# Research Agenda

• In the canonical model of asset pricing, house prices equal the present value of future net rents (or shelter service flows for owner-occupiers):
• \begin{align*} p_{t} &= \mathbb{E}_{t} \sum_{i=1}^{i=\infty} \frac{ \text{Rent}_{t+i} }{ (1+r)^{i} } \end{align*}
• In this model house prices move due to either changes in expected rents or discount rates.
• My research studies benefits of home ownership which are consumed by owners but not by renters.
• The ability to pledge a home as collateral (along with the tax benefits) is enjoyed by owners but not by renters.
• The ability to protect home equity from unsecured creditors is enjoyed by owners but not by renters.
• Incorporating these indirect service flows (denoted $X_{t}$) can help us better understand house price movements:
• \begin{align*} p_{t} &= \mathbb{E}_{t} \sum_{i=1}^{i=\infty} \frac{ \text{Rent}_{t+i} + X_{t+i}}{ (1+r)^{i} } \end{align*}

# News

• September, 2021. My paper “Does Collateral Value Affect Asset Prices? Evidence from a Natural Experiment in Texas” was published in RFS.