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
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?
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?
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.
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.