): 272-290, 2008.

                Calem, Paul and Michael LaCour-Little. “Risk-based Capital Requirements for Mortgage Loans” Journal of Banking and Finance 28: 647-672, 2004.

                Faculty Fellow

                Laura Perna

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                James S. Riepe Professor

                Founding Executive Director, Penn AHEAD

                Chair, Higher Education Division

                School/Department

                Areas of Interest

                  About

                  Laura Perna is James S. Riepe Professor and Chair of Higher Education Division in the Graduate School of Education and Founding Executive Director of the Alliance for Higher Education and Democracy (Penn AHEAD). She is also serving as past chair of the Faculty Senate at the University of Pennsylvania, chair of the Higher Education Division of the Graduate School of Education, faculty fellow of the Institute for Urban Research, faculty affiliate of the Penn Wharton Public Policy Initiative, and member of the advisory board for the Netter Center for Community Partnerships. She holds bachelor’s degrees in economics and psychology from the University of Pennsylvania, and earned her master’s in public policy and Ph.D. in education from the University of Michigan. She has held leadership positions in the primary national associations in the field of higher education administration. Dr. Perna served as President of the Association for the Study of Higher Education (ASHE) from 2014 to 2015 and Vice President of the American Educational Research Association’s Division J (Postsecondary Education) from 2010 to 2013 and now is a member of the AERA Grants Governing Board. Her research examines the ways that social structures, educational practices, and public policies promote and limit college access and success, particularly for individuals from lower-income families and racial/ethnic minority groups.

                  Selected Publications

                  Perna, L.W., and N. Hillman, eds. 2017. “Understanding student debt: Who borrows, the consequences of borrowing, and the implications for federal policy.” The ANNALS of the American Academy of Political and Social Science 671.

                  Cahalan, M., L.W. Perna, M. Yamashita, R. Ruiz, and K. Franklin. 2017. Indicators of higher education equity in the United States: An historic trend report. Washington, DC: The Pell Institute of the Council for Opportunity in Education and the Alliance for Higher Education and Democracy.

                  Perna, L.W. and R. Ruiz. 2016. “Technology: The solution to higher education’s pressing problems?” In American Higher Education in the Twenty-First Century, edited by P. Altbach, P. Gumport, and M. Bastedo.. Baltimore, MD: Johns Hopkins University Press.

                  Perna, L.W. 2016. “Throwing down the gauntlet: Ten ways to ensure the future of our research.” Review of Higher Education: 319-338.

                  Perna, Laura. 2012. Preparing Today’s Students for Tomorrow’s Jobs in Metropolitan America: The Policy, Practice, and Research Issues. Philadelphia, PA: University of Pennsylvania Press. 

                  Penn IUR Scholar

                  Stephen L. Ross

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                  Professor of Economics, Department of Economics, College of Liberal Arts and Sciences, University of Connecticut

                  Areas of Interest

                    About

                    Stephen L. Ross is Professor of Economics at the University of Connecticut. His general areas of expertise are urban economics, public finance, and labor economics. He focuses his research largely on housing and mortgage lending discrimination, residential and school segregation, neighborhood and peer effects, and state and local governments. Ross has been published in a number of distinguished scholarly journals including the Journal of Political Economy, Review of Economics and Statistics, The Economic Journal, and The American Economic Journal. His research has earned him a variety of honors and positions, and he is currently a member of the editorial board on the Journal of Housing Economics, the Regional Science and Urban Economics, and the Journal of Urban Economics. He is also a Councilor at Large for the North American Regional Science Council. 

                    Selected Publications

                    Turner, M.S., and Stephen L. Ross. 2004. Discrimination in Metropolitan Housing Markets: Phase III – Native Americans. Washington, DC: Department of Housing and Urban Development.

                    Turner, M.S., and Stephen L. Ross. 2003. Discrimination in Metropolitan Housing Markets: Phase II – Asians and Pacific Islanders. Washington, DC: Department of Housing and Urban Development.

                    Turner, M.S., Stephen L. Ross, George C. Galster, and John Yinger. Discrimination in Metropolitan Housing Markets: National Results from Phase 1 of HDS 2000.  Washington, DC: Department of Housing and Urban Development.

                    Kristopher Gerardi , Stephen L. Ross, and Paul Willen. 2011. Understanding the Foreclosure Crisis, and Decoding Misperceptions: The Role of Underwriting and Appropriate Policy Responses. Journal of Policy, Analysis and Management: Point-Counterpoint, 30: 382-388 and 396-398.

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