Steven CarvellArthur Adler '78 and Karen Newman Adler '78 Director of the Center for Real Estate and Finance
Prof. Carvell joined the Cornell University School of Hotel Administration’s finance faculty in 1986. He is currently a Professor of Finance in the SC Johnson College of Business. Over the past 33 years he has taught undergraduate and graduate courses ranging from Advanced Corporate Finance, Capital Budgeting, Financial Strategy and Investments. Dr, Carvell has also been an active teacher in executive education since 1990, working with almost every major domestic and international hotel company to create custom courses for hotel executives. These companies include Hilton, Marriott, InterContinental Hotel Group, Taj Hotels, Jumeirah, Accor, Sol Melia, Le Meridian, Shangri La and Peninsula. Prof. Carvell has also authored eight distance learning courses through eCornell that are among the most widely demanded courses offered. He has held academic leadership positions at the School of Hotel Administration since 1999, serving as the Associate Dean for Academic Affairs from 2007-2016 and the Academic Director of the Pillsbury Institute for Entrepreneurship from 2013-2016
Dr. Carvell has published numerous articles in academic and professional journals including the Financial Analysts Journal, Journal of Portfolio Management, the Harvard Business Review and the Cornell Quarterly and is the Co-author of In the Shadows of Wall Street. His work has been featured in the Wall Street Journal, The New York Times, Forbes, Fortune, Institutional Investor and Financial World and Leader’s. He has recently finished a major project designed to identify the determinants of hotel demand for U.S. hotels and another on economic and capital market antecedents of venture capital commitments. He is currently working on a project to disaggregate hotel room rates within urban markets and another to determine the risk-return characteristics of hotel room rates in major U.S markets. Prof. Carvell is also involved with evaluating the effectiveness of hotel company business strategies using strategic benchmarking and Economic Value Added analysis.
Dr. Carvell has worked for professional money managers in the area of applied strategy in the equity market and served as a consultant to the Presidential Commission on the 1987 stock market crash. His consulting interests include valuation and risk analysis in feasibility studies, hotel debt capacity, strategic benchmarking, corporate and financial strategy.