Soon Hyeok (Steve) Choi

Soon Hyeok (Steve) Choi

PhD Candidate


Soon Hyeok (Steve) is a Ph.D. candidate in the Nolan School of Hotel Administration at Cornell University’s SC Johnson College of Business. His primary research interests are real estate finance, empirical asset pricing, credit risk, and decentralized finance.

Prior to joining Cornell, Soon Hyeok worked as a market risk analyst for the North America Rates team at J.P. Morgan in New York. He also served in the Republic of Korea Air Force as a logistics and interpreting officer engaging in various U.S.-ROK combined exercises.

Soon Hyeok is a native English and Korean speaker, and he has working proficiency in Japanese and elementary proficiency in French.

Soon Hyeok holds a MA in Economics and MPS in Applied Statistics from Cornell University. He graduated with an AB in Economics (magna cum laude) from Bowdoin College.

Area of Focus

  • Real Estate Finance

Research Interests

  • Asset Ownership & Financial Inclusion
  • Asset Pricing & Bubbles
  • Credit Risk & Contract Valuation
  • Decentralized & Blockchain Finance

Teaching Interests

  • Real Estate: Principles of Real Estate, Real Estate Development, Digitization
  • Real Estate Finance: Securitization Modeling in Real Estate, Valuation of Lease
  • Real Estate Statistics: Big Data in Real Estate, Risk and Statistics in Real Estate
  • Finance: Asset Pricing, Fixed Income Derivatives, Decentralized Finance


Working Papers

Seminars & Conferences

  • American Real Estate and Urban Economics Association-ASSA Annual Conference, 2023.
  • American Real Estate Society 39th Annual Meeting, 2023.
  • 35th Australasian Finance and Banking Conference – PhD Forum & Regular Session, 2022.
  • 8th Paris Financial Management Conference, 2022
  • World Finance & Banking Symposium – PhD Forum, 2022.
  • 17th Annual Conference on Asia-Pacific Financial Markets, 2022.
  • American Real Estate Society Fall 2022 Research Symposium, 2022.
  • 17th Annual Economics Graduate Student Conference of Washington University in St. Louis, 2022.
  • Financial Management Association, 2022.
  • 34th Australasian Finance and Banking Conference, 2021.
  • 10th International Conference of the Financial Engineering and Banking Society, 2021.
  • 24th International Congress on Insurance: Mathematics and Economics, 2021.
  • NUS-HKUST 10th Asian Quantitative Finance Seminar, 2021.
  • Western Finance Association, 2021.
  • SIAM Conference on Financial Mathematics and Engineering, 2021.
  • IBHF Household & Behavioral Finance Symposium, Cornell University, 2019, 2021.
  • Korea Derivatives Association Conference, Doctoral Consortium, 2020.
  • Korean Association of Financial Engineering Conference, 2020.
  • MS/PhD Research Talks, Cornell University, 2020.
  • CREF Real Estate Symposium, Cornell University, 2019.

Awards & Academic Honors

  • Conference Travel Grant, Graduate School Fellowships & Funding, Cornell University, 2022
  • NSF-funded Student Travel Award, SIAM FM, 2021.
  • Best Paper Award, Korean Association of Financial Engineering, 2020.
  • Graduate Assistantship Award, 2020-Present.
  • Doctoral Fellowship, Cornell University, 2019-2020.
  • Noyes Political Economy Prize, Bowdoin College, 2009.
  • Sarah & James Bowdoin Scholar, Bowdoin College, 2007-2008.

Teaching Experience

  • Real Estate Statistical Modeling, Teaching Assistant, The Nolan School of Hotel Administration, SC Johnson College of Business, Cornell University, 2021.
  • Fixed Income Securities and Interest Rate Options, Teaching Assistant, SC Johnson Graduate School of Management, SC Johnson College of Business, Cornell University, 2016-2022.
  • Introductory Microeconomics & Macroeconomics, Teaching Assistant, Department of Economics, The College of Arts & Sciences, Cornell University, 2017-2019.

Professional Experience

  • Logistics & Interpreting Officer, Republic of Korea Air Force, Various AFB, 2012-2015
  • Market Risk Analyst, North America Rates, JP Morgan, New York, NY, 2011-2012


  • MA, Economics, Department of Economics, Cornell University, Ithaca, NY
  • MPS, Applied Statistics, Department of Statistics and Data Science, Cornell University, Ithaca, NY
  • AB, Economics (magna cum laude), Department of Economics, Bowdoin College, Brunswick, ME