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David Zhang

David Zhang
Managing Director, MSCI Research

About the Contributor

David Zhang is Managing Director and Head of Securitized Products Research, where he oversees a team responsible for developing models and analytics to support investment management, risk management and regulatory compliance. Previously, David was Managing Director and Head of Securitized Products Modeling and Analytics at Credit Suisse. He also has worked at Freddie Mac, CIBC Oppenheimer and the University of Chicago. David has a Ph.D. from Princeton University.

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Blog posts by David Zhang


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  1. BLOG

    Housing-Bubble Déjà Vu 

    Aug 10, 2021 Joy Zhang , David Zhang

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    The U.S. in the past year recorded the highest national house-price appreciation in recent decades. Does the run-up in home prices represent housing-bubble déjà vu? And what can MBS investors do to assess their mortgage credit risk?

  2. BLOG

    Navigating market volatility with agency MBS models 

    Feb 26, 2020 David Zhang

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    We performed our annual review of MSCI’s model for managing prepayment and interest-rate risk in agency mortgage-backed securities. How closely did the model’s forecasts anticipate what we observed in the market?

  3. BLOG

    MBS prepayment modeling: AI 1, Humans 0? 

    Sep 27, 2019 David Zhang , Joy Zhang

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    Artificial intelligence has broken through in fields previously dominated by humans. Could AI surpass humans in modeling the complex risks of agency mortgage-backed securities?

  4. BLOG

    Fed policy, the credit cycle and real estate 

    May 28, 2019 Yihai Yu , David Zhang

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    Amid the uncertainty over Federal Reserve policy, investors in commercial real estate (CRE) are confronting asset-allocation challenges and growing concerns about CRE valuation and debt levels, after an extended period of easy credit.

  5. BLOG

    Credit binge hangovers have historically been a challenge 

    Nov 9, 2018 David Zhang

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    Credit spreads and debt issuance are at historical levels, as credit markets show signs of overheating. History has shown that following an overheated credit market, long-term credit returns have been generally weaker, in absolute terms and relative to U.S. Treasurys; particularly for high yield (HY). Given the intensity of past credit binge hangovers, long-term investors may want to review their current asset allocation strategies.