Sumit

AGARWAL, Sumit

Professor of Finance, Economics and Real Estate
Head of Department, Finance
Low Tuck Kwong Distinguished Professor


FINANCE

Bio

Sumit Agarwal is the Low Tuck Kwong Professor at the School of Business and Professor in the departments of Economics, Finance and Real Estate at the National University of Singapore. Previously, he held positions as a Professor of Finance at Georgetown University, senior financia....

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Recognition & Awards

  • Excellence in Refereeing Award 2017 – American Economic Review - 2018
  • Appointed as the Low Tuck Kwong Professor, with effect from 1 June 2018, for a term of five years. - 2018
  • Excellence in Refereeing Award 2016 – American Economic Review - 2017
  • Distinguished Alumni Achievement Award, UWM - 2017
  • University Outstanding Researcher Award, NUS (Singapore $15,000) - 2016
  • Society for Financial Studies, Best Paper Award ($10,000) - 2016
  • Excellence in Refereeing Award 2015 – American Economic Review - 2016
  • Appointed as the Low Tuck Kwong Professor, with effect from 7 July 14, for a term of five years. - 2014
  • Faculty Outstanding Researcher Award, Business School, NUS (Singapore $1,000) - 2013
  • Faculty Outstanding Researcher Award, NUS - 2013
  • Excellence in Refereeing Award 2011 – American Economic Review - 2012
  • Red Rock Finance Conference, Best Paper Award - 2012
  • TIAA-CREF Paul A. Samuelson Award ($2,000) - 2011
  • Networks Financial Institute Competition, Best Paper Award ($2,500) - 2011
  • Terker Family Prizes in Investment Research Award, Wharton School ($5,000) - 2009
  • Glucksman Institute Research Award, New York University ($2,5000) - 2008
  • Phi Kappa Phi, National Honor Society - 1998
  • J. Walter Elliot Award for Excellence in Macroeconomics - UWM - 1995

Educational Qualifications

  • PhD, Economics, University of Wisconsin, Milwaukee, USA, 1999
  • MA, Economics, University of Wisconsin, Milwaukee, USA, 1995
  • BSc, Computer Science, University of Wisconsin, Milwaukee, USA, 1993

Corporate Experience

  • Senior Financial Economist, Federal Reserve Bank of Chicago, 2006 - 2012
  • Senior Vice President, Bank of America, 2000 - 2006

Selected Publications

Disguised corruption: Evidence from consumer credit in China

Journal Articles
Qian, Wenlan with Amit Seru and Jian Zhang
Journal of Financial Economics

Year
2018

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Effects of Government Bailouts on Mortgage Modification

Journal Articles
Agarwal, Sumit with Zhang, Yunqi
Journal of Banking and Finance, 93, 54-70

Year
2018

View

Age of Decision: Pension Savings Withdrawal and Consumption and Debt Responses

Journal Articles
Qian, Wenlan with Jessica Pan
Management Science

Year
2018

View

Gender difference and intra-household economic power in mortgage signing order

Journal Articles
Agarwal, Sumit with Richard Green, Eric Rosenblatt, Vincent W. Yao and Jian Zhang
Journal of Financial Intermediation

Year
2018

View

Do Second Liens Holdup First Lien Holders' Modifications?

Journal Articles
Agarwal, Sumit with Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet and Yan Zhang
Journal of Financial and Quantitative Analysis

Year
2017

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Selected Publications

57

Journals

1

Books

17

Papers

Journal Articles

Disguised corruption: Evidence from consumer credit in China

Journal Articles
Qian, Wenlan with Amit Seru and Jian Zhang
Journal of Financial Economics

Year
2018

View

Effects of Government Bailouts on Mortgage Modification

Journal Articles
Agarwal, Sumit with Zhang, Yunqi
Journal of Banking and Finance, 93, 54-70

Year
2018

View

Age of Decision: Pension Savings Withdrawal and Consumption and Debt Responses

Journal Articles
Qian, Wenlan with Jessica Pan
Management Science

Year
2018

View

Gender difference and intra-household economic power in mortgage signing order

Journal Articles
Agarwal, Sumit with Richard Green, Eric Rosenblatt, Vincent W. Yao and Jian Zhang
Journal of Financial Intermediation

Year
2018

View

Do Second Liens Holdup First Lien Holders' Modifications?

Journal Articles
Agarwal, Sumit with Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet and Yan Zhang
Journal of Financial and Quantitative Analysis

Year
2017

View

The Politics of Foreclosures

Journal Articles
Agarwal, Sumit with Amromin, Gene, Ben-David, Itzhak and Dinc, Serdar
Journal of Finance

Year
2017

View

How does working in a finance profession affect mortgage delinquency?

Journal Articles
Agarwal, Sumit with Souphala Chomsisengphet and Yunqi Zhang
Journal of Banking and Finance, 78, 1-13

Year
2017

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Lender Steering in Residential Mortgage Markets

Journal Articles
Agarwal, Sumit with Brent W. Ambrose and Vincent W. Yao
Real Estate Economics

Year
2017

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Loan Prospecting and the Loss of Soft Information

Journal Articles
Agarwal, Sumit with Ben-David, Itzhak
Journal of Financial Economics

Year
2017

View

Do Real Estate Agents Have Information Advantage in Housing Markets

Journal Articles
Agarwal, Sumit with Jia He, Tien Foo Sing and Changcheng Song
Journal of Financial Economics

Year
2015

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Mobile Wallet and Entrepreneurial Growth

Journal Articles
Yeung, Yin, Bernard with Zou, Xin
American Economic Review, Papers and Proceedings, 109, 48-53

Year
2019

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Relationship Lending: Evidence from Consumer Credit Market

Journal Articles
Agarwal, Sumit with Chomsisengphet, Souphala, Liu, Chunlin, Souleles, Nicholas S., Changcheng Song and Nicholas S. Souleles
Journal of Monetary Economics, 96, 16-32

Year
2018

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Gender and Household Financial Decision: Evidence from Personal Bankruptcy

Journal Articles
Agarwal, Sumit with He, Jia, Sing, Tien Foo and Zhang, Jian
Review of Finance, 22, (2), 813-847

Year
2018

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Do Banks Pass through Credit Expansions to Consumers Who want to Borrow?

Journal Articles
Agarwal, Sumit with Souphala Chomsisengphet, Neale Mahoney and Johannes Stroebel
Quarterly Journal of Economics, 133, (1), 129-190

Year
2018

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Consumption Responses to Temporary Tax Incentives: Evidence from State Sales Tax Holidays

Journal Articles
Agarwal, Sumit with Nathan Marwell and Leslie McGranahan
American Economic Journal: Economic Policy, 9, (4), 1-27

Year
2017

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Strategic Sequential Bidding for Government Land Auction Sales – Evidence from Singapore

Journal Articles
Agarwal, Sumit with Jing Li, Ernie Teo and Alan Cheong
Journal of Real Estate Finance and Economics, 1-31

Year
2017

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Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program

Journal Articles
Agarwal, Sumit with Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Tomasz Piskorski and Amit Seru
Journal of Political Economy, 125, (3), 654-712

Year
2017

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Access to home equity and consumption: Evidence from a policy experiment

Journal Articles
Qian, Wenlan
Review of Economics and Statistics, 99, (1), 40-52

Year
2017

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The 10% carbon challenge: Nudge and energy savings

Journal Articles
Agarwal, Sumit with Satyanarain Rengarajan, Tien Foo Sing and Yang Yang
Energy Economics, 61, 29-41

Year
2017

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Systematic mistakes in the mortgage market and lack of financial sophistication

Journal Articles
Agarwal, Sumit with Itzhak Ben-David and Yao, Vincent
Journal of Financial Economics, 123, (1), 42-58

Year
2017

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What Shapes Consumer Choice and Financial Products? A Review

Journal Articles
Agarwal, Sumit with Souphala Chomsisengphet and Cheryl Lim
Annual Review of Financial Economics, 9, 127-146

Year
2017

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Why Do Borrowers Make Mortgage Refinancing Mistakes?

Journal Articles
Agarwal, Sumit with Richard Rosen and Vincent Yao
Management Science, 62, (12), 3494-3509

Year
2016

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Rushing into the American Dream? House Prices Growth and the Timing of Homeownership

Journal Articles
Agarwal, Sumit with Luojia Hu and Xing Huang
Review of Finance, 20, (6), 2183-2218

Year
2016

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Impact of electronic road pricing (ERP) changes on transport modal choice

Journal Articles
Agarwal, Sumit with Kang Mo Koo
Regional Science and Urban Economics, 60, 1-11

Year
2016

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The Information Value of Credit Rating Action Reports: A Textual Analysis

Journal Articles
Zhang, Weina with Vincent Y. S. Chen
Management Science, 62, (8), 2218-2240

Year
2016

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Joint liability lending and credit risk: Evidence from the home equity market

Journal Articles
Agarwal, Sumit with Brent W. Ambrose, Souphala Chomsisengphet and Chunlin Liu
Journal of Housing Economics, 32, 47-66

Year
2016

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School allocation rules and housing prices: A quasi-experiment with school relocation events in Singapore

Journal Articles
Agarwal, Sumit with Rengarajan, Satyanarain, Sing, Tien Foo and Yang, Yang
Regional Science and Urban Economics, 58, 42-56

Year
2016

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Playing the Boys Game: Golf buddies and board diversity

Journal Articles
Reeb, David M with SING TIEN FOO
American Economic Review, 106, (5), 272-276, Papers & Proceedings

Year
2016

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Effects of construction activities on residential electricity consumption: Evidence from Singapore's public housing estates

Journal Articles
Agarwal, Sumit with Rengarajan Satyanarain, Tien Foo Sing and Derek Vollmer
Energy Economics, 55, 101-111

Year
2016

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The hidden peril: The role of the condo loan market in the recent financial crisis

Journal Articles
Qian, Wenlan with DENG YONGHENG and LUO C
Review of Finance, 20, (2), 467-500

Year
2016

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Impact of electronic road pricing on real estate prices in Singapore

Journal Articles
Agarwal, Sumit with Koo, Kang Mo and Sing, Tien Foo
Journal of Urban Economics, 90, 50-59

Year
2015

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Collateral pledge, sunk-cost fallacy and mortgage default

Journal Articles
Agarwal, Sumit with Green Richard K., Rosenblatt, Eric and Yao, Vincent
Journal of Financial Intermediation, 24, (4), 636-652

Year
2015

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Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market

Journal Articles
Agarwal, Sumit with Itzhak Ben-David and Vincent W. Yao
Management Science, 61, (9), 2220-2240

Year
2015

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The Subprime Virus

Journal Articles
Agarwal, Sumit with Ambrose B and Yildirim Y
Real Estate Economics, 43, (4), 891-915

Year
2015

The Composition Effect of Consumption around Retirement: Evidence from Singapore

Journal Articles
Qian, Wenlan with PAN YUNFEN, JESSICA
American Economic Review, 105, (5), 426-431, Papers and Proceedings

Year
2015

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Do Consumers Choose the Right Credit Contracts?

Journal Articles
Agarwal, Sumit with Chomsisengphet, S, C. Liu and N. Souleles
Review of Financial Studies, 4, (2), 239-257

Year
2015

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Adverse Selection in Lending: Evidence from Home Equity Cash Out Behavior

Journal Articles
Agarwal, Sumit with Souphala Chomsisengphet and Chunlin Liu
Journal of Financial Services Research , 49, (1), 101-119

Year
2015

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Financial Literacy and Financial Planning: Evidence from India

Journal Articles
Agarwal, Sumit with Amromin, G, I. Ben-David, S. Chomsisengphet and D. Evanoff
Journal of Housing Economics, 4-21

Year
2015

Regulating Consumer Financial Products: Evidence from the Card Act

Journal Articles
Agarwal, Sumit with Chomsisengphet, S., N. Mahoney and J. Stroebel
Quarterly Journal of Economics, 130, (1), 111-164

Year
2015

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Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore

Journal Articles
Qian, Wenlan
American Economic Review, 104, (12), 4205-4320

Year
2014

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A Simple Framework for Estimating Consumer Benefits from Regulating Hidden Fees

Journal Articles
Agarwal, Sumit with Souphala Chomsisengphet, Neale Mahoney and Johannes Stroebel
Journal of Legal Studies, 43, (S2), S239-S252

Year
2014

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Inconsistent Regulators: Evidence from Banking

Journal Articles
Agarwal, Sumit with Lucca D., A. Seru and F. Trebbi
Quarterly Journal of Economics, Vol. 129(2), Pp.889-938

Year
2014

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Predatory Lending and the Subprime Crisis?

Journal Articles
Agarwal, Sumit with Amromin, G., I. Ben-David, S. Chomsisengphet and D. Evanoff
Journal of Financial Economics, Vol. 113(1), Pp. 29-52

Year
2014

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Optimal Mortgage Refinancing: A Closed Form Solution

Journal Articles
Agarwal, Sumit with John C. Driscoll and David I. Laibson
Journal of Money, Credit and Banking, 45, (4), 591-622

Year
2013

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Cognitive Ability and Household Financial Decision Making

Journal Articles
Agarwal, Sumit with Mazumder B.
American Economic Journal: Applied Economics, 5, (1), 193-207

Year
2013

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Adverse Selection in Mortgage Securitization

Journal Articles
Agarwal, Sumit with Chang, Y. and A. Yavas
Journal of Financial Economics, 105, (3), 640-660

Year
2012

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Thy Neighbor's Mortgage: Does Living in a Subprime Neighborhood Impact Your Probability of Default?

Journal Articles
Agarwal, Sumit with Brent W. Ambrose, Souphala Chomsisengphet and Anthony B. Sanders
Real Estate Economics, 40, (1), 1-22, (Lead article)

Year
2012

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Consumption and Debt Response to Minimum Wage Increases

Journal Articles
Agarwal, Sumit with Aaronson, D. and E. French
American Economic Review, 102, (7), 3111-39 , (Lead Article)

Year
2012

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The Role of Securitization in Mortgage Renegotiation

Journal Articles
Agarwal, Sumit with Amromin, G., I Ben-David, S. Chomsisengphet and D. Evanoff
Journal of Financial Economics, 102, no. 3, 559–578

Year
2011

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The Brokerage Firm Effect in Herding: Evidence from Indonesia

Journal Articles
Agarwal, Sumit with I-Ming Chiu, Chunlin Liu and S. Ghon Rhee
Journal of Financial Research, 34, (3), 461-479

Year
2011

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Consumer bankruptcy and default: The role of individual social capital

Journal Articles
Agarwal, Sumit with Souphala Chomsisengphet and Chunlin Liu
Journal of Economic Psychology, 102, (3), 559-578

Year
2011

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The Term Structure of Lease Rates with Endogenous Default Triggers and Tenant Capital Structure: Theory and Evidence

Journal Articles
Agarwal, Sumit with Brent W. Ambrose, Hongming Huang and Yildiray Yildirim
Journal of Financial and Quantitative Analysis, 46, (2), 553-584

Year
2011

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The efficiency of internal capital markets: Evidence from the Annual Capital Expenditure Survey

Journal Articles
Agarwal, Sumit with I-Ming Chiu, Victor Souphom and Guy M. Yamashiro
Quarterly Review of Economics and Finance, 51, 162-172

Year
2011

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The Role of Soft Information in a Dynamic Contract Setting: Evidence from the Home Equity Credit Market

Journal Articles
Agarwal, Sumit with Brent W. Ambrose, Souphala Chomsisengphet and Chunlin Liu
Journal of Money, Credit and Banking, 43, (4), 633-655

Year
2011

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Distance and Private Information in Lending

Journal Articles
Agarwal, Sumit with Hauswald, R.
Review of Financial Studies, 23, (7), 2757-2788

Year
2010

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The Importance of Adverse Selection in the Credit Card Market: Evidence from Randomized Trials of Credit Card Solicitations

Journal Articles
Agarwal, Sumit with Souphala Chomsisengphet and Chunlin Liu
Journal of Money, Credit and Banking, 42, (4), 743-754

Year
2010

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Learning to Cope: Voluntary Financial Education Programs and the Housing Crisis

Journal Articles
Agarwal, Sumit with Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet and Douglas D. Evanoff
American Economic Review, Papers and Proceedings, 100, (2), 495-500

Year
2010

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Books/Monographs

Kiasunomics

Books/Monographs
Ang, Swee Hoon with Sing, Tien Foo
1-267, World Scientific Publishing Company

Year
2017

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Working Papers

Dissecting the Information Value of Sovereign Credit Rating Reports

Working Papers
Zhang, Weina with Vincent Chen and Geoffrey Sim
ABFER 2015, FMA 2015, JIAR 2015,

Year
2019

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Mortgage Debt, Hand-to-Mouth Households, and Monetary Policy Transmission

Working Papers
Qian, Wenlan with Deng Yongheng, GU Quanlin, HE Jia and REN Yuan

Year
2018

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Dragon Babies

Working Papers
Qian, Wenlan with Sing Tien Foo and Tan Poh Lin

Year
2018

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Disaggregated Sales and Stock Returns

Working Papers
Qian, Wenlan with Xin Zou
2nd round

Year
2018

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Soft Liquidity Constraints and Consumption: Evidence from Macro Prudential Policy in Turkey

Working Papers
Agarwal, Sumit with Hadzic, Muris, Song, Changcheng and Yildirim, Yildiray

Year
2017

Environmental Regulation as a Double-Edged Sword for Housing Markets: Evidence From the NOx Budget Trading Program

Working Papers
Agarwal, Sumit with Deng, Yongheng and Li, Teng

Year
2017

Relational Contracts, Reputational Concerns, and Appraiser Behavior: Evidence from the Housing Market

Working Papers
Agarwal, Sumit with Song, Changcheng and Yao, Vincent W.

Year
2017

Information Immobility and Learning in Commercial Real Estate Markets

Working Papers
Agarwal, Sumit with Sing Tien Foo and Wang Long

Year
2017

Thy neighbor's misfortune: peer effects on consumption

Working Papers
Qian, Wenlan with Xin Zou
3rd round

Year
2017

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Banking the Unbanked: What Do 255 Million New Bank Accounts Reveal about Financial Access?

Working Papers
Agarwal, Sumit with Alok, Shashwat, Ghosh, Pulak, Ghosh, Soumya, Piskorski, Tomasz and Seru, Amit

Year
2017

Do People Consume More on Sunny Days? Evidence from Credit Card Spending Data

Working Papers
Agarwal, Sumit with Chomsisengphet, Souphala, Meier, Stephan and Zou, Xin

Year
2017

Are Green Buildings Really 'Greener'? Energy Efficiency of Green Mark Certified Buildings in Singapore

Working Papers
Agarwal, Sumit with Sing, Tien Foo and Yang, Yang

Year
2017

Public Transit Riders’ Preferences: Evidence from Smart Card Transactions in Singapore

Working Papers
Agarwal, Sumit with Diao, Mi, Keppo, Jussi and Sing, Tien Foo

Year
2017

Tax Differential and Cross-Border Shopping: Evidence from Singapore

Working Papers
Agarwal, Sumit with Chomsisengphet, Souphala, Qian, Wenlan and Xu, Weibiao

Year
2017

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Risk-Avoidance and Environmental Hazard: Effects of the Transboundary Haze Pollution in Singapore

Working Papers
Agarwal, Sumit with Sing, Tien Foo and Yang, Yang Zoe

Year
2017

Banking Competition and Shrouded Attributes: Evidence from the US Mortgage Market

Working Papers
Agarwal, Sumit with Changcheng Song and Vincent W. Yao
Review of Economics and Statistics

Year
2017

View

Loan Product Steering in Mortgage Markets

Working Papers
Agarwal, Sumit with Amromin, Gene, Ben-David, Itzhak and Evanoff, Douglas D.

Year
2016

Research / Teaching Areas

Real Estate Finance

Behavioral Finance

Household Finance

Financial Institutions

Societal Impact

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A burning issue: Calculating the cost of the haze

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September 26th, 2019

What’s the value of valuations?

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May 31st, 2019

Why it’s time to scrap retirement age

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May 15th, 2019

Mobile payments drive business growth

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Rapid advances in technology coup...

April 4th, 2019

Why it’s time to talk about death and taxes

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Tax is certainly an inevitable, if burdensome, p...

March 7th, 2019

Striking the balance between regulation and innovation

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August 2nd, 2018

Combating the urban heat island effect

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April 24th, 2018

Golf buddies and board diversity

Studies have shown that firms benefit from corporate boards comprising men and women. In a diversity study reported in 2016 by the National Univers...

March 28th, 2018

Singapore’s Budget 2018: An economist’s view

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February 27th, 2018

Empowering children to help save energy

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Household e...

August 22nd, 2017

Conserving water through real-time feedback

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March 30th, 2017

Why it’s so difficult to get a cab

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October 27th, 2016

Assessing the impact of the Great Singapore Sale

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June 22nd, 2016

Courses

  • BMA5534, Banking and Financial Intermediation
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