Crocker H. Liu

Crocker H. Liu

  • Professor Emeritus

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Interdisciplinary Theme

  • Behavioral Economics and Decision Research

Faculty Expertise

  • Real Estate


Cornell Peter and Stephanie Nolan School of Hotel Administration


Cornell Directory Entry


Crocker H. Liu is the Robert A. Beck Professor of Hospitality Financial Management and a professor of real estate at Cornell Peter and Stephanie Nolan School of Hotel Administration. He previously taught at New York University's Stern School of Business (1988-2006), where he was the associate director of real estate, and more recently at Arizona State University's W.P. Carey School of Business (2006-2009), where he held the McCord Chair in addition to being the director of the Center for Real Estate Theory and Practice.

Liu's research interests are focused on issues in real estate finance, particularly topics related to agency, corporate governance, organizational forms, market efficiency, and valuation. His research has been published in the Review of Financial Studies, Journal of Financial Economics, Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Law and Economics, Journal of Financial Markets, Review of Finance, Journal of Corporate Finance, Journal of Urban Economics, Regional Science and Urban Economics, Real Estate Economics, Journal of Real Estate Finance and Economics, and the Journal of Real Estate Research.

From 2001-2014, Liu was co-editor of Real Estate Economics—the top academic real estate journal—and he still serves on its editorial board. He previously served on the editorial boards of the Journal of Real Estate Finance and Economics, Journal of Property Research, and the Journal of Real Estate Finance.

Liu won five teaching awards at NYU, including Undergraduate Teacher of the Year, Executive MBA in Finance Teacher of the Year, and Distinguished Teaching Fellow. He has one teaching award at Cornell, and he also has won seven research awards. Liu is a member of Lambda Alpha, the honorary land economics fraternity. He is a two-time recipient of the Power Player of the Year Award (2007 and 2008) bestowed by the Phoenix Business Journal. Liu served as the first vice president of the American Real Estate and Urban Economic Association, and was named president in 2019. He was a professional realtor in Hawaii from 1972-2022, and was a vice president with Prudential Real Estate Investment Group from 1992-1993. He has consulted with RREEF (now part of Deutsche Bank), Federal National Mortgage Association (Fannie Mae), Milliman and Robertson, and Standard and Poor's, among others.

Liu earned his BBA in real estate and finance from the University of Hawaii, an MS in real estate from the University of Wisconsin (under Professor James A. Graaskamp), and a PhD in finance and real estate from the University of Texas (under Professor Vijay S. Bawa).

Recent Courses

  • HADM 4200 - Principles of Real Estate
  • HADM 6200/REAL 6200 - Principles of Real Estate
  • HADM 4255/HADM 6255 - Real Estate Development

Academic Degrees

  • PhD University of Texas, Austin, 1988
  • MS University of Wisconsin, Madison, 1980
  • BBA University of Hawaii, 1976