Zipei Zhu

Hi, thanks for stopping by.

I'm a fifth-year finance Ph.D. student affiliated with the Leonard W. Wood Center for Real Estate Studies at UNC Kenan-Flagler Business School. Before joining Kenan-Flagler, I receiced my Master degree from Cornell Nolan School of Hotel Administration. I received my Bachelor degree at Renmin University of China.

Email  /  CV  /  Google Scholar  /  SSRN

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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.

News

  • I will present a PhD poster at AFA and present and discuss a paper at ASSA-AREUEA 2025.
  • I received the LatanĂ© 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.
  • Job Market Paper
    The Appraisal Mechanism: Spillover Effects of All-Cash Buyers on Local Housing Markets
    preliminary draft
    Presentations: UNC Kenan-Flagler Finance PhD Seminar 2025
    Working Papers
    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
    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
    Publications
    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
    Works in Progress

    Housing Wealth and Choices of Education and Career Paths (with Michael Gropper, Camelia Kuhnen)

    Teaching

  • Introduction to Real Estate, UNC Kenan-Flagler Business School. Instructor. Spring 2025.
  • Introduction to Corporate Finance, UNC Kenan-Flagler Business School. Instructor. Summer 2023.
    • LatanĂ© Outstanding Student Teaching Award
  • Principals of Real Estate (Prof. Crocker Liu), Cornell Nolan School of Hotel Administration. Teaching assistant. Fall 2019.
  • Resting Work
    Is There Added Value from Investing in Healthcare REITs?
    Crocker Liu, Zipei Zhu
    R&R Cornell Hospitality Quarterly, 2020
    Miscellaneous

  • My hobby is playing tennis and table tennis. I am also into science fiction and new technologies.

  • This guy makes a nice webpage.