Agustin Hurtado Directory Page
Agustin Hurtado
Assistant Professor
Ph.D., University of Chicago
Agustin Hurtado is an Assistant Professor of Finance at the University of Maryland’s Robert H. Smith School of Business.
His research focuses on finance and inequality. He studies financial markets and institutions serving low-income, minority, and immigrant entrepreneurs and households. His recent work investigates racial disparities in the mortgage market and the effect of minority bank ownership on minority credit in the U.S. Agustin’s ongoing research develops a novel immigration measure to assess its impact on housing markets and household financial distress.
At Maryland, he teaches Banking, Corporate Finance, and Household Finance at the undergraduate and Ph.D. levels.
Agustin holds a Ph.D. in Finance from the University of Chicago.
Academic Publications
Current Working Papers
The Effect of Minority Bank Ownership on Minority Credit
The Impact of Information on Credit Card Market Competition
Work in Progress
Immigration, Housing, and Household Financial Distress
Banking with a Mission: The Consequences of Mission-Driven Financial Institutions
Publications
Racial Disparities in the U.S. Mortgage Market, AEA Papers and Proceedings,114: 201-04
Other Writing
News
Balaji Padmanabhan is among the earliest professors to bring machine learning into an MBA program. Sining Song’s research explores…
Research
Insights
Academic Publications
“Racial Disparities in the U.S. Mortgage Market,” forthcoming in AEA Papers and Proceedings
We study racial disparities in the U.S. mortgage market. Using new data from Hurtado and Sakong (2024), we present three findings. First, we document access disparities between minority and otherwise- identical White borrowers even within the same bank and loan officer. In contrast, cost disparities are nearly zero. Second, the use of automated underwriting algorithms is associated with smaller access disparities but slightly larger cost disparities. Third, individual factors do not seem to matter much. Our findings represent another step toward understanding the factors driving discriminatory forces in the mortgage market. Recent research suggests structural or organizational factors may also play a role and have been overlooked by previous studies (Hurtado and Sakong, 2024).
Authors: Agustin Hurtado, University of Maryland, Robert H. Smith School of Business; and Jung
Sakong, Federal Reserve Bank of Chicago