Milena Petrova

Associate Professor of Finance

(315) 443-9631
Room: 120

PhD (finance), University of Florida

Milena Petrova is an Associate Professor at the Department of Finance where she teaches real estate principles, real estate finance and investment, and corporate finance at the graduate and undergraduate levels. Prof. Petrova has also taught at SDA Bocconi School of Management as a SDA Professor of Corporate Finance & Real Estate and held visiting positions at Amsterdam University, the Netherlands and Bocconi University, Italy. Petrova’s particular areas of specialization are real estate investment trusts, commercial real estate valuation, real estate asset pricing, real estate in a mixed-asset portfolio, corporate governance, corporate financing strategy and corporate restructuring. Her research has been published in top international journals including the Journal of Banking and Finance, Financial Management, Journal of International Money and Finance, Real Estate Economics, Journal of Real Estate Finance and Economics, and others. Dr. Petrova has won multiple awards and grants for her research and teaching and presented her research to over 70 international conferences.

Besides being an active researcher, Dr. Petrova is a well-recognized real estate expert and
as such has trained and consulted for investment professionals in the USA, the Caribbean, Europe, Asia, Africa and the Middle East. As a consultant she has advised on M&As – valuation, post-merger integration, and exit opportunities; corporate restructuring; business plan evaluation; and the development, acquisition and financing of commercial real estate. She has also served as an advisor in setting up REITs and use of tax deferred exchanges. Prior to her academic tenure, Dr. Petrova worked in management consulting (Booz Allen Hamilton) and project finance (Finnvera). Prof. Petrova has a Ph.D. in Finance from the University of Florida, a Master’s Degree in Finance from Hofstra University, a Master’s Degree in Business Administration from the Helsinki School of Economics, Finland and a Post-Graduate Degree in Industrial Management from the Helsinki University of Technology, Finland.

Research Topics

  • Commercial real estate
  • Commercial real estate pricing
  • Real estate investment trusts
  • Real estate operations
  • Corporate governance
  • Corporate restructuring

Dr. Petrova currently teaches Real Estate Principles, Real Estate Finance and Investments and Financial Management at the undergraduate and graduate levels.

Prof. Petrova has taught the follollowing classes at Syracuse University:
FIN 960 Seminar in Finance (PhD Course)
FIN 855 Theory of Finance (PhD/MSF Course)
MBC 633 Managerial Finance (Graduate Course)
FIN 455 Financial Management (Undergraduate Course)
RES 662 Real Estate Finance & Investments (Graduate Course)
RES 631 Real Estate Principles (Graduate Course)
RES 462 Real Estate Finance & Investments (Undergraduate Course)
RES 431 Real Estate Principles, (Undergraduate Course)
Excel Real Estate Modeling (2-day Workshop)
Argus Valuation (2-day Workshop)



Professor Petrova's primary research interests are in the areas of commercial real estate pricing, real estate operations, REITs, real estate capital markets, corporate finance and corporate restructuring.

Selected Publications


  • Real Estate Roundtable Grant for examining the “The Economic Impact of Repealing or Limiting Section 1031 Like Exchanges for Real Estate Properties,” with David Ling, 2014-2015.
  • Real Estate Research Institute Research Grant for “The Impact of Capital Expenditures on Property and Portfolio Performance of Commercial Real Estate,” with Chinmoy Ghosh, 2012.
  • Real Estate Research Institute Research Grant for “Information, Search and Anchoring in Commercial Real Estate,” with D.C. Ling and A. Naranjo, 2012.
  • Best Paper Award for “Why do Managers Divest Corporate Assets? Insights from Equity Carve-outs,” with Chinmoy Ghosh, International Business Finance Conference, ICFAI Business School, India, 2012.
  • American Real Estate Society Best Research Paper for “Heterogeneous Investors, Negotiation Strength & Asset Prices in Private Markets: Evidence from Commercial Real Estate,” 2010. The award is sponsored by CoStar Group.
  • Recipient of the Oberwager Award for Outstanding Faculty, 2009.
  • Real Estate Research Institute Research Grant for “Why Do REITs Go Private? Differences in Target Characteristics, Acquirer Motivations, and Wealth Effects in Public and Private Acquisitions,” with D. C. Ling, 2008.
  • CoStar Best Paper Award for Use of Commercial Real Estate Data for “Buyer and Seller Motivations, Bargaining Power, and Transaction Prices in Commercial Real Estate Markets: Evidence from the Section 1031 Exchange Market,” with D.C. Ling, 2007.
  • Gerald R. Brown Award for Best Paper on Real Estate and Finance for “Wealth Effects of Diversification and Financial Deal Structuring: Evidence from REIT Property Portfolio Acquisitions,” with R. D. Campbell and C.F. Sirmans, 2003.