Steven Carvell is a professor at the School of Hotel Administration, where he has taught finance courses since 1986. Carvell's research is directed toward new approaches to hotel valuation and investment decisions. Recent projects have focused on adjusted present value analysis and the valuation of sequential real options within a hotel valuation framework; the valuation of exotic reservation options in hotels; and determining optimal brand standards for hotel companies. Carvell recently finished a major project designed to identify the determinants of hotel demand in the U.S. He is also involved with evaluating the effectiveness of hotel company business strategies, using strategic benchmarking and economic value added analysis. Carvell is the co-author of In the Shadows of Wall Street (Prentice-Hall, Inc. Paul Strebel and Steven Carvell, 1988). He has published ten articles in academic and professional journals including the Financial Analysts Journal and the Harvard Business Review. His work has been featured in the Wall Street Journal, The New York Times, Forbes, Fortune, Institutional Investor, and Financial World. Carvell has worked for professional money managers in applied strategy in the equity market and served as a consultant to the Presidential Commission on the 1987 stock market crash. He specializes in new approaches to valuation and risk analysis in feasibility studies, hotel debt capacity models, strategic benchmarking, and economic value added analysis. Professor Carvell has conducted numerous specialized Executive Education seminars for some of the largest hotel companies in the world. Carvell holds a Ph.D. from the State University of New York, Binghamton.