LU FANG
Department of Insurance, Legal Studies, and Real Estate
Terry College of Business
University of Georgia
286 Brooks Hall, Athens, GA 30602
Mobile: (706)202-5938
Office: (706)583-0465
Email: [email protected]
EDUCATION
Ph.D., Business Administration, University of Georgia, Athens, GA
expected May 2016
Concentration: Real Estate; Minor: Finance
Dissertation: Equality and Loan Origination in Mortgage Lending: A Collection of Essays
M.A., Real Estate, Renmin University of China, Beijing, China
June 2011
B.S., Urban and Rural Planning Administration, Nanjing University, Nanjing, China
June 2009
B.A., Finance, Nanjing University, Nanjing, China
June 2009
RESEARCH AND TEACHING AREAS
Mortgage Markets, Corporate Real Estate, Public Finance, Housing Economics, Corporate Finance,
Empirical Asset Pricing, and Real Estate: Finance, Appraisal, Development, & Investments.
ACADEMIC EXPERIENCE
2014 – Present
Graduate Teaching Assistant, Terry College of Business, University of Georgia
Instructor of Record, Real Estate Principles: Spring 2014, Spring 2015, Spring 2016 (Scheduled)
Recent Teaching Evaluation: 4.53/ 5.0
2011 – Present
Graduate Assistant, Terry College of Business, University of Georgia
Research Assistant, Department of Real Estate Management, Renmin Univ. of China
2009 – 2011
DISSERTATION RESEARCH
Essay 1: Gender Equality in Mortgage Lending (Job Market Paper)
‒ AREUEA-ASSA Annual Meeting Doctoral Session 2016, San Francisco (Scheduled)
Abstract: Few papers have attempted to empirically examine whether gender inequality exists in
the mortgage market, even though this issue has been extensively explored in other markets.
Using a sample of 30-year fixed-rate subprime mortgage loans, this paper empirically tests
whether a borrower’s gender affects the loan contract rate charged, more specifically if a
borrower’s gender impacts the loan contract rate beyond the extent to which it impacts the
borrower’s probability of default or prepayment. A loan hazard model is estimated to investigate
the degree to which a borrower’s gender is associated with loan default probability and
prepayment probability using data on the outcome of each loan since origination. A loan contract
rate model is then estimated to examine whether gender impacts the loan contract rate when the
probability of default and prepayment are accounted for. The results reveal that borrowers of
different gender have different default and prepayment patterns. In addition, this study indicates
that after controlling for the correlation between a borrower’s gender and the probability of a
borrower defaulting or prepaying, female borrowers are shown to pay a higher contract rate in the
subprime mortgage market over the study period.
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DISSERTATION RESEARCH
Essay 2: Don’t Forget about Default and Prepayment? An Analysis of Mortgage Lending
Abstract: Though there exists a voluminous literature examining whether mortgage lenders make
their loan origination decision based on a borrower’s race or the racial composition of a
borrower’s neighborhood, most of the previous studies ignore whether a borrower’s race or the
neighborhood’s racial composition is associated with the loan default probability or prepayment
probability. In this study, both a borrower’s race and the racial composition are taken into account
simultaneously. This paper investigates whether a borrower’s race and the racial composition
impact the loan contract rate only to the extent that those traits affect loan default probability or
prepayment probability. In order to obtain the information on a borrower’s race, this paper
matches loans in the sample to HMDA data in a unique way. The results show after controlling
for the degree to which a borrower’s race and the racial composition are correlated with the
probability of a borrower defaulting and prepaying, a borrower’s race does not impact the loan
contract rate anymore, however the racial composition of a borrower’s neighborhood is still an
influential factor of the loan contract rate.
WORKING PAPERS
Wealth Effects of Organizational Form Change: Evidence from REITs, with Kiplan S. Womack
Abstract: While several prior studies explore the incentives for firms to change their
organizational form, few studies examine the wealth effects of firm organizational form change,
especially the effects for firms that converted to Real Estate Investment Trusts (REITs). This
study contributes new empirical evidence on whether conversion to the REIT organizational form
is a wealth-creating event for shareholders. The results demonstrate that firms that converted to
REITs realized positive abnormal returns over the event window. In addition, the results reveal
that firms with more free cash flow enjoyed greater benefits from this organizational form change.
Therefore, only the agency cost hypothesis could be used to explain the wealth effects.
WORK IN PROGRESS
Effects of Municipal Incorporation on Property Value, with Henry J. Munneke and Geoffrey K.
Turnbull
HONORS AND AWARDS
AREUEA-ASSA Travel Grant, American Real Estate and Urban Economics Association
2016
McRae Scholarship, University of Georgia
2015 – Present
Pittard Scholarship, University of Georgia
2013 – 2015
Terry College of Business Ph.D. Scholarship, University of Georgia
2011 – 2013
Graduate Assistantship, University of Georgia
2011 – Present
Student Award of Excellence, Renmin University of China
2010 – 2011
First-class Graduate Assistantship, Renmin University of China
2009 – 2011
Scholarship for Academic Excellence, Nanjing University
2006 – 2009
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RESEARCH TOOLS
Statistical packages: SAS, Stata, R, Gauss, MATLAB, Eviews
GIS software: ArcGIS
Databases: WRDS (CRSP, Compustat, IBES), SDC Platinum (Thompson Financial), U.S. Census,
GeoLytics Neighborhood Change Database
PROFESSIONAL MEMBERSHIP
American Real Estate and Urban Economics Association (AREUEA)
American Real Estate Society (ARES)
American Finance Association (AFA)
American Economic Association (AEA)
Financial Management Association (FMA)
Royal Institution of Chartered Surveyors (RICS)
PERSONAL INFORMATION
Citizenship: China
REFERENCES
Henry J. Munneke (Chair)
Associate Dean for Undergraduate Programs
C. Herman & Mary Virginia Terry Distinguished Chair of Business Administration
Professor of Real Estate
Department of Insurance, Legal Studies, and Real Estate
Terry College of Business
University of Georgia
341 Brooks Hall, Athens, GA 30602
[email protected]
Tel: 706-542-8414
James B. Kau
C. Herman & Mary Virginia Terry Distinguished Chair of Business Administration
Professor Emeritus of Real Estate
Department of Insurance, Legal Studies, and Real Estate
Terry College of Business
University of Georgia
285 Brooks Hall, Athens, GA 30602
[email protected]
Tel: 706-542-3805
Richard W. Martin
Associate Professor of Real Estate
Department of Insurance, Legal Studies, and Real Estate
Terry College of Business
University of Georgia
213A Brooks Hall, Athens, GA 30602
[email protected]
Tel: 706-542-3585
Last Updated: December 2nd, 2015
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