Education

Ph.D.   (2004)  Real Estate Finance, University of Wisconsin, Madison                                                           QMF.   (2000)  Quantitative Master’s in Finance, University of Wisconsin, Madison                                           M.S.    (1999)  Real Estate and Urban Economics, University of British Columbia, Canada                         B.S.     (1989)  Management Science, Fudan University, Shanghai, P.R. China

Professional Experience

2012.1-            Associate Director of Real Estate and Land Use Institute, California State University, Fullerton      2011.8-            Full Professor of Finance, California State University, Fullerton                                                 2010.8-2011.7   Interim Robert W. Warren Chair of Real Estate, Mississippi State University                               2009.8-2011.7   Assistant Professor of Real Estate, Mississippi State University                                               2002.7-2009.8   Sr. Economist (2005-2009); Economist (2002-2005), Fannie Mae, Washington DC

Publications

“Liquidity Risk of Private Assets: Evidence from Real Estate Markets,” with P. Cheng and Y. Liu, forthcoming, The Financial Review (working paper version)

“Pet Policy and Housing Prices: Evidence from the Condominium Market,” with M. Allen and C. Carter, forthcoming, Journal of Real Estate Finance and Economics (working paper version)

“Performance of Thinly-traded Assets: a Case in Real Estate,” with P. Cheng and Y. Liu, forthcoming, The Financial Review (working paper version)

“Another Look at Effects of “Adults-Only” Age Restrictions on Housing Prices,” with C. Carter, M. Allen and W. Haloupek, Journal of Real Estate Finance and Economics, (2013), Vol. 46, 115-130(working paper version)

 “Heterogeneous Information and Appraisal Smoothing,” with P. Cheng and Y. Liu, Journal of Real Estate Research, (2011), Vol. 33 (4), 443-469. (Lead article) (working paper version)

“Do Women Pay More for Mortgages?”  with P. Cheng and Y. Liu, Journal of Real Estate Finance and Economics, (2011), Vol. 43, 423-440. (Lead article) (working paper version)                    This work was cited by                                                          

"Wall Street Journal Magazine – SmartMoney” in the May 2010 issue                             “National Affairs” on November 27, 2009                                                                          The media such as “Fox business News”, “Yahoo Finance”, “Fidelity Investment”

 “Has Real Estate Come of Age?” with P. Cheng, Y. Liu and Y. Zhang, Journal of Real Estate Portfolio Management, (2011), Vol. 17, 243-254. (working paper version)

 “Property Delisting, Housing Cycle and Pricing Bias,” with P. Cheng and Y. Liu, Journal of Housing Economics, (2011), Special Issue, Vol. 20, 152-157. (working paper version)

 “Illiquidity and Portfolio Risk of Thinly-traded Asset,” with P. Cheng and Y. Liu, Journal of Portfolio Management, (2010), Vol. 36, 126-138. [Featured in the “Canadian Investment Review” in July 2010] (working paper version)

 “Home Price, Time-on-market, and Seller Heterogeneity under Changing Market Conditions,” with P. Cheng and Y. Liu, Journal of Real Estate Finance and Economics, (2010), Vol. 41, 272-293. (working paper version)

 “Illiquidity, Transaction Cost, and Optimal Holding Period for Real Estate: Theory and Application,” with P. Cheng and Y. Liu, Journal of Housing Economics (2010), Vol. 19, 109-118. (working paper version)

 “Ownership Restriction and Housing Value: Evidence from American Housing Survey,” with Y. Liu and V. Yao, Journal of Real Estate Research, (2010), Vol. 32, 201-220. (published version)

 “Spillover Effects of Foreclosures on Neighborhood Property Values,” with E. Rosenblatt and V. Yao, Journal of Real Estate Finance and Economics, (2009), Vol. 38, 387-407. (working paper version) This work was cited by

Federal Reserve Chairman Ben S. Bernanke in his speech at the Global Financial Literacy Summit on June 17, 2009 in Washington, DC                                                                           U.S. Department of Housing and Urban Development in the Report to Congress on the Root Causes of the Foreclosure Crisis (January 2010, page 66)                                                        U.S. Department of the Treasury in “FHA’s 203(k) Loan Program” (July 2009, page 3)              Federal Reserve System: Truth in Lending; Final Rule (July 2008, page 44542)                    Harvard Law School in “Memorandum Addressing the Constitutionality of Federal Legislation Requiring Non-voluntary Amendments to Existing Mortgage Contracts”(page 25)

“Housing Market Dynamics: Evidence of Mean Reversion and Downward Rigidity,” with A. Gao and C. Na, Journal of Housing Economics, (2009), Special Issue, Vol. 18, 256-266. (working paper version)

“Marketing Period Risk in a Portfolio Context: Comment and Extension,” with Y. Liu and K. Vandell, Journal of Real Estate Finance and Economics, (2009), Vol. 38, 183-191. (working paper version)

“A Model of Time-on-Market and Real Estate Price under Sequential Search with Recall,” with P. Cheng and Y. Liu, Real Estate Economics, (2008), Vol. 36, 813-843. (working paper version)

“Real Estate Return and Risk with Heterogeneous Investors,” with Y. Liu, Real Estate Economics, (2008), Vol. 36, 753-776. [Featured in “REIT Magazine” – Nov/Dec 2009] (working paper version)

“Marketing Period Risk in a Portfolio Context: Theory and Empirical Estimates from the UK Commercial Real Estate Market,” with S. Bond, S. Hwang, and K. Vandell, Journal of Real Estate Finance and Economics, (2007), Vol. 34, 447-461. (working paper version)

“Illiquidity and Pricing Biases in the Real Estate Market,” with K. Vandell, Real Estate Economics, (2007), Vol. 35, 291-330. [Featured in “REIT Magazine” – May/June 2008] (working paper version)

“How Tax Credits Have Affected the Rehabilitation of the Boston Office Market,” with J. Shilling, K. Vandell and R. Koesman, Journal of Real Estate Research, (2006),Vol. 28, 321-348. [Won Journal of Real Estate Research Legacy Award for Best Paper] (published version)

Honors and Awards

Homer Hoyt Post-Doctoral Award                                                                                      College of Business Faculty Award at Mississippi State University                                           Mr. and Mrs. Chris Grice, Sr. Faculty Award at Mississippi State University                                   Research Excellence Award, College of Business, Mississippi State Univ.                                       Best Paper Award in American Real Estate Society Conference                                                   Best Paper Award in Global Chinese Real Estate Congress Conference 2009, 2012                    Best Paper Award in American Real Estate Society Conference 2006, 2007, 2008, 2011

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Faculty Bio

Dr. Lin earned his PhD in Real Estate Finance from University of Wisconsin, Madison. His research is focused primarily on pricing illiquidity of thinly-traded assets, housing market dynamics and mortgage finance. His research has appeared in journals such as Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Portfolio Management, The Financial Review, Journal of Housing Economics and Journal of Real Estate Research. Len Lin's research work has been cited by Federal Reserve Chairman Ben Bernanke in his speech at the Global Financial Literacy Summit on June 17, 2009 in Washington, DC, appeared in the Wall Street Journal magazine - Smart Money, and quoted in “National Affairs.”