Tomasz Piskorski
Edward S. Gordon Professor of Real Estate
Finance
BA, Warsaw University, 1999; MS, Catholic University Leuven, 2000; MS, New York University, 2006; PhD, New York University, 2007
Joined CBS in 2007
Office:
1182
Kravis
Phone:
212-854-4655
E-mail:
[email protected]
Fax:
212-662-8474
Personal Website
Curriculum Vitae
Biography
Tomasz Piskorski is the Edward S. Gordon Professor of Real Estate in the Finance Division at Columbia Business School. He is also a Research Associate at the National Bureau of Economic Research and serves on the Academic Research Council of the Housing Finance Policy Center at the Urban Institute. Professor Piskorski earned a M.S. in Mathematics from New York University Courant Institute of Mathematical Sciences and a Ph.D. in Economics from New York University Stern School of Business.
Professor Piskorski’s research explores issues in real estate finance, securities and mortgage markets, financial intermediation and banking, market structure and regulation, and housing policy. His recent work centers on inefficiencies in credit markets, financial technology, shadow banking, financial regulation, mortgage market reform, and the impact of consumer credit markets on the broader economy. Professor Piskorski’s research has been published in top academic journals in economics and finance as well as featured in major media, including the Wall Street Journal, the Financial Times, Bloomberg Businessweek, and the Economist. His research and market views have been presented at an array of academic, governmental, and financial institutions, including the U.S. Congress, the U.S. Treasury, the U.S. Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the London Stock Exchange, the Federal Reserve Banks, the European Central Bank, the National Association of Home Builders, the Brookings Institution, the Cato Institute, and the Woodrow Wilson Center. Professor Piskorski has been awarded funding from the National Science Foundation and the Pew Charitable Trusts. He received the AQR Insight Distinguished Paper Award that recognizes research that provides the most significant, new practical insights for tax-exempt institutional or taxable investor portfolios.
Memberships & Affiliations
Research Associate
Academic Research Council
Fellow
Affiliate
Teaching
Spring 2022
Spring 2021
Real Estate Finance
(MBA)
PropTech and Real Estate Disruption
(MBA)
Spring 2020
Real Estate Finance
(MBA)
PropTech and Real Estate Disruption
(MBA)
Summer 2020
Spring 2019
Real Estate Finance
(MBA)
PropTech and Real Estate Disruption
(MBA)
Summer 2018
Columbia Caseworks cases
Co-Working at the Turning Point
(2020)
Coauthor(s): Lisa Cations, Tomasz Piskorski
Research
Journal articles
Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinance Program
In Review of Economic Studies
(forthcoming)
Coauthor(s): Sumit Agarwal, Gene Amromin, Souphala Chomsisengphet, Tim Landvoigt, Tomasz Piskorski, Amit Seru, Vincent Yao
Debt Relief and Slow Recovery: A Decade after Lehman
In Journal of Financial Economics
(2021)
Coauthor(s): Tomasz Piskorski, Amit Seru
Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks
In Journal of Financial Economics
(2018)
Coauthor(s): Greg Buchak, Gregor Matvos, Tomasz Piskorski, Amit Seru
Mortgage Market Design: Lessons from the Great Recession
In Brookings Papers on Economic Activity
(2018)
Coauthor(s): Tomasz Piskorski, Amit Seru
Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging
In American Economic Review
(2017)
Coauthor(s): Marco Di Maggio, Amir Kermani, Ben Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru, Vincent Yao
Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program
In Journal of Political Economy
(2017)
Coauthor(s): Sumit Agarwal, Gene Amromin, Zahi Ben-David, Souphala Chomsisengphet, Tomasz Piskorski, Amit Seru
Optimal Dynamic Contracts with Moral Hazard and Costly Monitoring
In Journal of Economic Theory
(2016)
Coauthor(s): Tomasz Piskorski, Mark Westerfield
Asset Quality Misrepresentation by Financial Intermediaries: Evidence from the RMBS Market
In Journal of Finance
(2015)
Coauthor(s): Tomasz Piskorski, Amit Seru, James Witkin
Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide
In American Economic Review
(2014)
Coauthor(s): Christopher Mayer, Edward Morrison, Tomasz Piskorski, Arpit Gupta
The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers
In Journal of Financial Economics
(2013)
Coauthor(s): Christopher Mayer, Tomasz Piskorski, Alexei Tchistyi
Optimal Securitization with Moral Hazard
In Journal of Financial Economics
(2012)
Coauthor(s): Barney Hartman-Glaser, Tomasz Piskorski, Alexei Tchistyi
Stochastic House Appreciation and Optimal Mortgage Lending
In Review of Financial Studies
(2011)
Coauthor(s): Tomasz Piskorski, Alexei Tchistyi
Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis
In Journal of Financial Economics
(2010)
Coauthor(s): Tomasz Piskorski, Amit Seru, Vikrant Vig
Optimal Mortgage Design
In Review of Financial Studies
(2010)
Coauthor(s): Tomasz Piskorski, Alexei Tchistyi
Risky Human Capital and Deferred Capital Income Taxation
In Journal of Economic Theory
(2010)
Coauthor(s): Borys Grochulski, Tomasz Piskorski
Essay: A New Proposal for Loan Modifications
In Yale Journal on Regulation
(2009)
Coauthor(s): Christopher Mayer, Edward Morrison, Tomasz Piskorski
U.S. Domestic Money, Inflation and Output
In Journal of Monetary Economics
(2006)
Coauthor(s): Yunus Aksoy, Tomasz Piskorski
Chapters
Mortgage Financing in the Housing Boom and Bust
In Housing and the Financial Crisis
(2013)
Coauthor(s): Ben Keys, Tomasz Piskorski, Amit Seru, Vikrant Vig
Working papers
Beyond the Balance Sheet Model of Banking: Implications for Bank Regulation and Monetary Policy
(2020)
Coauthor(s): Greg Buchak, Gregor Matvos, Tomasz Piskorski, Amit Seru
An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts
(2016)
Coauthor(s): Tomasz Piskorski, Alexei Tchistyi
Mortgage Rates, Household Balance Sheets, and the Real Economy
(2014)
Coauthor(s): Ben Keys, Tomasz Piskorski, Amit Seru, Vincent Yao
In The Media
Zillow Just Gave up on Ibuying. What’s the Deal with the Algorithmic Home Sales?
Why a Third of Borrowers in Debt Forbearance Programs Are Still Paying Their Bills
The Lesson Lenders Learned from the Great Recession: Forbearance Works
Housing Advocates Sound Alarm as May Rents Collide with Coronavirus
Record Government and Corporate Debt Risks ‘Tipping Point’ after Pandemic Passes
Awards And Honors
Prize for the best paper published in the Journal of Financial Economics in the areas of corporate finance and organizations, in 2019.
Award that recognizes research that provides the most significant, new practical insights for tax-exempt institutional or taxable investor portfolios, 2013.
Grant for "Analysis of Second Liens and a New Proposal", with C. Mayer and E. Morrison, 2012, $25,000.
Award 1628895, "The Transmission from Households to the Real Economy: Evidence from Mortgage and Consumer Credit Markets", with A. Seru, 2016-2019, $514,527.
Award 1124188, "Understanding the Determinants of Household Default Decisions in the Mortgage Crisis", with C. Mayer and E. Morrison, 2011-2015, $347,811.