Ran  Lu-Andrews

Ran Lu-Andrews, Ph.D., CFA

Associate Dean of Undergraduate Studies and Associate Professor

Office Hours: By Appointment


Ran studied Financial Engineering at Renmin University of China in Beijing. She earned her PhD in Finance from University of Cincinnati in 2011. Her research interests include corporate finance and real estate. She has published her research in premier academic journals such as Real Estate Economics, Journal of Real Estate Finance and Economics, Sustainability, Journal of Housing Economics, Eastern Economic Journal, Review of Accounting and Finance, and International Journal of Managerial Finance. Before joining Cal Lutheran, Ran taught a variety of finance and real estate courses at University of the Pacific, Menlo College, and University of Connecticut. At University of Connecticut, Ran was also involved in their Real Estate Center. She hopes to bring her diverse background and experience in teaching and research to Cal Lutheran and contribute to the local community. She is also Chartered Financial Analyst (CFA).


Ph.D. Finance, University of Cincinnati, Lindner College of Business, 2011

B.A. Financial Engineering, Renmin University of China, School of Finance, 2006


Corporate Finance, Corporate Governance, and Corporate liquidity

Real Estate Investment Trusts and Commercial Real Estate Market

Housing Market and Behavioral Analysis

Capital Markets, Investments and Portfolio Management, Stock Liquidity


Selected Publications: 

Is the Behavior of Sellers with Expected Gains and Losses Relevant to Cycles in House Prices? With Tingyu Zhou and John M. Clapp, Journal of Housing Economics, forthcoming.


Anchoring to Purchase Price and Fundamentals: Application of Salience Theory to Housing Cycle Diagnosis, with John M. Clapp and Tingyu Zhou, 2020, Real Estate Economics, 48(4), 1274-1317.



IPO Spillover Effects in a New and Uncertain Sector: The Case of a Marijuana REIT, 2018, Journal of Management Policy and Practice, 19(3), 147-169.

·       Sole authorship


The Geography of REIT Audit Service Investments, with Yin Yu-Thompson, 2018, International Real Estate Review, Asian Real Estate Society, 21(2), 169-226.


The Asymmetric Conditional Beta-Return Relations of REITs, with John Glascock, 2018, Journal of Real Estate Finance and Economics, 57(2), 231-245.  


 Using Option Market Liquidity to Predict REIT Leverage Changes, with Paul Borochin, John Glascock, and Jie Yang, 2017, Journal of Real Estate Finance and Economics, 55(2), 135-154.


Tenant Quality and REIT Corporate Liquidity Management, 2017, Journal of Real Estate Finance and Economics, 54(3), 272-296.

·       Solo authorship

·       Lead article of the issue


Liquidity, Price Behavior, and Market-related Events, with John Glascock, 2017, Eastern Economic Journal, 43(2), 318-351.


Liquidity and Corporate Governance: Evidence from Family Firms, with Liang Fu and Yin Yu-Thompson, 2016, Review of Accounting and Finance, 15(2), 144-173.


An Investigation on Real Estate Investment and Economic Growth in China: A Dynamic Panel Data Approach, with Yu Kong and John Glascock, 2016, Sustainability, 8(1), article 66.


The Price Behavior of REITs surrounding Extreme Market-related Events, with John Glascock, 2015, Journal of Real Estate Finance and Economics, 51(4), 441-479.


CEO Inside Debt, Asset Tangibility, and Investment, with Yin Yu-Thompson, 2015, International Journal of Managerial Finance, 11(4), 451-479.


An Examination of Macroeconomic Effects on the Liquidity of REITs, with John Glascock, 2014, Journal of Real Estate Finance and Economics, 49 (1), 23-46.