Tomasz Piskorski

Associate Professor of Business

Finance and Economics

Associate Professor of Real Estate

The Paul Milstein Center for Real Estate

BA, Warsaw University, 1999; MS, Catholic University Leuven, 2000; MS, New York University, 2006; PhD, New York University, 2007

Joined CBS in 2007

Download Curriculum Vitae (PDF)

Tomasz Piskorski

Office
810 Uris

Phone
212-854-4655

E-mail
tp2252@columbia.edu

Fax
212-662-8474

Teaching and research interest

Professor Piskorski's research interests include dynamic security design and contracting, real estate finance, asset securitization, as well as market structure and regulation.

Honors and awards

  • 2013 AQR Insight Award (Distinguished Paper Prize)
    Award for the academic finance paper offering the most significant implications toward improved investment-- for the paper "Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market."
  • National Science Foundation
    Award 1124188, Understanding the Determinants of Household Default Decisions in the Mortgage Crisis-- Principal Investigator with Chris Mayer and Ed Morrison-- 9/1/2011-8/31/2014.
  • Pew Charitable Trusts
    Grant for "Analysis of Second Liens and a New Proposal"-- Principal Investigator with Chris Mayer and Ed Morrison-- June, 2012.

Chapters

Mortgage Financing in the Housing Boom and Bust In Housing and the Financial Crisis (2013)
Author(s): Ben Keys, Tomasz Piskorski, Amit Seru, Vikrant Vig

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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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Optimal Securitization with Moral Hazard In Journal of Financial Economics (2012)
Author(s): Barney Hartman-Glaser, Tomasz Piskorski, Alexei Tchistyi

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Stochastic House Appreciation and Optimal Mortgage Lending In Review of Financial Studies (2011)
Author(s): Tomasz Piskorski, Alexei Tchistyi

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Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis In Journal of Financial Economics (2010)
Author(s): Tomasz Piskorski, Amit Seru, Vikrant Vig

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Optimal Mortgage Design In Review of Financial Studies (2010)
Author(s): Tomasz Piskorski, Alexei Tchistyi

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Risky Human Capital and Deferred Capital Income Taxation In Journal of Economic Theory (2010)
Author(s): Borys Grochulski, Tomasz Piskorski

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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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U.S. Domestic Money, Inflation and Output In Journal of Monetary Economics (2006)
Author(s): Yunus Aksoy, Tomasz Piskorski

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Working Papers

Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market (2013)
Author(s): Tomasz Piskorski, Amit Seru, James Witkin

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Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program (2012)
Author(s): Sumit Agarwal, Gene Amromin, Zahi Ben-David, Souphala Chomsisengphet, Tomasz Piskorski, Amit Seru

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Optimal Dynamic Contracts with Moral Hazard and Costly Monitoring Working Paper No. FBE 36-09 (2011)
Author(s): Tomasz Piskorski, Mark Westerfield

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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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