Penn State Smeal College of Business
Business Building
475 Shortlidge Rd
University Park, PA 16802

Ph D in Economics, Yale University, New Haven, CT, 2002-01-01 M Phil in Economics, Yale University, New Haven, CT, 1999-01-01 MA in Economics, Yale University, New Haven, CT, 1999-01-01 MS in Business Administration, Renmin University, Beijing, China, 1997-01-01 BS in Applied Mathematics, Renmin University, Beijing, China, 1994-01-01
FIN 455 – QUANT BUSINESS ANALYSIS
This course provides students with working knowledge of some widely used quantitative methods, such as Monte Carlo simulations, t-tests, linear regressions, nonlinear regressions, regressions with dummy variables, and regressions with interacting explanatory variables, as well their applications in business. The course will focus on understanding and applying each method, but not on statistical theory or their proof. Monte Carlo simulations will be used to substitute for mathematical proofs. By the end of the course, students should understand the purposes of the above methods and how to use them to solve real estate, financial, marketing, and risk management problems. Students should also be able to interpret results in ways that are correct, insightful, and useful, should be aware of potential problems of each method, such as the omitted variable bias, multicollinearity, heteroskedasticity of regressions, and should know how to make corrections if these problems are present. Students should also have developed working knowledge of R, which is a programming language and software environment widely used by quantitative analysts. Students should know how to use R to conduct basic data manipulation, do simple Monte Carlo simulations, do t-tests, and run linear and non-linear regressions.
R M 450 – Contemporary Issues in Real Estate Markets
Historical performance, land use issues, market valuation, real estate development, public policy issues.
R M 496 – Independent Studies
Creative Projects, including research and design, which are supervised on an individual basis and which fall outside the scope of formal courses.
REST 575 – QUANT ANALYSIS
The course provides students with working knowledge of some of the widely used quantitative methods and their applications in business, as well as using statistical analysis software to apply such methods for business analyses and decision-making. By the end of the course, students will understand the purposes of these methods and how to use them to solve real estate, financial, marketing, and risk management problems.- Students will be able to interpret results in ways that are correct, insightful, and useful.- Students will be aware of potential problems of each method and know how to make corrections if these problems are present.- Students will also have developed working knowledge of statistical analysis software widely used by quantitative analysts.
REST 590 – COLLOQUIUM
Continuing seminars that consist of a series of individual lectures by faculty, students, or outside speakers.
REST 596 – Individual Studies
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall ouside the scope of formal courses.
REST 600 – Thesis Research
REST 890 – Colloquium
Continuing, professionally oriented seminars that consist of a series of individual lectures by faculty, students, or outside speakers.
RM 450 – Cont Iss R Est Mkt
Historical performance, land use issues, market valuation, real estate development, public policy issues.
RM 475 – QUANT BUSINESS ANALYSIS
This course provides students with working knowledge of some widely used quantitative methods, such as Monte Carlo simulations, t-tests, linear regressions, nonlinear regressions, regressions with dummy variables, and regressions with interacting explanatory variables, as well their applications in business. The course will focus on understanding and applying each method, but not on statistical theory or their proof. Monte Carlo simulations will be used to substitute for mathematical proofs. By the end of the course, students should understand the purposes of the above methods and how to use them to solve real estate, financial, marketing, and risk management problems. Students should also be able to interpret results in ways that are correct, insightful, and useful, should be aware of potential problems of each method, such as the omitted variable bias, multicollinearity, heteroskedasticity of regressions, and should know how to make corrections if these problems are present. Students should also have developed working knowledge of R, which is a programming language and software environment widely used by quantitative analysts. Students should know how to use R to conduct basic data manipulation, do simple Monte Carlo simulations, do t-tests, and run linear and non-linear regressions.
RM 497 – Special Topics
Formal courses given infrequently to explore, in depth, a comparatively narrow subject which may be topical or of special interest.
Peng L., Xiao X. "Structural change in the US office market after 2019: Evidence from lease-level data" Real Estate Economics, 2026-03-19
Peng L., Tang H. "Politics and Asset Prices: China’s Anti-corruption Campaign and Prices of Luxury Homes in Beijing" Journal of Real Estate Finance and Economics, vol. 72, 2025-07-15
Peng L., Zhang L. "House Prices and Systematic Risk: Evidence from Micro Data" Real Estate Economics, vol. 49, 2021-11-16
Peng L., Gang J., Zhang J. "Are Pricier Houses Less Risky? Evidence from China" Journal of Real Estate Finance and Economics, vol. 63, 2021-11-01
Peng L. "Benchmarking Local Private Commercial Real Estate Returns: Statistics Meets Economics" Real Estate Economics, vol. 48, 2020-12-01
Peng L., Thibodeau T. "Interest Rates and Investment: Evidence from Commercial Real Estate" Journal of Real Estate Finance and Economics, 2020-05-01
Peng L., Gang J., Thibodeau T. "Risk and Returns of Income Producing Properties: Core vs. Non-core" Real Estate Economics, vol. 48, 2020-05-01
Peng L., Thibodeau T. "Idiosyncratic Risk of House Prices: Evidence from 26 Million Home Sales" Real Estate Economics, 2017-04-01
Peng L. "The Risk and Return of Commercial Real Estate: A Property Level Analysis" Real Estate Economics, 2016-07-01
Peng L., Thibodeau T. "Risk Segmentation of American Homes: Evidence from Denver" Real Estate Economics, vol. 41, 2013-07-01
Peng L., Schulz R. "Does the diversification potential of securitized real estate vary over time and should investors care?" Journal of Real Estate Finance and Economics, vol. 47, 2013-01-01
Peng L., Arsenault M., Clayton J. "Mortgage Fund Flows, Capital Appreciation, and Real Estate Cycles" Journal of Real Estate Finance and Economics, vol. 47, 2013-01-01
Peng L., Thibodeau T. "Government Interference and the Efficiency of the Land Market in China" Journal of Real Estate Finance and Economics, vol. 45, 2012-01-01
Peng L. "Repeat Sales Regression on Heterogeneous Properties" Journal of Real Estate Finance and Economics, vol. 45, 2012-01-01
Peng L., Goetzmann W., Yen J. "The Subprime Crisis and House Price Appreciation" Journal of Real Estate Finance and Economics, vol. 44, 2012-01-01
Peng L., Miller N. "The Economic Impact of Anticipated House Price Changes - Evidence from Home Sales" Real Estate Economics, vol. 39, 2011-04-01
Peng L., Miller N. "House Prices and Economic Growth" Journal of Real Estate Finance and Economics, vol. 42, 2011-01-01
Peng L., Clayton J., Miller N. "Price-Volume Correlation in the Housing Market: Causality and Co-movement" Journal of Real Estate Finance and Economics, vol. 40, 2010-01-01
Peng L., Nicolosi G., Zhu N. "Do Individual Investors Learn from Their Trading Experience?" Journal of Financial Markets, vol. 12, 2009-01-01
Peng L., Clayton J., MacKinnon G. "Time Variation of Liquidity in the Private Real Estate Market: An Empirical Investigation" Journal of Real Estate Research, vol. 30, 2008-04-01
Peng L., Goetzmann W. "Estimating House Price Indexes in the Presence of Seller Reservation Prices" Review of Economics and Statistics, vol. 88, 2006-01-01
Peng L., Miller N. "Exploring Metropolitan Housing Price Volatility" Journal of Real Estate Finance and Economics, vol. 33, 2006-01-01
Peng L. "GMM Repeat Sales Price Indices" Real Estate Economics, vol. 30, 2002-01-01
Peng L., Goetzmann W. "The Bias of the RSR Estimator and the Accuracy of Some Alternatives" Real Estate Economics, vol. 30, 2002-01-01
Peng L., Goetzmann W., Ibbotson R. "A New Historical Database for the NYSE 1815 To 1925: Performance and Predictability" Journal of Financial Markets, vol. 4, 2001-01-01