Research Interest
I study real estate finance, household finance, and financial intermediation with large micro-level data. In my job market paper, I propose and identify a novel appraisal channel through which cash purchases exert downward pressure on nearby mortgage-financed property sales and highlight the context-dependent welfare implications of these spillover effects.
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News
I will present a PhD poster at AFA and present and discuss a paper at ASSA-AREUEA 2025.
I received the Latané Outstanding Student Teaching Award!
I presented a PhD poster and discussed a paper at ASSA-AREUEA 2024.
I served as a co-organizer for our Inaugural UNC Kenan-Flagler Finance PhD Alumni Conference. ❤
We have a paper accepted to Oxford Research Encyclopedia of Economics and Finance.
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The Appraisal Mechanism: Spillover Effects of All-Cash Buyers on Local Housing Markets
preliminary draft
Presentations: UNC Kenan-Flagler Finance PhD Seminar 2025
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Impact of Institutional Owners on Housing Markets
Caitlin Gorback, Franklin Qian, Zipei Zhu
Funding: Real Estate Research Institute Research Grant 2023, McCombs Research Excellence Grants
paper /
slides
Selected Presentations: SFS Cavalcade North America 2025, 2024 SF Fed-UCLA conference on housing, financial markets and monetary policy, UEA North American Meeting 2024, The Federal Reserve Board of Governors, 2024 Stanford SITE for Housing and Urban Economics, 2024 Cornell Real Estate Symposium, 2024 Pre-WFA Summer Real Estate Research Symposium, 2nd Annual Conference on Market-Based Solutions for Reducing Wealth Inequality, CICF 2024, RERI Annual Conference 2024, ITAM Finance Conference 2024
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Impact of All-Cash Home Purchases on Mortgage Lenders
Ernesto Aldana, Zipei Zhu
poster/
preliminary draft
Presentations: ARES 2025, ASSA-AREUEA 2024 PhD Poster, UNC Finance PhD Brownbag
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Leverage in Private Equity Real Estate
Jacob Sagi, Zipei Zhu .
Oxford Research Encyclopedia of Economics and Finance, 2023
paper /
slides /
SSRN
Presentations: FSU-UF Critical Issues in Real Estate Symposium 2023, ASSA-AREUEA 2023
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Is There Added Value from Investing in Healthcare REITs?
Crocker Liu, Zipei Zhu
R&R Cornell Hospitality Quarterly, 2020
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Miscellaneous
My hobby is playing tennis and table tennis. I am also into science fiction and new technologies.
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