Lingxiao Li

Lingxiao Li

Professor of Finance

College of Business and Economics
California State University, Fullerton


Research Interests: Real Estate Finance, Real Estate Brokerage, Housing Market Dynamics, REITs.

I am a Professor of Finance at the College of Business and Economics of the California State University at Fullerton. My research interests include real estate finance, real estate brokerage, housing market dynamics and REITs. I have published in Journal of Corporate Finance, Real Estate Economics and the Journal of Real Estate Finance and Economics. I am the recipient of grants from academic and industry sources, such as the Lincoln Institute of Land Policy, Real Estate Research Institute, Global Social Science Institute, Hong Kong Institute for Monetary Research and University of Wisconsin-Madison.

I have served on the board of CSU Real Estate and Land Use Institute (RELUI) and the American Real Estate and Urban Economics Associations (AREUEA) committees. I received my Ph. D. in Real Estate from University of Wisconsin-Madison. I also hold an M. Phil. in Finance from City University of Hong Kong and a BBA in Finance from Lingnan University, Hong Kong.

Research

Selected Published Journal Articles

Li, L. & Yavas, A. (2015)

"The Impact of a Multiple Listing Service"

Real Estate Economics, 43(2), 471-506.

Li, L. (2016)

"The Role of Foreclosures in Determining Housing Capital Expenditures"

The Journal of Real Estate Finance and Economics, 53(3), 325-345.

Li, L. & Miller, N. (2016)

"Fat Tails and Risk Mitigation: Evidence from the Real Estate Market"

The Journal of Real Estate Portfolio Management, 22(1), 91-101.

Li, L. (2017)

"Why are Foreclosures Contagious?"

Real Estate Economics, 45(4), 979-997.

Li, L., Allen, M. & Dare, H. (2018)

"MLS Information Sharing Intensity and Housing Market Outcomes"

The Journal of Real Estate Finance and Economics, 57(2), 297-313.

Li,L., Zhu, B., Downs, D.H. & Sebastian, S. (2019)

"New Evidence on Housing Wealth and Consumption Channels"

The Journal of Real Estate Finance and Economics, 58(1), 51-79.

Li,L. & Zhu, B. (2020)

"Housing Wealth, Consumption Channels and Mortgage Liberalization"

The International Real Estate Review, 23(4), 433-465.

Li, L., Ucar, E. & Yavas, A. (2022)

"Social Capital and Mortgage Delinquency"

The Journal of Real Estate Finance and Economics, 64(3), 379-403.

Li,L. & Zhu, B. (2022)

"Trading and Volatility in Dual Markets: Theory and Evidence from Real Estate"

Journal of Real Estate Research, 44 (2), 151-183.

Li, L., and Ucar, E. (2022)

"Does Religion Affect Mortgage Delinquency?"

The International Real Estate Review, 25(2), 237-265.

Li, L., Fang, L., & Yavas, A. (2023)

"The Impact of Distant Hurricane on Local Housing Markets"

The Journal of Real Estate Finance and Economics, 66(2), 327-372.

Li, L., Zhu, B., & Yavas, A. (2023)

"Externalities of Residential Property Flipping"

Real Estate Economics, 51(1),233-271.

Li,L. & Zhu, B. (2024)

"REITs' Stock Return Volatility: Property Market Risk versus Equity Market Risk"

The Journal of Real Estate Finance and Economics, 69,452-476.

Li,L., Li, Y., & Zhu, B. (2025)

"Executive Compensation and Secured Debt: Evidence from REITs"

Journal of Corporate Finance, 91.

Li, L., and Xie, J. (2025)

"Comparative Cheap Talk: Evidence from the Housing Market"

The International Real Estate Review, Accepted.

Presentations

"Is Home Buyers' Awareness of Flood Risk Affected by the Occurrence of Large-Scale Distant Hurricanes?"

  • FSU-UF-UCF Critical Issues in Real Estate Symposium, Panama City Beach, FL, April 2020
  • AREUEA-ASSA annual meeting, Chicago, IL, January 2021

"Social Capital and Mortgage Delinquency"

  • Real Estate Finance and Investment Symposium, Gainesville, FL, October 2018

"Land Share and Mortgage Delinquency"

  • American Real Estate and Urban Economics Association (AREUEA-ASSA) annual meeting, Chicago, IL, January 2017
  • Hong Kong Institute for Monetary Research (HKIMR), Hong Kong, August 2016

"Causations of Dual Agency Transactions? Theory and Evidence"

  • American Real Estate and Urban Economics Association (AREUEA-ASSA) annual meeting, Atlanta, GA, January 2019
  • Southern Finance Association (SFA) annual meeting, Sandestin, FL, November 2016
  • ARES annual meeting, Denver, CO, April 2016

"Alternative Models of Chinese Housing Prices"

  • ARES annual meeting, Fort Myers, FL, April 2015
  • American Real Estate and Urban Economics Association (AREUEA-ASSA) annual meeting, San Francisco, CA, January 2016

"Inflation Hedge of Real Estate: Location and Leverage Effects"

  • RERI annual conference, Chicago, IL, May 2014

"Why Are Foreclosures Contagious?"

  • American Real Estate and Urban Economics Association (AREUEA-ASSA) annual meeting doctoral session, San Diego, CA, January 2013
  • Florida State University Research Symposium, “Housing Market Issues: Initiatives, Policies and the Economy”, Tallahassee, FL, April 2013

"Why Did REIT Stocks Become More Volatile?"

  • Real Estate Research Institute (RERI) annual conference, Chicago, IL, May 2012

"Trading and Volatility in Dual Markets: Theory and Evidence"

  • American Real Estate Society (ARES) annual meeting, St Petersburg, FL, April 2012
  • American Real Estate and Urban Economics Association (AREUEA-ASSA) annual meeting, San Diego, CA, January 2013

"The Impact of a Multiple Listing Service"

  • AREUEA international conference, Rotterdam, NH, July 2010
  • ARES annual meeting, Seattle, WA, April 2011
  • World Finance Conference, Rio de Janeiro, Brazil, July 2012

Professional Service

Professional Organizations

  • AEA (American Economic Association)
  • AFA (American Finance Association)
  • AREUEA (American Real Estate and Urban Economics Association)
  • ARES (American Real Estate Society)
  • RELUI (Real Estate and Land Use Institute)

Referee

  • Real Estate Economics
  • The Journal of Real Estate Finance and Economics
  • Journal of Real Estate Research

Teaching

Current Courses Taught

  • FIN352: Real Estate Finance
  • FIN353: Real Estate Valuation