Paul J. Everson Real Estate Center

Haigang Zhou

Haigang Zhou2017 Real Estate Conference

Morning Academic Session Paper Presentation:

Dr. Haigang Zhou, Chair, Finance Department, Cleveland State University

Title: Housing Price and Consumption in China:  Evidence from Micro-level Data


Housing is a predominant component of the household's portfolio. House price affects not only the family wealth but also consumption. This paper uses micro-level data to investigate the relationship between house price and consumption. We document robust evidence that an increase in housing price stimulate consumption, regardless whether a household owns or rents its current place. In addition, the acquisition or loss of homeownership does not affect the positive relationship between housing price and consumption.  


Dr. Haigang Zhou is Professor and Chair of the Finance Department within the Monte Ahuja College of Business at Cleveland State University. He received his Ph.D. in Finance from the University of Nebraska-Lincoln (UNL) in August 2006, and became a Certified Financial Analyst (CFA) charterholder in the same year. He has been teaching undergraduate- and graduate-level corporate finance and investments courses, as well as doctoral seminars at CSU since Fall 2006.

His research interests are in cross-border listings, divergent opinions, jump risks, executive compensation, synchronization of global financial markets, real estate finance, and duration dependence in financial markets. His research has been published in theFinancial Analyst Journal, Pacific-Basin Finance Journal, Journal of Multinational Financial Management, Journal of Economics and Finance, Emerging Markets Finance and Trade and Managerial Finance.

Dr. Zhou has served as Ad Hoc reviewers for wide range of journals. He is a member of the CFA Institute, the CFA Society of Cleveland, and the Financial Management Association. He was inducted into Beta Gamma Sigma in 2002, Phi Kappa Phi in 2003, and Pi Mu Epsilon in 2003.