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Hua Sun

Title: Associate Professor
Department: Finance

Office: 3282 Gerdin Business Building
Phone number: (515) 294-7514


Dr. Hua Sun is an associate professor of finance at Iowa State University where he teaches courses on real estate finance and investments. He conducts research on mortgage lending, house price index construction, behavior real estate, brokerage and information sharing mechanisms and general corporate finance. His research has been published at top journals such as the Proceedings of National Academy of Sciences of USA (PNAS), Real Estate Economics, Journal of Real Estate Finance and Economics, and Journal of Real Estate Research, among others. Dr. Sun earned a Ph.D in Real Estate Finance from the University of British Columbia, Canada, and he is an active member of the American Real Estate Society and the American Real Estate and Urban Economics Association. Dr. Sun has given seminars to officials from the Chinese Department of National Land Resources and the Department of Housing and Construction via its overseas executive training programs. Hua's research has received national media attention and was featured at CNN, Washington Post, NBC, Bloomberg, etc. His recent publication at PNAS is ranked by Financial Times as #15 in its "Top 100 Business School Research with Social Impact" among business schools worldwide. Dr. Sun also served as an expert witness giving oral testimonies before Congressional committee about fair lending, financial inclusion and LGBT rights. Hua is married with Ying and has two daughters. 

Academic History

  • PhD, Real Estate Finance, University of British Columbia, 2009
  • M.Sc, Real Estate Management, National University of Singapore, 2003
  • B.Sc, Economics, Nankai University, 1999


  • Real Estate Finance and Economics
  • Corporate Finance
  • Housing Market

Selected Publications

  • Kimberly Luchtenberg, Michael Seiler and Hua Sun "Listing Agent Signals: Does a Picture Paint a Thousand Words?", accepted by the Journal of Real Estate Finance and Economics,
  • Hua Sun and Lei Gao (2019) "Lending practices to same-sex borrowers", the Proceedings of the National Academy of Sciences of USA, (PNAS), Previously circulated and accepted under the title"The Rainbow of Credit: Homosexuality Inference, Lending Practices and Two-sided Spillover Effect, 116 (19):9293-9302. Link to Paper
  • Julia Freybote, Hua Sun and Xi Yang (2015) "The Impact of LEED Neighborhood Certification on Condo Prices", Real Estate Economics, 43 (3):586-608.
  • Hua Sun and Seow Eng Ong (2014) "Bidding Heterogeneity, Signaling Effect and Its Implications on House Sellers Pricing Strategy", Journal of Real Estate Finance and Economics, 49 (4):568-597.
  • Hua Sun and Michael Seiler (2013) "Hyperbolic Discounting, Reference Dependence and its Implications for the Housing Market", Journal of Real Estate Research, 35 (1):1-24.
  • Hua Sun (2010) "A Theory on REITs Advisor Choice and the Optimal Compensation Mechanism", Journal of Real Estate Finance and Economics, 40 (4):387-411.
  • Yong Tu, Hua Sun and Shiming Yu (2007) "Spatial Autocorrelations and Urban Housing Market Segmentation", Journal of Real Estate Finance and Economics, 34 (3):385-406.
  • Qiang Li, Hua Sun and Seow Eng Ong (2006) "REIT Splits and Dividend Changes: Tests of Signaling and Information Substitutability", Journal of Real Estate Finance and Economics, 33 (2):127-150.
  • Hua Sun, Yong Tu and Shiming Yu (2005) "A Spatio-temporal Autoregressive Model for Multi-unit Residential Market Analysis", Journal of Real Estate Finance and Economics, 31 (2):155-187.
  • Yong Tu, Shiming Yu and Hua Sun (2004) "Transaction Based Office Price Indices: A Spatio-temporal Modeling Approach", Real Estate Economics, 32 (2):291-328.

Work in process

  • Zhaohui Li, Michael Seiler, Hua Sun "Prospect Theory and a Two-way Disposition Effect: Theory and Evidence from the Housing Market, Under Review, -Presented (or scheduled) at 2017 AREUEA National, AsRES-GCREC, 2018 AREUEA-ASSA",
  • Qiang Li, Zhaohui Li, Hua Sun, Li Sun ""Diffused Effort and Real Estate Brokerage, R&R at Real Estate Economics",
  • Xiaoying Deng, Paul Anglin, Yanmin Gao, Hua Sun "How Do the Political Leanings of a CEO Affect a REIT's Operational Decisions? R&R at Journal of Real Estate Research, -Presented (or scheduled) at 2017 ARES, AsRES, 2018 AREUEA-ASSA",
  • Yuheng Hu, Zhengrui Jiang, Arun Rai, Hua Sun "Does Online Real Estate Information Affect Property Price? Evidence from Zillow, -reject&resubmit, Presented (or scheduled) at 2017 INFORMS",
  • Xiangou Deng, Michael Seiler, Hua Sun "Brokerage Choice, Dual Agency and Housing Market Strength, Presented (or scheduled) at 2018 ARES 2018 ReCapNet, 2019 ASSA-AREUEA ",
  • Qiang Li, Hua Sun "Informed Speculation about Trading Flows: Price Variability and Trading Volume, -Presented at 2014 CICF",
  • Lei Gao, Hua Sun, Hengguang Wu, Wei Zhu "The Real Effects of CEO Narcissism and Top Management Personality Heterogeneity: the International Evidence",
  • Qiang Li, Hua Sun "Stock Split, Ex-post Conditioning and a Separating Equilibrium Puzzle",