Peng Liu | Cornell (Jan
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Peng Liu | Cornell (Jan. 2021) Page 1 of 14 Peng Liu Cornell University Phone:607 254 2960 SC Johnson College of Business | School of Hotel Administration Email: [email protected] 448 Statler Hall, Ithaca, NY 14853 https://research.cornell.edu/researchers/peng-liu Academic and Professional Positions Held Academics Cornell University – SC Johnson College of Business | School of Hotel Administration Singapore Tourism Board Distinguished Professor July 2016 – Present Associate Professor in Real Estate with Tenure July 2013 – Present Assistant Professor in Real Estate, School of Hotel Administration July 2007 – June 2013 Tsinghua University Sep. 2014 – July 2015 Distinguished Visiting Professor in Finance, Research Fellow at National Institute of Financial Research University of California, Berkeley - Haas School of Business Research Fellow, Fisher Center of Real Estate and Urban Economics July 2002 – June 2007 Computational Finance Workshop Instructor, Master of Financial Engineering (MFE) Spring 2006, 2007 Graduate Student Instructor, MBA (Real Estate Finance), MFE (Asset-backed Security Market, Credit Risk, Stochastic Calculus) September 2004 – June 2007 Professional Activities Editor, Journal of Real Estate Portfolio Management (2014 – present) Associate Chairperson, Reviewer, Western Finance Association 54th Annual Conference 2018 – 2019 Associate Editor, Journal of Real Estate Research (2018 – present), Cornell Hospitality Quarterly (2014 – 2015), International Real Estate Review (2013 – present), and Journal of Commodity Market (2015 – present), Managing Editor and Faculty Advisor, Cornell Real Estate Review (2015 – 2016) Editorial Board Member: Journal of Real Estate Research (2018 – present), Tourism Tribune (2015 – 2018), Cornell Hospitality Quarterly (2009 – present), Economic and Political Studies (2012 – present), Journal of Real Estate (Chinese, 2013 – present). Board Director, Real Estate Research Institute Advisory Board (RERI, 2015 – Present), Asia Real Estate Research Institute (ARERI 2015 – Present), Global Chinese Real Estate Congress (GCREC, 2011 – Present), EHL’s Real Estate Institute Advisory Board (EHL, 2019 – Present) Industry Shenzhen Security Exchange, China – Asset Backed Security Listing Advisory Board 2014 – Present Goldman Sachs & Co., Associate, Asset Management Division (GSAM), New York, 2006 Deloitte Consulting, Senior Consultant, Beijing, China, 2000 – 2001 Education Ph.D. Finance and Real Estate, University of California, Berkeley – Haas School of Business 2007 M.S. Finance, University of California, Berkeley – Haas School of Business 2007 M.A. Financial Economics, Peking University – School of Economics, China 2000 B. S. Engineering, Tsinghua University – Materials Science and Engineering, China 1994 Honors and Awards Best paper award, Tourism Tribune, 2020 Research award, Real estate academic development fund at CAFR April 2020 SJTU-Cornell joint seed fund grant – COVID19’s impact on hospitality industry June 2020 Peng Liu | Cornell (Jan. 2021) Page 2 of 14 2019 Cornell University China Innovation Grant Award – project development grant May 2019 2019 Asia Travel and Hotel Awards – Outstanding achievement in academic research and impact on the hospitality industry, Asia Hotel Forum and Hotel Asset Manager Association China Chapter, Nov. 2019 2019 Rising Star in Real Estate Award, Shanghai Real Estate Finance Forum, October, 2019 2019 Research Award – Best paper for impact to practitioners, American Real Estate Society April 2019 2018 Best Real Estate Portfolio Management Paper Award, American Real Estate Society Annual Meeting Best Paper Competition. Sovereign Wealth Fund Real Estate Investment. Sponsored by Royal Institution of Chartered Surveyors (RICS) (with McKay Price and Nathan Mauck) April 2018 The Global REIT Investment Challenge Committee Chair 2017 – present China Securitization Forum Senior Advisor and Deal of the Year Award Committee Chair 2015 – 2017 Hong Kong Institute for Monetary Research Fellowship, Hong Kong Monetary Authority 2014 – 2015 The William N. Kinnard Scholar Award, American Real Estate Society 2014 a recognition of early career high quality research contributions in the real estate discipline. Homer Hoyt Post-Doctoral Award 2014 Weimer School of Advanced Studies in Real Estate and Land Economics Post-Doctoral Honoree 2013 Industry Relevance Research Award, Connell University, Center for Hospitality Research May 2013 Optimizing Hotel Pricing: A New Approach to Hotel Reservations, Ithaca, NY 2012 Best Paper Award, American Real Estate Society Annual Meeting Best Paper Competition April 2012 The Economics of Commercial Real Estate Preleasing, (with Robert Edelstein) Sponsored by International Council of Shopping Centers (ICSC). St. Petes, FL 2012 Best Paper Award, American Real Estate Society Annual Meeting Best Paper Competition April 2012 List Price Information in the Negotiation of Commercial Real Estate Transactions: Is Silence Golden? Sponsored by CoStar Group. St. Petes, FL, (with Dean Gatzlaff). 2012 Best Paper Award, Eurasia Business and Economists Society (EBES) Conference May 2012 Economic Linkages, Relative Scarcity, and Commodity Futures Returns. (with Casassus and Tang) Sponsored by John P. Rust, Professor of Finance at University of Maryland. 2011 Best Paper Award, American Real Estate Society Annual Meeting Best Paper Competition April 2011 Is What’s Bad for the Goose (Tenant), Bad for the Gander (Landlord)?:a Retail Real Estate Perspective Sponsored by International Council of Shopping Centers (ICSC). (with Crocker Liu), Seattle, WA. 2011 Best Paper Award (second runner-up), Global Chinese Real Estate Congress Annual Conference, 2011 2010 Semifinalist, Financial Management Association award competition, New York Oct. 2010 Teaching Award, Best Graduate Student Instructor, MFE program, U.C. Berkeley – Hass 2006 Distinguished student, ranked the first in Master Program in Finance, Peking University 1998 – 2000 Publications Journal Articles 35. Are government owned investment funds created equal? Evidence from sovereign wealth fund real estate acquisitions, Journal Real Estate Finance and Economics 61, 698-729, 2020. (with McKay Price and Nathan Mauck). 34. Commercial Mortgage-Backed Security Pricing with Real Estate Liquidity Risk, (with Peimin Chen, Igor Kozhanov, Chunchi Wu), Forthcoming at Real Estate Economics. 33. Admission Pricing Policy in the Public Scenic Spots: An International Comparison Approach, (with Zou, G., Liu, M., and Yang, Z., in Chinese), Forthcoming at Tourism Tribune. 32. Optimal Contract Design in Residential Brokerage, (with Jia Xie), Forthcoming at Real Estate Economics. 31. Real Assets, Liquidation Value and Choice of Financing, Real Estate Economics 47(2), 478-508, 2019. (with Crocker Liu and Zhipeng Zhang). Peng Liu | Cornell (Jan. 2021) Page 3 of 14 30. Dual Monopoly in Tourism Industry and Related Price Coordination and Policy Regulation, Tourism Tribune 34(3) 12-27, 2019. (with Zou, G., Liu, M., and He, J., in Chinese). 29. The Economics of Commercial Real Estate Preleasing, Journal of Real Estate Finance and Economics 53:200–217, 2016. (with Robert Edelstein) 28. A Direct Test of the Free Cash Flow Hypothesis – Evidence from Property Transactions, Journal of Real Estate Finance and Economics 52(4), 543-558, 2016. (with Yongqiang Chu). 27. Utilizing “Big Data” to improve the Hotel Sector’s Energy Efficiency: Lessons from Recent Economics Research, Cornell Hospitality Quarterly 57(2) 202-210 2016. (with Matthew Kahn). 26. Herd Journalism: Investment in Novelty and Popularity in Markets for News, Information Economics and Policy, Volume 31, 33-46, June 2015. (with Ben Ho) 25. Housing Prices and Inflation: Some Evidence from Major Chinese Cities, International Real Estate Review 18(2): 217 – 240, 2015. (with Weida Kuang). 24. Maximal Gaussian Affine Models for Multiple Commodities: A Note, Journal of Futures Markets, 35(1), 75-86, 2015. (with Jaime Casassus and Ke Tang) 23. Economic Linkages, Relative Scarcity, and Commodity Futures Returns, Review of Financial Studies, 26 (5): 1324-1362, 2013. (with Jaime Casassus, and Ke Tang) 22. Is What’s Bad for the Goose (Tenant), Bad for the Gander (Landlord)?: a Retail Real Estate Perspective Journal of Real Estate Research, 35(3): 249 – 282, 2013 (Lead article) (with Crocker Liu) 21. List Price Information in the Negotiation of Commercial Real Estate Transactions: Is Silence Golden? Journal of Real Estate Finance and Economics, 47(4): 760 – 786, 2013. (with Dean Gatzlaff) 20. Foreclosure of Securitized Commercial Mortgages – a Model of the Special Servicer, Journal of Real Estate Finance and Economics, 46(2): 321 – 338, 2013. (with Daniel Quan) 19. Rational Herding in Microloan Markets, Management Science, 58(5): 892-912, May 2012. (with Zhang Juanjuan) 18. The Market for Real Estate Presales: a Theoretical Approach, Journal of Real Estate Finance and Economics, 45(1): 30 – 48, 2012. (with Robert Edelstein and Fang Wu) 17. The Determinants of Homebuilder Stock Price Exposure to Lumber: Production Cost versus Housing Demand, Journal of Housing Economics, 21: 211-222, 2012. (with Xiaomeng Lu and Tang Ke) 16. The Composition of Market Proxy in REITs Risk Premium Estimation, Journal of Real Estate Portfolio Management, 18(1): 79-98, 2012. (with Xiaolong Liu) 15. The Stochastic Behavior of Commodity Prices with Heteroskedasticity in the Convenience Yield, Journal of Empirical Finance, 18(2): 211-224, 2011. (with Tang Ke) 14. No-arbitrage Conditions for Storable Commodities and the