Peng (Peter) Liu
- Associate Professor
- Innovation, Entrepreneurship, and Technology
- Emerging Markets and Development
- Real Estate
- Asset Management
- Quantitative Modeling
Cornell Peter and Stephanie Nolan School of Hotel Administration
Peng Liu is the Singapore Tourism Board distinguished chair professor in Asian hospitality management at Cornell University’s School of Hotel Administration and associate professor of real estate and finance at SC Johnson College of Business, Cornell University. Dr. Liu is an active researcher, and an editor of the Journal of Real Estate Portfolio Management, the official journal of the American Real Estate Society.
Liu’s research focuses on the interaction between financial market and real economy, with a broad interest in real estate, hospitality management, securitization and REITs, commodity pricing, and market analysis in retail, airline, hotel, and recreational industries. Liu has published extensively in top-tier journals, including Review of Financial Studies, Management Science, Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Banking and Finance, Journal of Empirical Finance, among others.
Liu worked for Goldman Sachs Asset Management in New York City and held the position of senior consultant at Deloitte Consulting in Beijing. Prof. Liu is also a respectful securitization expert in China. He currently serves as the expert advisor to Shenzhen Security Exchange, China Insurance Asset Management Association and the Global Asset Allocation and Securitization Forum.
Liu has received the William N. Kinnard Scholar Award and 2018 Best Real Estate Portfolio Management paper award from the American Real Estate Society, the Homer Hoyt Post-Doctoral Honoree from the Weimer School of Advanced Studies, 2019 Rising Star in Real Estate Award from Shanghai Real Estate Finance Forum, and numerous research awards. He was named teacher of the year at the U.C. Berkeley’s master program in financial engineering. Prof Liu also taught the executive programs (EMBA) at top university in China including Tsinghua, Zhejiang, Shanghai Jiaotong, and Hong Kong Chinese University.
Liu earned a PhD co-majoring in Finance and Real Estate from Haas School of Business, U. C. Berkley and MA in Financial Economics from Peking University and a BS in Engineering from Tsinghua University, China.
- Chen, Peimin; Kozhanov, Igor; Liu, Peng; Wu, Chunchi. "Commercial Mortgage-Backed Security Pricing with Real Estate Liquidity Risk"Real Estate Economics. 49.S2 (2021): 490-525
- Liu, Crocker; Liu, Peng; Zhang, Zhipeng. "Real Assets, Liquidation Value and Choice of Financing"Real Estate Economics. 47.2 (2019): 478-508
- Liu, Peng; Mauck, Nathan; Price, S. "Are Government Owned Investment Funds Created Equal? Evidence from Sovereign Wealth Fund Real Estate Acquisitions"Journal of Real Estate Finance and Economics. 61 (2020): 698-729
- Liu, Peng; Xie, Jia. "Optimal Contract Design in Residential Brokerage"Real Estate Economics. 49.2 (2021): 493-530
- Kahn, Matthew; Liu, Peng. "Utilizing “Big Data” to improve the Hotel Sector’s Energy Efficiency: Lessons from Recent Economics Research"Cornell Hospitality Quarterly. 57.2 (2016): 202-210
- Edelstein, Robert; Liu, Peng. "The Economics of Commercial Real Estate Preleasing"Journal of Real Estate Finance and Economics. 53.2 (2016): 200-217
- Chu, Yongqiang; Liu, Peng. "A Direct Test of the Free Cash Flow Hypothesis – Evidence from Property Transactions"Journal of Real Estate Finance and Economics. 52.4 (2016): 543-558
- Casassus, Jaime; Liu, Peng; Tang, Ke. "Economic Linkages, Relative Scarcity, and Commodity Futures Returns"Review of Financial Studies. 26.5 (2013): 1324-1362
- Liu, Peng; Zhang, Juanjuan. "Rational Herding in Microloan Markets"Management Science. 58.5 (2012): 892-912
Awards and Honors
- Best Paper Award (2018) American Real Estate Society Annual Meeting Best Paper Competition
- The William N. Kinnard Scholar Award (2014) American Real Estate Society
- Homer Hoyt Post-Doctoral Award (2014) Weimer School of Advanced Studies in Real Estate and Land Economics
- 2013 Industry Relevance Research Award (2013) Cornell University - School of Hotel Administration
- HADM 3210 - Principles of Hospitality Real Estate
- HADM 4250/HADM 6250 - Securitization and Structured Financial Products
- PhD Haas School of Business, University of California, Berkeley, 2007
- MS Haas School of Business, University of California, Berkeley, 2007
- MS Agricultural and Resource Economics, University of California, Berkeley, 2002
- MA School of Economics, Peking University, 2000
- BS Materials Science and Engineering, Tsinghua University, 1994