Stuart A. Gabriel

About

Stuart A. Gabriel is a Distinguished Professor of Finance and Arden Realty Chair at UCLA Anderson School of Management. He is also the director of the UCLA Ziman Center for Real Estate. His research focuses on real estate finance and economics, housing and mortgage markets, urban and regional economics, and macroeconomics. Gabriel has served on the economics staff of the Federal Reserve Board in Washington, D.C., and as a visiting scholar at the Federal Reserve Bank of San Francisco. He has published more than 80 articles in economics and finance journals and serves on the editorial boards of seven academic journals. His recent research has addressed issues related to rental eviction moratoria and COVID-19, housing, and the global financial crisis, including assessments of foreclosure moratoria, integration and contagion in housing and financial markets, Google search behavior as an indicator of housing distress, GSE crowd-out in secondary mortgage markets, and the effects of CDO market implosion on mortgage pricing. Gabriel has received numerous research awards, including the Quigley Medal from the American Real Estate and Urban Economics Association in 2021. He has testified before the U.S. Congress and the California State Legislature and provided policy advice to elected officials at various levels. He is a past president of the American Real Estate and Urban Economics Association and a fellow of the Homer Hoyt Institute for Advanced Real Estate Studies. In 2021, he…

Research topics

• Political Science
• Business
• Macroeconomics
• Finance
• Economics
• Monetary economics
• Financial system
• Law
• Labour economics
• Medicine

Selected publications

• Mortgage Discrimination and FHA Loan Performance

  2018-12-20 · 58 citations

  book-chapter

  Many studies of mortgage lending activity have documented large and persistent racial disparities, including the provision of information to prospective home loan applicants, mortgage loan instrument selection, and the loan application decision process. This chapter seeks to evaluate discrimination in home mortgage originations by examining the performance of mortgage loan portfolios. It provides a description of the data used in the analysis and empirical specifications of the models. The theor…

  PublisherDOI

• A Crisis of Missed Opportunities? Foreclosure Costs and Mortgage Modification During the Great Recession

  Review of Financial Studies · 2020 · 26 citations

  1st authorCorresponding

  Abstract We investigate the impact of Great Recession policies in California that substantially increased lender pecuniary and time costs of foreclosure. We estimate that the California Foreclosure Prevention Laws (CFPLs) prevented 250,000 California foreclosures (a 20% reduction) and created $\$$300 billion in housing wealth. The CFPLs boosted mortgage modifications and reduced borrower transitions into default. They also mitigated foreclosure externalities via increased maintenance spending on…

  PublisherOA PDFDOI

• Nowhere to Run, Nowhere to Hide: Asset Diversification in a Flat World

  SSRN Electronic Journal · 2018-01-01 · 17 citations

  articleOpen access
  PublisherDOI

• COVID-19 Rental Eviction Moratoria and Household Well-Being

  SSRN Electronic Journal · 2021 · 16 citations

  PublisherDOI

• Default Option Exercise over the Financial Crisis and beyond

  European Finance Review · 2020-08-11 · 10 citations

  articleSenior author

  Abstract We document changes in borrowers’ sensitivity to negative equity and show heightened borrower default propensity as a fundamental driver of crisis period mortgage defaults. Estimates of a time-varying coefficient competing risk hazard model reveal a marked run-up in the default option beta from 0.2 during 2003–06 to about 1.5 during 2012–13. Simulation of 2006 vintage loan performance shows that the marked upturn in the default option beta resulted in a doubling of mortgage default inci…

  PublisherDOI

Frequent coauthors

• John Cotter

  71 shared

• Yongheng Deng

  University of Wisconsin–Madison

  35 shared

• Stuart S. Rosenthal

  32 shared

• Matthew E. Kahn

  23 shared

• Danny Ben‐Shahar

  Tel Aviv University

  23 shared

• Richard Roll

  California Institute of Technology

  22 shared

• Yuval Arbel

  Western Galilee College

  20 shared

• Xudong An

  19 shared

Awards & honors

• Quigley Medal from the American Real Estate and Urban Econom…
• Neidorf “Decade” Teaching Award (2021)
• J. Clayburn LaForce Faculty Leadership Award from UCLA Ander…

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