Doctoral Candidate in Education Policy, University of Pennsylvania
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.
Lee Ann Custer
Doctoral Candidate, History of Art, University of Pennsylvania
Areas of Interest
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.
President, Andrew Davidson & Co.
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.
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.
Doctoral Student in Applied Economics, University of Pennsylvania
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.
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.
PhD Candidate, Applied Economics, The Wharton School, University of Pennsylvania
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.
Dr. Felix Zandman Professor of International Management, Director, The Lauder Institute
Professor Sociology (secondary appointment)
Areas of Interest
Mauro Guillén is the Dr. Felix Zandman Professor of International Management and the Director of The Lauder Institute at The Wharton School, and holds a secondary appointment as Professor of Sociology in the Department of Sociology in the School of Arts and Sciences. 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.
Guillén, Mauro F., ed. 2013. Women Entrepreneurs: Inspiring Stories from Emerging Economies and Developing Countries. New York: Routledge. Guillén, Mauro F., and Emilio Ontiveros. 2012. Global Turning Points: Understanding the Challenges for Business in the Twenty-First Century. New York: Cambridge University Press,
Guillén, Mauro and Esteban Garcia-Canal. 2012. Emerging Markets Rule: Growth Strategies of the New Global Markets. New York: McGraw-Hill.
Guillén, Mauro and Esteban Garcia-Canal. 2010. The New Multinationals: Spanish Firms in a Global Context. Cambridge University Press.
PhD Candidate, Applied Economics, The Wharton School, University of Pennsylvania
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.
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.
Robert P. Inman
Richard King Mellon Professor of Finance
Professor of Business Economics and Public Policy
Professor of Real Estate
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 has been a visiting senior research economist for the Federal Reserve Bank of Philadelphia for a number of years. He has been an advisor to 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, and National Bank of Sri Lanka on matters of fiscal policy.
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. Inman, Robert P. 2003. “Transfers and Bailouts: Enforcing Local Fiscal Discipline with Lessons from U.S. Federalism.” In Fiscal Decentralization and the Challenge of Hard Budget Constraints. Cambridge, MA: MIT Press.
Director of Economics, Economic and Strategic Research, Fannie Mae
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.
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.
Stephen L. Ross
Professor of Economics, Department of Economics, College of Liberal Arts and Sciences, University of Connecticut
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.
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.
Executive Vice President and Senior Advisor to the President, Federal Reserve Bank of New York
Joseph Tracy is Executive Vice President and Senior Advisor to the President at the Federal Reserve Bank of New York. As Senior Advisor, Tracy focuses on housing and household credit issues. Tracy’s research interests include labor economics, unions and collective bargaining, compensation design, real estate finance, and local public finance. Prior to joining the Bank, Tracy was Associate Professor of Economics at both Yale University and Columbia University.
Ferreira, Fernando, Joseph Gyourko, Joseph Tracy. 2012. Housing Busts and Household Mobility: An Update. FRBNY Economic Policy Review, 18(3).
Dechario , Toni, Patricia C. Mosser, Joseph Tracy, James Vickery and Joshua Wright. 2011. “A Private Lender Cooperative Model for Residential Mortgage Finance.” In The American Mortgage System: Crisis and Reform, Susan M. Wachter and Marvin M. Smith, Chapter 12. Philadelphia: University of Pennsylvania Press.
Ferreira, Fernando, Joseph Gyourko, and Joseph Tracy. 2010. Housing Busts and Household Mobility. Journal of Urban Economics, 68(1): 34-45.
Haughwout, Andrew, Christopher Mayer, and Joseph Tracy. 2009. Subprime Mortgage Pricing: The Impact of Race, Ethnicity, and Gender on the Cost of Borrowing. Federal Reserve Bank of New York Staff Reports, no. 368.
Xiao “Betty” Wang
PhD Candidate, Business Economics and Public Policy, the Wharton Business School
Areas of Interest
Xiao (Betty) Wang is a Doctoral Student in Business Economics and Public Policy at the Wharton Business School. Her research interests are in urban economics, real estate economics and public policy. Before coming to Penn, Betty earned a Bachelor’s degree in Economics, Mathematics and International Development Studies from Washington University’s College of Arts and Sciences.