Darren K. Hayunga
Real Estate Program

Associate Professor

A418 Moore-Rooker Hall
610 S. Lumpkin St.
Athens, GA, 30602
Phone Numbers
Email Address


Dr. Hayunga has been with the University of Georgia since 2013. Previously, he was an Associate Professor at the University of Texas Arlington. Dr. Hayunga's research interest include housing economics, real estate markets, financial options, and spatial econometrics. His research is published in 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. Prior to joining academia, Dr. Hayunga founded a financial planning firm and practiced as a Certified Financial Planner. He also worked 5 years as a consultant in the IT industry.


PhD, Finance, Real Estate, Louisiana State University, 2006

MBA, Information Technology, The College of William and Mary, 1997

Prior Professional Positions

University of Texas Arlington, Associate Professor, 2012 to 2013

University of Texas Arlington, Assistant Professor, 2006 to 2012

Research Interests

  • Housing Economics
  • Option pricing
  • Geo-Spatial Economics
  • Real Estate Economics

Selected Publications

Journal Articles

  • Pace, R. Kelley and Darren K. Hayunga.  Examining the Information Content of Residuals from Hedonic and Spatial Models using Trees and Forests Journal of Real Estate Finance and Economics, forthcoming.

  • Hayunga, Darren K. and Henry J. Munneke. Examining Both Sides of the Transaction: Bargaining in the Housing Market, Real Estate Economics, forthcoming.

  • Adams, John C., Darren K. Hayunga, Sattar Mansi, David M. Reeb, and Vincenzo Verardi. 2019.  Identifying and Treating Outliers in Finance, Financial Management 48(2), 345–384.

  • Hayunga, Darren K., R. Kelley Pace, and Shuang Zhu. 2019. Borrower Risk and Housing Price Appreciation, Journal of Real Estate Finance and Economics 58(4), 544–566.

  • Hayunga, Darren K. 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.

  • Adams, John C., 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 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 Hayunga, Richard Holowczak, Peter Lung, and Takeshi Nishikawa. 2012. Derivatives Traders' Reaction to Mispricing in the Underlying Equity. Journal of Banking and Finance, 36: 2438-2454.

  • Darren Hayunga and Peter Lung. 2011. Explaining Mispricing using the Resale Option and Inflation Illusion. Real Estate Economics, 39(2): 313-344. 

  • Darren Hayunga and Kelley Pace. 2010. Spatial Statistics Applied to Commercial Real Estate. The Journal of Real Estate Finance and Economics, 41(2): 103-125.