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

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