Ruben Cox. Rotterdam School of Management Phone: +31 (0) PhD in Finance Rotterdam School of Management 09/ /2013

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1 Ruben Cox Rotterdam School of Management Phone: +31 (0) Department of Finance, room T8-23 Web: linkedin.com/in/rubencox Burgemeester Oudlaan 50, 3062 PA, Rotterdam Education PhD in Finance Rotterdam School of Management 09/ /2013 (expected) Visiting scholar National University of Singapore 09/ /2011 MSc in Finance Rotterdam School of Management 09/ /2009 (with distinction) BEng in Industrial Zuyd University of Applied Sciences 09/ /2007 Engineering (with distinction) Exchange student Tennessee Technological University 01/ /2006 (GPA: 4.0 out of 4.0) Research Research interests Household Finance, Real Estate, Behavioural Finance, Banking International publications Brounen, D., Cox, R., Neuteboom, P. (2012) Safe and Satisfied? External effects of homeownership in Rotterdam, Urban Studies, 49(12), p Current working papers/work in progress Financial Literacy, Risk Aversion and Choice of Mortgage-type by Households (with D. Brounen and P. Neuteboom), under review The Demand for Mortgage Insurance (solo-authored), job market paper Screening Incentives in the Presence of Mortgage Insurance (solo-authored) External Economies and the Spatial Form of Office Markets Across the U.S. Metropolitan Areas (with Y. Fu and M. Jennen)

2 Publications in popular press Cox, R.H.G.M., de Jong-Tennekes, M. (2012) Hypotheek verzekeren of niet? Gedragseconomische factoren [Mortgage insurance or not? Behavioral economic factors], Real Estate Research Quarterly,3, p Cox, R.H.G.M., Brounen, D., Neuteboom, P. (2011) Financiële onderlegdheid en hypotheekkeuze van huishoudens [Financial literacy and household s mortgage choice], Economisch Statistische Berichten, 96(4614 & 4615), p Cox, R.H.G.M., Brounen, D., Neuteboom, P. (2010) De meerwaarde van eigenwoningbezit [The value of homeownership], Economisch Statistische Berichten, 95(4579), p Brounen, D., Cox, R.H.G.M., Neuteboom, P. (2010) De Effecten van de NHG in het verhoogde kostensegment [The effects of NHG in the higher segment of the housing market], published online 31 May 2010, online accessible at Cox, R.H.G.M. (2010) Hypotheekregulering en de impact voor koopstarters [Mortgage regulation and the impact for first-time home buyers], Economisch Statistische Berichten, 95(4579), p Conference presentations (* indicates discussant, ** indicates session chair) AREUEA-ASRES International Meeting, Singapore (2012)* ERES Annual Meeting, Edinburgh, Scotland (2012)*,** ARES Annual Meeting, St. Petersburg, USA (2012) AREUEA Annual Meeting, Chicago, USA (2012) ZEW 3 rd ReCapNet Conference, Mannheim, Germany (2011)* AREUEA-ASRES International Meeting, Jeju, South-Korea (2011)*,** BHPS Understanding Society Meeting, Colchester, UK (2011) AREUEA Mid-Year Meeting, Washington, USA (2011) ARES Annual Meeting, Seattle, USA (2011)* CESifo conference on Housing Taxation and Regulation, Munich, Germany (2010)* ZEW 2 nd ReCapNet Conference, Mannheim, Germany (2010)* AREUEA International Conference, Rotterdam, The Netherlands (2010)* ERES Annual Meeting, Milan, Italy (2010) AREUEA Annual Meeting, Atlanta, USA (2010) Other Adhoc referee for Journal of International Money and Finance Teaching (all evaluations on a 1-5 scale, with 5 being best) Corporate Finance Workshops (BSc); 3.8/5 (130 students)

3 Bachelor Thesis Economics of Real Estate (BSc); 4.0/5 (24 students) Corporate Finance Workshops (BSc); 4.3/5 (145 students) Real Estate Finance and Investments (MSc); 3.8/5 (50 students) Corporate Finance Workshops (BSc); 4.3/5 (140 students) Master Thesis (Co) supervision (MSc); (over 30 students) Tutor in Operations Research & Statistics courses (BSc); (20 students) Professional Experience Financial analyst/ Rotterdam Port Authority 02/ /2009 advisor Rotterdam, The Netherlands Responsible for financial evaluation of business cases, prospective clients and development of market analysis for the pricing strategy. Analysed the financial justification for a lost-revenue claim filed against RPA. Customer service officer SABIC Europe 07/ /2007 Sittard, The Netherlands Responsible for monitoring and troubleshooting the order shipment process. I analysed bottlenecks and proposed a haulier incentive system to decrease delivery delays to clients and reduce overall logistics costs. Internship Flexial Corporation 02/ /2006 Cookeville, TN Conducted the analysis and provided recommendations for redesign of critical steps in the manufacturing process according to lean manufacturing and sixsigma principles. Awards and Honours AREUEA Doctoral Session Travel Grant (2012) ARES Doctoral Session Travel Grant (2012) Erasmus Trustfund Travel Grant (2011, 2012) Honours Class in Finance and Investments (2009) Graduation Award Zuyd School of Engineering (2007) Skills Software: Microsoft Office, SPSS, Eviews, STATA and VBA Databases: CoStar, SNL, and survey panel datasets (DHS, WOON, BHPS); basic knowledge of finance databases (Thomson, WRDS) Languages: Dutch (native), English (fluent), German (basic), French (basic) Other qualifications: CFA-level 1 candidate, Certificate of Proficiency in English

4 References Prof. dr. Dirk Brounen (supervisor) Prof. dr. Mathijs van Dijk Professor of Real Estate Economics Professor of Financial Markets Department of Economics Department of Finance School of Economics and Management Rotterdam School of Management Tilburg University Warandelaan 2, 5037 AB, Burgemeester Oudlaan 50, 3000 DR, Tilburg, the Netherlands Rotterdam, the Netherlands Phone: Phone: Dr. Dion Bongaerts Associate Professor of Finance Department of Finance Rotterdam School of Management Burgemeester Oudlaan 50, 3000 DR, Rotterdam, the Netherlands Phone: Abstracts of working papers The Demand for Mortgage Insurance Many households hold a major part of their wealth in real estate and finance it with (recourse) mortgage debt. I examine the demand for mortgage insurance as a means to insure wealth risk. Using an extensive survey dataset, demand is found to increase in the level of risk exposure and to decrease with the height of the insurance premium. Moreover, I report that demand decreases by 11 to 13 percent if households are more overconfident. Overconfidence proxies are derived from selfassessed financial knowledge and precautionary savings behavior. These findings are robust against experience with homeownership, house price expectations, income volatility, degree of portfolio diversification, peer- and advisory effects, budget constraints and alternative adjustments for default risk. Some strategies to increase adoption rates are discussed including their feasibility such as requiring insurance mandatory, changing the standard option offered by the industry, and bundled offerings of insurance policies.

5 Screening Incentives in the Presence of Mortgage Insurance This paper shows that lenders screening incentives, emerging from credit risk exposure, can mitigate agency conflicts between households and mortgage brokers. The commission-based pay of mortgage brokers might create a misalignment of interest. This paper uses loan-to-value and debt-service ratios as proxies for the outcome of the underwriting process to demonstrate that the involvement of brokers is insignificant for uninsured credit. However, if mortgages are insured, then the involvement of brokers raises average LTV ratios by seven percent, which is consistent with a reduction in screening incentives due to hedged credit risk. Consequently, broker s commission income increases by eight percent. Neither an impact on the pricing of credit nor endogenous selection or differences in risk aversion are found to explain the results. Financial Literacy, Risk Aversion and Choice of Mortgage-type by Households, with Dirk Brounen and Peter Neuteboom This paper analyzes how financial literacy and risk aversion impact a household s choice of mortgage type. The results show that households reporting higher financial literacy and lower risk aversion are significantly more likely to opt for interest-only mortgages. The results are robust to alternative explanations such as the involvement of financial advisors, the effect of peers, experience with prior homeownership, and house price expectations. In general, alternative mortgage products, as opposed to traditional mortgages, are chosen by wealthier, older, and more sophisticated households that are more likely to have a greater understanding of the risks and benefits associated with these products.