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Yongheng Deng

Yongheng Deng
Department Chair | Real Estate and Urban Land Economics
Professor | Real Estate and Urban Land Economics
John P. Morgridge Distinguished Chair in Business
608-262-4865
4110 Grainger Hall

About Yongheng

Yongheng Deng is a Professor and the John P. Morgridge Distinguished Chair in Business, Chair of the Department of Real Estate and Urban Land Economics, and Director of the Global Real Estate Masters Program (GREM), at the Wisconsin School of Business, University of Wisconsin – Madison. Professor Deng is the recipient of the 2021 Erwin A. Gaumnitz Distinguished Faculty Research Award in the Wisconsin School of Business.

Before joining the Wisconsin School of Business, Professor Deng served as a Provost’s Chair Professor of Real Estate and Finance, Director of the Institute of Real Estate Studies, and Head of the Department of Real Estate, at the National University of Singapore (NUS). He was also a Professor in the Department of Finance at NUS Business School, and Director of the Lifecycle Financing Research Program at NUS Global Asia Institute.

Professor Deng has also been a Professor at the University of Southern California (USC), School of Policy, Planning and Development, and the Marshall School of Business. He was an Economist and Expert in the Office of Federal Housing Enterprise Oversight (OFHEO) – a financial regulator overseeing Fannie Mae and Freddie Mac – in Washington DC.

Professor Deng has chaired the World Economic Forum’s Global Agenda Council on Real Estate, and also served as a Vice-Chair of the Forum’s Global Agenda Council on Financing and Capital, Co-Chair of UN Sustainable Development Solutions Network (UN SDSN), Singapore Chapter.

He has served as the 50th President of the American Real Estate and Urban Economics Association (AREUEA), the first Asian to be elected President in the Association’s 50-year history.

Professor Deng holds a Ph.D. in Economics from the University of California at Berkeley, and is a PostDoc Fellow in the Wharton Real Estate Center, The Wharton School of the University of Pennsylvania.

Professor Deng’s research pertains to a wide variety of issues in real estate finance, housing and urban economics worldwide, including asset pricing and risk analysis focusing on the mortgage, mortgage-backed security and real estate capital markets; econometric analysis of competing risks of mortgage prepayment and default with unobserved heterogeneity; climate change risks and revaluation of the real estate markets; sustainable development; political economy and policy analysis of the housing markets in China and Asia.

Professor Deng has published his research works in leading economics and finance journals such as Econometrica, Journal of Financial Economics, Management Science, Review of Finance, Journal of Urban Economics, Journal of Environmental Economics and Management, China Economic Review, European Economic Review, Capitalism and Society, Regional Science and Urban Economics, Real Estate Economics, Journal of Housing Economics, Journal of Real Estate Finance and Economics, International Real Estate Review, Journal of Money Credit and Banking, and Pacific-Basin Finance Journal.

His research works have also been cited by major media worldwide, including Wall Street Journal, New York Times, Economist Magazine, Telegraph, Forbes, People’s Daily, and more.

Selected Accepted Journal Articles

Deng, Y. & Wei, S. (2023). Inferring the Unofficial Incomes of Officials from Home Ownership Management Science

Chu, X. & Deng, Y. & Tsang, D. (2023). Firm Leverage and Stock Price Crash Risk: The Chinese Real Estate Market and Three-Red-Lines Policy Journal of Real Estate Finance and Economics

Selected Published Journal Articles

Zhang, Y. & Tu, Y. & Deng, Y. (2024). Duration-Dependent Transaction Tax Effects on Sellers and Their Behaviors Real Estate Economics

Deng, Y. & Han, C. & Li, T. & Wang, Y. (2024). The Effectiveness and Consequences of the Government’s Interventions for Hong Kong’s Residential Housing Markets Real Estate Economics

Inoue, T. & Deng, Y. & Nishimura, K. & Shimizu, C. (2023). Changes in age structure and inflation rate: Verification using international panel data Price Dynamics in Goods and Assets Markets

Li, T. & Barwick, P. & Deng, Y. & Huang, X. & Li, S. (2023). The COVID-19 Pandemic and Unemployment: Evidence from Mobile Phone Data in China Journal of Urban Economics

Zhang, Y. & Tu, Y. & Deng, Y. & Zhang, J. (2023). Behaviors of Flippers, Rental Housing Investors and Owner-Occupiers in the Singapore Private Housing Market Journal of Real Estate Research

Deng, Y. (2023). Macroprudential Policies and Financial Stability in a Small and Open Economy: The Case of Singapore: A Discussion Macro-financial Stability Policy in a Globalised World: Lessons from International Experience

Agarwal, S. & Deng, Y. & He, J. & Wang, Y. & Zhang, Q. (2023). Lenders’ Pricing Strategy: Do Neighborhood Risks Matter? Real Estate Economics

Deng, Y. & Meng, L. & Zhou, Y. (2022). The effectiveness and costs of non-pharmaceutical interventions on COVID-19 containment: A border discontinuous difference-in-difference approach China Economic Review

Agarwal, S. & Deng, Y. & Gu, Q. & He, J. & Qian, W. & Ren, Y. (2022). Mortgage Debt, Hand-to-Mouth Households, and Monetary Policy Transmission Review of Finance

Deng, Y. & Tang, Y. & Wang, P. & Wu, J. (2022). Does Spatial Misallocation in China’s Housing and Land Markets Drive Up Housing Prices? VoxChina

Onishi, J. & Deng, Y. & Shimizu, C. (2021). Green Premium in the Tokyo Office Building Market Sustainability

Deng, Y. & Gu, Q. & He, J. (2021). Reinforcement Learning and Mortgage Partial Prepayment Behavior Pacific-Basin Finance Journal

Agarwal, S. & Ang, S. & Deng, Y. & Wang, Y. (2021). Mortgage Brokers and the Effectiveness of Regulatory Oversights Management Science

Deng, Y. & Hu, M. & Lee, A. (2021). Melting Pot or Salad Bowl: Cultural Distance and Housing Investments Real Estate Economics

An, X. & Deng, Y. & Gabriel, S. (2021). Default Option Exercise over the Financial Crisis and Beyond Review of Finance

Agarwal, S. & Deng, Y. & He, J. (2020). Time Preferences, Mortgage Choice and Mortgage Default International Real Estate Review

Deng, Y. & Gyourko, J. & Li, T. (2019). Singapore’s Cooling Measures and Its Housing Market Journal of Housing Economics

Deng, Y. & Qin, Y. & Wu, J. (2019). Superstar Cities and the Globalization Pressures on Affordability Journal of Housing Economics

Agarwal, S. & Deng, Y. & Li, T. (2019). Environmental Regulation as a Double-edged Sword for Housing Markets: Evidence from the NOx Budget Trading Program Journal of Environmental Economics and Management

Deng, Y. & Liu, X. & Wei, S. (2018). One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility? Journal of Financial Economics

Deng, Y. & Girardin, E. & Joyeux, R. (2018). Fundamentals and the Volatility of Real Estate Prices in China: A Sequential Modelling Strategy China Economic Review

Yang, J. & Yu, Z. & Deng, Y. (2018). Housing Price Spillovers in China: A High-Dimensional Generalized VAR Approach. Regional Science and Urban Economics

Deng, Y. & Girardin, E. & Joyeux, R. & Shi, S. (2017). Did Bubbles Migrate from the Stock to the Housing Market in China between 2005 and 2010? Pacific Economic Review

Deng, Y. & Gyourko, J. & Wu, J. (2017). Evaluating Risk across Chinese Housing Markets VoxChina

Deng, Y. & Hu, M. & Srinivasan, A. (2017). Information Asymmetry and Organizational Structure: Evidence from Real Estate Investment Trusts Journal of Real Estate Finance and Economics

Deng, Y. (2017). Comments on Household Credit, Growth and Inequality in Malaysia: Does the Type of Credit Matter? BIS Papers

Deng, Y. (2017). The Risks in China’s Real Estate Market: The Current Status and the Future Tsinghua Financial Review

Zhu, H. & Deng, Y. & Zhu, R. & He, X. (2016). Fear of Nuclear Power? Evidence from Fukushima Nuclear Accident and Land Market in China Regional Science and Urban Economics

An, X. & Deng, Y. & Fisher, J. & Hu, M. (2016). Commercial Real Estate Rental Index: A Dynamic Panel Data Model Estimation Real Estate Economics

Wu, J. & Gyourko, J. & Deng, Y. (2016). Evaluating the Risk of Chinese Housing Markets: What We Know and What We Need to Know China Economic Review

Deng, Y. & Devos, E. & Rahman, S. & Tsang, D. (2016). The Role of Debt Covenants in the Investment Grade Bond Market – The REIT Experiment Journal of Real Estate Finance and Economics

Agarwal, S. & Deng, Y. & Luo, C. & Qian, W. (2016). The Hidden Peril: The Role of the Condo Loan Market in the Recent Financial Crisis Review of Finance

Deng, Y. & Sing, T. & Ren, C. (2015). The Story of Singapore’s Public Housing: From a Nation of Home-Seekers to a Nation of Homeowners (in Chinese) The Future of Public Housing: Ongoing Trends in the East and the West (in Chinese)

An, X. & Deng, Y. & Nichols, J. & Sanders, A. (2015). What is Subordination About? Credit Risk and Subordination Levels in Commercial Mortgage-backed Securities Journal of Real Estate Finance and Economics

Wu, J. & Deng, Y. (2015). Intercity Information Diffusion and Price Discovery in Housing Markets: Evidence from Google Searches Journal of Real Estate Finance and Economics

Wu, J. & Gyourko, J. & Deng, Y. (2015). Real Estate Collateral Value and Investment: The Case of China Journal of Urban Economics

Deng, Y. & Morck, R. & Wu, J. & Yeung, B. (2015). China’s Pseudo-monetary Policy Review of Finance

Deng, Y. (2014). The Value of Land and Housing in China’s Residential Market The Oxford Companion to the Economics of China

Deng, Y. & McMillen, D. & Sing, T. (2014). Matching Indices for Thinly-Traded Commercial Real Estate in Singapore Regional Science and Urban Economics

Deng, Y. & Wu, J. (2014). Economic Returns to Residential Green Building Investment: The Developers’ Perspective Regional Science and Urban Economics

Wu, J. & Deng, Y. & Huang, J. & Morck, R. & Yeung, B. (2014). Incentives and Outcomes: China’s Environmental Policy Capitalism and Society

Pu, M. & Fan, G. & Deng, Y. (2014). Breakeven Determination of Loan Limits for Reverse Mortgages under Information Asymmetry Journal of Real Estate Finance and Economics

Wu, J. & Deng, Y. & Liu, H. (2014). House Price Index Construction in the Nascent Housing Market: The Case of China Journal of Real Estate Finance and Economics

Deng, Y. & Sing, T. & Ren, C. (2013). The Story of Singapore’s Public Housing: From a Nation of Home-Seekers to a Nation of Homeowners The Future of Public Housing: Ongoing Trends in the East and the West

Ma, S. & Deng, Y. (2013). Evaluation of Reverse Mortgage Programs in Korea Seoul Journal of Business

An, X. & Deng, Y. & Nichols, J. & Sanders, A. (2013). Local Traits and Securitized Commercial Mortgage Default Journal of Real Estate Finance and Economics

Chen, J. & Deng, Y. (2013). Commercial Mortgage Workout Strategy and Conditional Default Probability: Evidence from Special Serviced CMBS Loans Journal of Real Estate Finance and Economics

Deng, Y. & Gabriel, S. & Nishimura, K. & Zheng, D. (2012). Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market Real Estate Economics

Deng, Y. & Gyourko, J. & Wu, J. (2012). Land and House Price Measurement in China Property Markets and Financial Stability

An, X. & Deng, Y. & Rosenblatt, E. & Yao, V. (2012). Model Stability and the Subprime Mortgage Crisis Journal of Real Estate Finance and Economics

Zheng, S. & Wu, J. & Kahn, M. & Deng, Y. (2012). The Nascent Market for ‘Green’ Real Estate in Beijing European Economic Review

Wu, J. & Gyourko, J. & Deng, Y. (2012). Evaluating Conditions in Major Chinese Housing Markets Regional Science and Urban Economics

Deng, Y. & McMillen, D. & Sing, T. (2012). Private Residential price Indices in Singapore: A Matching Approach Regional Science and Urban Economics

Deng, Y. & Li, Z. & Quigley, J. (2012). Economic Returns to Energy-Efficient Investments in the Housing Market: Evidence from Singapore Regional Science and Urban Economics

Deng, Y. (2012). Discussant Remarks on House Prices from Magazines, Realtors, and the Land Registry BIS Papers

Deng, Y. & Gabriel, S. & Sanders, A. (2011). CDO Market Implosion and the Pricing of Subprime Mortgage-Backed Securities Journal of Housing Economics

An, X. & Deng, Y. & Gabriel, S. (2011). Asymmetric Information, Adverse Selection, and the Pricing of CMBS Journal of Financial Economics

Deng, Y. & Fei, P. (2011). Housing Finance in China China’s Housing Reform and Outcomes

Fei, P. & Ding, L. & Deng, Y. (2010). Correlation and Volatility Dynamics in REIT Returns: Performance and Portfolio Considerations Journal of Portfolio Analysis

An, X. & Deng, Y. (2010). Omitted Mobility Characteristics and Property Market Dynamics: Application to Mortgage Termination Journal of Real Estate Finance and Economics

Deng, Y. & Zhang , M. (2010). Is the Mean Return of Hotel Real Estate Stocks Apt to Overreact to Past Performance? Journal of Real Estate Finance and Economics

Deng, Y. & Gyourko, J. & Wu, J. (2010). Just How Risky are China’s Housing Markets? VoxEU

Ben-Shahar, D. & Deng, Y. & Sulganik, E. (2009). Property Appraisal in High-Rises: A Cooperative Game Theory Approach Journal of Housing Economics

An, X. & Deng, Y. & Gabriel, S. (2009). Value Creation through Securitization: Evidence from the CMBS Market Journal of Real Estate Finance and Economics

Deng, Y. & Liu, P. (2009). Mortgage Prepayment and Default Behavior with Embedded Forward Contract Risks in China’s Housing Market Journal of Real Estate Finance and Economics

Deng, Y. & Quigley, J. (2008). Index Revision, House Price Risk, and the Market for House Price Derivatives Journal of Real Estate Finance and Economics

An, X. & Deng, Y. & Sanders , A. (2008). Subordinations Levels in Structured Financing Handbooks in Finance: Handbook of Financial Intermediation and Banking

Deng, Y. & Fei, P. (2008). Emerging Mortgage Markets in China Mortgage Markets Worldwide

An, X. & Bostic, R. & Deng, Y. & Gabriel, S. (2007). GSE Loan Purchases, The FHA, And Housing Outcomes In Targeted, Low-Income Neighborhoods Brookings-Wharton Papers on Urban Affairs: 2007

Zheng, D. & Deng, Y. & Gordon, P. & Dale-Johnson, D. (2007). An Examination of the Impact of Rent Control on Mobile Home Prices in California Journal of Housing Economics

Deng, Y. & Gabriel, S. (2006). Risk-Based Pricing and the Enhancement of Mortgage Credit Availability among Underserved and Higher Credit-Risk Populations Journal of Money, Credit and Banking

Clapp, J. & Deng, Y. & An, X. (2006). Unobserved Heterogeneity in Models of Competing Mortgage Termination Risks Real Estate Economics

Deng, Y. & Pavlov, A. & Yang, L. (2005). Spatial Heterogeneity in Mortgage Terminations by Refinance, Sale, and Default Real Estate Economics

Deng, Y. & Zheng, D. & Ling, C. (2005). An Early Assessment of Residential Mortgage Performance in China Journal of Real Estate Finance and Economics

Deng, Y. & Ross, S. & Wachter, S. (2003). Racial Differences in Homeownership: The Effect of Residential Location Regional Science and Urban Economics

Deng, Y. & Gabriel, S. & Nothaft, F. (2003). Duration of Residence in the Rental Housing Markets Journal of Real Estate Finance and Economics

Ciochetti, B. & Deng, Y. & Lee, G. & Shilling, J. & Yao, R. (2003). A Proportional Hazards Model of Commercial Mortgage Default with Originator Bias Journal of Real Estate Finance and Economics

Ciochetti, B. & Deng, Y. & Gao, B. & Yao, R. (2002). The Termination of Lending Relationships through Prepayment and Default in the Commercial Mortgage Markets: A Proportional Hazard Approach with Competing Risks Real Estate Economics

Calhoun , C. & Deng, Y. (2002). A Dynamic Analysis of Adjustable- and Fixed-Rate Mortgage Termination Journal of Real Estate Finance and Economics

Ambrose, B. & Capone, C. & Deng, Y. (2001). Optimal Put Exercise: An Empirical Examination of Conditions for Mortgage Foreclosure Journal of Real Estate Finance and Economics

Deng, Y. & Quigley, J. & Van Order, R. (2000). Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options Econometrica

Deng, Y. (1997). Mortgage Termination: An Empirical Hazard Model with Stochastic Term Structure Journal of Real Estate Finance and Economics

Deng, Y. & Quigley, J. & Van Order, R. (1996). Mortgage Default and Low Downpayment Loans: The Costs of Public Subsidy Regional Science and Urban Economics

Selected Submitted Journal Articles

Deng, Y. & Tang, Y. & Wang, P. & Wu, J. (2020). Spatial Misallocation in Chinese Housing and Land Markets

Ambrose, B. & Deng, Y. & Li, H. & Wu, J. (2019). Understanding the Risk of China’s Local Government Debts and Its Linkage with Property Markets

Practitioner-Oriented Publications

Lee, K. & Krause, A. & Chandler, P. & Martin, A. & Coyne, M. & Dell, G. & Deng, Y. & Durbin, E. & Hahn, B. & Hideg, N. & Isakson, H. & Johnston, A. & Martin, A. & Miller, B. & Owen, K. & Palumbo, J. & Pratico, M. & Schafer, S. & Weldon, D. & Wijaya, D. (2023). The Appraisal Foundation Industry Advisory Council Automated Valuation Model (AVM) Task Force Report — Phase 2 The Appraisal Foundation

Deng, Y. & Wei, S. (2023). Measuring Corruption in China Project Syndicate

Chandler, P. & Martin, A. & Coyne, M. & Dell, G. & Deng, Y. & Durbin, E. & Edelstein, R. & He, Y. & Kennedy, L. & Krause, A. & Owen, K. & Panknin, J. & Pratico, M. & Schafer, S. & Vaughn, R. & Zuriff, M. & Cirincione, J. (2022). The Appraisal Foundation Industry Advisory Council Automated Valuation Model (AVM) Task Force Report The Appraisal Foundation

Deng, Y. (2022). A world in which only a few can afford housing is not sustainable 2022 Tsinghua PBCSF Global Finance Forum

Deng, Y. (2020). Why the World’s ‘Superstar Cities’ Are Not Sustainable WSB Forward Thinking Faculty Blog

Undergraduate Courses

Urban and Regional Economics (RES 420), Spring 2020. Download Syllabus

Urban and Regional Economics (RES 420), Spring 2019. Download Syllabus

Urban and Regional Economics (RES 420), Spring 2021. Download Syllabus

Urban and Regional Economics (RES/ECO 420), Fall 2021. Download Syllabus

Urban and Regional Economics (RES/ECO 420), Fall 2021. Download Syllabus

Urban and Regional Economics (RES/ECO 420), Fall 2022. Download Syllabus
Urban economics is the study of cities, economic activities therein, and the determinants of those activities. Development in the urban and real estate sector can often be a reflection or manifestation of broader societal issues. For instance, rising house prices can trigger debates about housing affordability and wealth inequality. Digital technological innovation and big data analytics are now reshaping urban development and the residential and commercial real estate markets. The real estate-related financial capital markets nurture entrepreneurship and economic gains in the region and globally. In addition, green technology fosters healthy urban lifestyles and sustainable urban environments.
Urban economics brings together tools developed in the broader fields of economics such as micro- and macro-economics, financial economics, econometrics and statistics, labor economics, public economics, economic policy studies, etc. By utilizing these tools, we can analyze social issues relating to urban society, such as housing price and affordability, urbanization and migration, demographic shifts and aging, education, labor participation, crime, segregation, congestion and pollution, smart and innovative cities, environmental sustainability and socially responsible development.
This semester, our goal is to guide the students to take a holistic view of urban and housing economics, understand the social-economic challenges we face through the dynamic interaction between the real estate markets and urban space, and learn how to tackle these problems.
Students are expected to learn how to apply economic principles and tools to analyze urban phenomena and find solutions to urban problems.

Graduate Courses

Readng&Rsch-Real Estate PhD (Independent Study) (RES 999), Fall 2018.

Urban Economics (RES 720), Spring 2021. Download Syllabus

Urban Economics (RES 720), Fall 2022. Download Syllabus
Urban economics is the study of cities, economic activities therein, and the determinants of those activities. Development in the urban and real estate sector can often be a reflection or manifestation of broader societal issues. For instance, rising house prices can trigger debates about housing affordability and wealth inequality. Digital technological innovation and big data analytics are now reshaping urban development and the residential and commercial real estate markets. The real estate-related financial capital markets nurture entrepreneurship and economic gains in the region and globally. In addition, green technology fosters healthy urban lifestyles and sustainable urban environments.
Urban economics brings together tools developed in the broader fields of economics such as micro- and macro-economics, financial economics, econometrics and statistics, labor economics, public economics, economic policy studies, etc. By utilizing these tools, we can analyze social issues relating to urban society, such as housing price and affordability, urbanization and migration, demographic shifts and aging, education, labor participation, crime, segregation, congestion and pollution, smart and innovative cities, environmental sustainability and socially responsible development.
This semester, our goal is to guide the students to take a holistic view of urban and housing economics, understand the social-economic challenges we face through the dynamic interaction between the real estate markets and urban space, and learn how to tackle these problems.
Students are expected to learn how to apply economic principles and tools to analyze urban phenomena and find solutions to urban problems.

Professional Organizations

American Real Estate and Urban Economics Association (AREUEA), President (2014-2015), 1st VP (2013-2014), 2nd VP (2012-2013), and Board of Directors (2004-06, 2015-18)

Asian Bureau of Finance and Economic Research (ABFER), Senior Fellow & EXCO Member (Since 2013)

World Economic Forum (WEF), Chair (2011-2012), Global Agenda Council for Real Estate (2010-2017)

UN SDSN (Sustainable Development Solutions Network), Co-Chair (2016-2017), Singapore Chapter

Bank for International Settlements (BIS), Representative Office for Asia and the Pacific, Special Advisor (2012-2014)

World Economic Forum (WEF), Vice Chair (2012-2013), Global Agenda Council for Finance and Capital

Editorial and Reviewing Activities

Journal of Real Estate Research – Since January 2024
Editorial Board Member

Oxford Research Encyclopedia of Economics and Finance – Since January 2021
Editor

Journal of Housing Economics – January 2016 – December 2019
Special Issue Editor

Journal of Housing Economics – Since January 2009
Editorial Board Member

Real Estate Economics – Since January 2007
Editorial Board Member

Journal of Real Estate Finance and Economics – Since January 1998
Editorial Board Member

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