UNIVERSITY PARK, Pa. — Xue Xiao was several years into her career with a private equity real estate fund management team when she discovered her true passion in the form of a doctorate degree.
Long intrigued by the social and economic implications of real estate on living and work, Xiao felt inspired to contribute to the complex and interdisciplinary research that would advance the profession. Two previous generations of her family had earned doctorates, so she was accustomed to finding solutions to real-world problems through academic research.
As Xiao explored doctoral programs, she consulted papers in academic journals related to topics she found interesting. Consistently, the authors elevated the Penn State Smeal College of Business above many others.
“I was searching the faculty and I realized these are all renowned experts in the field because I saw all the names I had read from academic journals,” Xiao said. “So, I said to myself, ‘I want to be in this place to learn from the people that I aspire to be.’”
Xiao earned her doctorate in business administration with an emphasis on real estate. She was recently hired as an assistant professor in Virginia Tech’s newly formed Blackwood Department of Real Estate within the Pamplin College of Business.
Xiao first heard of Penn State through an undergraduate professor who attended the same program. After researching further, she said she grew interested in the leading real estate program and its successful placement track record.
Prior to attending the doctoral program, Xiao graduated with a major in real estate at National University of Singapore. She worked in investment services with Cambridge Associates and then in private equity fund management at Mapletree Real Estate Advisors in Singapore for a few years.
Xiao’s research focuses on commercial real estate and its interaction with the broader economy. She is interested in how CRE investors perform and react under unprecedented economic changes and uncertainties from government intervention following the COVID-19 pandemic to climate change transitions.
One of Xiao’s dissertation chapters — “Did the Paycheck Protection Program Help Small Businesses? Evidence from Commercial Mortgage-Backed Securities” — won the manuscript award in the Property/Asset Management category sponsored by the Institute of Real Estate Management at the 2021 American Real Estate Society Annual Meeting. It is forthcoming at the American Economic Journal: Economic Policy.
Xiao said she was grateful for an invitation to the Penn State Climate Solutions Symposium, where she was able to share her thoughts and research with other professors researching similar topics in business and finance climate solutions.
She was also invited to seminars and one-on-one meetings with guest speakers, where she took advantage of the opportunity faculty members in the department have to interact with scholars in her related fields. She was encouraged to participate in discussions and ask questions alongside other professors.
“I did not feel I was just a student here,” Xiao said. “I felt that faculty treated me as a potential future colleague, that I could be a professor in the future. That type of encouragement from the professors and everyone in the program was really crucial to build up my confidence and see where I could be.”
Xiao said the external support, well-outlined program and exposure Smeal provides, such as the rigorous courses from departments all over the university and opportunities to participate in conferences, were essential in setting her up for a career at Virginia Tech.
“Ph.D. study is a very long process; it’s really a journey about yourself,” Xiao said. “Timing, comments and encouragement are all beneficial, which I’m glad I found all here. The staff is welcoming, and the programs are systematic and well-planned.”
She also emphasized the importance of Smeal’s flexibility and customization in students’ doctoral process. She was given advice specific to her with milestones set out each year, which gave her the space to develop her own interests.
“We have a small Ph.D. program that focuses on engaging students with research and fostering collaborative relationships,” said Brent Ambrose, director of the Smeal Ph.D. program and a professor of real estate. “We also invest in training our students to become excellent teachers. As a result, our Ph.D. students are well-rounded scholars and in high demand at leading universities.”
Another aspect of the Smeal doctoral program Xiao took advantage of was the opportunity to hold teaching assistant and independent instructor positions in both introductory and advanced courses, which trained her to be a teacher.
Xiao’s first teaching position at Penn State was during fall 2020, at the beginning of the pandemic. She hadn’t seen her family in four years and had just entered the job market during a time of uncertainty.
“If there wasn’t such support from the program, I don’t think I would’ve graduated on time or found a job and be as happy as I am now,” Xiao said. “I keep telling everyone that this is the best program, that I’m really glad I was here.”
With the Smeal Ph.D. program being the first time she had been to the East Coast, Xiao’s relationships with faculty at Penn State aided in her experience greatly.
For instance, Xiao ran into a faculty member from a different department at the airport and was immediately offered help with the job market preparation.
“It was really touching,” Xiao said.
Xiao will join Virginia Tech’s newly inducted real estate department. She plans to continue researching challenges related to real estate and teach students.
“Hopefully, they can experience a program just as I did here,” Xiao said. “I hope I can be a professor like the professors I met at Penn State, that are wonderful researchers, scholars and excellent teachers, and have an impact on the future generations as well.”