Milena Petrova

Associate Professor of Finance

(315) 443-9631
Room: 120

PhD (finance), University of Florida

Dr. Petrova’s particular areas of specialization are in commercial real estate, REITs and real estate operations, corporate governance and corporate restructuring. She has published in top real estate and finance journals such as Journal of Banking & Finance, Financial Management, Journal of International Money and Finance, Real Estate Economics and Journal of Real Estate Finance and Economics. Dr. Petrova has won several awards for her research and teaching. She was awarded the International Business Finance Conference Best Paper Award by the ICFAI Business School, India in 2012, the CoStar Best Paper Award in 2010 and 2007, the Oberwager Award in 2009 for outstanding faculty, the Gerald R. Brown 2003 Award for best paper on "Real Estate and Finance" and was a finalist for the 2010 Financial Management Association Best Paper in “Investments.” Prof. Petrova has also won grants from the Real Estate Research Institute in 2008 and 2012.

Dr. Petrova has trained and consulted for investment and real estate professionals in the USA, Europe, Asia, the Middle East and Africa. Prior to taking an academic position, Dr. Petrova worked as a consultant for Booz Allen Hamilton and as a project finance analyst for Finnvera, Finland’s official Export Credit Agency.

Bio sketch:
Received tenure at the Martin J. Whitman School of Management, 2013
Joined the Department of Finance at Martin J. Whitman School of Management, 2006
Ph.D. in Finance, University of Florida, 2006
M.Sc. in Finance, Hofstra University, 2003
M.Sc. in Business Administration, Helsinki School of Economics, Finland, 2002
Post-graduate Certificate Program in Industrial Management, Helsinki University of Technology, Finland, 1999
M.Sc. in International Business Relations, UNWE, Sofia, Bulgaria, 1998
B.Sc. in International Business Relations, UNWE, Sofia, Bulgaria, 1997

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 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.