Hainan Sheng
Dr. Hainan Sheng is an Assistant Professor of Real Estate at Virginia Tech, who is also a Chartered Financial Analyst (CFA®) charterholder. Before getting into academia, Hainan worked in Seattle, Beijing, and Singapore for a few years. Her current research interests include Real Estate Investment Trusts (REITs), Real Estate Finance, and Derivatives. Hainan has published papers in journals such as Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Business Finance & Accounting, Journal of Real Estate Research, and Journal of Financial Research. She has made multiplce presentations at national/international conferences and also won several best paper awards in various occasions.
Education
- Ph.D. Finance, Texas Tech University, TX
- MBA Finance, Binghamton University (SUNY), NY
- Manuscript Prize for Real Estate Investment Trusts, American Real Estate Society, 2024
- Best Paper Award, Journal of Real Estate Research, 2024
- 2024 Dean's Fellows Award, Pamplin College of Business, Virginia Tech
- University of Missouri – St. Louis Research Award ($12,000), 2022
- Global International Fellowship ($5,000), University of Missouri -St. Louis, 2022
- Manuscript Prize in Real Estate Investment, American Real Estate Society, 2022
- Junior Faculty Travel Grant Award, University of Missouri -St. Louis, 2022
- Manuscript Prize in Real Estate Portfolio Management, American Real Estate Society, 2021
- Supplemental Research Support Award ($1,500), University of Missouri – St. Louis, 2021
- Best Paper Award in 2019 Volume of Journal of Real Estate Research, 2021
- Manuscript Prize in Real Estate Portfolio Management, American Real Estate Society, 2019
- Practitioner Research Award, American Real Estate Society, 2019
- Practitioner Research Award, American Real Estate Society, 2018
- Manuscript Prize in Real Estate Investment, American Real Estate Society, 2018
- Manuscript Prize in Real Estate Portfolio Management, American Real Estate Society, 2017
- Best Paper Award, Journal of Real Estate Portfolio Management, 2017
- Tom Abraham Endowed Graduate Fellowship, Texas Tech University, 2016
- Manuscript Prize in Real Estate Portfolio Management, American Real Estate Society, 2016
- Cashman, G. D., Harrison, D. M., Sheng, H., & Wall, J. (2024). To Change or Not to Change: The Informativeness of REIT Annual Reports. Journal of Real Estate Research, 1–43
- “Dividend Change Announcements, ROE, and the Cost of Capital” with Dempsey, S.J. International Review of Financial Analysis, 2023
- “Does Options Trading Activity Benefit REITs? ” with Cashman, G.D. and Harrison, D.M, Journal of Real Estate Research, 2022 (Manuscript Prize in Real Estate Portfolio Management, 2021, American Real Estate Society)
- “Short Selling and Options Trading: A Tale of Two Markets” with Cashman, G.D. and Harrison, D.M,Journal of Financial Research, 2022 (Manuscript Prize in Real Estate Portfolio Management, 2019, American Real Estate Society)
- “Option Trading and REIT Returns” with Cashman, G.D. and Harrison, D.M., Real Estate Economics, 2021. (Manuscript Prize in Real Estate Portfolio Management, 2017, American Real Estate Society and Practitioner Research Award, American Real Estate Society)
- “The Relation between Intrafirm Distances and Information Opacity: Evidence from Stock Market Liquidity” with Cashman, G.D., Harrison, D.M., and Seiler, M.J., Journal of Real Estate Research, 2019. (Best Paper Award in 2019 Volume of Journal of Real Estate Research and Manuscript Prize in Real Estate Investment, 2018, American Real Estate Society and Practitioner Research Award, American Real Estate Society)
- “The Impact of Geographic and Cultural Dispersion on Information Opacity” with Cashman, G.D. Harrison, D.M., and Seiler, M.J., Journal of Real Estate Finance and Economics, 2019. (Manuscript Prize in Real Estate Market Analysis, 2015, American Real Estate Society)
- “Core Earnings Uncertainty, Dividend Change Announcements and the Reduction of Covariance Component Risks” with Dempsey, S.J. and Harrison, D.M., Journal of Business Finance & Accounting, 2015.
- Real Estate Finance
This course introduces the fundamentals of both real estate financing and investment. Conventional mortgages as well as more creative financing methods will be analyzed. The secondary market for mortgages and relevant institutional factors also will be examined. Investment analysis of real estate will be viewed in a capital budgeting framework; appropriate tax law will be discussed as it affects real estate cash flows.
