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