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

Biography

Yongheng Deng is a Professor and the John P. Morgridge Distinguished Chair in Business, in the Department of Real Estate and Urban Land Economics, Wisconsin School of Business, University of Wisconsin – Madison.

Prior to joining Wisconsin School of Business, Professor Deng has 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 appointed as 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 University of California at Berkeley, and a PostDoc Fellow in the Wharton Real Estate Center, The Wharton School of the University of Pennsylvania.

While Professor Deng’s primary research interest is in evaluating conditions in Asian and China’s real estate and housing markets; his research pertains to a wide variety of issues in real estate finance and urban economics worldwide, including real estate capital market and asset-backed security pricing and risk analysis, econometric analysis of competing risks of mortgage prepayment and default with unobserved heterogeneity.

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

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

Research

Selected Accepted Journal Articles

An, X. & Deng, Y. & Gabriel, S. (2019). Default Option Exercise over the Financial Crisis and Beyond Review of Finance

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. & Gyourko, J. & Li, T. (2018). Singapore’s Cooling Measures and Its Housing Market Journal of Housing Economics

Selected Published Journal Articles

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 HousingMarket in China between 2005 and 2010? Pacific Economic Review

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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. & 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

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

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

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

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

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

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. & 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

Teaching

Undergraduate Courses

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

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

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

Service

Professional Organizations

American Real Estate and Urban Economics Association (AREUEA)

Asian Bureau of Finance and Economic Research (ABFER)

World Economic Forum (WEF)

UN SDSN (Sustainable Development Solutions Network)

Bank for International Settlements (BIS), Representative Office for Asia and the Pacific

Editorial and Reviewing Activities

Journal of Housing Economics - January 2016 - December 2018
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