David Hao Zhang

Assistant Professor of Finance, Rice University

CV and Bio


Working Papers


Other Writings/Media


CV and Bio

I am an Assistant Professor of Finance at Rice University. My research focuses on real estate finance, household finance, and banking.

My CV is available here: CV


Email: dzhang@rice.edu

Working Papers

Small Mortgages and the Rise of FinTech and Shadow Banks

(with Yongqiang Chu and Tim Zhang)

Abstract (click to expand)


Algorithmic Underwriting in High Risk Mortgage Markets

(with Janet Gao and Livia Yi)

Abstract (click to expand)

Invited Presentations: 2023 Lone Star Finance Conference, Georgetown University Brownbag*, University of Colorado Boulder*, 2024 AEA*, University of Rochester, Boston College Brownbag*, 2024 UD/Philly Fed Fintech Financial Institutions Conference (Best Paper Award), 2024 University of Washington Fostering Inclusion Workshop*.


Closing Costs, Refinancing, and Inefficiencies in the Mortgage Market (Job Market Paper)

Abstract (click to expand)

Invited Presentations: 2022 NBER Summer Institute Real Estate, 2022 North American Summer Meeting of the Econometric Society, 2022 Asia Meeting of the Econometric Society, 2022 UEA Conference, 2022 Chicago Booth Household Finance Conference, 2022 CFPB Consumer Conference, 2023 AREUEA/ASSA Conference, 2023 UCLA/SF Fed Conference, Penn State University, 2023 Boulder Conference on Consumer Finance, 2023 Western Finance Association (WFA).


Testing for Discrimination in Menus

(with Paul Willen)

Revise & Resubmit at the American Economic Review

Abstract (click to expand)

Invited Presentations: 2020 System Econometrics Conference*, 2020 System Applied Microeconomics Conference, 2020 Econometric Society European Winter Meetings, 2021 Week After Conference on Financial Markets and Institutions*, 2021 Stanford Institute for Theoretical Economics (SITE), 2021 Financial Intermediation Research Society (FIRS), 2021 Society of Labor Economists (SOLE), 2021 IAAE Conference, 2021 Asian Meeting of the Econometric Society, 2021 OSU PhD Real Estate Conference (Best Paper Award), 2021 RES, 2021 SWFA, 2022 AREUEA National Conference, 2023 AREUEA/ASSA Conference, Zillow, FHFA.


The Cost of Banking Deserts: Racial Disparities in Access to PPP Lenders and their Implications

(with Jeffrey Wang)

Abstract (click to expand)

Invited Presentations: 2021 SFS Cavalcade North America.


Do Judge-Lawyer Relationships Influence Case Outcomes?

(with Tianwang Liu)


Abstract (click to expand)

Media coverage: Legal Theory Blog


Semi-Parametric Estimation of Counterfactuals in Dynamic Discrete Choice Models

Abstract (click to expand)

Invited Presentations: 2018 International Industrial Organization Conference



Mortgage Prepayment, Race, and Monetary Policy

(with Kristopher Gerardi and Paul Willen)

Journal of Financial Economics, March 2023

Abstract (click to expand)

Editor’s Choice, March 2023


History-based versus uniform pricing in growing and declining markets

(with Rune Stenbacka and Oz Shy)

International Journal of Industrial Organization, September 2016

Abstract (click to expand)


Options Compensation as a Commitment Mechanism in Oligopoly Competition

(with Jun Ishii)

Managerial and Decision Economics, April 2016

Abstract (click to expand)


Other Writings/Media

Interview: Houston's housing market is getting pricey as mortgage rates lock in at record numbers, data shows

ABC13 Houston, December 2023


Interview: FTC's action against OpenDoor

FOX 26 Houston, August 2022


Black homeowners refinance less and pay more for mortgages, new data reveals

Philadelphia Tribune, January 2021


Fed Paper Finds Black Homeowners Paying More for Mortgages

Wall Street Journal Central Banking, December 2020


How Do People Pay Rent?

Federal Reserve Bank of Boston Research Data Report, September 2016

Media coverage: New York Post


* Asterisks indicate presentation by a co-author.

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