The Cornell Center for Real Estate and Finance has developed a series of research reports in support of the real estate investment and finance community. CREF faculty perform research and publish on a wide variety of topics within the real estate and finance industry. The faculty includes experts in econometric models, real estate derivatives, and hotel management contracts.

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Publications from 2020

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HOTVal Toolkit, Crocker H. Liu

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First Quarter 2020: Gird Your Loins, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr

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Fourth Quarter 2019: 2019 Ends on a Whimper, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr

Publications from 2019

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First Quarter 2019: Déjà Vu All Over Again: Reliving Groundhog Day, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

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Fourth Quarter 2018: “David” Hotels Continue to Dominate the “Goliaths”, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr

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Second Quarter 2019: Gradual Hotel Slowdown: Has the Party Ended?, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr

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Third Quarter 2019: Is Bad News Fake News?, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr

Publications from 2018

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First Quarter 2018: Introducing Our Gateway Cities Index, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr

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Fourth Quarter 2017: Smaller Hotels Finish Strong; Larger Hotels Lag, Crocker H. Liu, Adam D. Nowak, and Robert M. White

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Second Quarter 2018: Is It Still "Hot" This Summer?, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

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Third Quarter: David vs. Goliath Hotels: Which Performed Better this Quarter?, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr

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Customer Satisfaction through Service Excellence: The Importance of Focused Training, Elizabeth Martyn and Chris K. Anderson

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A Quick and Easy Approach to Financial Fraud Detection, Pamela Moulton and Fang Liu

Publications from 2017

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First Quarter 2017: Status Quo Maintained, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr

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Fourth Quarter 2016: Hotels Are Getting Costlier to Finance, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

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Second Quarter 2017: Positive Momentum Continues: A New Price High Reached, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

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Third Quarter 2017: Bigger Is Not Better: Smaller Hotels Outperform Larger Hotels, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

Publications from 2016

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Hotel Profit Implications from Rising Wages and Inflation in the U.S., John B. Corgel

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The Effect of a Rise in Interest Rates on Hotel Capitalization Rates, John B. Corgel

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The International Hotel Management Agreement: Origins, Evolution, and Status, Michael Evanoff

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First Quarter 2016: Second Verse, Same as the First, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

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Fourth Quarter 2015: Large Hotels Have Lost Momentum— Small Hotels Still Going Strong, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Second Quarter 2016: Slowdown for Large Hotels Continues; Small Hotels Have Now Slowed as Well, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

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Third Quarter 2016: Hotels Exhibit Positive Momentum, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

Publications from 2015

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First Quarter 2015: March Madness: Hotels Remain Hot, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Fourth Quarter 2014: Ending 2014 in the Black: Introducing the SUP Performance Metric, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Second Quarter 2015: Hotel Deals Are Getting Harder to Pencil Out, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr

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Third Quarter 2015: Have Hotel Prices Peaked?, Crocker H. Liu, Adam D. Nowak, and Robert M. White

Publications from 2014

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A Comparison of Hotel Indices with Hotel Properties and Portfolios, Walter I. Boudry Ph.D.

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Diversification Benefits of REIT Preferred and Common Stock: New Evidence from a Utility based Framework, Walter I. Boudry Ph.D., Jan A. deRoos Ph.D., and Andrey D. Ukhov Ph.D.

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Hotel Sustainability Benchmarking Study, Howard G. Chong Ph.D. and Eric E. Ricaurte

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Hotel Sustainability Benchmarking (HSB) Study, Howard Chong Ph.D. and Eric Ricaurte

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Calculating Damage Awards in Hotel Management Agreement Terminations, Jan A. deRoos Ph.D. and Scott D. Berman

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Insights on Hospitality, Retailing, and Commercial Real Estate: 2014 Cornell Retail Real Estate Roundtable Proceedings, Benjamin Lawrence Ph.D. and Peng Liu Ph.D.

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First Quarter 2014: Prices Have Not Caught Up to Growth in RevPAR, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Fourth Quarter 2013: Flight to Quality: Big Trumps Small, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Second Quarter 2014: Prices Rise as Expected, Moderate Price Growth Is Anticipated, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Third Quarter 2014: Hotel Prices Decline on a Year over Year Basis: Expect this Trend to Continue, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Bubbles, Post-Crash Dynamics, and the Housing Market, Crocker H. Liu Ph.D., Adam Nowak, and Stuart Rosenthal

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CEO Bonus: Alternative Performance Measurement versus Gamesmanship, Crocker H. Liu Ph.D. and Desmond Tsang

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Guide to Using the Free Rent Calculator, Peng Liu Ph.D., Luoyi Su, and Jan A. deRoos Ph.D.

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The Commercial Lease Free Rent Calculator, Peng Liu, Luoyi Su, and Jan A. deRoos

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An Analysis of Data Regarding Public Private Partnerships to Encourage Hotel Development in the United States, Robert R. Nelson Ph.D. and Jan A. deRoos Ph.D.

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The Impact of Publicly Subsidized Hotels in the United States on Competing Properties, Robert R. Nelson Ph.D., Jan A. deRoos Ph.D., and Russell Lloyd Ph.D.

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The Curtailment Mortgage: A Proposal to Benefit Homeowners, Daniel Quan

Publications from 2013

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Asset Management and Investment Banking, Janis Berzins, Crocker H. Liu Ph.D., and Charles Trzcinka

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On Indexing Commercial Real Estate Properties and Portfolios, Walter I. Boudry Ph.D., N. Edward Coulson, Jarl G. Kallberg, and Crocker H. Liu Ph.D.

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Diversification Benefits of REIT Preferred and Common Stocks: A Long-Run Empirical Analysis, Walter I. Boudry Ph.D., Jan A. deRoos Ph.D., and Andrey D. Ukhov Ph.D.

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Attribution Analysis Tool, Walter I. Boudry, Matthew C. Green, Crocker H. Liu, and Andrey D. Ukhov

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Measuring the Value Added of REIT Managers Using MSA Benchmarks: A Return-Based Attribution Analysis Approach, Walter I. Boudry Ph.D., Crocker H. Liu Ph.D., and Andrey Ukhov Ph.D.

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Economic Linkages, Relative Scarcity, and Commodity Futures Returns, Jaime Casassus, Peng Liu Ph.D., and Ke Tang

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Institutional Holding Periods, Bidisha Chakrabarty, Pamela C. Moulton Ph.D., and Charles Trzcinka

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How Currency Exchange Rates Affect the Demand for U. S. Hotel Rooms, Jack B. Corgel Ph.D., Jaime Lane, and Aaron Walls

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Determinants of Hotel Property Prices, Jack B. Corgel Ph.D., Crocker H. Liu Ph.D., and Robert M. White

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Preferred Stock: Some Insights into Capital Structure, Jarl Kallberg, Crocker H. Liu Ph.D., and Sriram Villupuram

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First Quarter 2013: Is the Trend Our Friend?, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Fourth Quarter 2012: Price Growth Is Moderating: A Return to Normalcy?, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Second Quarter 2013: Where Are We in the Hotel Real Estate Cycle?, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Third Quarter 2013: Good Vibes (Nahenahe), Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

Publications from 2012

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“Is Trading Behavior Stable across Contexts? Evidence from Style and Multi-Style Investors”, Douglas W. Blackburn, William N. Goetzmann, and Andrey D. Ukhov Ph.D.

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“What Do Commercial Real Estate Price Indices Really Measure?”, Walter I. Boudry Ph.D., N. Edward Coulson, Jarl G. Kallberg, and Crocker H. Liu Ph.D.

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Demystifying Debt Yields, Jack Corgel Ph.D.

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What is a Gateway City?: A Hotel Market Perspective, Jack Corgel Ph.D.

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The Economics of Commercial Real Estate Preleasing, Robert Edelstein Ph.D. and Peng Liu Ph.D.

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The Sound of Silence: What Do We Know When Insiders Do Not Trade?, George P. Gao Ph.D. and Qingzhong Ma Ph.D.

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List Price Information in the Negotiation of Commercial Real Estate Transactions: Is Silence Golden?, Dean Gatzlaff and Peng Liu Ph.D.

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Boom and Gloom, Renáta Kosová Ph.D., Praveen Kumar, Paul Povel, and Giorgo Sertsios

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Cornell Real Estate Market Indices, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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First Quarter 2012: Have We Turned the Corner?, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Second Quarter 2012: The Trend Is Our Friend, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Third Quarter 2012: And the Beat Goes On, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Pricing Reservations: A General Equilibrium Approach, Peng Liu Ph.D.

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The Determinants of Homebuilder Stock Price Exposure to Lumber: Production Cost versus Housing Demand, Peng Liu Ph.D., Xiaomeng Lu, and Ke Tang

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What is common among return anomalies? Evidence from insider trading decisions, Qingzhong Ma Ph.D. and Andrey D. Ukhov Ph.D.

Publications from 2011

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On the Hybrid Nature of REITs, Walter I. Boudry Ph.D., N. Edward Coulson, Jarl G. Kallberg, and Crocker H. Liu Ph.D.

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Living with Terminal Capitalization Rates: A Look at Real Estate Valuation Model Parameter Setting, Jack Corgel Ph.D. and Hyun Seok Lee

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Do Investors Flip Over Housing?, Karl L. Guntermann, Alex R. Horenstein, Crocker H. Liu Ph.D., and Adam D. Nowak

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Is What’s Bad for the Goose (Tenant), Bad for the Gander (Landlord): A Retail Real Estate Perspective, Crocker L. Liu Ph.D. and Peng Liu Ph.D.

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The Dynamics of Credit Spreads in Hotel Mortgages and Signaling Implications, Crocker L. Liu Ph.D., Daniel C. Quan Ph.D., and Andrey D. Ukhov Ph.D.

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The Quality of Real Assets, Liquidation Value and Debt Capacity, Peng Liu Ph.D. and Crocker H. Liu Ph.D.

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Do Stock Prices Move too Much to be Justified by Changes in Dividends? Evidence from Real Estate Investment Trusts, Tobias Mühlhofer and Andrey D. Ukhov Ph.D.

Publications from 2010

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Urban Economic Base as a Catalyst for Movements in Real Estate Prices, N. Edward Coulson, Crocker H. Liu Ph.D., and Sriram V. Villupuram

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Foreclosure of Securitized Commercial Mortgage - A Model of the Special Servicer, Peng Liu Ph.D. and Daniel C. Quan Ph.D.