Christopher J. Mayer

Research Director

The Paul Milstein Center for Real Estate

Co-Director

Richard Paul Richman Center for Business, Law, and Public Policy at Columbia University

Paul Milstein Professor of Real Estate

Finance and Economics

BS, University of Rochester, 1987; PhD, MIT, 1993

Joined CBS in 2003

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Christopher Mayer

Office
805 Uris

Phone
212-854-4221

E-mail
cm310@columbia.edu

Fax
212-662-8474

Teaching and research interest

Professor Mayer is Paul Milstein Professor of Real Estate and Finance and Economics at Columbia Business School. His research explores a variety of topics in real estate and financial markets, including housing cycles, mortgage markets, debt securitization, and commercial real estate valuation. Dr. Mayer is also a principal at Longbridge Financial, a new and innovative company focused on developing and delivering reverse mortgage products to senior homeowners in a responsible manner. Professor Mayer also serves as a Visiting Scholar at the Federal Reserve Bank of New York, a Research Associate at the National Bureau of Economic Research, and a member of the Academic Advisory Board for Standard and Poor's. He has received funding from the National Science Foundation and Pew Charitable Trusts.

Dr. Mayer has been active in advising policymakers on the financial crisis, testifying six times before committees of the U.S. Senate and House of Representatives, writing on the causes of the housing and credit bubbles for the Financial Crisis Inquiry Commission, and authoring numerous op-ed articles on housing and credit markets. He frequently appears in the media, including regular appearances on National Public Radio, Bloomberg, the Washington Post, and ABC News and commentary in The Wall Street Journal and The NY Times. Dr. Mayer previously served as Senior Vice Dean at Columbia Business School and held positions at The Wharton School, the University of Michigan, Harvard Business School, and the Federal Reserve Bank of Boston. He holds a BA in Math and Economics from the University of Rochester with highest honors and a PhD in Economics from MIT.

Honors and awards

  • Sherman Fellowship
    University of Rochester, given every 2 years to "The Most Outstanding Economics Student," 1987.
  • National Science Foundation
    Award 0214410--joint with Todd Sinai--$337,000; Economics of Air Travel: Network Effects, Congestion, and Scheduling Delays, 2002-2004
  • National Science Foundation
    Award 1124188--joint with Professors Edward Morrison and Tomasz Piskorski--$347,811: Understanding the Determinants of Household Default Decisions in the Mortgage Crisis, 9/1/2011-8/31/2014.
  • Pew Charitable Trust
    Analysis of Second Liens and a New Proposal, by Chris Mayer, Edward Morrison and Tomasz Piskorski, $25,000, June, 2012
  • Pew Charitable Trust
    Housing Policies to Restore Credit Availability and Attract Private Capital in the Mortgage Market, by Glenn Hubbard, Alan Boyce, Christopher Mayer and James Witkin, $25,000, June, 2012

Chapters

Dispersion in House Price and Income Growth Across Markets: Facts and Theories In Agglomeration Economics (2010)
Author(s): Joseph Gyourko, Christopher Mayer, Todd Sinai

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Subprime Mortgages: What, Where, and to Whom? In Housing Markets and the Economy: Risk, Regulation, and Policy: Essays in honor of Karl E. Case (2009)
Author(s): Christopher Mayer, Karen Pence

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Subprime Mortgage Pricing: The Impact of Race, Ethnicity, and Gender on the Cost of Borrowing In Brookings-Wharton Papers on Urban Affairs 2009 (2009)
Author(s): Andrew Haughwout, Christopher Mayer, Joseph Tracy

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U.S. House Price Dynamics and Behavioral Economics In Policymaking Insights on Behavioral Economics (2007)
Author(s): Christopher Mayer, Todd Sinai

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Journal articles

The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers In Journal of Financial Economics (2013)
Author(s): Christopher Mayer, Tomasz Piskorski, Alexei Tchistyi

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Housing Bubbles: A Survey In Annual Review of Economics (2011)
Author(s): Christopher Mayer

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Issuer Credit Quality and the Price of Asset-Backed Securities In The American Economic Review: Papers and Proceedings (2010)
Author(s): Oliver Faltin-Traeger, Kathleen Johnson, Christopher Mayer

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Irreversible investment, real options, and competition: Evidence from real estate development In Journal of Urban Economics (2009)
Author(s): Laarni Bulan, Christopher Mayer, Tsur Somerville

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Essay: A New Proposal for Loan Modifications In Yale Journal on Regulation (2009)
Author(s): Christopher Mayer, Edward Morrison, Tomasz Piskorski

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Why do households without children support local public schools? Linking house price capitalization to school spending In Journal of Urban Economics (2009)
Author(s): Christian Hilber, Christopher Mayer

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The Mortgage Market Meltdown and House Prices In The B.E. Journal of Economic Analysis & Policy (2009)
Author(s): R. Glenn Hubbard, Christopher Mayer

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The Rise in Mortgage Defaults In Journal of Economic Perspectives (2009)
Author(s): Christopher Mayer, Karen Pence, Shane M. Sherlund

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Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions In Journal of Economic Perspectives (2005)
Author(s): Christopher Mayer, Todd Sinai

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Network Effects, Congestion Externalities, and Air Traffic Delays: Or Why Not All Delays Are Created Evil In American Economic Review (2003)
Author(s): Christopher Mayer, Todd Sinai

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Regulation and Capitalization of Environmental Amenities: Evidence From the Toxic Release Inventory in Massachusetts In Review of Economics and Statistics (2003)
Author(s): Linda Bui, Christopher Mayer

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Government Regulation and Changes in the Affordable Housing Stock In Economic Policy Review (2003)
Author(s): Christopher Mayer, C. Somerville

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Dividend Taxes and Share Prices: Evidence From Real-Estate Investment Trusts In Journal of Finance (2003)
Author(s): Christopher Mayer

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Loss Aversion and Seller Behavior: Evidence from the Housing Market In Quarterly Journal of Economics (2001)
Author(s): David Genesove, Christopher Mayer

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Property Tax Limits, Local Fiscal Behavior, and Property Values: Evidence from Massachusetts Under Proposition 2 1/2 In Journal of Public Economics (2001)
Author(s): Katherine Bradbury, Christopher Mayer, Karl Case

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Land Use Regulation and New Construction In Regional Science and Urban Economics (2000)
Author(s): Christopher Mayer, C. Somerville

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Residential Construction: Using the Urban Growth Model to Estimate Housing Supply In Journal of Urban Economics (2000)
Author(s): Christopher Mayer, C. Somerville

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Intergenerational Transfers, Borrowing Constraints, and Saving Behavior: Evidence from the Housing Market In Journal of Urban Economics (1998)
Author(s): Gary Engelhardt, Christopher Mayer

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Assessing the Performance of Real-Estate Auctions In Real Estate Economics (1998)
Author(s): Christopher Mayer

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Equity and Time to Sale in the Real Estate Market In American Economic Review (1997)
Author(s): David Genesove, Christopher Mayer

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Reverse Mortgages and the Liquidity of Housing Wealth In AREUEA Journal (1994)
Author(s): Christopher Mayer, Katerina Simons

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CaseWorks

Minerve: Evaluating the Issuance of a New CDO: Spring 2011
Author(s): Chris Mayer

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The 2-28 Mortgage: When Business and Psychology Intersect in a New Consumer Product: Spring 2011
Author(s): Eric J. Johnson, Chris Mayer

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Working Papers

Lemons and CDOs: Why Did So Many Lenders Issue Poorly Performing CDOs? Working paper (2012)
Author(s): Oliver Faltin-Traeger, Christopher Mayer

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Superstar Cities Working papers (2012)
Author(s): Christopher Mayer, Todd Sinai, Joseph Gyourko

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A New Look at Second Liens Working Paper (2012)
Author(s): Donghoon Lee, Christopher Mayer, Joseph Tracy

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Distant Speculators and Asset Bubbles in the Housing Market Working Paper (2012)
Author(s): Alex Chinco, Christopher Mayer

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Sponsor Risk and the Performance of Asset-backed Securities Working paper (2011)
Author(s): Oliver Faltin-Traeger, Kathleen Johnson, Christopher Mayer

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Private Information and Market Making in Secondary Mortgage Markets Working paper (2010)
Author(s): Christopher Mayer

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Rating Asset-Backed Securities Working paper (2010)
Author(s): Oliver Faltin-Traeger, Kathleen Johnson, Christopher Mayer

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Agency Conflicts, Asset Substitution, and Securitization Working paper (2007)
Author(s): Christopher Mayer, Yingjin Hila Gan

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What Can We Learn About the Sensitivity of Investment to Stock Prices with a Better Measure of Tobin's q? Working paper (2006)
Author(s): Christopher Mayer

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Why Do Airlines Schedule Their Flights to Systematically Arrive Late? Working paper (2003)
Author(s): Christopher Mayer, Todd Sinai

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The Effects of Share Prices Relative to Fundamental Value on Stock Issuances and Repurchases Working paper (2003)
Author(s): Christopher Mayer

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Forthcoming Articles

Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide In American Economic Review (2012)
Author(s): Christopher Mayer, Edward Morrison, Tomasz Piskorski, Arpit Gupta

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