Wisconsin School of Business

Yongheng Deng

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


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. (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 (130), 663-692.
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. (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 (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.
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
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.
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 (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. & 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 (20), 68-80.
Fei, P. & Ding, L. & Deng, Y. (2010). Correlation and Volatility Dynamics in REIT Returns: Performance and Portfolio Considerations. Journal of Portfolio Analysis (36), 113-125.
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 (40), 497-543.
An, X. & Clapp, J. (2010). Omitted Mobility Characteristics and Property Market Dynamics: Application to Mortgage Termination. Journal of Real Estate Finance and Economics (41), 245-271.
Ben-Shahar, D. & Deng, Y. & Sulganik, E. (2009). Property Appraisal in High-Rises: A Cooperative Game Theory Approach. Journal of Housing Economics (18), 25-33.
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 (38), 214-240.
An, X. & Deng, Y. & Gabriel, S. (2009). Value Creation through Securitization: Evidence from the CMBS Market. Journal of Real Estate Finance and Economics (38), 302-326.
Deng, Y. & Quigley, J. (2008). Index Revision, House Price Risk, and the Market for House Price Derivatives. Journal of Real Estate Finance and Economics (37), 191-209.
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 (16), 209-242.
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 (34), 243-273.
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 (38), 1431-1460.
Deng, Y. & Zheng, D. & Ling, C. (2005). An Early Assessment of Residential Mortgage Performance in China. Journal of Real Estate Finance and Economics (31), 117-136.
Deng, Y. & Pavlov, A. & Yang, L. (2005). Spatial Heterogeneity in Mortgage Terminations by Refinance, Sale, and Default. Real Estate Economics (33), 739-764.
Deng, Y. & Ross, S. & Wachter, S. (2003). Racial Differences in Homeownership: The Effect of Residential Location. Regional Science and Urban Economics (33), 517-556.
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 (27), 5-23.
Deng, Y. & Gabriel, S. & Nothaft, F. (2003). Duration of Residence in the Rental Housing Markets. Journal of Real Estate Finance and Economics (26), 268-281.
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 (30), 595-633.
Calhoun , C. & Deng, Y. (2002). A Dynamic Analysis of Adjustable- and Fixed-Rate Mortgage Termination. Journal of Real Estate Finance and Economics (24), 9-33.
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 (23), 213-234.
Deng, Y. & Quigley, J. & Van Order, R. (2000). Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options. Econometrica (68), 275-307.
Deng, Y. (1997). Mortgage Termination: An Empirical Hazard Model with Stochastic Term Structure. Journal of Real Estate Finance and Economics (14), 309-331.
Deng, Y. & Quigley, J. & Van Order, R. (1996). Mortgage Default and Low Downpayment Loans: The Costs of Public Subsidy. Regional Science and Urban Economics (26), 263-285.

Undergraduate Courses


Urban & Regional Economics ( 420 Section 1), Spring 2019. Download Syllabus

Urban & Regional Economics ( 420 Section 3), Spring 2019. Download Syllabus

Urban & Regional Economics ( 420 Section 2), Spring 2019. Download Syllabus



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


Photograph of Yongheng Deng

Yongheng Deng

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