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Wilbur O. and Ann Powers College of Business

Profile Information

Lily Shen

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

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 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 assistant professor of finance and visiting scholar of the research department at the Federal Reserve Bank of Atlanta. Her research focuses on Fintech and Proptech, in which she applies Machine Learning and Artificial Intelligence to shed light on how technology innovation can help investors and policymakers better monitor financial risks. Her research papers have been published in the Management Science, the Journal of Urban Economics, and the Journal of Real Estate Finance and Economics. Her work on COVID-19 and Airbnb is been featured in The Economist in Dec. 2020. Since Dr. Shen joined Clemson in 2016, her work has been showcased at many finance and economics conferences. She is also the single-author winner of the prestigious 2019 American Real Estate Society Manuscript Prize. She is honored to represent Clemson to give research seminars at Cambridge University, the Baruch College, and the Federal Reserve Banks. Dr. Shen is also actively involved with student mentoring and promoting Clemson's ranking within the field of business education. She created and is currently leading two Creative Inquiry (CI) projects in which finance students develop a better understanding of machine learning algorithms and apply them to research projects. Due to her effort, Clemson is the first university that offers machine learning courses to business undergraduate students. Dr. Shen’s research work has also drawn attention from Clemson alumni. She connects current undergraduate students with successful Clemson alumni from SunTrust, CoStar, Amazon, and the County Bank to help expand their professional networks and gain industry exposure. Dr. Shen is passionate about fulfilling the mission of mentoring the next generation of innovative and ethical Clemson educated leaders who will excel in an 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