1. Directory
  2. Research Faculty Directory
  3. Jiro Yoshida
  4. Update Profile

Jiro Yoshida

Color portrait of Jiro Yoshida

Professor of Business

Department Risk Management
Office Address 368 Business Building
Phone Number 814-865-0392
Email Address juy18@psu.edu

Download Photo Download Vita Google Scholar Personal Website


Dr. Jiro Yoshida, the Jeffery L. and Cindy M. King Faculty Fellow in Business, is Professor of Business at The Pennsylvania State University and Guest Professor of Economics at the University of Tokyo. He teaches finance and real estate at the undergraduate, MRE, MBA, MS, and PhD levels. He is also a Research Associate at Columbia Business School, a Board Director of the International Real Estate Society, a Board Director of the Asian Real Estate Society, an Academic Fellow of the Hoyt Institute, and a Senior Fellow of the Ministry of Finance of Japan. He has also served on the board of directors of the American Real Estate and Urban Economics Association and a committee of the Japanese National Land Council, visited the Bank of Japan, Hitotsubashi University, the University of California, Berkeley, and the University of Tokyo, worked at the Development Bank of Japan, and founded the Japanese Association of Real Estate Financial Engineering.

Dr. Yoshida's research areas include real estate finance, macroeconomics, and asset pricing. His research has been published in top journals such as Journal of Finance, Review of Economics and Statistics, Real Estate Economics, Journal of Money, Credit and Banking, Journal of Financial Stability, and Regional Science and Urban Economics. He is also an associate editor of Frontiers in Built Environment, an editorial board member of Real Estate Economics, and a referee for top journals such as Journal of Political Economy and American Economic Review. He is the recipient of the 2007 AREUEA Dissertation Award (1st place) and several prestigious fellowships, including the Fulbright Award, Real Estate Research Institute Grant, and Japan Society for the Promotion of Science Grants. His work has also been featured in major media outlets, including the BBC, Forbes, WIRED, the New York Times, the Wall Street Journal, the Guardian, Freakonomics Radio, and the Nikkei. He holds a B.Engi. from the University of Tokyo, an MS from MIT, and an MS and PhD from the University of California, Berkeley.

Expertise

Real estate economics, financial economics, macroeconomics

Education

Ph D, Business Administration, The University of California, Berkeley, 2007

MS, Business Administration, The University of California, Berkeley, 2005

MS, Real Estate, Massachusetts Institute of Technology, 1999

BE, Urban Engineering, The University of Tokyo, 1992

Courses Taught

FIN 460 – R Est Fin Anal (3)
Debt and equity financing, capital structure, "creative financing," risk analysis, corporate asset management. FIN (R M) 460 Real Estate Financial Analysis (3) The objective of this course is to provide in-depth coverage of real estate investment and financing decisions. The focus is on the private market, including corporate asset management. Investment analysis moves from the basics of forecasting cash flows, through advanced topics including the impact of real option value on investment and development decisions. Risk measurement is given particular attention with a focus on sensitivity and simulation analysis. There is some coverage of asset pricing models like the Capital Asset Pricing Model, which is critically analyzed with respect to its applicability in real estate markets. The impact of illiquidity, management costs, and the suspicion of non-normally distributed returns are explored, as are the implications of relative market inefficiency. The financing module begins with the basics of mortgage debt mathematics, which is then extended to include comparisons of various repayment programs. Included are interest-only, balloon, shared appreciation, growing equity, graduated payment and reverse annuity loans, as well as various creative financing of commercial properties.The latter include participating mortgages, convertible mortgages, and mezzanine debt. Featured in the corporate asset management section is the lease/buy decision. Other topics may be addresses based on current events. It is anticipated that guest speakers will be invited where appropriate.

REST 560 – R Estate Fin Anly (2)
This course provides a modern framework for the valuation and analysis of real property using both theoretical and empirical approaches.

REST 890 – Colloquium (1)
Continuing, professionally oriented seminars that consist of a series of individual lectures by faculty, students, or outside speakers.

RM 460 – R Est Fin Anal (3)
Debt and equity financing, capital structure, "creative financing," risk analysis, corporate asset management. FIN (R M) 460 Real Estate Financial Analysis (3) The objective of this course is to provide in-depth coverage of real estate investment and financing decisions. The focus is on the private market, including corporate asset management. Investment analysis moves from the basics of forecasting cash flows, through advanced topics including the impact of real option value on investment and development decisions. Risk measurement is given particular attention with a focus on sensitivity and simulation analysis. There is some coverage of asset pricing models like the Capital Asset Pricing Model, which is critically analyzed with respect to its applicability in real estate markets. The impact of illiquidity, management costs, and the suspicion of non-normally distributed returns are explored, as are the implications of relative market inefficiency. The financing module begins with the basics of mortgage debt mathematics, which is then extended to include comparisons of various repayment programs. Included are interest-only, balloon, shared appreciation, growing equity, graduated payment and reverse annuity loans, as well as various creative financing of commercial properties.The latter include participating mortgages, convertible mortgages, and mezzanine debt. Featured in the corporate asset management section is the lease/buy decision. Other topics may be addresses based on current events. It is anticipated that guest speakers will be invited where appropriate.

RM 496 – Indep Studies (Variable)
Creative Projects, including research and design, which are supervised on an individual basis and which fall outside the scope of formal courses.

REST 590 – COLLOQUIUM (1)
Continuing seminars that consist of a series of individual lectures by faculty, students, or outside speakers.

REST 596 – Individual Studies (Variable)
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall ouside the scope of formal courses.

R EST 560 – Real Estate Financial Analysis (2)
This course provides a modern framework for the valuation and analysis of realproperty using both theoretical and empirical approaches.

R M 460 – Real Estate Financial Analysis (3)
Debt and equity financing, capital structure, "creative financing," risk analysis, corporate asset management.

R EST 596 – Individual Studies (3)
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall ouside the scope of formal courses.

B A 597 – Equilibrium Asset Pricing for Real Estate (Guest)

Selected Publications

Yoshida J., Kawai K., Geltner D., Shimizu C., "How Property Rents and Expenses Depreciate: A Case of Tokyo Office Properties." Journal of Real Estate Research, vol. 46, no. 3, 2024, pp. 272–307
(Clarivate 2021 JIF 1.429; Scimagor 2021 SJR 956, Finance Quartile 1; 6 citations and 446 SSRN downloads).
Takahashi M., Yoshida J., "Inflation and Real Estate Investment." Securities Analysts Journal, vol. 62, no. 8, 2024, pp. 31-39, www.brookings.edu/essay/japan-rental-housing-markets/#:~:text=rental%20housing%20markets-,Land%20scarcity%2C%20high%20construction%20volume%2C%20and%20distinctive%20leases,characteriz
Seko M., Sumita K., Yoshida J., "Underutilized Housing in an Aging Society: How Bequest Motives Affect Housing Choices." Center on Japanese Economy and Business Working Papers, vol. 384, 2024
Yoshida J., Ogawa Y., "Aging, Housing, and Macroeconomic Inefficiency." Bank of Japan Institute for Monetary and Economic Studies Discussion Paper, vol. DP-2024-E-4, 2024
Hattori T., Yoshida J., "REIT Equity Financing and Capital Investment in the Presence of the Central Bank Put." University of Tokyo CREPE Discussion Paper Series, vol. CREPEDP-154, 2024
Hattori T., Yoshida J., "Yield Curve Control." International Journal of Central Banking, vol. 19, no. 5, 2023, pp. 403-438
(Clarivate 2021 JIF 1.429; Scimagor 2021 SJR 956, Finance Quartile 1; 6 citations and 446 SSRN downloads).
Yoshida J., "Japan's Housing Market - International Comparisons Reaffirm Its Advantages." 2023
Chen Y., Wilkoff S., Yoshida J., "Amazon Is Coming to Town: Sequential Information Revelation in the Housing Market." Real Estate Economics, 2023
(Accepted; Clarivate 2021 JIF 3.154; Scimagor 2021 SJR 2,128, Finance Quartile 1; 3 citations and 346 downloads)
Yoshida J., "Chapter 6: Estimating the Marginal Rent Index to Improve the Consumer Price Index." (University of Tokyo Press), 2023
Hattori T., Yoshida J., "The Impact of Bank of Japan’s Exchange-Traded Fund Purchases." Journal of Financial Stability, vol. 65, 2023, pp. 101102
(Clarivate 2021 JIF 3.554; Scimagor 2021 SJR 1657, Finance Quartile 1; 8 citations and 323 downloads)
Yoshida J., "The impact of inflation on rent: It’s probably worse than you think." 2022, magazine.smeal.psu.edu/the-impact-of-inflation-on-rent-its-probably-worse-than-you-think/
Yoshida J., "Marginal Rent Index: Toward an Improved Consumer Price Index." Bank of Japan Institute for Monetary and Economic Studies Discussion Paper (Japanese), vol. DP-2022-J-10, 2022
Hartman-Glaser B., Thibodeau M. N., Yoshida J., "Cash to Spend: IPO Wealth and Housing Prices." Real Estate Economics, 2022
(Clarivate 2021 JIF 3.154; Scimagor 2021 SJR 2,128, Finance Quartile 1; 6 citations and 777 SSRN downloads)
Ambrose B. W., Coulson N., Yoshida J., "Housing Rents and Inflation Rates." Journal of Money, Credit and Banking, 2022
(Clarivate 2021 JIF 1.963; Scimagor 2021 SJR 1796, Finance Quartile 1; 7 citations and 694 SSRN downloads)
Hattori T., Yoshida J., "The Bank of Japan as a Real Estate Tycoon: Large-Scale REIT Purchases." Handbook of Real Estate and Macroeconomics, (Edward Elgar Publishing), 2022
(3 citations and 124 downloads)
Lopez L. A., Yoshida J., "Estimating Housing Rent Depreciation for Inflation Adjustments." Regional Science and Urban Economics, vol. 95, 2022, pp. 103733
(Clarivate 2021 JIF 2.438; Scimagor 2021 SJR 1080, Economics and Econometrics Quartile 1; 80 SSRN downloads)
Yoshida J., "Land scarcity, high construction volume, and distinctive leases characterize Japan’s rental housing markets." Brookings Institution Report for the National Multifamily Housing Council, 2021, www.brookings.edu/essay/japan-rental-housing-markets/#:~:text=rental%20housing%20markets-,Land%20scarcity%2C%20high%20construction%20volume%2C%20and%20distinctive%20leases,characteriz
Yoshida J., "Economic Depreciation of Real Estate: Cross-Sectional Variations and Their Return Implications." Pacific-Basin Finance Journal, vol. Volume 61, 2020, pp. 101290
(Clarivate 2021 JIF 3.239; Scimagor 2021 SJR 824, Finance Quartile 1; 15 citations and 98 SSRN downloads)
Yoshida J., Kawai K., "The Limitation of Commercial Real Estate Data: Challenges in Estimating Depreciation Rates." Journal of Japan Association for Real Estate Sciences, vol. 33, no. 4, 2020
Yoshida J., "Real estate investment may not be profitable even when land prices appreciate." 2019, www.tochicome.jp/yoshida-jiro/
Sumita K., Seko M., Yoshida J., "Bequest motives, relocation, and home renovation: A panel analysis." The Journal of the Land Institute, vol. 27, no. 3, 2019, pp. 57-64
Yoshida J., "Large Depreciation of Real Estate in Japan." 2018
Yoshida J., "Changing Methods of Evaluating Real Estate Investments in Japan." (Toyo Keizai), 2018
Ambrose B. W., Coulson N., Yoshida J., "Reassessing Taylor Rules Using Improved Housing Rent Data." Journal of Macroeconomics, vol. 56, 2018, pp. 243-257
(Clarivate 2021 JIF 1.556; Scimagor 2021 SJR 857, Economics and Econometrics Quartile 2; 8 citations and 77 SSRN downloads)
Yoshida J., Seko M., Sumita K., "The Term Structure of Housing Rents When Contracts Are Cancellable." The Quarterly Journal of Housing and Land Economics (Japanese), vol. 106, 2017, pp. 20-29
Yoshida J., Onishi J., Shimizu C., "Energy Efficiency and Green Building Markets in Japan." (Palgrave Macmillan), 2017, pp. 137-157
Yoshida J., Sugiura A., "The relation between features of green buildings and transaction prices." The Quarterly Journal of Housing and Land Economics (Japanese), vol. 104, 2017, pp. 10-19
Ambrose B. W., Conklin J., Yoshida J., "Credit Rationing, Income Exaggeration, and Adverse Selection in the Mortgage Market." Journal of Finance, vol. 71, no. 6, 2016, pp. 2637-2686
(Clarivate 2021 JIF 7.915; Scimagor 2021 SJR 16,463, Finance Quartile 1; 61 citations and 270 SSRN downloads)
Yoshida J., "Issues on Real Estate Markets: Restrictions in Housing Supply." 2016
Fadaei S., Rahimi S., Yoshida J., Iulo L. D., "The Effects of Orientation and Elongation on the Price of the Homes in Central Pennsylvania." Proceedings from ICCCBE 2016, 2016
Ambrose B. W., Diop M., Yoshida J., "Product Market Competition and Corporate Real Estate Investment under Demand Uncertainty." Real Estate Economics, 2016
(Clarivate 2021 JIF 3.154; Scimagor 2021 SJR 2,128, Finance Quartile 1; 23 citations and 197 SSRN downloads)
Yoshida J., "Depreciation Rates of Japanese Real Estate Assets." The Quarterly Journal of Housing and Land Economics (Japanese), vol. 99, 2016, pp. 20-27
Yoshida J., Seko M., Sumita K., "The Rent Term Premium for Cancellable Leases." Journal of Real Estate Finance and Economics, 2015, pp. 1-32
(Clarivate 2021 JIF 1.480; Scimagor 2021 SJR 886, Finance Quartile 1; 13 citations and 92 SSRN downloads)
Fadaei S., Iulo L. D., Yoshida J., "Architecture: A Missing Piece in Real-estate Studies of Sustainable Houses." Procedia Engineering, vol. 118, 2015, pp. 813-818
(10 citations)
Ambrose B. W., Coulson N., Yoshida J., "The Repeat Rent Index." Review of Economics and Statistics, vol. 97, no. 5, 2015, pp. 939-950
(Clarivate 2021 JIF 6.481; Scimagor 2021 SJR 8,245, Finance Quartile 1; 71 citations and 222 SSRN downloads)
Yoshida J., Sugiura A., "The Effects of Multiple Green Factors on Condominium Prices." Journal of Real Estate Finance and Economics, vol. 50, no. 3, 2015, pp. 412-437
(Clarivate 2021 JIF 1.480; Scimagor 2021 SJR 886, Finance Quartile 1; 155 citations and 263 SSRN downloads)
Park S. Y., Yoshida J., "Does the Law of One Price Hold in Heterogeneous Asset Markets? A Test Using the U.S. Commercial Real Estate Market." AsRES Conference Proceedings, 2013
Fuerst F., Shimizu C., Yoshida J., "The Investment Value of Green Buildings in Japan." ERES, vol. 265, 2013
Yoshida J., "Economic Rationale for Securitization." The Quarterly Journal of Housing and Land Economics (Japanese), vol. 86, 2012, pp. 12-17
Yoshida J., Sugiura A., "Which “Greenness” is Valued? Evidence from Green Condominiums in Tokyo." no. 1636426, 2012, ssrn.com/abstract=1636426
Yoshida J., Shimizu C., "The Effect of a Green Building Certificate on New Condominium Prices in Japan.." The Quarterly Journal of Housing and Land Economics (Japanese), vol. 83, 2012, pp. 18-29
Yoshida J., "A series of thirty articles on securitization and real estate finance." The Japan Economic Research Institute Monthly, 2011
Yoshida J., "Issues on Financial Crisis and the Future of Derivatives and Securitization." Urban Housing Sciences, vol. 65, 2009
Yoshida J., Yamazaki R., Lee J. E., "Real Estate Transaction Prices in Japan: New Findings of Time-Series and Cross-Sectional Characteristics." AREUEA Conference Proceedings, 2009
Yoshida J., "Is Socially Responsible Investment Profitable?." (Reitaku University Press), 2009
Yoshida J., "Predictability of Real Estate Price and Cap Rate." The Quarterly Journal of Housing and Land Economics (Japanese), vol. 70, 2008, pp. 19-28
Yoshida J., "The Role of Real Estate in Finance." ARES, vol. 32, 2008
Yoshida J., "A Real Options Approach to Infrastructure Investments." Real Options and Strategy, vol. 3, 2008
Ott S., Riddiough T. J., Yi H., Yoshida J., "On Demand: Cross-country Evidence from Commercial Real Estate Asset Markets." International Real Estate Review, vol. 11, no. 1, 2008, pp. 1-37
(Scimagor 2021 SJR 204, Geography, Planning and Development Quartile 3; 12 citations)
Yoshida J., "Project Finance." In The Handbook of Construction, (Asakura Publishing Co., Ltd.), vol. 2, 2007, pp. Section 4
Takahashi H., Yoshida J., Yamamoto K., "Project Evaluation Under Uncertainty." Journal of Construction Management, vol. 13, 2006, pp. 11-20
Takahashi H., Yamamoto K., Yoshida J., "Evaluation of a Phased Plan of Infrastructure Improvement: A Real Options Approach." Research Report of National Institute for Land and Infrastructure Management, vol. 22, 2005
Takahashi H., Yoshida J., Yamamoto K., "A Study on a Phased Plan of Infrastructure Improvement Under Uncertainty." Journal of Construction Management, vol. 12, 2005, pp. 19-26
Takahashi H., Yamamoto K., Yoshida J., "An Application of Real Options to the Phased Construction Plan of Infrastructure Investment." Transport Policy Studies Review, vol. 8, no. 30, 2005, pp. 23-30
Yoshida J., "Determinants of Demand and Supply of Commercial Real Estate Assets." The Quarterly Journal of Housing and Land Economics (Japanese), vol. 48, 2003, pp. 23-35
Yoshida J., "Real Options Approach to Infrastructure Planning." Research Report, Ministry of Land, Infrastructure and Transportation, 2003
Yoshida J., "Effects of Uncertainty on the Investment Decision." 2001
Yoshida J., "Investment Under Uncertainty by A. Dixit and R. Pindyck." (Economist Japan, Ltd.), 2001
Yoshida J., Ishihara M., Nakamura K., Wakiyasu S., "Real Options: Managing Strategic Investment in an Uncertain World (by M. Amram and N. Kulatilaka)." (Toyokeizai Shimpo, Ltd.), 2001
Yoshida J., "Real Options: A New Design Policy for the Infrastructure Provision,." Journal of Japan Society of Civil Engineers, vol. 86, 2001
Yoshida J., "The Japanese Housing Market." Oxford Research Encyclopedia of Economics and Finance, (Oxford University Press)

Research Impact and Media Mentions

"Changes in real estate fee process could impact market", The Daily Item, Newspaper, www.dailyitem.com/news/changes-in-real-estate-fee-process-could-impact-market/article_495b9858-e5f8-11ee-bf01-0b8d3abf5bc8.html
"The sure-fire way to save America’s cities? Do what Tokyo does.", Business Insider, Journal or Magazine, www.businessinsider.com/america-build-like-tokyo-housing-crisis-doom-loop-2023-10
"Global inflation and the central banks' dilemma", BBC Business Matters, Radio, www.bbc.co.uk/programmes/w172yzrlgwtdzbd
"Why are there millions of empty houses in Japan?", BBC The Inquiry, Radio, www.bbc.co.uk/sounds/play/w3ct4wcw
"Japanese Stock Rally", BBC Newsday, Radio, www.bbc.co.uk/sounds/play/w172z06yccz21l2
"The Seeds Of Deflation – Sewn By The Fed", Forbes, Journal or Magazine, www.forbes.com/sites/greatspeculations/2023/05/06/the-seeds-of-deflation--sewn-by-the-fed/?sh=c629b8446d65
"What are the benefits and drawbacks of living in a state’s capital city?", WalletHub, Journal or Magazine, wallethub.com/edu/best-state-capitals/19030#expert=Jiro_Yoshida
"Federal Reserve's pilot climate scenario analysis", Vox, Journal or Magazine
"Have We Been Measuring Housing Inflation All Wrong?", The Washington Post, Journal or Magazine
"Have We Been Measuring Housing Inflation All Wrong?", Bloomberg, Journal or Magazine
"Mortgage contracts", MoneyWise.com/Yahoo, Internet
"What Can Be Done About the Global Housing Crisis? Plenty", WIRED, Journal or Magazine, www.wired.com/story/housing-crisis-rental-idea/amp
"Japanese Housing Policy with Jiro Yoshida", UCLA Housing Voice Podcast
"Inflation and housing rents", NPR Marketplace, Radio, www.npr.org/podcasts/381444600/marketplace
"2020’s Best Real Estate Markets", WalletHub, Journal or Magazine, wallethub.com/edu/best-real-estate-markets/14889/#expert=jiro-yoshida
"Housing in Brief: Facebook to Spend $1 Billion to Address Housing Crisis", NEXT CITY, Journal or Magazine, nextcity.org/daily/entry/housing-in-brief-facebook-to-spend-1-billion-to-address-housing-crisis
"How Will You Spend Your IPO Windfall?", UCLA Anderson Review, Journal or Magazine, www.anderson.ucla.edu/faculty-and-research/anderson-review/ipo-housing
"San Francisco’s Housing Market Braces for an IPO Millionaire Wave", The Wall Street Journal, Newspaper, www.wsj.com/articles/will-the-ipo-boom-blow-up-san-franciscos-housing-market-11554997194
"These Are the Most Important Factors to Help You Set an Asking Price", Point2 Homes News, Journal or Magazine
"Home prices in San Francisco may increase after tech companies IPO", Business Insider, Newspaper, www.businessinsider.com/san-francisco-home-prices-increase-tech-company-ipo-2019-2
"Finally, some insight on the impact of IPOs on home prices", San Francisco Chronicle, Newspaper, www.sfchronicle.com/business/networth/article/Finally-some-evidence-on-the-impact-of-IPOs-on-13589281.php
"Best Small Cities in America", WalletHub, Journal or Magazine
"Monthly Release of the Penn State/ACY Alternative Inflation Index", PENN STATE/ACY ALTERNATIVE INFLATION INDEX, Internet
"Smeal research reveals alternative inflation rate may offer more accurate economic guidance", Penn State Smeal News, Journal or Magazine
"Researchers suggest one important change to more accurately measure inflation", Market Watch, Journal or Magazine
"Alternative inflation rate may offer more accurate economic guidance", Science Daily, Journal or Magazine
"Alternative inflation rate may offer more accurate economic guidance", EurekAlert, Journal or Magazine
"Alternative inflation rate may offer more accurate economic guidance", Phys Org, Journal or Magazine
"Alternative inflation rate may offer more accurate economic guidance", Penn State News, Journal or Magazine
"The CPI And Housing Prices", Seeking Alpha, Journal or Magazine
"The Consumer Price Index May Be Getting Inflation Wrong", Bloomberg Businessweek, Journal or Magazine
"Interview: Inheritance tax and real estate markets in Japan", Portfolio Magazine, Journal or Magazine
"2016’s Best & Worst Cities to Be a Real Estate Agent", WalletHub, Journal or Magazine
"Video Interview: Japanese Real Estate Markets", Yahoo! Finance (US), Internet
"Japanese Real Estate Markets, International Real Estate", New York Times, Newspaper
"Interview: Japan's sustainable development", BBC, Television
"Interview for a research project", Comparative Management Systems Program at Loyola Marymount University, Provided an expert opinion
"Japanese housing market defined by architectural razzle-dazzle, waste", Mother Nature Network, Internet
"Interview: Japan's disposable home culture is an environmental and financial headache", The Guardian, Newspaper
"Interview: Japanese housing markets", Bloomberg, Journal or Magazine
"Interview: Why Are Japanese Homes Disposable?", New York Public Radio, Freakonomics, Radio
"Market Overview, International Real Estate", New York Times, Newspaper
"Roundtable Discussion of Green Buildings", Real Estate Appraisal Magazine, Journal or Magazine

Editorships

Frontiers in Built Environment, Associate Editor, March 2021 - Present
Real Estate Economics, Editorial Board, March 2021 - Present
Frontiers in Built Environment, Editorial Board, November 2017 - March 2021
News Letter of Japanese Association of Real Estate Financial Engineering, Editor, January 2001 - January 2002

Honors and Awards