Curriculum vitae
Lily Shen. Download the full CV (PDF)
Positions
- Associate Professor of Finance, Clemson University, Wilbur O. and Ann Powers College of Business, 2023–present (Assistant Professor, 2016–2023)
- Visiting Scholar, Federal Reserve Bank of Atlanta, Research Department, 2017–present
- Visiting Scholar, University of Cambridge, Department of Land Economy, 2023
- Visiting Scholar, Federal Reserve Banks of Cleveland (2018), Minneapolis (2015), and Atlanta (2014)
Education
- Ph.D., Business Administration (Finance), The Pennsylvania State University, 2016. Dissertation: The Role of Information in the Real Estate Market. Adviser: Brent W. Ambrose.
- B.A., Financial Mathematics, University of California, Berkeley, 2010. Research assistant to Robert Edelstein, Haas School of Business.
Publications
- Coulson, N. E., Le, T., Ortego-Marti, V., & Shen, L. (2025). Tenant Rights, Eviction, and Rent Affordability. Journal of Urban Economics, 147, 103762. https://doi.org/10.1016/j.jue.2025.103762 [ABDC A*]
- Shen, L., & Sun, X. (2025). The More, the Merrier: Agent Connectedness in Real Estate Trading Networks. Journal of Real Estate Research, 47(2), 149-169. https://doi.org/10.1080/08965803.2025.2466957 [ABDC B] American Real Estate Society Best Article Award.
- Ambrose, B. W., Han, Y., Korgaonkar, S., & Shen, L. (2024). Information in Financial Contracts: Evidence from Securitization Agreements. Journal of Financial and Quantitative Analysis, 59(4), 1692-1725. https://doi.org/10.1017/S0022109023000509 [ABDC A*]
- Ambrose, B. W., & Shen, L. (2023). Past Experiences and Investment Decisions: Evidence from Real Estate Markets. Journal of Real Estate Finance and Economics, 66(2), 300-326. https://doi.org/10.1007/s11146-021-09844-2 [ABDC A]
- Shen, L., & Wilkoff, S. (2022). Cleanliness is Next to Income: The Impact of COVID-19 on Short-Term Rentals. Journal of Regional Science, 62(3), 799-829. https://doi.org/10.1111/jors.12581 [ABDC A]
- Shen, L., & Springer, T. M. (2022). The Odd One Out? The Impact of Property Uniqueness on Selling Time and Selling Price. Journal of Housing Research, 31(2), 220-240. https://doi.org/10.1080/10527001.2022.2078530 [ABDC B] Best Paper Award, Journal of Housing Research, 2022 volume.
- Shen, L., & Ross, S. L. (2021). Information Value of Property Description: A Machine Learning Approach. Journal of Urban Economics, 121, 103299. https://doi.org/10.1016/j.jue.2020.103299 [ABDC A*]
- Cunningham, C., Gerardi, K., & Shen, L. (2021). The Double Trigger for Mortgage Default: Evidence from the Fracking Boom. Management Science, 67(6), 3943-3964. https://doi.org/10.1287/mnsc.2020.3647 [ABDC A*]
- Highfield, M. J., Shen, L., & Springer, T. M. (2021). Economies of Scale and the Operating Efficiency of REITs: A Revisit. Journal of Real Estate Finance and Economics, 62(1), 108-138. https://doi.org/10.1007/s11146-019-09741-9 [ABDC A]
Papers under revision and working papers
- Cunningham, C., Gerardi, K., & Shen, L. (2024). The Good, the Bad and the Ordinary: Estimating Agent Value-Added using Real Estate Transactions. Revise and resubmit, Management Science. https://www.atlantafed.org/research/publications/wp/2022/09/29/11--estimating-value-added-by-real-estate-agents
- Shen, L. (2026). Cheap Talk or Priced Information? Listing Language and Housing Transaction Outcomes. Working paper, SSRN, June 2026. https://papers.ssrn.com/abstract=7097938
Textbooks
- David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, Lily Shen (2026). Commercial Real Estate Analysis for Investment, Finance and Development, 4th edition. Routledge.
- Jeffrey D. Fisher, Jacob Sagi, Stephanie R. Yates, Lily Shen (2027). Real Estate Finance and Investments, 2027 edition. McGraw Hill.
Honors and grants
- 2026 · American Real Estate Society Kinnard Young Scholar Award (cumulative research contribution)
- 2026 · James R. Webb ARES Foundation Global Ambassador Grant
- 2026 · Clemson College of Business Senior Scholar Research Excellence Award (2025–26)
- 2025 · ARES Best Article Award, Journal of Real Estate Research (agent connectedness paper, with Xiaojin Sun)
- 2025 · Homer Hoyt Institute / Weimer School Post-Doctoral Honoree
- 2025 · Red Pen Award (best referee), Journal of Real Estate Literature
- 2024 · Cocoziello Institute Seed Grant, $85,000 (reshoring and real estate markets, with Penn State coauthors)
- 2024 · Clemson University Mid-Career Faculty Grant; featured faculty member at the Clemson Board of Trustees meeting
- 2022 · Best Paper Award, Journal of Housing Research (2022 volume); Best Paper Award (3rd place), AREUEA International Conference, Dublin
- 2021 · Real Estate Research Institute (RERI) Research Grant
- 2020 · Clemson College of Business Dean's Award for Student Engagement
- 2019 · American Real Estate Society Manuscript Prize in Real Estate Valuation (single author)
- 2018 · AEA CSWEP Economics Fellowship (also 2015, 2014)
Editorial and professional affiliations
- Editorial Board, Journal of Housing Research (2022–present)
- Editorial Board, Journal of Real Estate Literature (2023–present)
- Board Director, International Real Estate Society (2024–present)
- Homer Hoyt Institute, Weimer School of Advanced Studies in Real Estate, Post-Doctoral Honoree (selected 2025)
- Membership Committee, American Real Estate and Urban Economics Association (2024–2026)
- Member: AEA, AFA, AREUEA, ARES, FMA
Teaching
- AI in Finance (graduate, M.S. in Finance), Clemson University, new course, Spring 2027
- FIN 4170 Real Estate Finance, Clemson University, 2016–present
- FIN 3070 Real Estate Principles, Clemson University, 2016–present
- FIN 4980 Creative Inquiry: Machine Learning and AI in Finance, Clemson University, 2018–present
- Contemporary Issues in Real Estate; Real Estate Finance, The Pennsylvania State University, 2012–2015
Service
- Program committees: 2027 W. P. Carey Real Estate Research Conference (ASU, inaugural); 2024 AREUEA National Conference; 2022 Midwest Finance Association; 2021 FMA; 2016 SFA.
- Session chair at AREUEA (2022, 2024, 2025) and the UNC Institute for Private Capital real estate symposium (2020).
- Referee for Real Estate Economics, Management Science, Journal of Urban Economics, Journal of Regional Science, Regional Science and Urban Economics, Journal of Real Estate Finance and Economics, Financial Management, and others.
- Clemson: chair of the real estate faculty searches (2023, 2024); AI Task Force; Research Impact Academy (inaugural cohort, 2026–27); college research working group; finance curriculum, recruiting, and seminar committees.
- Designed and delivered 'Your First AI Agent,' a hands-on workshop on AI research agents for College of Business faculty and staff (Sep. 2026).
Skills and data
Python, R, Stata, SAS, Matlab, ArcGIS, LaTeX; large-scale MLS, mortgage, CMBS, and commercial property data.