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 financial economist in the research department at the Fede....

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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

Agarwal, Sumit, Qian, Wenlan, Amit Seru and Jian Zhang (2018), "Disguised corruption: Evidence from consumer credit in China", Journal of Financial Economics, (forthcoming)
Agarwal, Sumit and Zhang, Yunqi (2018), "Effects of Government Bailouts on Mortgage Modification", Journal of Banking and Finance, 93, 54-70, (forthcoming)
Agarwal, Sumit, Jessica Pan and Qian, Wenlan (2018), "Age of Decision: Pension Savings Withdrawal and Consumption and Debt Responses", Management Science, (forthcoming)
Agarwal, Sumit, Richard Green, Eric Rosenblatt, Vincent W. Yao and Jian Zhang (2018), "Gender difference and intra-household economic power in mortgage signing order", Journal of Financial Intermediation, (forthcoming)
Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet and Yan Zhang (2017), "Do Second Liens Holdup First Lien Holders' Modifications?", Journal of Financial and Quantitative Analysis, (forthcoming)

Selected Publications

57

Journals

1

Books

17

Papers

Journal Articles

Agarwal, Sumit, Qian, Wenlan, Amit Seru and Jian Zhang (2018), "Disguised corruption: Evidence from consumer credit in China", Journal of Financial Economics, (forthcoming)
Agarwal, Sumit and Zhang, Yunqi (2018), "Effects of Government Bailouts on Mortgage Modification", Journal of Banking and Finance, 93, 54-70, (forthcoming)
Agarwal, Sumit, Jessica Pan and Qian, Wenlan (2018), "Age of Decision: Pension Savings Withdrawal and Consumption and Debt Responses", Management Science, (forthcoming)
Agarwal, Sumit, Richard Green, Eric Rosenblatt, Vincent W. Yao and Jian Zhang (2018), "Gender difference and intra-household economic power in mortgage signing order", Journal of Financial Intermediation, (forthcoming)
Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet and Yan Zhang (2017), "Do Second Liens Holdup First Lien Holders' Modifications?", Journal of Financial and Quantitative Analysis, (forthcoming)
Agarwal, Sumit, Amromin, Gene, Ben-David, Itzhak and Dinc, Serdar (2017), "The Politics of Foreclosures", Journal of Finance , (forthcoming)
Agarwal, Sumit, Souphala Chomsisengphet and Yunqi Zhang (2017), "How does working in a finance profession affect mortgage delinquency?", Journal of Banking and Finance, 78, 1-13, (forthcoming)
Agarwal, Sumit, Brent W. Ambrose and Vincent W. Yao (2017), "Lender Steering in Residential Mortgage Markets", Real Estate Economics, (forthcoming)
Agarwal, Sumit and Ben-David, Itzhak (2017), "Loan Prospecting and the Loss of Soft Information", Journal of Financial Economics, (forthcoming)
Agarwal, Sumit, Jia He, Tien Foo Sing and Changcheng Song (2015), "Do Real Estate Agents Have Information Advantage in Housing Markets", Journal of Financial Economics, (forthcoming)
Agarwal, Sumit, Qian, Wenlan, Yeung, Yin, Bernard and Zou, Xin (2019), "Mobile Wallet and Entrepreneurial Growth", American Economic Review, Papers and Proceedings, 109, 48-53
Agarwal, Sumit, Chomsisengphet, Souphala, Liu, Chunlin, Souleles, Nicholas S., Changcheng Song and Nicholas S. Souleles (2018), "Relationship Lending: Evidence from Consumer Credit Market", Journal of Monetary Economics, 96, 16-32
Agarwal, Sumit, He, Jia, Sing, Tien Foo and Zhang, Jian (2018), "Gender and Household Financial Decision: Evidence from Personal Bankrutpcy", Review of Finance, 22, 2, 813-847
Agarwal, Sumit, Souphala Chomsisengphet, Neale Mahoney and Johannes Stroebel (2018), "Do Banks Pass through Credit Expansions to Consumers Who want to Borrow?", Quarterly Journal of Economics, 133, 1, 129-190
Agarwal, Sumit, Nathan Marwell and Leslie McGranahan (2017), "Consumption Responses to Temporary Tax Incentives: Evidence from State Sales Tax Holidays", American Economic Journal: Economic Policy, 9, 4, 1-27
Agarwal, Sumit, Jing Li, Ernie Teo and Alan Cheong (2017), "Strategic Sequential Bidding for Government Land Auction Sales – Evidence from Singapore", Journal of Real Estate Finance and Economics, 1-31
Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Tomasz Piskorski and Amit Seru (2017), "Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program", Journal of Political Economy, 125, 3, 654-712
Agarwal, Sumit and Qian, Wenlan (2017), "Access to home equity and consumption: Evidence from a policy experiment", Review of Economics and Statistics, 99, 1, 40-52
Agarwal, Sumit, Satyanarain Rengarajan, Tien Foo Sing and Yang Yang (2017), "The 10% carbon challenge: Nudge and energy savings", Energy Economics, 61, 29-41
Agarwal, Sumit, Itzhak Ben-David and Yao, Vincent (2017), "Systematic mistakes in the mortgage market and lack of financial sophistication", Journal of Financial Economics, 123, 1, 42-58
Agarwal, Sumit, Souphala Chomsisengphet and Cheryl Lim (2017), "What Shapes Consumer Choice and Financial Products? A Review", Annual Review of Financial Economics, 9, 127-146
Agarwal, Sumit, Richard Rosen and Vincent Yao (2016), "Why Do Borrowers Make Mortgage Refinancing Mistakes?", Management Science, 62, 12, 3494-3509
Agarwal, Sumit, Luojia Hu and Xing Huang (2016), "Rushing into the American Dream? House Prices Growth and the Timing of Homeownership", Review of Finance, 20, 6, 2183-2218
Agarwal, Sumit and Kang Mo Koo (2016), "Impact of electronic road pricing (ERP) changes on transport modal choice", Regional Science and Urban Economics, 60, 1-11
Agarwal, Sumit, Vincent Y. S. Chen and Zhang, Weina (2016), "The Information Value of Credit Rating Action Reports: A Textual Analysis", Management Science, 62, 8, 2218-2240
Agarwal, Sumit, Brent W. Ambrose, Souphala Chomsisengphet and Chunlin Liu (2016), "Joint liability lending and credit risk: Evidence from the home equity market ", Journal of Housing Economics, 32, 47-66
Agarwal, Sumit, Rengarajan, Satyanarain, Sing, Tien Foo and Yang, Yang (2016), "School allocation rules and housing prices: A quasi-experiment with school relocation events in Singapore", Regional Science and Urban Economics, 58, 42-56
Agarwal, Sumit, Qian, Wenlan, Reeb, David M and SING TIEN FOO (2016), "Playing the Boys Game: Golf buddies and board diversity", American Economic Review, 106, 5, 272-276, Papers & Proceedings
Agarwal, Sumit, Rengarajan Satyanarain, Tien Foo Sing and Derek Vollmer (2016), "Effects of construction activities on residential electricity consumption: Evidence from Singapore's public housing estates", Energy Economics, 55, 101-111
Agarwal, Sumit, DENG YONGHENG, LUO C and Qian, Wenlan (2016), "The hidden peril: The role of the condo loan market in the recent financial crisis", Review of Finance, 20, 2, 467-500
Agarwal, Sumit, Koo, Kang Mo and Sing, Tien Foo (2015), "Impact of electronic road pricing on real estate prices in Singapore", Journal of Urban Economics, 90, 50-59
Agarwal, Sumit, Green Richard K., Rosenblatt, Eric and Yao, Vincent (2015), "Collateral pledge, sunk-cost fallacy and mortgage default", Journal of Financial Intermediation, 24, 4, 636-652
Agarwal, Sumit, Itzhak Ben-David and Vincent W. Yao (2015), "Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market", Management Science, 61, 9, 2220-2240
Agarwal, Sumit, Ambrose B and Yildirim Y (2015), "The Subprime Virus", Real Estate Economics, 43, 4, 891-915
Agarwal, Sumit, PAN YUNFEN, JESSICA and Qian, Wenlan (2015), "The Composition Effect of Consumption around Retirement: Evidence from Singapore", American Economic Review, 105, 5, 426-431, Papers and Proceedings
Agarwal, Sumit, Chomsisengphet, S, C. Liu and N. Souleles (2015), "Do Consumers Choose the Right Credit Contracts?", Review of Financial Studies, 4, 2, 239-257
Agarwal, Sumit, Souphala Chomsisengphet and Chunlin Liu (2015), "Adverse Selection in Lending: Evidence from Home Equity Cash Out Behavior", Journal of Financial Services Research , 49, 1, 101-119
Agarwal, Sumit, Amromin, G, I. Ben-David, S. Chomsisengphet and D. Evanoff (2015), "Financial Literacy and Financial Planning: Evidence from India", Journal of Housing Economics, 4-21
Agarwal, Sumit, Chomsisengphet, S., N. Mahoney and J. Stroebel (2015), "Regulating Consumer Financial Products: Evidence from the Card Act", Quarterly Journal of Economics, 130, 1, 111-164
Agarwal, Sumit and Qian, Wenlan (2014), "Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore", American Economic Review, 104, 12, 4205-4320
Agarwal, Sumit, Souphala Chomsisengphet, Neale Mahoney and Johannes Stroebel (2014), "A Simple Framework for Estimating Consumer Benefits from Regulating Hidden Fees", Journal of Legal Studies, 43, S2, S239-S252
Agarwal, Sumit, Lucca D., A. Seru and F. Trebbi (2014), "Inconsistent Regulators: Evidence from Banking", Quarterly Journal of Economics, Vol. 129(2), Pp.889-938
Agarwal, Sumit, Amromin, G., I. Ben-David, S. Chomsisengphet and D. Evanoff (2014), "Predatory Lending and the Subprime Crisis?", Journal of Financial Economics, Vol. 113(1), Pp. 29-52
Agarwal, Sumit, John C. Driscoll and David I. Laibson (2013), "Optimal Mortgage Refinancing: A Closed Form Solution", Journal of Money, Credit and Banking, 45, 4, 591-622
Agarwal, Sumit and Mazumder B. (2013), "Cognitive Ability and Household Financial Decision Making", American Economic Journal: Applied Economics, 5, 1, 193-207
Agarwal, Sumit, Chang, Y. and A. Yavas (2012), "Adverse Selection in Mortgage Securitization", Journal of Financial Economics, 105, 3, 640-660
Agarwal, Sumit, Brent W. Ambrose, Souphala Chomsisengphet and Anthony B. Sanders (2012), "Thy Neighbor's Mortgage: Does Living in a Subprime Neighborhood Impact Your Probability of Default?", Real Estate Economics, 40, 1, 1-22, (Lead article)
Agarwal, Sumit, Aaronson, D. and E. French (2012), "Consumption and Debt Response to Minimum Wage Increases", American Economic Review, 102, 7, 3111-39 , (Lead Article)
Agarwal, Sumit, Amromin, G., I Ben-David, S. Chomsisengphet and D. Evanoff (2011), "The Role of Securitization in Mortgage Renegotiation", Journal of Financial Economics, 102, no. 3, 559–578
Agarwal, Sumit, I-Ming Chiu, Chunlin Liu and S. Ghon Rhee (2011), "The Brokerage Firm Effect in Herding: Evidence from Indonesia", Journal of Financial Research, 34, 3, 461-479
Agarwal, Sumit, Souphala Chomsisengphet and Chunlin Liu (2011), "Consumer bankruptcy and default: The role of individual social capital", Journal of Economic Psychology, 102, 3, 559-578
Agarwal, Sumit, Brent W. Ambrose, Hongming Huang and Yildiray Yildirim (2011), "The Term Structure of Lease Rates with Endogenous Default Triggers and Tenant Capital Structure: Theory and Evidence", Journal of Financial and Quantitative Analysis, 46, 2, 553-584
Agarwal, Sumit, I-Ming Chiu, Victor Souphom and Guy M. Yamashiro (2011), "The efficiency of internal capital markets: Evidence from the Annual Capital Expenditure Survey", Quarterly Review of Economics and Finance, 51, 162-172
Agarwal, Sumit, Brent W. Ambrose, Souphala Chomsisengphet and Chunlin Liu (2011), "The Role of Soft Information in a Dynamic Contract Setting: Evidence from the Home Equity Credit Market", Journal of Money, Credit and Banking, 43, 4, 633-655
Agarwal, Sumit and Hauswald, R. (2010), "Distance and Private Information in Lending", Review of Financial Studies, 23, 7, 2757-2788
Agarwal, Sumit, Souphala Chomsisengphet and Chunlin Liu (2010), "The Importance of Adverse Selection in the Credit Card Market: Evidence from Randomized Trials of Credit Card Solicitations", Journal of Money, Credit and Banking, 42, 4, 743-754
Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet and Douglas D. Evanoff (2010), "Learning to Cope: Voluntary Financial Education Programs and the Housing Crisis", American Economic Review, Papers and Proceedings, 100, 2, 495-500

Books/Monographs

Agarwal, Sumit, Sing, Tien Foo and Ang, Swee Hoon (2017), "Kiasunomics", 1-267, World Scientific Publishing Company

Working Papers

Agarwal, Sumit, Vincent Chen, Geoffrey Sim and Zhang, Weina (2019), "Dissecting the Information Value of Sovereign Credit Rating Reports", ABFER 2015, FMA 2015, JIAR 2015,
Agarwal, Sumit, Deng Yongheng, GU Quanlin, HE Jia, Qian, Wenlan and REN Yuan (2018), "Mortgage Debt, Hand-to-Mouth Households, and Monetary Policy Transmission"
Agarwal, Sumit, Qian, Wenlan, Sing Tien Foo and Tan Poh Lin (2018), "Dragon Babies"
Agarwal, Sumit, Qian, Wenlan and Xin Zou (2018), "Disaggregated Sales and Stock Returns", reject and resubmit
Agarwal, Sumit, Hadzic, Muris, Song, Changcheng and Yildirim, Yildiray (2017), "Soft Liquidity Constraints and Consumption: Evidence from Macro Prudential Policy in Turkey"
Agarwal, Sumit, Deng, Yongheng and Li, Teng (2017), "Environmental Regulation as a Double-Edged Sword for Housing Markets: Evidence From the NOx Budget Trading Program"
Agarwal, Sumit, Song, Changcheng and Yao, Vincent W. (2017), "Relational Contracts, Reputational Concerns, and Appraiser Behavior: Evidence from the Housing Market"
Agarwal, Sumit, Sing Tien Foo and Wang Long (2017), "Information Immobility and Learning in Commercial Real Estate Markets"
Agarwal, Sumit, Qian, Wenlan and Xin Zou (2017), "Thy neighbor's misfortune: peer effects on consumption ", revise and resubmit
Agarwal, Sumit, Alok, Shashwat, Ghosh, Pulak, Ghosh, Soumya, Piskorski, Tomasz and Seru, Amit (2017), "Banking the Unbanked: What Do 255 Million New Bank Accounts Reveal about Financial Access?"
Agarwal, Sumit, Chomsisengphet, Souphala, Meier, Stephan and Zou, Xin (2017), "Do People Consume More on Sunny Days? Evidence from Credit Card Spending Data"
Agarwal, Sumit, Sing, Tien Foo and Yang, Yang (2017), "Are Green Buildings Really 'Greener'? Energy Efficiency of Green Mark Certified Buildings in Singapore"
Agarwal, Sumit, Diao, Mi, Keppo, Jussi and Sing, Tien Foo (2017), "Public Transit Riders’ Preferences: Evidence from Smart Card Transactions in Singapore"
Agarwal, Sumit, Chomsisengphet, Souphala, Qian, Wenlan and Xu, Weibiao (2017), "Tax Differential and Cross-Border Shopping: Evidence from Singapore"
Agarwal, Sumit, Sing, Tien Foo and Yang, Yang Zoe (2017), "Risk-Avoidance and Environmental Hazard: Effects of the Transboundary Haze Pollution in Singapore"
Agarwal, Sumit, Changcheng Song and Vincent W. Yao (2017), "Banking Competition and Shrouded Attributes: Evidence from the US Mortgage Market", Review of Economics and Statistics
Agarwal, Sumit, Amromin, Gene, Ben-David, Itzhak and Evanoff, Douglas D. (2016), "Loan Product Steering in Mortgage Markets"

Research / Teaching Areas

Real Estate Finance

Behavioral Finance

Household Finance

Financial Institutions

Societal Impact

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Courses

  • BMA5534, Banking and Financial Intermediation
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