Darren K. Hayunga

Dr. Hayunga has been a faculty member at the University of Georgia since 2013, where he combines academic expertise with hands-on experience in real estate investment to offer students a unique perspective that bridges theory and practice. Prior to his tenure at UGA, he served as an Associate Professor at the University of Texas Arlington. Dr. Hayunga’s research interests span housing economics, real estate markets, financial options, and spatial econometrics. His work has been published in leading journals, including the Journal of Financial and Quantitative Analysis, Real Estate Economics, Journal of Real Estate Finance and Economics, Critical Finance Review, and Journal of Banking and Finance.

• PhD, Finance, Real Estate, Louisiana State University, 2006
• MBA, Information Technology, The College of William and Mary, 1997

• Housing Economics
• Geo-Spatial Economics

Journal Articles

• Pace, R. Kelley, Darren K. Hayunga, and James P. LeSage. Modeling Spatial, Temporal, and Multivariate Autoregressive Dependence in Real Estate Prices. Journal of Real Estate Finance and Economics (forthcoming).
• Darren K. Hayunga and Henry J. Munneke. Volume Trading in Non-Homogeneous Assets.  Journal of Real Estate Finance and Economics (forthcoming).
• Darren K. Hayunga, R. Kelley Pace, Shuang Zhu and Raffaella Calabrese. Differential Measurement Error in House Price Indices.  Journal of Real Estate Finance and Economics (forthcoming).
• Lu Fang and Darren K. Hayunga. 2024. The Impact of Real Estate Agents’ Expertise on House Prices and TOM, Real Estate Economics 52 (1), 45-72.
• John C. Adams, Darren K. Hayunga, and Sattar Mansi. 2022. Index Fund Trading Costs are Inversely Related to Fund and Family Size, Journal of Banking and Finance 140, 106527
• John C. Adams, Darren K. Hayunga, and Sattar Mansi. 2022. Scale and Performance in Active Management are Not Negatively Related, Critical Finance Review, 11(3-4), 541–592.
• Darren K. Hayunga and Henry J. Munneke. 2021. Examining Both Sides of the Transaction: Bargaining in the Housing Market, Real Estate Economics, 49(2), 663–691.
• R. Kelley Pace and Darren K. Hayunga. 2020.   Examining the Information Content of Residuals from Hedonic and Spatial Models using Trees and Forests, Journal of Real Estate Finance and Economics, 60(1-2), 170–180.
• John C. Adams, Darren K. Hayunga, Sattar Mansi, David M. Reeb, and Vincenzo Verardi. 2019.  Identifying and Treating Outliers in Finance, Financial Management 48(2), 345–384.
• Darren K. Hayunga, R. Kelley Pace, and Shuang Zhu. 2019. Borrower Risk and Housing Price Appreciation, Journal of Real Estate Finance and Economics 58(4), 544–566.
• Darren K. Hayunga and R. Kelley Pace. 2019. The Impact of TOM on Transaction Prices in the US Housing Market.  Journal of Real Estate Finance and Economics 58(3), 335–365.
• John C. Adams, Darren K. Hayunga, and Sattar Mansi. 2018. Diseconomies of Scale in the Actively-Managed Mutual Fund Industry: What Do the Outliers in the Data Tell Us? Critical Finance Review 7(2), 273–329.
• Darren K. Hayunga. 2018. Sales Concessions in the US Housing Market. The Journal of Real Estate Finance and Economics, 56(1): 33-75.
• Darren K. Hayunga and R. Kelley Pace. 2017. List Prices in the US Housing Market. The Journal of Real Estate Finance and Economics, 55(2): 155-184.
• Darren K. Hayunga and Peter Lung. 2014. Trading in the Options Market around Financial Analysts’ Consensus Revision. Journal of Financial and Quantitative Analysis, 49(3): 725-747.
• Darren K. Hayunga and Peter P. Lung. 2011. Explaining Mispricing using the Resale Option and Inflation Illusion. Real Estate Economics, 39(2): 313-344.
• Darren K. Hayunga and R. Kelley Pace. 2010. Spatial Statistics Applied to Commercial Real Estate. The Journal of Real Estate Finance and Economics, 41(2): 103-125.

• Associate Professor, University of Texas Arlington, 2012-2013
• Assistant Professor, University of Texas Arlington, 2006-2012