Andrey Pavlov

  • Professor, Finance
  • B.Sc. (Sonoma), M.B.A. (Thunderbird), M.A., Ph.D. (UCLA).

    Burnaby Room: WMC 3331
    Burnaby Phone: 778.782.5835
    Segal Room: SGL 3945
    Segal Phone: 778.782.7922

    Email Address: apavlov@sfu.ca

    Curriculum Vitae: View

    Biography

    Andrey D. Pavlov specializes in real estate finance at Simon Fraser University, Vancouver, BC, where he is professor of finance.  His research is on mortgage-backed securities pricing and commercial and residential market risk management.  He has also worked on the modeling of aggressive lending practices, risk management for publicly traded real estate companies, mortgage and equity securitization, and mortgage default risk.  He earned his Ph.D. from the Anderson School at the University of California, Los Angeles (1999) and was a visiting Associate Professor of Real Estate at the Wharton School, University of Pennsylvania during the 2006 – 2008 period.  Since then he has continuously taught real estate finance for numerous Wharton Executive Education programs.  He is a fellow of the Zinman Real Estate Center at UCLA, a winner of the Homer Hoyt Advanced Studies Institute Best Dissertation Award (2000), and a post-doctoral honoree of the Homer Hoyt Advanced Studies Institute (2005).  Professor Pavlov has a wide range of academic and industry- oriented publications.  He is a member of the editorial boards of Real Estate Economics and the Journal of Real Estate Finance and Economics.  He is a sought-after speaker, author, and consultant for both the public and private sectors.  He has recently consulted for the U.S. Financial Industry Regulatory Authority, the U.S. Department of Housing and Urban Development, the Canadian Mortgage and Housing Corporation, major mortgage lenders, banks, insurers, and hedge funds. 

    Research Interests

    Real estate market modeling for the purpose of MBS pricing and risk management, mortgage prepayment and default analysis, Impact of mortgage lending on real estate property markets

    Selected Publications

    Articles and Reports

    Shahryari Monfared, S., & Pavlov, A. D. (2019). Political risk affects real estate markets. Journal of Real Estate Finance & Economics, 58(1), 1-20. http://doi.org/10.1007/s11146-017-9619-y

    Pavlov, A. D., Steiner, E., & Wachter, S. (2018). The consequences of REIT index membership for return patterns. Real Estate Economics, 46(1), 210-250. http://doi.org/10.1111/1540-6229.12202

    Pavlov, A. D., Steiner, E., & Wachter, S. (2018). REIT capital structure choices: Preparation matters. Real Estate Economics, 46(1), 160-209. http://doi.org/10.1111/1540-6229.12155

    Pavlov, A. D., Wachter, S., & Zevelev, A. A. (2016). Transparency in the mortgage market. Journal of Financial Services Research, 49(2/3), 265-280. http://doi.org/10.1007/s10693-014-0211-9

    Davidson, A., Levin, A., Pavlov, A. D., & Wachter, S. M. (2016). Why are aggressive mortgage products bad for the housing market? Journal of Economics and Business, 84, 148-161. http://doi.org/10.1016/j.jeconbus.2016.02.007

    Blazenko, G., Pavlov, A. D., & Yeung, W. H. (2015). Business investment and economic depreciation. Journal of Accounting, Finance and Economics, 5(1), 84-100.

    Pavlov, A. D., Steiner, E., & Wachter, S. (2015). Macroeconomic risk factors and the role of mispriced credit in the returns from international real estate securities. Real Estate Economics, 43(1), 241-270. http://doi.org/10.1111/1540-6229.12084

    Blazenko, G., Pavlov, A. D., & Eddy-Sumeke, F. (2012). New venture start-ups and technological innovation. International Journal of Managerial Finance, 8(1), 4-35. http://doi.org/10.1108/17439131211201013

    Pavlov, A. D., & Wachter, S. (2011). Subprime lending and real estate prices. Real Estate Economics, 39(1), 1-17. http://doi.org/10.1111/j.1540-6229.2010.00284.x

    Blazenko, G., & Pavlov, A. D. (2010). Investment timing for new business ventures. Journal of Entrepreneurial Finance, 15(1), 37-68. http://doi.org/No DOI

    Blazenko, G., & Pavlov, A. D. (2010). Value maximizing hurdle rates for R&D investment. Economics of Innovation & New Technology, 19(8), 693-717. http://doi.org/10.1080/10438590903003631

    Pavlov, A. D. (2009). Investment timing for dynamic business expansion. Financial Management, 38(4), 837-860. http://doi.org/10.1111/j.1755-053X.2009.01058.x

    Blazenko, G., & Pavlov, A. D. (2009). Investment timing for dynamic business expansion. Financial Management, 38(4), 837-860. http://doi.org/10.1111/j.1755-053X.2009.01058.x

    Wachter, S. M., Levitin, A. J., & Pavlov, A. D. (2009). Good and bad securitization. Wharton Real Estate Review.

    Pavlov, A. D., & Wachter, S. (2009). Systemic risk and market institutions. Yale Journal on Regulation, 26(2), 445-455.

    McCoy, P. A., Pavlov, A. D., & Wachter, S. (2009). Systemic risk through securitization: The result of deregulation and regulatory failure. Connecticut Law Review, 41(4), 1328-1373.

    Pavlov, A. D., & Wachter, S. (2009). Mortgage put options and real estate markets. Journal of Real Estate Finance & Economics, 38(1), 86-103. http://doi.org/10.1007/s11146-008-9144-0

    Cauley, S. D., Pavlov, A. D., & Schwartz, E. (2007). Homeownership as a constraint on asset allocation. Journal of Real Estate Finance & Economics, 34(3), 283-311.

    Pavlov, A. D., & Wachter, S. (2006). The inevitability of marketwide underpricing of mortgage default risk. Real Estate Economics, 34(4), 479496. http://doi.org/10.1111/j.1540-6229.2006.00175.x

    Abraham, J. M., Pavlov, A. D., & Wachter, S. M. (2008). Explaining the United States' uniquely bad housing market. Wharton Real Estate Review, 12(2), 24-41.

    Books, Book Chapters and Monographs

    King, C. N., & Pavlov, A. D. (2012). Credit derivatives and the housing market. In Smith, S. J. (Eds.), The International Encyclopedia of Housing and Home (pp. 269-279). Oxford, United Kingdom: Elsevier Ltd (UK). http://doi.org/10.1016/B978-0-08-047163-1.00137-5

    Wachter, S. M., Pavlov, A. D., & Pozsar, Z. (2008). Subprime lending and real estate markets. In Perrucci, S. (Eds.), Mortgage and real estate finance: Latest innovations and opportunities. London, United Kingdom: Risk Books.

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