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Wilbur O. and Ann Powers College of Business

Profile Information

Lily Shen

Lily Shen

Associate Professor of Finance
Wilbur O. and Ann Powers College of Business

Office: 145 Chandler L. Burns
Personal Website:


 Educational Background

    Ph.D. Business Administration
    Pennsylvania State University 2016

    BA Mathematics, Finance
    University of California, Berkeley 2010

Courses Taught

  • Real Estate Principles
  • Real Estate Finance
  • Contemporary Issues in Real Estate Markets (Penn State)


Dr. Shen is an associate professor of finance and a visiting scholar at the research department of the Federal Reserve Bank of Atlanta. Her research focuses on Fintech and Proptech, applying Machine Learning and Artificial Intelligence to illuminate how technology innovation can aid investors and policymakers in better monitoring financial risks. Her research papers have been published in esteemed journals, including Management Science, the Journal of Financial and Quantitative Analysis, the Journal of Urban Economics, and the Journal of Real Estate Finance and Economics. Her work on COVID-19 and Airbnb has been featured in The Economist, while her research on real estate agent value has been showcased in the Washington Post. Dr. Shen's research has been presented at numerous finance and economics conferences. She is actively involved in student mentoring and promoting Clemson's standing in the field of business education. Leading two Creative Inquiry (CI) projects, she empowers finance students to understand and utilize machine learning algorithms in their research, making Clemson the first university to offer machine learning courses to business undergraduates. Additionally, Dr. Shen's research has captured the attention of Clemson alumni. She facilitates connections between current undergraduate students and successful alumni from esteemed organizations like SunTrust, CoStar, Amazon, and the County Bank, helping students expand their professional networks and gain industry exposure. Passionate about mentoring the next generation of innovative and ethical business leaders, Dr. Shen aims to excel in an ever-evolving 21st-century business environment.

Research Interests

  • Fintech, Proptech, Real Estate, Mortgages, Machine Learning

Research Publications

  • Double Trigger for Mortgage Default: the Fracking Boom, with Chris Cunningham and Kristopher Gerardi 2021 (Management Science)
  • Information Value of Property Descriptions: A Machine Learning Approach with Stephen Ross 2021 (Journal of Urban Economics)
  • Cleanliness is Next to Income: The Impact of COVID-19 on Short-Term Rentals with Sean Wilkoff, 2022 (Journal of Regional Science)
  • –Featured by The Economist Dec. 2020
  • Past Experiences and Investment Decisions: Evidence from Real Estate Markets with Brent Ambrose,2021(Journal of Real Estate Finance and Economics)
  • Economies of Scale and the Operating Efficiency of REITs: A Revisit, with Michael Highfield and Thomas Springer 2019 (Journal of Real Estate Finance and Economics)
  • The Odd One Out? The Impact of Property Uniqueness on Selling Time and Selling Price with Thomas M. Springer, 2022 (Forthcoming at the Journal of Housing Research)
  • Information in Financial Contracts: Evidence from CMBS Pooling and Servicing Agreements with Ambrose, Han, and Korgaonkar 2022 (Revise and Resubmit at the Journal of Financial and Quantitative Analysis)
  • Landlord Rights, Evictions, and Rent Affordability with Edward Coulson and Thao Le, 2022 (Under Review)
  • The Good, the Bad and the Ordinary: Estimating Agency Value-Added using Real Estate Transactions with Chris Cunningham and Kristopher Gerardi, 2022 (Draft Completed)
  • Impact of High-Skill Jobs On Commercial Real Estate with Sumit Agarwal and Brent Ambrose, 2022 (Draft Completed)
  • The Role Agent Connectedness in Real Estate with Xiaojin Sun, 2022 (In Progress)


Faculty Profile
Wilbur O. and Ann Powers College of Business
Wilbur O. and Ann Powers College of Business | 343 Chandler L. Burns Hall, Clemson, S.C. 29634