Wisconsin School of Business

Yongheng Deng

Professor

Professor - Real Estate & Urban Land Economics
John P. Morgridge Distinguished Chair in Business

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.
 

Selected Accepted Journal Articles


Deng, Y. (2018). Singapore’s Cooling Measures and Its Housing Market. Journal of Housing Economics
Deng, Y. & Liu, X. & Wei, S. (2017). One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility?. Journal of Financial Economics

Selected Published Journal Articles


Deng, Y. & Girardin, E. & Joyeux, R. (2018). Fundamentals and the Volatility of Real Estate Prices in China: A Sequential Modelling Strategy. China Economic Review (48), 205-222.
Yang, J. & Yu, Z. & Deng, Y. (2018). Housing Price Spillovers in China: A High-Dimensional Generalized VAR Approach. Regional Science and Urban Economics (68), 98-114.
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 (22), 276-292.
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 (55), 32-64.
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 (60), 139-154.
An, X. & Deng, Y. & Fisher, J. & Hu, M. (2016). Commercial Real Estate Rental Index: A Dynamic Panel Data Model Estimation. Real Estate Economics (44), 378-410.
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 (39), 91-114.
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 (52), 428-448.
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 (20), 467-500.
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 (51), 231-253.
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 (50), 289-306.
Deng, Y. & Morck, R. & Wu, J. & Yeung, B. (2015). China’s Pseudo-monetary Policy. Review of Finance (19), 55-93.
Wu, J. & Gyourko, J. & Deng, Y. (2015). Real Estate Collateral Value and Investment: The Case of China. Journal of Urban Economics (86), 43-53.
Deng, Y. & McMillen, D. & Sing, T. (2014). Matching Indices for Thinly-Traded Commercial Real Estate in Singapore. Regional Science and Urban Economics (47), 86-98.
Deng, Y. & Wu, J. (2014). Economic Returns to Residential Green Building Investment: The Developers’ Perspective. Regional Science and Urban Economics (47), 35-44.
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 (48), 492-521.
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 (48), 522-545.
Wu, J. & Deng, Y. & Huang, J. & Morck, R. & Yeung, B. (2014). Incentives and Outcomes: China’s Environmental Policy. Capitalism and Society (9), Article 2 (41 pages).
Ma, S. & Deng, Y. (2013). Evaluation of Reverse Mortgage Programs in Korea. Seoul Journal of Business (19), 137-160.
An, X. & Deng, Y. & Nichols, J. & Sanders, A. (2013). Local Traits and Securitized Commercial Mortgage Default. Journal of Real Estate Finance and Economics (47), 787-813.
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 (46), 609-632.
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 (40), S234-S272.
An, X. & Deng, Y. & Rosenblatt, E. & Yao, V. (2012). Model Stability and the Subprime Mortgage Crisis. Journal of Real Estate Finance and Economics (45), 545-568.
Zheng, S. & Wu, J. & Kahn, M. & Deng, Y. (2012). The Nascent Market for ‘Green’ Real Estate in Beijing. European Economic Review (56), 974-984.
Wu, J. & Gyourko, J. & Deng, Y. (2012). Evaluating Conditions in Major Chinese Housing Markets. Regional Science and Urban Economics (42), 531-543.
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 (42), 506-515.
Deng, Y. & McMillen, D. & Sing, T. (2012). Private Residential price Indices in Singapore: A Matching Approach. Regional Science and Urban Economics (42), 485-494.
An, X. & Deng, Y. & Gabriel, S. (2011). Asymmetric Information, Adverse Selection, and the Pricing of CMBS. Journal of Financial Economics (100), 304-325.
Deng, Y. & Quigley, J. & Van Order, R. (2000). Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options. Econometrica (68), 275-307.

Professional Organizations


American Real Estate and Urban Economics Association

Asian Bureau of Finance and Economic Research (ABFER)

World Economic Forum, Global Agenda Council

UN SDSN (Sustainable Development Solutions Network)

Bank for International Settlements


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


Photograph of Yongheng Deng

Yongheng Deng

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