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Penn IUR Scholar

Andrey D. Pavlov

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Professor of Finance, Beedie School of Business, Simon Fraser University

Areas of Interest

    About

    Andrey D. Pavlov is a Professor of Finance at Beedie School of Business. He specializes in risk management for real estate investment, mortgage lending, financial derivatives and digital assets at the Beedie School of Business, Simon Fraser University, Vancouver, BC, where he is professor of finance. He has also worked on the modelling of aggressive lending practices, risk management for publicly traded real estate companies, and mortgage and equity securitization. He earned his Ph.D. from the Anderson School at the University of California, Los Angeles (1999) and was a visiting Associate Professor at the Wharton School, University of Pennsylvania during the 2006 – 2008 period and taught real estate finance for the Wharton Executive Education program during the 2008 - 2020 period. He is a fellow of the Ziman Real Estate Center at UCLA, a winner of the Homer Hoyt Advanced Studies Institute Best Dissertation Award (2000), and a post-doctoral honoree of the Homer Hoyt Advanced Studies Institute (2005). Professor Pavlov has a wide range of academic and industry-oriented publications. He has consulted for the U.S. Financial Industry Regulatory Authority, the U.S. Department of Housing and Urban Development, the Government of Canada, the Government of British Columbia, the Canadian Mortgage and Housing Corporation, and private sector insurers, mortgage lenders and hedge funds. 

    Selected Publications

    Davidoff, Tom, Andrey Pavlov, and Tsur Somerville. (2022). Not in my neighbour’s back yard? Laneway homes and neighbour’s property values. Journal of Urban Economics, 128.

    Davidson, Andrew, Alex Levin, Andrey Pavlov, and Susan Wachter. (2016). Why are aggressive mortgage products bad for the housing market? Journal of Economics and Business, 84, 148-161.

    Monfared, Sam and Andrey Pavlov. (2017). Political risk affects real estate markets. Journal of Real Estate Finance and Economics, 58(1), 1-20.  

    Pavlov, Andrey, Eduardo Schwartz, and Susan Wachter. (2021) Price Discovery Limits in the Credit Default Swap Market. Journal of Real Estate Finance and Economics, 62(2), 165–186.

    Pavlov, Andrey, and Tsur Somerville. (2020). Immigration, capital flows and housing prices. Real Estate Economics, 48(3), 915-949.

    Pavlov, Andrey, Eva Steiner and Susan Wachter. (2017). The consequences of REIT index membership for return patterns. Real Estate Economics, 46(1), 210-250.

    Pavlov, Andrey, Eva Steiner and Susan Wachter. (2016). REIT Capital Structure Choices: Preparation Matters. Real Estate Economics, 46(1), 160-209.

    Pavlov, Andrey, Susan Wachter, and Albert Zevelev. (2016). Transparency and Coordination in the Mortgage Market. Journal of Financial Services Research, 49(2/3), 265 – 280.

    Penn IUR Scholar

    Arthur Acolin

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    Assistant Professor and Bob Filley Endowed Chair, Department of Real Estate, University of Washington

    Areas of Interest

      About

      Arthur Acolin is an Assistant Professor and Bob Filley Endowed Chair at the Department of Real Estate at the University of Washington with a broad interest in housing economics and a focus on international housing policy and finance. He completed his PhD in Urban Planning and Development at the University of Southern California in 2017. Recent research projects include a study of the presence of discrimination against different immigrant groups in the rental market in France with Raphael Bostic and Gary Painter, an examination of the effect of non-traditional mortgages on homeownership in the US with Xudong An, Raphael Bostic and Susan Wachter and the development of housing affordability indicators incorporating location for the metropolitan region of Sao Paulo, Brazil with Richard Green. Prior to doing his Ph.D., Acolin was a Research Associate at the Penn Institute for Urban Research working on housing, urbanization and economic development issues. He obtained a master in Urban Policy from the London School of Economics and Sciences Po Paris and an undergraduate degree in Urban Studies from the University of Pennsylvania.

      Selected Publications

      Acolin, Arthur, and Domenic Vitiello. “Who owns Chinatown: Neighbourhood preservation and change in Boston and Philadelphia.” Urban Studies (2017): 0042098017699366.

      Acolin, Arthur, Xudong An, Raphael W. Bostic, and Susan M. Wachter. “Homeownership and Nontraditional and Subprime Mortgages.” Housing Policy Debate 27.3 (2017): 393-418.

      Acolin, Arthur, Raphael Bostic, and Gary Painter. “A field study of rental market discrimination across origins in France.” Journal of Urban Economics 95 (2016): 49-63.

      Acolin, Arthur, Jesse Bricker, Paul Calem, and Susan Wachter. “Borrowing constraints and homeownership.” The American Economic Review 106.5 (2016): 625-629.

      Acolin, Arthur, and Richard K. Green. “Measuring housing affordability in São Paulo metropolitan region: Incorporating location.” Cities 62 (2017): 41-49.

      Affiliated PhD Student

      Heidi Artigue

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      Doctoral Student, Applied Economics, Wharton

      About

      Heidi is a doctoral student in Wharton's Applied Economics program, focusing on urban and real estate economics. Her ongoing research involves the effects of work from home on real estate markets, and income sorting into small towns. She is also interested in how the location of high-income neighborhoods affects the landscape of low-income jobs. Prior to graduate school, Heidi was a research assistant at the Federal Reserve Bank of Philadelphia, where she worked with historical geographic data on racial segregation in Philadelphia. Heidi earned her Bachelor of Arts in Economics at Pomona College in 2019, where she also earned minors in Mathematics and Computer Science.

      Faculty Fellow

      David Bell

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      Xinmei Zhang and Yongge Dai Professor, Professor of Marketing

      About

      David Bell is Xinmei Zhang and Yongge Dai Professor and Professor of Marketing in the Marketing Department at The Wharton School. His current research focuses on the digital economy and success factors for Internet retail startups. Prior work in traditional retail settings explores unplanned and impulse buying, and consumer response to fixed and variable shopping costs. His articles have been published leading journals including Journal of Consumer Research, Journal of Marketing, Journal of Marketing Research, Management Science, and Marketing Science.

      Selected Publications

      Bell, David R., Santiago Gallino and Antonio Moreno. 2017 (forthcoming). “Revenge of the Store.” MIT Sloan Management Review. 

      Li, Kathleen and David Bell. 2017. “Estimation of average treatment effects with panel data: Asymptotic theory and implementation.” Journal of Econometrics 197: 65-75.

      Bell, David Bell. 2014. Location Is (Still) Everything: The Surprising Influence of the Real World on How We Search, Shop, and Sell in the Virtual One. Boston New Harvest, Houghton Mifflin Harcourt.

      Lee, Jae Young and David Bell. 2013. “Neighborhood Social Capital and Social Learning for Experience Attributes of Products.” Marketing Science 32(6): 960-976.

      Bell, David, JeongHye Choi, Leonard Lodish. 2012. “What Matters Most in Internet Retailing.” MIT Sloan Management Review 54: 27-33.

      Penn IUR Scholar

      Qin Bo

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      Professor, Department of Urban Planning and Management, Renmin University of China

      Areas of Interest

        About

        Dr. QIN Bo holds a Bachelor of Engineering from the Department of Architecture in Wuhan University, a Master of Science from the Department of Urban and Regional Planning in Peking University, and a Ph.D. degree in urban studies from the National University of Singapore. He joined the Department of Urban Planning and Management at Renmin University of China in 2008 and now serves as Professor. His research interests include urban spatial restructuring in Chinese cities, coordinated urban-rural planning and management, and urban sustainable development in China. He is the author/co-author of four books, e.g., The Location-choice of Firms and Urban Spatial Restructuring (2012), Low Carbon Spatial Planning and Sustainable Development (2014). He has also published numerous articles in both the international renowned journals such as JAPA, Urban Studies, and Chinese top journals in urban planning. He serves as reviewer for several leading academic journals and for the National Science Foundation of China. In his academic career Dr. QIN has taught courses in architecture and regional planning and has supervised several postgraduate students studying topics ranging from low carbon urban form to peri-urban development in Chinese cities.

        Selected Publications

        Han, S.S. & Qin, B. (2014) Low-carbon Spatial Planning and Sustainable Development: The Research on Households Carbon Emission in Beijing. Beijing: Renmin University Press.

        Qin, B. (2012) Location-choice of Firms and Urban Spatial Restructuring: A Case Study in Shanghai. Beijing: China Architecture and Building Press.

        Qin, B. and An, G.P. (2009) The application of Digital Management System in the Suburban. Beijing: Renmin University Press.

        Ye Y, LeGates R, and Qin B (2013) Coordinated Urban-rural Development Planning in China: The Chengdu Model. Journal of American Planning Association, 79(2): 125-137.

        Qin B and Han S S (2013) Emerging polycentricity in Beijing: evidence from housing price variations, 2001-05. Urban Studies 50(10): 2006-2023.

        Fellow

        Anne Bovaird Nevins

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        Director of Economic Development with Accelerator for America

        Areas of Interest

          About

          Anne Bovaird Nevins serves as President of PIDC where she is responsible for the organization’s efforts to develop and implement collaborative strategies designed to drive economic growth to every corner of Philadelphia. In this role, Anne leads PIDC’s efforts to strengthen relationships with the public, private and philanthropic sectors to promote business growth, investment and development across the city and throughout its economy. She also directs internal activities around business development, capitalization, impact assessment, and the development and delivery of real estate and financing products that fill project financing gaps for neighborhood and large-scale commercial, industrial and mixed-use developments, deliver capital to growing businesses, and energize the development of the city’s workplaces of the future.

          Prior to her appointment as President in January of 2020, Anne served as PIDC’s Chief Strategy and Communications Officer, a key member of the executive team where she oversaw capitalization, product development, strategic communications, and partnerships. Prior to this role, Nevins served as PIDC’s Senior Vice President for Marketing and Business Development for six years where she led a team that transformed PIDC’s brand identity, developed new lending products, and generated 360 loans to small, diverse, and growing businesses investing over $117 million dollars located in 94% of Philadelphia’s zip codes. Anne has served on the Mayor’s Refinery Advisory Group for the City of Philadelphia, co-managed Philadelphia’s Amazon HQ2 bid, and has created and led PIDC and ULI Philadelphia’s partnership advisory committee on the future of work and its impact on industrial and commercial land.

          From 1999 to 2001, Anne served in the White House Office of Cabinet Affairs, which is responsible for coordination between the President and all cabinet agencies. She then joined the Salt Lake Organizing Committee for the 2002 Olympic Winter Games and managed the logistical and hospitality arrangements for all U.S. dignitaries attending the Olympics. Anne then managed corporate sponsorships for the Kimmel Center, the regional performing arts center in Philadelphia. She next served as Director of Development for Historic Philadelphia, Inc. and raised substantial funds to renovate Franklin Square, an 8-acre urban park in the center of Philadelphia’s historic district. Anne has a Masters in Business Administration from the Wharton School and a Bachelors Degree in Political Science from the University of Pennsylvania. She lives with her family in the Fairmount section of Philadelphia and serves on the Board of Directors of the Friends of Bache-Martin, supporting the neighborhood public school.

          Fellow

          Paul C. Brophy

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          Principal, Brophy & Reilly, LLC

          Areas of Interest

            About

            Paul C. Brophy is a principal with Brophy & Reilly, LLC – a consulting firm specializing in economic development, housing and community development, and the management of complex urban redevelopment projects – and a Nonresident Senior Fellow at the Brookings Institution, a Senior Advisor to the Center for Community Progress, and a Senior Scholar at the Brown School at Washington University in St. Louis. One of Brophy’s specialties is the improvement of older industrial cities and the neighborhoods within those cities. He is also Senior Advisor to Enterprise Community Partners. Prior to his forming Brophy & Reilly, LLC in 1993, Brophy was President and Co-CEO of the Enterprise Foundation and Executive Director of ACTION-Housing Inc., a nonprofit housing development and neighborhood enhancement organization located in Pittsburgh. He was Director of the first Department of Housing for the City of Pittsburgh, and the Executive Director of the City’s Urban Redevelopment Authority, responsible for downtown and neighborhood improvement.

            Selected Publications

            Brophy, Paul C. 2013. A Market-Oriented Approach to Neighborhoods. In Revitalizing American Cities, Susan M. Wachter and Kimberly Zeuli, eds. Philadelphia: University of Pennsylvania Press.

            Brophy, Paul C., and Alice Shabecoff. 2001. A Guide to Careers in Community Development. Washington, DC: Island Press.

            Nenno, Mary K., Paul Brophy, Michael Barker. 1982. Housing and Local Government. Washington, DC: International City Management Association.

            Ahlbrandt, Roger S. and Paul C. Brophy. 1975. Neighborhood Revitalization: Theory and Practice. Boston: Lexington Books.

            Fellow

            James Cloar

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            Chief Executive Office & President, Aspen Medical Products

            Areas of Interest

              About

              Jim Cloar is the Chief Executive Office & President at Aspen Medical Products and an expert on downtown development and non-profit management structures. His recent projects include consulting for Wichita, KS, Tulsa, OK and Burlington VT on their downtown management structures. He is on the Board of Commissioners of the Tampa Housing Authority, the Board of Directors of the National Civic League and the Henry B. Plant Museum.  Cloar previously served as the President and CEO of the Partnership for Downtown St. Louis and chaired the City’s Downtown Economic Stimulus Authority. He also headed downtown associations in Dallas, TX and Tampa, FL. Cloar served nineteen years on the Board of Directors of the International Downtown Association (IDA) and is a former Chair of the organization. He has also been the President of the Urban Land Institute (ULI) and is a former Chair of ULI’s Public-Private Partnership Council. He is the recipient of several awards, including the St. Louis Mayor’s “Quality of Life” Award, and the Dan E. Sweat “Lifetime Achievement in Downtown Leadership” Award” from the IDA. 

              Selected Publications

              Cloar, James A. 1990. Centralized Retail Management: New Strategies for Downtown. Washington, DC: Urban Land Institute. 

              Penn IUR Scholar

              Anthony DeFusco

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              Associate Professor of Finance, University of Wisconsin

              Faculty Research Fellow, National Bureau of Economic Research

              Areas of Interest

                About

                Anthony DeFusco is an Associate Professor of Finance at the University of Wisconsin and a Faculty Research Fellow at the National Bureau of Economic Research. Formerly an Associate Professor in the Department of Finance at Kellogg School of Management and 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.

                Penn IUR Scholar

                Rebecca Diamond

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                Class of 1988 Professor of Economics, Graduate School of Business

                About

                Rebecca Diamond is an Assistant Professor of Economics at the Stanford Graduate School of Business. She is an applied micro economist studying local labor and housing markets. Her recent research focuses on the causes and consequences of diverging economic growth across U.S. cities and its effects on inequality. She was a Postdoctoral Fellow at the Stanford Institute for Economic Policy Research from 2013 to 2014. 

                Selected Publications

                Diamond, Rebecca. Forthcoming. Housing Supply Elasticity and Rent Extraction by State and Local Government Workers. American Economic Journal: Economic Policy.

                Diamond, Rebecca. 2016. The Determinants and Welfare Implications of US Workers’ Diverging Location Choices by Skill: 1980-2000.” American Economic Review, 106(3): 479-524. 

                Diamond, Rebecca, Thomas Barrios, Guido W. Imbens, and Michal Kolesár. 2012. Clustering, Spatial Correlations, and Randomization Inference. Journal of the American Statistical Association 107(498): 578-591.

                Fellow

                Lei Ding

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                Community Development Research Officer, Community Development and Regional Outreach, Federal Reserve Bank of Philadelphia

                Areas of Interest

                  About

                  Lei Ding is the Community Development Research Officer at the Federal Reserve Bank of Philadelphia. Ding was initially trained as a mechanical engineer, but his strong interest in social science led him to pursue a Ph.D. in public policy, work as a senior research associate at the University of North Carolina at Chapel Hill (2005-2009) and later as a faculty member in the Department of Urban Studies and Planning at Wayne State University (2009-2013). He joined the Community Development and Regional Outreach Department at the Philadelphia Fed in 2013, conducting research and managing projects on housing and community development topics.

                  Ding is a well-known expert on access to credit, housing policy, and gentrification and neighborhood change. He has published numerous articles on the topics of mortgage finance, Community Reinvestment Act (CRA), neighborhood change, and property tax. His recent research on the consequences of gentrification and the effects of the CRA has drawn significant attention from policymakers, practitioners, and the media. It has led to the publication of numerous research articles and has been covered by outlets that include CNN, Bloomberg, NPR, and other major media outlets. Ding has also worked in the public policy arena and contributed to the interagency update to CRA regulation from 2019 to 2022.

                  Ding has a Ph.D. in public policy from George Mason University and bachelor’s and master’s degrees from Tsinghua University.

                  Selected Publications

                  Hou, Yilin, Lei Ding, David J. Schwegman, and Alaina G. Barca. (accepted), “Assessment Frequency and Equity of the Real Property Tax: Latest Evidence from Philadelphia,” Journal of Policy Analysis and Management.

                  Ding, Lei and Leonard Nakamura. 2021. “Don't Know What You Got Till It’s Gone - The Community Reinvestment Act in a Changing Financial Landscape,” Journal of Real Estate Research, 43(1): 96-122.

                  Ding, Lei, Hyojung Lee and Raphael W. Bostic. 2020. “Effects of the Community Reinvestment Act (CRA) on Small Business Lending.” Journal of Urban Affairs. https://doi.org/10.1080/07352166.2020.1808005.

                  Ding, Lei, Jackelyn Hwang, and Eileen Divringi. 2016. “Gentrification and residential mobility in Philadelphia,” Regional Science and Urban Economics, 61, 38–51.

                  Watcher, Susan and Lei Ding. 2016. Shared Prosperity in America’s Communities. Penn Press

                  Ding, Lei and Leonard Nakamura. 2016. “The Impact of the Home Valuation Code of Conduct on Appraisal and Mortgage Outcomes,” Real Estate Economics, 44(3), 658–690.

                  Ding, Lei, Roberto G. Quercia, Wei Li, and Janneke Ratcliffe. 2011. “Risky Borrowers or Risky Mortgages: Disaggregating Effects Using Propensity Score Models,” Journal of Real Estate Research, 33(2), 245- 276.

                  Faculty Fellow

                  Gilles Duranton

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                  Dean's Chair in Real Estate Professor

                  About

                  Gilles Duranton is Professor of Real Estate in the Real Estate Department at The Wharton School. His research focuses on urban and regional development, transportation, and local public finance. Prior to joining the Real Estate Department in 2012, Duranton taught at the University of Toronto for seven years, and the London School of Economics for nine years. He is the co-editor of the Journal of Urban Economics, and is an editorial board member for several other journals. He is also affiliated with the Centre for Economic Policy Research in London, the Spatial Economics Research Centre at the London School of Economics, and the Rimini Centre for Economic Analysis. He currently serves as the Chair of the Real Estate department at The Wharton School.

                  Selected Publications

                  Duranton, Gilles. 2016. “Determinants of city growth in Colombia.” Papers in Regional Science 95(1): 101-132.

                  Duranton, Gilles. 2016. “Agglomeration effects in Colombia.” Journal of Regional Science 56(2): 210-238.

                  Duranton, Gilles. 2015. “Roads and Trade in Colombia.” Economics of Transportation 4(1): 16-36.

                  Duranton, Gilles. 2015. “Growing through cities in developing countries.” World Bank Research Observer 30(1): 39-73.

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