Rui Yao
Assc Professor
Zicklin School of Business
Department: Bert Wasserman Dept Eco & Fin
Areas of expertise:
Email Address: rui.yao@baruch.cuny.edu
> View CV- Biography
- Teaching
- Research and Creative Activity
- Grants
- Honors and Awards
- Service
Education
Ph.D., Finance and Real Estate, University of North Carolina at Chapel Hill
B.S., Urban Planning, Peking University
| Semester | Course Prefix | Course Number | Course Name |
|---|---|---|---|
| Fall 2024 | FIN | 4750 | Options |
| Fall 2024 | FIN | 4750 | Options |
| Fall 2024 | FIN | 4710 | Advanced Investment Analysis |
| Spring 2024 | FIN | 4750 | Options |
| Spring 2024 | FIN | 4750 | Options |
| Spring 2024 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2023 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2023 | FIN | 4750 | Options |
| Fall 2023 | FIN | 4750 | Options |
| Spring 2023 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2022 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2022 | FIN | 4750 | Options |
| Fall 2021 | FIN | 4750 | Options |
| Fall 2021 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2021 | FIN | 4710 | Advanced Investment Analysis |
| Spring 2021 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2020 | FIN | 4750 | Options |
| Spring 2020 | FIN | 4710 | Advanced Investment Analysis |
| Spring 2020 | ECO | 4000 | Sta Analysis Eco/Fin |
| Fall 2019 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2019 | FIN | 4750 | Options |
| Spring 2019 | ECO | 4000 | Sta Analysis Eco/Fin |
| Spring 2019 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2018 | FIN | 4750 | Options |
| Spring 2018 | FIN | 4710 | Advanced Investment Analysis |
| Spring 2018 | FIN | 4750 | Options |
| Fall 2017 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2017 | FIN | 4750 | Options |
| Spring 2017 | FIN | 4750 | Options |
| Fall 2016 | ECO | 4000 | Sta Analysis Eco/Fin |
| Fall 2016 | FIN | 4710 | Advanced Investment Analysis |
| Spring 2016 | FIN | 4710 | Advanced Investment Analysis |
| Spring 2016 | ECO | 4000 | Sta Analysis Eco/Fin |
| Fall 2015 | ECO | 4000 | Sta Analysis Eco/Fin |
| Spring 2015 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2014 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2014 | ECO | 4000 | Sta Analysis Eco/Fin |
| Spring 2014 | FIN | 4710 | Advanced Investment Analysis |
| Spring 2014 | BUS | 90000 | Dissertation Supervision |
| Spring 2014 | ECO | 4000 | Sta Analysis Eco/Fin |
| Fall 2013 | ECO | 4000 | Sta Analysis Eco/Fin |
| Fall 2013 | ECO | 4000 | Sta Analysis Eco/Fin |
| Fall 2013 | BUS | 90000 | Dissertation Supervision |
| Spring 2013 | BUS | 90000 | Dissertation Supervision |
| Spring 2013 | ECO | 4000 | Sta Analysis Eco/Fin |
| Spring 2013 | FIN | 9783 | Investment Analysis |
| Fall 2012 | ECO | 4000 | Sta Analysis Eco/Fin |
| Fall 2012 | ECO | 4000 | Sta Analysis Eco/Fin |
| Fall 2012 | BUS | 3001 | Business Internship |
| Fall 2012 | BUS | 90000 | Dissertation Supervision |
| Spring 2012 | RES | 9850 | Real Estate Capital Markets |
| Spring 2012 | ECO | 4000 | Sta Analysis Eco/Fin |
| Fall 2011 | ECO | 4000 | Sta Analysis Eco/Fin |
| Fall 2011 | BUS | 3001 | Business Internship |
| Fall 2011 | BUS | 3002 | Business Internship |
| Fall 2011 | RES | 9850 | Real Estate Capital Markets |
| Spring 2011 | RES | 9776 | Real Estate Finance |
| Spring 2011 | RES | 3400 | Real Estate Capital Markets |
| Spring 2011 | BUS | 3001 | Business Internship |
| Spring 2011 | FIN | 9776 | Real Estate Finance |
| Fall 2010 | RES | 9850 | Real Estate Capital Markets |
| Spring 2010 | RES | 4200 | Invstmnt Strategies |
| Spring 2010 | FIN | 9776 | Real Estate Finance |
| Spring 2010 | RES | 9776 | Real Estate Finance |
| Spring 2010 | BUS | 3001 | Business Internship |
| Fall 2009 | RES | 9776 | Real Estate Finance |
| Fall 2009 | RES | 9850 | Real Estate Capital Markets |
| Fall 2009 | FIN | 9776 | Real Estate Finance |
| Fall 2009 | BUS | 3002 | Business Internship |
| Spring 2009 | RES | 3400 | Real Estate Capital Markets |
| Spring 2009 | RES | 9850 | Real Estate Capital Markets |
| Fall 2008 | RES | 4200 | Invstmnt Strategies |
| Fall 2008 | FIN | 9776 | Real Estate Finance |
| Fall 2008 | RES | 9776 | Real Estate Finance |
| Spring 2008 | FIN | 6002 | Honors Courses in Finance |
| Spring 2008 | FIN | 9776 | Real Estate Finance |
| Spring 2008 | RES | 4200 | Invstmnt Strategies |
| Spring 2008 | RES | 9776 | Real Estate Finance |
| Fall 2007 | FIN | 6001 | Honors Courses in Finance |
| Fall 2007 | BUS | 3001 | Business Internship |
| Fall 2007 | RES | 9776 | Real Estate Finance |
| Fall 2007 | FIN | 9776 | Real Estate Finance |
| Summer 2007 | BUS | 3001 | Business Internship |
| Summer 2007 | BUS | 3002 | Business Internship |
| Spring 2007 | RES | 3200 | Real Estate Fin and Investment |
| Spring 2007 | BUS | 3001 | Business Internship |
| Spring 2007 | RES | 3200 | Real Estate Fin and Investment |
| Fall 2006 | REA | 4725 | Financing Real Esta |
| Fall 2006 | REF | 4200 | Finance and Investments in Real Estate |
| Spring 2006 | REF | 4200 | Finance and Investments in Real Estate |
| Spring 2006 | FIN | 3710 | Investment Analysis |
| Spring 2006 | FIN | 3710 | Investment Analysis |
| Fall 2005 | FIN | 4777 | Special Topics in Finance |
| Fall 2005 | FIN | 4777 | Special Topics in Finance |
| Spring 2005 | FIN | 3710 | Investment Analysis |
| Spring 2004 | FIN | 3710 | Investment Analysis |
| Spring 2004 | FIN | 3710 | Investment Analysis |
| Fall 2003 | FIN | 3710 | Investment Analysis |
| Fall 2003 | FIN | 3710 | Investment Analysis |
| Spring 2003 | FIN | 3710H | Honors-Investments & Analysis |
| Spring 2003 | FIN | 3710 | Investment Analysis |
| Fall 2002 | FIN | 3710 | Investment Analysis |
| Fall 2002 | FIN | 3710 | Investment Analysis |
Journal Articles
Li, W., Liu, H., & Yang, F. (2016). Housing Over Time and Over the Life-Cycle: A Structural Estimation. International Economic Review, 10(2013).
(2008). "Life Cycle Asset Allocation with Housing as a Collateral" (with Harold Zhang). Journal of Finance and Quantitative Analysis,
(2007). "The Life-Cycle Effects of Housing Price Changes" . Journal of Money Credit and Banking, 39(6). 1375-1409.
(2006). "How Do House Price Changes Affect Consumption?". Federal Reserve Bank pf Philadelphia Business Review ,
(2005). "Optional Consumption and Portfolio Choices with Risky Housing and Borrowing Constraint". Review of Financial Studies , 18(1). pp 197-239.
(2003). "A Proportional Hazard Model of Commercial Mortgage Default with Originator Bias". Journal of Real Estate Finance and Economics , 27(1). pp 5-23.
(2002). "The Termination of Lending Relationships through Prepayment and Default in the Commercial Mortgage Markets: A Proportional Hazard Approach with Completing Risks". Real Estate Economics, 30(4). pp 595-633.
Media Contributions
(2009). NYC Metro.
(2007). Crain's New York.
Presentations
Yao, R., & Li, W. (2009, January 31). Housing Over Time and Over the Life-Cycle: A Structural Estimation. American Economic Association. Boston, MA
Yao, R. (2006, July 31). Optimal Life-Cycle Asset Allocation with Housing as a Collateral. American Real Estate and Urban Economics Association International Conference. Vancouver, Canada
Yao, R. (2006, January 31). The Life-Cycle Effects of Housing Price Changes. Econometric Society Winter Conference. Boston, MA
Yao, R. (2005, June 30). Optimal Life-Cycle Asset Allocation with Housing as a Collateral. Western Finance Annual Meeting. Portland, OR
Yao, R. (2005, May 31). The Life-Cycle Effects of Housing Price Changes, Housing, Mortgage Finance and the Macroeconomy. Federal Reserve Bank of Atlanta. Atlanta, GA
Yao, R. (2005, April 30). Taxable and Tax-Deferred Investing with Home Ownership. Brownbag Seminar. Baruch College, New York, NY: Department of Economics and Finance, Baruch College.
Yao, R. (2005, April 30). The Life-Cycle Effects of Housing Price Changes. Columbus, OH: Department of Economics, Ohio State University.
Yao, R. (2005, January 31). The Life-Cycle Effects of Housing Price Changes. AREUEA Annual Meeting. Philadelphia, PA
Yao, R. (2005, November 30). Optimal Life-Cycle Asset Allocation with Housing as a Collateral. University of Wisconsin -Madison Real Estate Seminar. Madison, WI
Yao, R. (2005, August 31). The Life-Cycle Effects of Housing Price Changes. Econometric Society World Congress. London, England
Yao, R. (2005, June 30). The Life-Cycle Effects of Housing Price Changes. Society of Economic Dynamics Annual Meeting. Budapest, Hungary
Yao, R. (2004, July 31). Optimal Life-Cycle Asset Allocation with Housing as a Collateral. China International Conference in Finance. Shanghia, China
Yao, R. (2004, October 31). Optimal Consumption. Real Estate Department Seminar. Wharton School, Philadelphia, PA
Yao, R. (2004, October 31). The Wealth and Welfare Effects of Housing Appreciation. Brownbag Seminar. Baruch College, New York, NY: Department of Economics and Finance, Baruch College.
Yao, R. (2004, November 30). Optimal Life-Cycle Asset Allocation with Housing as Collateral. Symposium on Asset Allocation and Pension Management. Frederiksberg, Denmark
Yao, R. (2004, November 30). Optimal Life-Cycle Asset Allocation with Housing as a Collateral. Real Estate Area Seminar. Haas School of Business, Berkeley, CA
Yao, R. (2004, June 30). Optimal Consumption and Mortgage Choices with Housing and Labor Income Risks. AREUEA Mid-Year Meeting. Washington, DC
Yao, R. (2004, April 30). Optimal Consumption and Mortgage Choices with Housing and Labor Income Risks. American Real Estate Society Annual Meeting. Florida
Yao, R. (2004, May 31). Optimal Consumption and Mortgage Choices with Housing and Labor Risks. Midwest Macroeconomics Conference. Ames, Iowa
Yao, R. (2004, June 30). Optimal Consumption and Mortgage Choices with Housing and Labor Income Risks. Society of Economics Dynamics Summer Meeting. Florence, Italy
Yao, R. (2003, March 31). Portfolios of Renters Versus Homeowners: A Panel Data Approach. Brownbag Seminar. Baruch College, New York, NY: Department of Economics and Seminar Baruch College.
Yao, R. (2003, November 30). Optimal Consumption Life-Cycle Asset Allocation with Costly Mortgage Default and Refinancing. Brownbag Seminar. Baruch College, New York, NY: Department of Economics and Finance, Baruch College.
Yao, R. (2002, February 28). Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income. Finance Area Seminar. University of Texas at Dallas
Yao, R. (2002, February 28). Optimal Consumption and Portfolio Choices with Risky Housing And Stochastic Labor Income. Finance Area Seminar. CUNY-Baruch College
Yao, R. (2002, June 30). Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income. Western Finance Annual. Park City, Utah
Yao, R. (2002, August 31). Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income. Federal Reserve Board of Governors. Washington, DC
Yao, R. (2002, January 31). Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income. ASSA/AREUEA Annual Meeting. Atlanta, GA
Yao, R. (2002, January 31). Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income. Finance Area Seminar. University of Colorado at Boulder
Yao, R. (2002, January 31). Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income. Fannie Fae, Credit Policy Group Seminar. Washington, DC
Yao, R. (2001, October 31). Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income. Finance Area Seminar. UNC at Chapel Hill
Yao, R. (2001, January 31). The Termination of Lending Relationships Through Prepayment and Default in the Commercial Mortgage Markets: A Proportional Hazard Approach with Competing Risks. ASSA/AREUEA Annual Meeting. New Orleans
Yao, R. (2001, April 30). Optimal Consumption and Portfolio Choices with Housing. Economics Department Brown-Bag Workshop. UNC at Chapel Hill
Yao, R. (2001, January 31). A Proportional Hazard Model of Commercial Mortgage Default with Originator Bias. ASSA/AREUEA Annual Meeting. New Orleans
Yao, R. (2000, July 31). A Proportional Hazard Model of Commercial Mortgage default and Prepayment. Asian Real Estate Society Annual Meeting. Beijing
Research Currently in Progess
Yao, R.(n.d.). "Asset Location and Allocation with Risky Housing and Tax-Deferred Investing". In Progress.
Yao, R.(n.d.). "Housing Choices, Credit Card, Debt and Time Inconsistency". In Progress.
Yao, R.(n.d.). "Optimal Housing Tenure Choice When House Prices and Predictable" . In Progress.
| Title | Funding Agency Sponsor | Start Date | End Date | Awarded Date | Total Funding | Status |
|---|---|---|---|---|---|---|
| Optimal Housing Decisions with Price Predictability and Adjustment Costs | PSC-CUNY 42 | 07/01/2011 | 06/30/2012 | 04/15/2011 | 3500 | Completed |
| Cost Structure and Termination of Adjustible Rate Mortgage | PSC-CUNY 41 | 07/01/2010 | 06/30/2011 | 5465.3 | Completed | |
| Household Finance with Costly Mortgage | PSC-CUNY 40 | 07/01/2009 | 06/30/2010 | 2900.5 | Completed | |
| THE SUBSTITUTABILITY OF HOUSING | PSC-CUNY 39 | 07/01/2008 | 12/31/2009 | 4500 | Completed | |
| Asset Location and Allocation with Risky Housing and Tax-Deferred Investing | PSC-CUNY 38 | 07/01/2007 | 06/30/2008 | 5100 | Completed |
| Honor / Award | Organization Sponsor | Date Received | Description |
|---|---|---|---|
| PSC-CUNY Research Grant | PSC-CUNY | 2010 | |
| PSC-CUNY Research Grant | PSC-CUNY | 2009 | |
| PSC-CUNY Research Grant | PSC-CUNY | 2008 | |
| PSC-CUNY Research Grant | PSC-CUNY | 2007 | |
| Eugene M Lang Junior Faculty Research Fellowship | 2007 | July 2006 - June 2007 | |
| Baruch College Faculty Recognition Award | 2006 | ||
| PSC-CUNY Research Grant | PSC-CUNY | 2005 | |
| Baruch College Faculty Recognition Award | 2004 | ||
| PSC-CUNY Research Grant | PSC-CUNY | 2004 | |
| Pittsburgh Supercomputing Center | 2004 | 10,000 TCS1 Hours through NSF's Partnership for Advanced Computational Infrastructure (PACI) program, June 2003 - June 2004 | |
| The 2003 American Real Estate and Urban Economics Association (AREUEA) Homer Hoyt Institute Annual Dissertation Award | 2003 | First Place Award | |
| PSC-CUNY Research Grant | PSC-CUNY | 2003 | |
| North Carolina Supercomputing Center High Performance Computing Resources Allocating Award | 2002 | 27,000 IBM SP3 and 200 SGI Origin Hours | |
| University of North Carolina at Chapel Hill Graduate Scholarship | 2002 | August 1998 - May 2002 | |
| North Carolina Supercomputing Center High Performance Computing Resources Allocating Award | 2001 | 40,000 IBM SP# and 200 10,000 SGI ORIGIN Hours | |
| North Carolina Supercomputing Center High Performance Computing Resources Allocating Award | 2001 | 2000 IBM SP3 and 200 SGI ORIGIN Hours | |
| UCLA University Fellowships | 1998 | September 1996 - July 1998 |
College
| Committee Name | Position Role | Start Date | End Date |
|---|---|---|---|
| Coordinator of Eco/Fin/Real Estate Brownbag seminars | Present | ||
| Graduate Curriculum Committee | Department Representative | 8/31/2010 | |
| Graduate Student Real Estate Club | Faculty Advisor | 12/31/2006 | |
| Executive Committee, Department of Real Estate | 12/31/2006 | ||
| FIN 3710 | Acting Coordinator | 12/31/2005 | |
| Curriculum Committee, Department of Real Estate | 12/31/2005 | ||
| Recruiting Committee, Department of Finance | 12/31/2004 | ||
| Ad Hoc Committee to develop Real Estate Curriculum for BBA Program in Real Estate | 12/31/2003 |
University
| Committee Name | Position Role | Start Date | End Date |
|---|---|---|---|
| Doctoral student's position paper (Jiajin Chen) | Committee Member | 1/1/2009 | 12/31/2010 |
| Doctoral student's position paper (Yili Lian) | Committee Member | 1/1/2008 | 12/31/2009 |
| Doctoral student's position paper (Yi Tan) | Committee Member | 1/1/2003 | 12/31/2004 |
Professional
| Organization | Position Role | Organization State | Organization Country | Start Date | End Date | Audience |
|---|---|---|---|---|---|---|
| International Real Estate Review | Editorial Review Board Member | 1/1/2011 | 12/31/2011 | |||
| Dissertation Award Committee, American Real Estate and Urban Economics Association | Committee Member | 1/1/2004 | 12/31/2006 |
Public
| Organization | Position Role | Organization State | Organization Country | Start Date | End Date | Audience |
|---|---|---|---|---|---|---|
| Real Estate Economics | Referee | 12/31/2005 | ||||
| Journal of Business and Economics Statistics | Referee | 10/31/2004 | ||||
| Journal of Business and Economic Statistics | Referee | 5/31/2004 |