
Milena Petrova
Associate Professor of Finance
315-443-9631
Room: 120F
Contact Me
Ph D, University of Florida (Finance)
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 Helsinki School of Economics, Finland and Post-Graduate Certificates in Fintech from Oxford University, the UK and in Industrial Management from the Helsinki University of Technology, Finland.
Research Topics
- Commercial real estate pricing
- REITs
- Real estate markets and strategy
- Corporate restructuring and corporate governance
Dr. Petrova currently teaches Real Estate Modeling, Real Estate Finance and Investments, Real Estate Principles, 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 362 Real Estate Finance & Investments (Undergraduate Course)
RES 332 Real Estate Principles (Undergraduate Course)
RES 400 Real Estate Modeling (Undergraduate Course)
Excel Real Estate Modeling (2-day Workshop)
Argus Valuation (2-day Workshop)
Selected Publications
- "Innovations in Financing: The Case of Anchor Investors in Indian IPOs", European Financial Management, 2020 (with Bhattacharya, A., Chakrabarti, B., Ghosh, C.)
- "The Impact of Like-kind Exchanges on Investment, Leverage and Liquidity", Journal of Real Estate Literature, 2020 (with Ling, D.)
- "The Effect of Legal Environment and Regulatory Structure on Performance: Cross-Country Evidence from REITs", Journal of Real Estate Finance and Economics, 2020 (with Ghosh, C.)
- "The Benefits and Costs of Tax Deferral: An Analysis of Real Estate Tax-Deferred Exchanges", Journal of Real Estate Literature, 2020 (with Barker, D., Ling, D.)
- "Predictability of Real Estate Excess Returns: An Out-of-sample Economic Value Analysis", Journal of Real Estate Finance and Economics, 2020 (with Guidolin, M.)
- "The Effect of Fair Value Method Adoption: Evidence from Real Estate Firms in the EU", Journal of Real Estate Finance and Economics, 33, 2019 (with Ghosh, C., Liang, M.)
- "On the Determinants of REIT Capital Structure: Evidence from around the World", Journal of Real Estate Finance and Economics, 59(2), 295-328, 2019 (with Dogan, Y., Ghosh, C.)
- "Earnings and Price Momentum: New Insights from European Real Estate Firms", Journal of Real Estate Finance and Economics, 57(3), 400-430, 2018 (with Bron, J., Ghosh, C.)
- "Search Costs, Behavioral Biases, and Information Intermediary Effects", Journal of Real Estate Finance and Economics, 57(1), 114-151, 2018 (with Ling, D., Naranjo, A.)
- "The Impact of Capital Expenditures on Property and Portfolio Performance of Commercial Real Estate", Journal of Real Estate Finance and Economics, 2017 (with Ghosh, C.)
- "The Other Side of Value: The Quality Premium in Real Estate Returns", Journal of Real Estate Finance and Economics, 54(3), 429-457, 2017 (with Anzinger, S., Ghosh, C.)
- "Economic Consequences of Deregulation: Evidence from Removal of Shareholder Voting Cap in India", Journal of Banking & Finance, 72, 19-38, 2016 (with Ghosh, C., Hilliard, J., Phani, B.)
- "Does deregulation induce competition in the market for corporate control? The special case of banking", Journal of Banking & Finance, 37(12), 5220-5235, 2013 (with Ghosh, C.)
- "Demand for University Student Housing: An Empirical Analysis", Journal of Housing Research, 22(2), 141-164, 2013 (with Ong, S., Spieler, A.)
- "Does IPO Pricing Reflect Public Information? New Insights from Equity Carve-Outs", Financial Management, 41(1), 1-33, 2012 (with Ghosh, C., Feng, Z., Pattanapanchai, M.)
- "Do REITs use cash reserves efficiently? Evidence from corporate acquisitions", Journal of International Money and Finance, 31(7), 1953-1970, 2012 (with Ghosh, C., Xiao, Y.)
- "Why Do REITs Go Private? Differences in Target Characteristics, Acquirer Motivations, and Wealth Effects in Public and Private Acquisitions", Journal of Real Estate Finance and Economics, 43(1), 99-129, 2011 (with Ling, D.)
- "Avoiding taxes at any cost: The economics of tax-deferred real estate exchanges", Journal of Real Estate Finance and Economics, 36(4), 367-404, 2008 (with Ling, D.)
- "Value creation in REIT property sell-offs", Real Estate Economics, 34(2), 329-342, 2006 (with Campbell, R., Sirmans, C.)
- "Wealth Effects of Diversification and Financial Deal Structuring: Evidence from REIT Property Portfolio Acquisitions", Real Estate Economics, 31(3), 347-366, 2003 (with Campbell, R., Sirmans, C.)
Awards and Honors
- Best Paper in Corporate Finance (Nomination) - European Financial Management Association (2017)
- Real Estate Roundtable Grant 2014-2015 - Real Estate Round Table (2014)
- Best Paper Award for “Why do Managers Divest Corporate Assets? Insights from Equity Carve-outs - , International Business Finance Conference, ICFAI Business School (2012)
- American Real Estate Society Best Research Paper for “Heterogeneous Investors, Negotiation Strength & Asset Prices in Private Markets: Evidence from Commercial Real Estate - CoStar Group (2010)
- Nominated by the Dean of Whitman School of Management and the Department of Finance for receiving Syracuse University’s Teaching Recognition Award (2010)
- Nominated for Best Paper Award in Investments for “Heterogeneous Investors, Negotiation Strength, & Asset Prices in Private Markets: Evidence from Commercial Real Estate - Financial Management Association (2010)
- Recipient of the Oberwager Award for Outstanding Faculty (2009)
- CoStar Best Paper Award for Use of Commercial Real Estate Data (2007)
- ARES Doctoral Seminar Travel Award - ARES (2006)
- AREUEA Doctoral Session Travel Award - AREUEA (2006)
- Gerald R. Brown Award for Best Paper on Real Estate and Finance - Department of Real Estate, National University of Singapore (2003)
Media Placements
Our Digital Lives Drive a Brick-and-Mortar Boom in Data Centers , NY Times 12.22.20
ADISA Co-Sponsored Academic Study Shows Real Estate Reliance on IRC Section 1031 , ADISA 9.16.20
Top Data Center REITs , Motley Fool 11.6.19
Destiny USA adds more entertainment attractions to make up for retail market decline , WRVO 8.7.19
Inside Destiny USA’s mortgage emergency: Crisis or hardball bargaining? , syracuse.com 4.19.19
WSJ Report: Destiny USA expected to default on mortgage in June , CNYCentral 4.16.19
Why Data-Center REITs Are Promising And Risky , U.S. News & World Report 2.25.19
Can Outlet Centers Continue to Succeed by Luring Shoppers with Bargains and ‘Experience?’ , National Real Estate Investor 9.13.18
8 REIT Categories With the Wind at Their Backs , U.S. News & World Report 4.6.18
Study Quantifies Importance Of 1031 Exchanges To Industry, Economy , Bisnow 10.23.17
$8 billion reasons to save key tax deferment from reform ax , The Hill 8.18.17
Congress, Make Tax Reform Take the Long View , The Hill 7.28.17