Peng (Peter) Liu

Biography

Peng Liu is a full professor of real estate and finance at Cornell SC Johnson College of Business. He has held the position of Singapore Tourism Distinguished Chair Professor in Asian Hospitality Management at the Cornell Peter and Stephanie Nolan School of Hotel Administration since 2016 and became an inaugural faculty member at the Paul Rubacha Department of Real Estate in 2023. Liu is an active researcher and serves as the editor for the Journal of Real Estate Portfolio Management, an official journal of the American Real Estate Society.

Liu’s research focuses on the interaction between the financial market and the real economy, with a broad interest in the valuations of real assets such as commercial real estate and commodities. Additionally, he explores topics related to hospitality management, securitization, and REITs, as well as market analysis in various industries including retail, airline, hotel, and recreational sectors. Liu has an impressive publication record in esteemed journals, including the 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, Tourism Management, and International Journal of Hospitality Management, among others.

Before transitioning to academia, Liu garnered valuable industry experience through his tenure at Goldman Sachs Asset Management in New York City and as a senior consultant at Deloitte Consulting in Beijing. His expertise in securitization is highly respected, particularly within the Chinese market. Presently, he holds advisory positions with esteemed organizations such as the Shenzhen Security Exchange, the China Insurance Asset Management Association, and the Global Asset Allocation and Securitization Forum.

Liu earned a PhD with a co-major in finance and real estate from the Haas School of Business at University of California, Berkeley. He also holds a master’s degree in financial economics from Peking University and a bachelor’s degree in engineering from Tsinghua University, China.

Education

PhD Haas School of Business, University Of California, Berkeley, 2007
MS Haas School of Business, University Of California, Berkeley, 2007
MA Peking University, 2000
BS Tsinghua University, 1994

Research

• Feng, Zifeng; Liu, Peng. "Introducing "Focused Firms": Implications from REIT Prime Operating Revenue"Journal of Real Estate Finance and Economics. 67.3 (2023): 545-578
• Liu, Peng; Wu, Laurie; Li, Xiang. "What can hotels learn from the last recovery? Examining hotel occupancy rate and guest experience"International Journal of Hospitality Management. 103 (2022): 103200
• Liu, Peng; Xie, Jia. "Optimal Contract Design in Residential Brokerage"Real Estate Economics. 49.2 (2021): 493-530
• 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, 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, Crocker; Liu, Peng; Zhang, Zhipeng. "Real Assets, Liquidation Value and Choice of Financing"Real Estate Economics. 47.2 (2019): 478-508
• Edelstein, Robert; Liu, Peng. "The Economics of Commercial Real Estate Preleasing"Journal of Real Estate Finance and Economics. 53.2 (2016): 200-217
• 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

• INFORMS Society Long Term Impact Award Finalist (2022) INFORMS Society
• Research Award on Real Estate Finance (2021) China Academy of Financial Research
• 2020 Best Paper Award (2020) Tourism Tribune
• Outstanding Achievement, 2019 Asia Travel and Hotel Awards (2019) Asia Hotel Forum and Hotel Asset Manager Association China Chapter
• The William N. Kinnard Scholar Award (2014) American Real Estate Society