Jiro Yoshida

Color portrait of Jiro Yoshida

Associate Professor of Business

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

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Dr. Jiro Yoshida is Associate Professor of Business at the Smeal College of Business and Fellow at the Institute for Real Estate Studies, the Pennsylvania State University. He also serves as Research Associate at Columbia Business School, Senior Research Fellow at the Ministry of Finance of Japan, an Expert Committee M ember of the Japanese National Land Council, and Research Fellow at the Housing Research and Advancement Foundation of Japan.

Before joining the Smeal College, Dr. Yoshida was Assistant Professor at the Graduate School of Economics, the University of Tokyo. He has also been Visiting Professor at the Haas School of Business, University of California, Berkeley, and Deputy Director at the Development Bank of Japan. He has served as a founding director of the Japanese Association of Real Estate Financial Engineering, and various research councils at the Ministry of Economy, Trade and Industry and the Ministry of Land, Infrastructure, Transport and Tourism.

Dr. Yoshida’s area of research include asset pricing, real estate finance, and macroeconomics. His research is published in top journals such as Journal of Finance, Review of Economics and Statistics, and Real Estate Economics. He is often mentioned by major medias such as New York Times as an expert on Japanese real estate market. He is a recipient of the dissertation award from American Real Estate and Urban Economics Association and Fulbright Scholarship. He has attended the University of Tokyo (B. Eng.), Massachusetts Institute of Technology (M. S.), and University of California, Berkeley (M. S. and Ph. D.)

Education

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

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

MS, Real Estate, Massachusetts Institute of Technology, 1999

BE, Urban Engineering, The University of Tokyo, 1992

Courses Taught

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.

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.

R EST 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.

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.

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.

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.

Selected Publications

Yoshida J., "Large Depreciation of Real Estate in Japan." 2018, Invited
Yoshida J., "Changing Methods of Evaluating Real Estate Investments in Japan." (Toyo Keizai), 2018, Invited
Ambrose B. W., Coulson N., Yoshida J., "Reassessing Taylor Rules Using Improved Housing Rent Data." Journal of Macroeconomics, vol. 56, 2018, pp. 243-257
Yoshida J., Seko M., Sumita K., "The Term Structure of Housing Rents When Contracts Are Cancellable." The Quarterly Journal of Housing and Land Economics, 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, 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, doi:10.1111/jofi.12426
Yoshida J., "Issues on Real Estate Markets: Restrictions in Housing Supply." 2016, Invited
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, dx.doi.org/10.1111/1540-6229.12150
Yoshida J., "Depreciation Rates of Japanese Real Estate Assets." The Quarterly Journal of Housing and Land Economics, 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, dx.doi.org/10.1007/s11146-015-9528-x
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
Ambrose B. W., Coulson N., Yoshida J., "The Repeat Rent Index." Review of Economics and Statistics, vol. 97, no. 5, 2015, pp. 939-950, dx.doi.org/10.1162/REST_a_00500
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
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, 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, 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." vol. 65, 2009
Yoshida J., "Is Socially Responsible Investment Profitable?." In Corporate Real Estate Strategy: Looking Beyond Financial Crisis and Supremacy of the Shareholder, (Reitaku University Press), 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., "The Role of Real Estate in Finance." vol. 32, 2008
Yoshida J., "A Real Options Approach to Infrastructure Investments." 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
Yoshida J., "Predictability of Real Estate Price and Cap Rate." vol. 70, 2008, pp. 19-28
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." vol. 13, 2006, pp. 11-20
Takahashi H., Yoshida J., Yamamoto K., "A Study on a Phased Plan of Infrastructure Improvement Under Uncertainty." 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." vol. 8, no. 30, 2005, pp. 23-30
Yoshida J., "Real Options Approach to Infrastructure Planning." 2003
Yoshida J., "Determinants of Demand and Supply of Commercial Real Estate Assets." vol. 48, 2003, pp. 23-35
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,." vol. 86, 2001

Research Impact and Media Mentions

"San Francisco’s Housing Market Braces for an IPO Millionaire Wave", The Wall Street Journal, Newspaper
"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
"Finally, some insight on the impact of IPOs on home prices", San Francisco Chronicle, Newspaper
"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, Web
"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", Phys Org, 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", Science Daily, 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), Web
"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, Web
"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, Editorial Board, November 2017 - Present
News Letter of Japanese Association of Real Estate Financial Engineering, Editor, January 2001 - January 2002