EDUCATION

Peking (Beijing) University, August 1992 - July 1996

· B.S. in Real Estate and Urban Planning

University of California, Los Angles, September 1996 - June 1998

· Graduate Studies in Economics

University of North Carolina at Chapel Hill, August 1998 - May 2002

· Ph.D. in Finance

Ph.D. Dissertation

· Title: “Essays in Optimal Consumption and Portfolio Choices with Risky Housing

and Stochastic Labor Income”

· Winner of first place in The American Real Estate and Urban Economics (AREUEA)

Homer Hoyt Institute Annual Dissertation Award 2003

PRIMARY INTERESTS

· Research: Portfolio choice, real estate finance, housing, mortgage

· Teaching: Investment, Real estate

PUBLICATIONS

“The Life-Cycle Effects of House Price Changes” (with Wenli Li), Journal of Money, Credit and Banking, forthcoming.

“How Do House Price Changes Affect Consumption?” (with Wenli Li). Federal Reserve Bank of Philadelphia Business Review, Q1 2006

“Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints” (with Harold Zhang). Review of Financial Studies, January 2005, 18(1), 197-239

“A Proportional Hazard Model of Commercial Mortgage Default with Originator Bias” (with Brian A. Ciochetti, Gail Lee, James Shilling and Yongheng Deng), Journal of Real Estate Finance and Economics, 27(1), (2003).

“The Termination of Lending Relationships through Prepayment and Default in the Commercial Mortgage Markets: A Proportional Hazard Approach with Competing Risks” (with Brian A. Ciochetti, Bin Gao and Yongheng Deng), Real Estate Economics, 30(4), 595-633, (2002).

WORK PAPERS AND WORKS IN PROGRESS

“Optimal Life-Cycle Asset Allocation with Housing as Collateral” (with Harold Zhang). Under Review, November 2005

“Identification of Intra-temporal Elasticity of Substitution Parameter in The Presence of A Housing Adjustment Cost: A Simulation Approach” (with Robert F. Martin and David Morris). July 2005

“Time to First Home Ownership: Theory and Empirical Evidence” (with Don Haurin). September 2005

“Asset Location and Allocation with Risky Housing and Tax-Deferred Investing” (with Harold Zhang). August 2005

PRESENTATIONS

Conferences

· Econometric Society Winter Conference, January 2006, Boston, “The Life-Cycle Effects of House Price Changes”.

· Econometric Society World Congress, August 2005, London, England, “The Life-Cycle Effects of House Price Changes”.

· Western Finance Annual Meeting, Portland, OR, June 2005, “Optimal Life-Cycle Asset Allocation with Housing as Collateral”.

· AREUEA, January 2005, Philadelphia, PA, “The Life-Cycle Effects of House Price Changes”.

· Symposium on Asset Allocation and Pension Management, Copenhagen, Denmark, November 2004, “Optimal Life-Cycle Asset Allocation with Housing as Collateral”.

· China International Finance Conference, Shanghai, China, July 2004, “Optimal Life-Cycle Asset Allocation with Housing as Collateral”.

· AREUEA Mid-Year Meeting, Washington DC, June 2004, “Optimal Consumption and Mortgage Choices with Housing and Labor Income Risks”.

· Society of Economic Dynamics Summer Meeting, Florence, Italy, June 2004, “Optimal Consumption and Mortgage Choices with Housing and Labor Income Risks”.

· American Real Estate Society Annual Meeting, FL, May 2004, “Optimal Consumption and Mortgage Choices with Housing and Labor Income Risks”.

· Western Finance Annual Meeting, Park City, Utah, June 2002, “Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income”.

· ASSA/AREUEA Annual Meeting, Atlanta, January 2002, “Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income”.

· ASSA/AREUEA Annual Meeting, New Orleans, January 2001, “The Termination of Lending Relationships through Prepayment and Default in the Commercial Mortgage Markets: A Proportional Hazard Approach with Competing Risks”.

· ASSA/AREUEA Annual Meeting, New Orleans, January 2001, “A Proportional Hazard Model of Commercial Mortgage Default with Originator Bias”.

· Asian Real Estate Society Annual Meeting, Beijing, July 2000, “A Proportional Hazard Model of Commercial Mortgage Default and Prepayment”.

Seminars

· University of Wisconsin-Madison Real Estate Seminar, November 2005, “Optimal Life-Cycle Asset Allocation with Housing as Collateral ”.

· CUNY-Baruch College, Finance Area Brown Bag Seminar, April 2005, “Taxable and Tax-Deferred Investing with Home Ownership”.

· Ohio State University Macroeconomics Seminar, April 2005, “On the Life-Cycle Effects of House Price Changes”.

· Berkeley Real Estate Seminar, November 2004, “The Life-Cycle Effects of House Price Shocks”.

· CUNY-Baruch College, Finance Area Brown Bag Seminar, October 2004, “Wealth vs. Welfare: The Distributive Effects of Housing Appreciation”.

· Wharton Real Estate Seminar, October 2004, “Optimal Consumption and Mortgage Choices with Labor Income and House Price Risks”.

· CUNY-Baruch College, Finance Area Brown Bag Seminar, November 2003, “A Life Cycle Model of Asset Allocation with Costly Mortgage Default and Refinance”

· CUNY-Baruch College, Finance Area Brown Bag Seminar, March 2003, “Portfolio Choices of Renters versus Homeowners: A Panel Data Approach”

· Federal Reserve Board of Governors, August 2002, “Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints”.

· CUNY-Baruch College, Finance Area Seminar, February 2002, “Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income”.

· University of Texas at Dallas, Finance Area Seminar, February 2002, “Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income”.

· University of Colorado at Boulder, Finance Area Seminar, January 2002, “Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income”.

· Fannie Fae, Credit Policy Group seminar, January 2002, “Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income”.

· University of North Carolina at Chapel Hill, October 2001, Finance Area Seminar, “Optimal Consumption and Portfolio Choices with Risky Housing and Stochastic Labor Income”.

· University of North Carolina at Chapel Hill, April 2001, Economics Department Brownbag Workshop, “Optimal Consumption and Portfolio Choices with Housing”.

TEACHING EXPERIENCE

Baruch College, City University of New York

· Assistant Professor of Economics and Finance

· “Introduction to Investment Analysis (Fin 3710)”. Baruch College undergraduate core course for finance majors. Fall 2002, Spring 2003, Fall 2003, Spring 2004

· “Real Estate Principles (Fin 4777)”. Baruch College undergraduate advanced selective course. Fall 2005

· Teaching Evaluation: 4.3/5.0.

University of North Carolina at Chapel Hill

· Lecturer “Introduction to Corporate Finance (Busi180)”. KFBS undergraduate business major core course. Fall 1999, Spring 2001.

· Teaching Evaluation: 4.8/5.0.

University of California, Los Angeles

· Teaching Associate “Physics 8B”. Required Lab Course for Juniors and Seniors Physics and Engineer Majors at UCLA. (Winter 1997 – Spring 1998).

· Teaching Evaluation: 8.5/9.0. Special letter of appreciation from the Chairperson of the Department of Physics and Astronomy.

AWARDS AND HONORS

Selected Grants

· PSC-CUNY Research Grant July 2005 – June 2006.

· PSC-CUNY Research Grant July 2004 – June 2005.

· PSC-CUNY Research Grant July 2003 – June 2004.

· Pittsburgh Supercomputing Center, 10,000 TCS1 CPU Hours through NSF’s Partnership for Advanced Computational Infrastructure (PACI) program. June 2003.

· North Carolina Suptercomputing Center, High Performance Computing Resources Allocating Award. 27,000 IBM SP3 CPU Hours. January 2003.

· North Carolina Suptercomputing Center, High Performance Computing Resources Allocating Award. 40,000 IBM SP3 and 10,000 SGI ORIGIN CPU Hours. June 2001.

· North Carolina Suptercomputing Center High Performance Computing Resources Allocating Award. 2,000 IBM SP3 and 200 SGI ORIGIN CPU Hours. February 2001.

Awards, Fellowship and Scholarship

· Baruch College Faculty Recognition Award 2003

· Zicklin Fellowships, 2002, 2003

· First place of The American Real Estate and Urban Economics Association (AREUEA) Homer Hoyt Institute Annual Dissertation Award, 2003

· University of North Carolina at Chapel Hill Graduate Scholarship, August 1998 – May 2002

· UCLA University Fellowships, September 1996 – June 1998