Milena Petrova Assistant Professor of Finance Martin J. Whitman School of Management Syracuse University

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1 Milena Petrova Assistant Professor of Finance Martin J. Whitman School of Management Syracuse University Office Address: Martin J. Whitman School of Management Syracuse University 721 University Ave., Room 608 Syracuse, NY Phone: (315) Fax: (315) EDUCATION 2006 Ph.D. in Finance UNIVERSITY OF FLORIDA 2003 M.Sc. in Finance HOFSTRA UNIVERSITY 2002 M.Sc. in International Business Helsinki School of Economics, Finland 1999 IBLP in Industrial Management Helsinki University of Technology, Finland 1998 M.Sc. in International Business Relations UNWE, Sofia, Bulgaria PROFESSIONAL EXPERIENCE Assistant Professor of Finance SYRACUSE UNIVERSITY, Syracuse, NY 2006 present Instructor of Finance, Department of Finance, Insurance and Real Estate Research Assistant, Department of Finance, Insurance and Real Estate UNIVERSITY OF FLORIDA, Gainesville, FL Management Consultant BOOZ ALLEN HAMILTON, Helsinki, Finland Analyst, Project Financing Unit FINNVERA PLC, Helsinki, Finland Marketing Manager DATAMAP, Sofia, Bulgaria RESEARCH Research Interests REITs, real estate capital markets, commercial real estate pricing, corporate finance and corporate restructuring. 1

2 Refereed Journal Articles (Published and Forthcoming) Demand for University Student Housing: An Empirical Analysis, with Seow-Eng Ong and Andrew Spieler, Journal of Housing Research, forthcoming Do REITs Use Cash Reserves Efficiently? Evidence from Corporate Acquisitions, with Chinmoy Ghosh and Yihong Xiao, Journal of International Money and Finance, 2012, 31(7), Does IPO Pricing Reflect Public Information? New Insights from Equity Carve-Outs, with Chinmoy Ghosh, Zhilan Feng and Maneechit Pattanapanchai, Financial Management, 2012, 41(1), 1-33 (lead article). Why Do REITs Go Private? Differences in Target Characteristics, Acquirer Motivations, and Wealth Effects in Public and Private Acquisitions, with David C. Ling, Journal of Real Estate Finance and Economics, 2011, 43(1-2), Corporate Governance and Performance in the Market for Corporate Control: The Case of REITs, with Robert D. Campbell, Chinmoy Ghosh, and C.F. Sirmans, Journal of Real Estate Finance and Economics, 2011, 42(4), Avoiding Taxes at Any Cost: The Economics of Tax-Deferred Real Estate Exchanges, with David C. Ling, Journal of Real Estate Finance and Economics, 2008, 36(4): Managerial Characteristics and Hedge Fund Performance, with C.L. Maxam, E. Nikbakht, and Andrew C. Spieler, Journal of Applied Finance, Fall/Winter 2006, 16:2, Value Creation in REIT Property Sell-Offs, with Robert D. Campbell and C.F. Sirmans, Real Estate Economics, Summer 2006, 34:2, Wealth Effects of Diversification and Financial Deal Structuring: Evidence from REIT Property Portfolio Acquisitions, with Robert D. Campbell and C.F. Sirmans, Real Estate Economics, Fall 2003, 31:3, Working Papers Are REITs Smart Investors? Re-Examining the REIT Premium, under submission. Operational Risk in the Real Estate Industry, with Anna Chernobai, under submission. Information, Search and Anchoring in Commercial Real Estate, with David Ling and Andy Naranjo. Does Deregulation Induce Competition in the Market for Corporate Control? The Special Case of Banking, with Chinmoy Ghosh and Di Huang, under submission. The Role of Managerial Incentive and Corporate Governance in Asset Restructuring: The Special Case of Equity Carve-outs, with Chinmoy Ghosh, under submission. Re-examining the Role of Long-term Profitability in Determining Capital Structure and Speed-of- Adjustment, with Chinmoy Ghosh and Adam Wang, under submission. Searching in the Pre-IPO Market Relation between Private Firms and Investment Banks, with Hongyu Song and Chung Chen. Heterogeneous Investors, Negotiation Strength, & Asset Prices in Private Markets: Evidence from Commercial Real Estate with David C. Ling, Bergstrom Center for Real Estate Studies Working Paper. 2

3 Work in Progress The Impact of Capital Expenditures on Property and Portfolio Performance of Commercial Real Estate, with Chinmoy Ghosh. Does Environmentally Sustainable Development Impact Commercial Real Estate Prices?, with David Ling and Andy Naranjo. Other Publications Corporate Social Performance, Resource Dependence and Firm Performance, with Punit Arora, Journal of Business Economics, CSR Special Issue, 1/2010, Shareholder Activism and Director Retirement Plans Repeals, with Seow-Eng Ong and Andrew C. Spieler, Journal of Corporate Ownership and Control, 2010, 7(3), Review of Office Rent Processes: The Case of US Metropolitan Markets Real Estate Economics, 2002 (Vol 30:2) by R. Mourouzi-Sivitanidou, Pension Real Estate Association Research Review, Review of Dividend Pricing Models and REITs, Real Estate Economics, 2003 (Vol 31:3) by J.G. Kallberg, C.H. Liu, and A. Srinivasan, Pension Real Estate Association Research Review, Contributor to Project Portfolio Management: Artto, K.A., et al., 2001, Project Portfolio Management: Strategic Management through Projects, Project Management Association, Helsinki, Finland. PROFESSIONAL ACTIVITIES Honors and Awards 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, Nominated for Best Paper Award in Investments for Heterogeneous Investors, Negotiation Strength, & Asset Prices in Private Markets: Evidence from Commercial Real Estate, with D. C. Ling, by the Financial Management Association, 2010 American Real Estate Society Best Research Paper for Heterogeneous Investors, Negotiation Strength & Asset Prices in Private Markets: Evidence from Commercial Real Estate, The award is sponsored by CoStar Group Nominated by the Dean of Whitman School of Management and the Department of Finance for receiving Syracuse University s Teaching Recognition Award, 2010 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,

4 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 Real Estate Research Institute Annual Conference Travel Grant, RERI, 2006 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 for Wealth Effects of Diversification and Financial Deal Structuring: Evidence from REIT Property Portfolio Acquisitions, with R. D. Campbell and C.F. Sirmans, 2003; The award is sponsored by the Department of Real Estate, National University of Singapore Conference Presentations 2013 AREUEA Meeting, San Diego, CA Financial Management Association Meeting, Atlanta, GA (3 papers; accepted); Corporate Governance: An International Review 20th Anniversary Conference, Cambridge University Judge Business School, Cambridge, UK (accepted); World Finance Conference, Rio de Janeiro, Brazil; Rethinking Banking and Finance: Money, Markets and Models International Finance and Banking Society Conference, Valencia, Spain; International Business Finance Conference, ICFAI Business School, India 2011 International Conference on Real Estate Securities, Tilburg University, the Netherlands; 41st Ce.S.E.T. Meeting Appraisals Evolving Proceedings in Global Change, Rome, Italy; Investments in Real Estate under the Current Economic Environment Conference, Hofstra University, NY; 2011 Financial Management Association Meeting, Denver, CO (2 papers); International Finance and Banking Society Conference on Financial Intermediation, Competition and Risk, Rome, Italy; 18th Annual MFS Conference, Rome, Italy; II World Finance Conference, Rhodes, Greece FMA Meeting, New York, NY (2 papers); 2010 NYAFF Conference, Binghamton, NY; Invited speaker at the IPT Symposium, Austin, TX; MFA Conference, Las Vegas, NV; ARES Meeting, Naples, FL; AREUEA International Meeting, Rotterdam, Holland; FIRS Conference, Florence, Italy; Critical Issues in Real Estate Symposium at Florida State University; AREUEA Meeting, Atlanta, GA Financial Management Association Meeting, Reno, NV; 16th Annual European Real Estate Society Conference, Stockholm, Sweden (2 papers); Mid-Year AREUEA Meeting, Washington, DC; RERI Annual Meeting, Chicago, IL; AREUEA Meeting, San Francisco, CA REIT Symposium, Chicago, IL; Financial Management Association Meeting, Dallas, TX; Asian Real Estate Society International Conference, Shanghai, China; International AREUEA Meeting, Istanbul, Turkey th Annual European Real Estate Society Conference, London, UK (2 papers); ARES Conference, San Francisco, CA (2 papers); AREUEA Meeting, Chicago, IL. 4

5 2006 Financial Management Association Meeting, Salt Lake City, UT; Maastricht-MIT-Cambridge Real Estate Finance and Investment Symposium, Maastricht, Netherlands; ARES Doctoral Seminar, Key West, FL; AREUEA Doctoral Session, Boston, MA Southern Finance Association Meeting, Key West, FL; Financial Management Association Meeting, Chicago, IL th Annual American Real Estate Society Meeting, Monterey, CA; Asian Real Estate Society International Conference, Singapore; Hong-Kong Singapore Real Estate Research Symposium th Annual European Real Estate Society Conference, Glasgow, Scotland TEACHING EXPERIENCE At Syracuse University: FIN 960 Seminar in Finance (PhD Course), 2008 FIN 855 Theory of Finance (PhD Course), MBC 633 Managerial Finance (Graduate Course), FIN 455 Financial Management (Undergraduate Course), , 2012 RES 600 Real Estate Finance & Investments (Graduate Course), Fall 2011 RES 600 Real Estate Principles (Graduate Course), Fall 2011 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), At University of Florida: FIN 4414 Financial Management (Undergraduate Capstone Course), 2004 FIN 6425 Corporate Finance II (imba Course), 2005 At University of Florida (as a Teaching Assistant): REE 6045 Introduction to Real Estate, University of Florida, ; REE 6208 Real Estate Secondary Mortgage Markets, University of Florida, ; REE 6397 Real Estate Securities and Portfolios, University of Florida, ; REE 6395 Investment Property Analysis, University of Florida, At Hofstra University (as a Teaching Assistant): FIN 101 Introduction to Finance, Fin. Markets and Institutions, FIN 110 Fundamentals of Corporate Finance, FIN 175 Real Estate Finance, FIN 202 Corporate Financial Management,

6 EXECUTIVE EDUCATION AND TRAINING EXPERIENCE Mergers, Acquisitions and Privatizations, Jamaican Stock Exchange, July August 2011 International Capital Markets, Jamaican Stock Exchange, February 2011 Real Estate Modeling, April 2010, 2011, New York Argus Valuation, April 2010, 2011, New York Real Estate Modeling & REITs Valuation, Kingston, Jamaica, June 2008 Corporate Finance, Kingston, Jamaica, June 2008 Real Estate modeling and Valuation, Johannesburg, South Africa, March 2008 Real Estate Modeling and Valuation, Vietnam, November 2007 Real Estate Modeling and Merger valuation, Japan, September 2007 PROFESSIONAL SERVICE Referee Real Estate Economics; Journal of Real Estate Finance and Economics; Journal of Property Research; Journal of Real Estate Literature; Journal of Real Estate Research; Review of Finance; Managerial Finance; Journal of Economics and Business; PhD Advising Hongyu Song (Dissertation Committee Member), Syracuse University, 2013 (expected graduation) Hessah Hamad AlOjayan (Dissertation Committee Member), Syracuse University, 2012 Yawei Yang (Dissertation Committee Member), Syracuse University, 2011 Adam Wang (Dissertation Committee Member), Syracuse University, 2011 M. Abdullah Sahin (Dissertation Committee Member), University of Connecticut, 2011 Di Huang (Second Year Paper co-advisor), University of Connecticut, 2011 Yihong Xiao (Second Year Paper co-advisor), University of Connecticut, 2011 Insun Yang (Second Year Paper Advisor), Syracuse University, 2010 Michael Shafer (Second Year Paper Advisor), Syracuse University, 2010 Yawei Yang (Second Year Paper Advisor), Syracuse University, 2009 Lee-Hsien Pan (Dissertation Committee Member), Syracuse University, 2009 Jeffrey John Oxman (Dissertation Committee Member), Syracuse University, 2008 Hueng-Ming Huang (Dissertation Committee Member), Syracuse University, 2007 Academic Service Member of the Academic Review Committee of the Board of Governors, Jamaica Stock Exchange, 2012 present Member of the Board of Governors, Jamaica Stock Exchange, 2011 present Appointed Member, AREUEA Dissertation Awards Committee, 2010 Whitman School of Management s Undergraduate Board

7 Academic Service (Continued) Submitted a proposal and developed the Undergraduate Program in Real Estate at Syracuse University, 2009 Real Estate Faculty Search Committee 2008, 2010, 2011 Finance Department Search Committee 2007, 2008, 2010, 2012 PhD Committee, 2008 Finance Core Courses Curriculum Committee, 2008 Minority Student Affairs Committee, University of Florida, President, Investment Banking Association, Hofstra University, Career Center Student Advisory Board, Hofstra University, Memberships American Finance Association (AFA) Financial Management Association (FMA) American Real Estate and Urban Economics Association (AREUEA) American Real Estate Society (ARES) European Real Estate Society (ERES) Urban Land Institute (ULI) 7