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Andrey D. Pavlov
Visiting Associate Professor of Real Estate Associate Professor of Finance
The Wharton School Simon Fraser University
University of Pennsylvania Burnaby, BC V5A 1S6
Tel: 215 573 0453 Tel: 604 291 5835
E-mail: apavlov@wharton.upenn.edu E-mail: apavlov@sfu.ca
Web: real.wharton.upenn.edu/~apavlov Web: www.sfu.ca/~apavlov
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Educational Background
1999 Ph.D. “Implications of Spatial Modeling to Issues in Financial Economics and Real Estate”
Anderson Graduate School of Management, University of California, Los Angeles
1996 M.A. Mathematics, University of California, Los Angeles
1994 M.B.A. International Management, Thunderbird, American Graduate School of International Business
1993 B.Sc. Mathematics, Sonoma State University
1991 Mathematics, Sofia University, Bulgaria
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Employment History at Academic Institutions
July 2006 – Current Visiting Associate Professor of Real Estate, The Wharton School, University of
Pennsylvania
August 2006 – Current Associate Professor, Finance, Simon Fraser University
June 2001 – August 2006 Assistant Professor, Finance, Simon Fraser University
June 1999 – May 2001 Assistant Professor, Finance, Concordia University
September 1994 – June 1999 Research Assistant, Real Estate Center, UCLA
July 1998 – August 1998 Lecturer, Real Estate Finance, UC Berkeley, Haas School of Business
August 2005 – Current Member of the Editorial Board, Journal of Real Estate Finance and Economics
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Current Research Interests
Real Estate Finance, Valuation, Institutions, and Public Policy
Dynamic Portfolio Choice
Non-parametric methods, Spatial Statistics
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Current Teaching Interests
Real Estate Finance, Financial Derivatives, Econometrics
Updated: February, 2007 Page: 1
Andrey D. Pavlov
Visiting Associate Professor of Real Estate Associate Professor of Finance
The Wharton School Simon Fraser University
University of Pennsylvania Burnaby, BC V5A 1S6
Tel: 215 573 0453 Tel: 604 291 5835
E-mail: apavlov@wharton.upenn.edu E-mail: apavlov@sfu.ca
Web: real.wharton.upenn.edu/~apavlov Web: www.sfu.ca/~apavlov
______________________________________________________________________________________________________________________
Refereed Publications
Homeownership as a Constraint on Asset Allocation. (with Steve Cauley and Eduardo Schwartz). Journal of Real
Estate Finance and Economics. Forthcoming.
The Inevitability of Market-Wide Underpricing of Mortgage Default Risk. (with Susan Wachter). Real Estate
Economics. 34(4): 479-496. 2006
Spatial Heterogeneity in Mortgage Terminations by Refinance, Move, and Default. (with Yongheng Deng and
Lihong Yang). Real Estate Economics. 33:4,671-698, 2005.
Neighborhood Effect of Real Estate Maintenance. (with George Blazenko). Journal of Real Estate Finance and
Economics. 30:4, 327-340, 2005.
Bank Lending and Real Estate in Asia: Market Optimism and Asset Bubbles. (with Koh, Mariano, Phang, Tan, and
Wachter). Journal of Asian Economics. 15:1103 – 1118, 2005.
Evaluating Flexibility in Small Firm Financing. (with Khaled Soufani and Panikkos Poutziouris). Journal of
Entrepreneureal Finance and Business Ventures. 9:1, 71 - 93, 2004.
Robbing the Bank: Short-term Players and Asset Prices. (with Susan Wachter). Journal of Real Estate Finance and
Economics. 28:2/3, 147-160, 2004.
The Economics of Maintenance for Real Estate Investments (with George Blazenko). Real Estate Economics. 32:1,
55-85, 2004.
Rational Delays: The Case of Real Estate. (with Steve Cauley). Journal of Real Estate Finance and Economics.
24:1/2:143-165, 2002.
Competing Risks of Mortgage Terminations: Who Refinances, Who Moves, and Who Defaults? Journal of Real
Estate Finance and Economics, 23:2, 185-211, 2001, (cited 6 times).
Space Varying Regression Coefficients: A Semi-Parametric Approach Applied to Real Estate Markets. Real Estate
Economics. 28.2: 249-283, 2000, (cited 19 times).
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Reviewed (Non-refereed) Publications
Real Estate Crashes and Bank Lending. (with Susan Wachter). Wharton Real Estate Review. 9:1, 62-69, 2005
Value Creation through Real Options Management. (with Marcel Boyer, Peter Christoffersen, and Pierre Lasserre)
Enterprise Risk Management-Concepts and Cases - Vol.VI. 2006.
There is no Need to Fear a House-Price Bubble in Canada. The Globe and Mail. October 5, 2005.
Land Values and Sustanable Development. RICS Foundation Monograph. 2004.
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Works Submitted for Publication
Investment Timing for Dynamic Business Expansion. (with George Blazenko)
Investment Timing for New Business Ventures. (with George Blazenko)
Financial Risk Theory for a Regulated Insurer. (with George Blazenko)
Underpriced Default Spread Exacerbates Market Crashes (with Koh, Mariano, Phang, Tan, Wachter)
Updated: February, 2007 Page: 2
Andrey D. Pavlov
Visiting Associate Professor of Real Estate Associate Professor of Finance
The Wharton School Simon Fraser University
University of Pennsylvania Burnaby, BC V5A 1S6
Tel: 215 573 0453 Tel: 604 291 5835
E-mail: apavlov@wharton.upenn.edu E-mail: apavlov@sfu.ca
Web: real.wharton.upenn.edu/~apavlov Web: www.sfu.ca/~apavlov
____________________________________________________________
Conference Presentations Since 2004
September 2006 Northern Finance Association Meetings. Investment Timing for New Business Ventures. (with
George Blazenko)
September 2006 Northern Finance Association Meetings. Financial Risk Theory for a Regulated Insurer. (with
George Blazenko)
June 2006 Cambridge – UNC Symposium on Real Estate Derivatives. Underpriced Default Spread
Exacerbates Market Crashes (with Susan Wachter)
July 2005 Singapore - Hong Kong Real Estate Investment Symposium. Homeownership as a Constraint
on Asset Allocation (with Steve Cauley and Eduardo Schwartz)
June 2005 Society for Advancement of Economic Theory Conference. Homeownership as a Constraint on
Asset Allocation (with Steve Cauley and Eduardo Schwartz)
May 2005 Weimer School of Advanced Studies in Real Estate and Land Economics. Implications of
Homeownership to Strategic Asset Allocation (with Steve Cauley and Eduardo Schwartz)
October 2004 Northern Finance Association Annual Meeting. Corporate Performance and Dynamic Business
Expansion. (with George Blazenko)
March 2004 National Business and Economics Society Annual Conference. Demand Shocks and the
Markets for Income Producing Real Estate. (with Steve Cauley).
January 2004 American Real Estate and Urban Economics Association Annual Meeting. The Anatomy of
Non-recourse Lending. (with Susan Wachter)
January 2004 Econometric Society Annual Meeting. Homeownership as a Constraint on Asset Allocation.
(with Steve Cauley and Eduardo Schwartz)
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Awards, Honors and Scholarships
2005 Title: Homer Hoyt Institute Postdoctoral Honoree
Organization: Homer Hoyt Advanced Studies Institute
Details: Best dissertation award
2000 Title: Homer Hoyt Institute Annual Dissertation Award in honor of Dr. Maury Seldin
Organization: Homer Hoyt Advanced Studies Institute
Details: Best dissertation award
1994 Title: Anderson Fellowship Type: Fellowship
Organization: Anderson School at UCLA
Details: Ph.D. studies fellowship
Updated: February, 2007 Page: 3
Andrey D. Pavlov
Visiting Associate Professor of Real Estate Associate Professor of Finance
The Wharton School Simon Fraser University
University of Pennsylvania Burnaby, BC V5A 1S6
Tel: 215 573 0453 Tel: 604 291 5835
E-mail: apavlov@wharton.upenn.edu E-mail: apavlov@sfu.ca
Web: real.wharton.upenn.edu/~apavlov Web: www.sfu.ca/~apavlov
____________________________________________________________
Research Funding
Awarded: 2006 Period: 2006 - 2007
Project Title: Stability versus Flexibility in the Canadian Mortgage Insurance System
Funding: CMHC Type: External Total: $25,000
Involvement: Principal Investigator
Awarded: 2003 Period: 2003 - 2006
Project Title: The Implication of Home Ownership for Asset Allocation
Funding: SSHRC Type: External Total: $62,000
Involvement: Principal Investigator
Awarded: 2002 Period: 2002 - 2005
Project Title: Rethinking Formal Methods for Strategic Decision Making
Funding: SSHRC Type: External Total: $240,000
Involvement: Joint Investigator Collaboration: Aidan Vining (PI), Michael Brydon, and Ernie Love
Institution of Co-Investigators: Simon Fraser University
Awarded: 2000 Period: 2000 - 2003
Project Title: Financial Derivatives and Real Estate Markets
Funding: SSHRC Type: External Total: $34,000
Involvement: Principal Investigator
Awarded: 2001 Period: 2002 - 2002
Project Title: Home Ownership as a Constraint on Asset Allocation
Funding: SSHRC - institutional Type: Internal Annual: $5,000 Total: $5,000
Involvement: Principal Investigator
Awarded: 2001 Period: 2001 - 2002
Project Title: Heurisic Methods for Optimal Portfolio Choice
Funding: Simon Fraser University Type: Internal Total: $10,000
Involvement: Principal Investigator
Awarded: 1999 Period: 1999 - 2002
Project Title: Faculty Research and Development Grant
Funding: Concordia University Type: Internal Total: $25,000
Involvement: Principal Investigator
Awarded: 2000 Period: 2000 - 2000
Project Title: Mortgage-Backed Securities Valuation through Least-Squares Monte Carlo Simulation
Funding: SSHRC Type: Internal Annual: $5,000 Total: $5,000
Involvement: Principal Investigator
Updated: February, 2007 Page: 4
