Xudong An
Department
of Finance
College of Business Administration
San Diego State University
5500 Campanile Dr.,
San Diego, CA 92182-8236
(619)594-3027 (619)594-3272 (fax)
Xudong An is Assistant Professor of Finance at San Diego State University (SDSU) and holds the Endowed Professorship in Real Estate at SDSU (Vita).
Dr. An's research mainly focuses on mortgage default risk, its determinants, evaluation, management and pricing. Some of his recent research topics are: risk-based pricing and the subprime mortgage crisis, prediction of commercial mortgage default risk using structural models, default risk and security design of commercial mortgage-backed securities (CMBS), and credit spreads of corporate bonds and commercial mortgages. Xudong also conducts research on other topics such as mortgage lending, real estate valuation, housing cycles and housing indicators. His research papers on competing risks of mortgage prepayment and default, Fannie Mae's and Freddie Mac's roles in the US mortgage market, and subprime mortgage lending have been published in leading academic journals such as Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Policy Analysis and Management, and Brookings-Wharton Papers on Urban Affairs.
Xudong is the recipient of the Homer Hoyt Post Doctoral Award and several other national awards and fellowships such as the Pension Real Estate Association (PREA) Scholarship, Urban Land Institute (ULI) Graduate Fellowship, Phi Beta Kappa International Scholarship and Haynes Foundation Graduate Fellowship. In addition, he has received research grants from the Real Estate Research Institute (RERI) and SDSU.
Professor An teaches real estate finance and real estate principles classes at SDSU. He also taught microeconomics and real estate finance at the University of Southern California (USC), where he obtained his Ph.D. under the supervision of Yongheng Deng, Raphael Bostic, Stuart Gabriel, Fernando Zapatero and Chris Jones. Prior to coming to the United States, he got his bachelor's and master's degrees in China and worked for a real estate consulting firm.
Education
Ph.D., University of Southern California, 2007
M.S., Nanjing University, 2001
B.S., Nanjing University, 1999
Research Interests
Real estate finance, credit risk, securitization and structured finance, financial econometrics, housing economics and housing policy
Refereed Journal Articles
An, Xudong, John M. Clapp and Yongheng Deng. 2009. Omitted Mobility Characteristics and Property Market Dynamics: Application to Mortgage Termination. In press in Journal of Real Estate Finance and Economics.(SSRN)
An, Xudong and Raphael W. Bostic. 2009. Policy Incentives and the Extension of Mortgage Credit: Increasing Market Discipline for Subprime Lending. Journal of Policy Analysis and Management 28(3):340-365 (lead article).(SSRN)
An, Xudong, Yongheng Deng and Stuart A. Gabriel. 2009. Value Creation through Securitization: Evidence from the CMBS Market. Journal of Real Estate Finance and Economics 38:302-326.(SSRN)
An, Xudong and Raphael W. Bostic. 2008. GSE Activity, FHA Feedback and Implications of the Efficacy of the Affordable Housing Goals. Journal of Real Estate Finance and Economics, 36(2): 207-231.(SSRN)
An, Xudong, Raphael W. Bostic, Yongheng Deng and Stuart A. Gabriel. 2007. GSE Loan Purchases, the FHA, and Housing Outcomes in Targeted, Low-income Neighborhoods. Brookings-Wharton Papers on Urban Affairs, 2007: 205-256.(Brookings)
Clapp, John M., Yongheng Deng and Xudong An. 2006. Unobserved Heterogeneity in Models of Competing Mortgage Termination Risks. Real Estate Economics, 34(2): 243-273.(SSRN)
Book Chapter
An, Xudong, Yongheng Deng and Anthony B. Sanders. 2008. Subordination Levels in Structured Financing. In Arnoud Boot and Anjan Thakor (eds.) Corporate Finance, Volume 3: Financial Intermediation and Banking, Elsevier. ISBN: 978-0-444-51558-2.(Elsevier)
Work in Progress
Default Risk of CMBS Loans: What Explains the Regional Variations? With Yongheng Deng and Tony Sanders.(slides)
Is Conduit Lending to Blame? Asymmetric Information, Adverse Selection, and the Pricing of CMBS. With Yongheng Deng and Stuart Gabriel.(pdf)
Credit Risk and Subordination Levels in CMBS. With Yongheng Deng and Tony Sanders.(pdf)
Macroeconomic Growth, Real Estate Market Conditions, and the Time Series Dynamics of CMBS Loan Default Risk. RERI Working Paper.(SSRN)
A Structural Model for Capitalization Rate. RERI Working Paper. With Yongheng Deng.(RERI)
Understanding CMBS Subordination and Security Design: Credit Quality, Learning and Demand Feeding
Subprime Mortgage Crisis: Is It a Failure of Risk-based Pricing?
Commercial Mortgage Default Risk: Estimations and Predictions with a Structural Model. With Yongheng Deng and Tony Sanders.
Credit Spreads of Corporate Bonds and Commercial Mortgages. With Chris Jones.
Housing Cycles and Leading Housing Index. With Andy Do and Vincent Yao.
Subprime Mortgage Lending and Bank's Risk Taking. With Raphael Bostic.
Teaching
Real Estate Finance; Real Estate Essentials; Microeconomics; Mortgage, Mortgage-backed Securities, and Real Estate Capital Markets (Teaching Assistant); Advanced Real Estate and Financial Modeling (Teaching Assistant)