DavidLubin.com
DavidLubin.com
David C. Lubin
David C. Lubin

**Recent Publication: Where do electronic markets come from? Regulation and the transformation of financial exchanges. Economy and Society. With Michael Castelle (University of Chicago), Yuval Millo (Warwick Business School), and Daniel Beunza (London School of Economics).**

 

http://www.tandfonline.com/doi/full/10.1080/03085147.2016.1213985

 

Research

Securitization at the Federal Reserve "Presidents Panel" - Becker Friedman Institute

Current Research:

Securitization has been used for hundreds of years and was catalyzed by the U.S. Government in 1968, but most related markets did not take off for another 15-30 years. What took so long, and why have securitization markets been resilient in the face of economic crisis? What were the implications on the actors involved? My dissertation and current research examines this and related questions.  I use both quantitative and qualitative methodologies to learn about "The Rise, Networks, and Resilience of Securitization Financial Markets."

 

Rise: Archival data analysis, interviews of industry pioneers and top practitioners, and participatory observation (at workplaces and industry conferences) to understand the conditions under which various securitization financial markets were/are created (and successes/failures therein)

 

Networks: Compilation and network analysis of deal-level data spanning the history of securitization financial markets to render visible various relationships over time and potential impacts

 

Resilience: Creation and analysis of Dodd-Frank comment-letter database to understand the relationship between proposed financial regulations, varied industrial response, and regulatory outcome

 

Research Interests:
Organizations/Management, Economic Sociology, Entrepreneurship/Innovation, Global Strategy, Mixed Research Methods, Structured Finance

 

Selected Research Grants:

2013-2014 University of Chicago Division of Social Sciences Research Grant

2013 University of Chicago OMSA Research Initiative Grant

2007 University of Chicago OMSA Research Initiative Grant

 

Masters Thesis:
"Culture and Economic Power by the Ivory Tower: An Empirical, Theoretical, and Multivariate Analysis of the Impact of Colleges and Universities on their Host Communities"

Intellectual Journey:

Aware of the impact of financial products and concerned about weaknesses in the U.S. real estate and securitization finance markets, I studied various social sciences, at the Law School, and at the Booth School of Business in order to learn about both organizations and structured finance.  I zoomed through graduate school (ABD status within 3.75 years) and successfully defended a dissertation proposal in June of 2007 that would examine securitization markets in three different countries (United States, Mexico, and China) in different phases of development. Three weeks later, Bear Stearns made disclosures that would lead to its demise, the fall of Lehman Brothers, and onset of the financial crisis. The project became unfeasible and central hypotheses obvious. I took a leave of absence and gained hands-on experience working in the field. 

 

I realized, however, that much research needed to be done as no existing explanation could provide a satisfactory answer as to how these and similar markets are created, change organizations, survive, and impact society. I therefore returned to embark on this dissertation research in 2013. While the empirical portion of the dissertation focuses on securitization markets, I seek to contribute to scholarship on market creation, organizational change, entrepreneurship/innovation, and incentive structures.

David Lubin, Borong Liu (China Securitization Forum Secretary General), Richard Johns (Structured Finance Industry Group Exec. Director), Scott Carnahan (Penny Mac), Christopher Cox (ex-Securities & Exchange Commission Chairman), Connie Mazella (Bingham)

Research Assistantship:
Saskia Sassen; coordinated revision of "Cities in a World Economy, 3rd edition."

 

Acknowledgements:

Advisors:  John Levi Martin, Saskia Sassen, James Evans, Karin Knorr Cetina, Amit Seru

 

Research Assistants:  TBD

 

Supportive Industry Organizations:  American Securitization Forum (ASF), Information Management Network (IMN), SIFMA Securitization Group (SSG), and the Structured Finance Industry Group (SFIG)

Julián Castro (Secretary of Housing and Urban Development), David Lubin

Informants: I am grateful for the overwhelming support from those within and interested in the securitization industry. Pioneers and top practitioners throughout the industry as well as the leaders/CEOs of several corporations, GSEs, industry associations, and related regulatory bodies granted me the benefit of their time and insights. I have been graciously welcomed to attend 25 of the most important industry events; sensitive information was discussed and debated, and I appreciate the trust bestowed upon me. In total, I have conducted 62 interviews, and have conversed with over 350 practitioners.

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