Christopher 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
BS, University of Rochester, 1987; PhD, MIT, 1993
Year joined: 2003
E-mail: cm310@columbia.edu
Journal articles
"The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers"
Journal of Financial Economics
(2013)
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"Housing Bubbles: A Survey"
Annual Review of Economics
(2011)
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"Issuer Credit Quality and the Price of Asset-Backed Securities"
The American Economic Review: Papers and Proceedings
(2010)
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"Irreversible investment, real options, and competition: Evidence from real estate development"
Journal of Urban Economics
(2009)
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"Essay: A New Proposal for Loan Modifications"
Yale Journal on Regulation
(2009)
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"Why do households without children support local public schools? Linking house price capitalization to school spending"
Journal of Urban Economics
(2009)
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"The Mortgage Market Meltdown and House Prices"
The B.E. Journal of Economic Analysis & Policy
(2009)
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"The Rise in Mortgage Defaults"
Journal of Economic Perspectives
(2009)
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"Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions"
Journal of Economic Perspectives
(2005)
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"Network Effects, Congestion Externalities, and Air Traffic Delays: Or Why Not All Delays Are Created Evil"
American Economic Review
(2003)
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"Regulation and Capitalization of Environmental Amenities: Evidence From the Toxic Release Inventory in Massachusetts"
Review of Economics and Statistics
(2003)
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"Government Regulation and Changes in the Affordable Housing Stock"
Economic Policy Review
(2003)
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"Dividend Taxes and Share Prices: Evidence From Real-Estate Investment Trusts"
Journal of Finance
(2003)
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"Loss Aversion and Seller Behavior: Evidence from the Housing Market"
Quarterly Journal of Economics
(2001)
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"Property Tax Limits, Local Fiscal Behavior, and Property Values: Evidence from Massachusetts Under Proposition 2 1/2"
Journal of Public Economics
(2001)
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"Land Use Regulation and New Construction"
Regional Science and Urban Economics
(2000)
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"Residential Construction: Using the Urban Growth Model to Estimate Housing Supply"
Journal of Urban Economics
(2000)
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"Intergenerational Transfers, Borrowing Constraints, and Saving Behavior: Evidence from the Housing Market"
Journal of Urban Economics
(1998)
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"Assessing the Performance of Real-Estate Auctions"
Real Estate Economics
(1998)
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"Equity and Time to Sale in the Real Estate Market"
American Economic Review
(1997)
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"Reverse Mortgages and the Liquidity of Housing Wealth"
AREUEA Journal
(1994)
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Working papers
"Lemons and CDOs: Why Did So Many Lenders Issue Poorly Performing CDOs?"
Working paper
(2012)
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"Superstar Cities"
Working papers
(2012)
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"A New Look at Second Liens"
Working Paper
(2012)
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"Distant Speculators and Asset Bubbles in the Housing Market"
Working Paper
(2012)
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"Sponsor Risk and the Performance of Asset-backed Securities"
Working paper
(2011)
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"Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide"
Working Paper No. 17065
(2011)
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"Private Information and Market Making in Secondary Mortgage Markets"
Working paper
(2010)
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"Rating Asset-Backed Securities"
Working paper
(2010)
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"Agency Conflicts, Asset Substitution, and Securitization"
Working paper
(2007)
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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)
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"Why Do Airlines Schedule Their Flights to Systematically Arrive Late?"
Working paper
(2003)
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"The Effects of Share Prices Relative to Fundamental Value on Stock Issuances and Repurchases"
Working paper
(2003)
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Chapters
"Dispersion in House Price and Income Growth Across Markets: Facts and Theories"
Agglomeration Economics
(2010)
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"Subprime Mortgages: What, Where, and to Whom?"
Housing Markets and the Economy: Risk, Regulation, and Policy: Essays in honor of Karl E. Case
(2009)
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"Subprime Mortgage Pricing: The Impact of Race, Ethnicity, and Gender on the Cost of Borrowing"
Brookings-Wharton Papers on Urban Affairs 2009
(2009)
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"U.S. House Price Dynamics and Behavioral Economics"
Policymaking Insights on Behavioral Economics
(2007)
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Case studies
"The 2/28 Mortgage: When Business and Psychology Intersect in a New Consumer Product"
(2011)
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Magazine articles
"Bubble Trouble? Not Likely"
Hermes
(2005)
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