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Jiro Yoshida
Professor of Business
Department Risk Management
Office Address 368 Business Building
Phone Number
814-865-0392
Email Address
juy18@psu.edu
Jiro Yoshida
Professor of Business
Department Risk Management
Office Address 368 Business Building
Phone Number
814-865-0392
Email Address
juy18@psu.edu
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
(Clarivate 2021 JIF 1.429; Scimagor 2021 SJR 956, Finance Quartile 1; 6 citations and 446 SSRN downloads).
(Clarivate 2021 JIF 1.429; Scimagor 2021 SJR 956, Finance Quartile 1; 6 citations and 446 SSRN downloads).
(Accepted; Clarivate 2021 JIF 3.154; Scimagor 2021 SJR 2,128, Finance Quartile 1; 3 citations and 346 downloads)
(Clarivate 2021 JIF 3.554; Scimagor 2021 SJR 1657, Finance Quartile 1; 8 citations and 323 downloads)
(Clarivate 2021 JIF 3.154; Scimagor 2021 SJR 2,128, Finance Quartile 1; 6 citations and 777 SSRN downloads)
(Clarivate 2021 JIF 1.963; Scimagor 2021 SJR 1796, Finance Quartile 1; 7 citations and 694 SSRN downloads)
(3 citations and 124 downloads)
(Clarivate 2021 JIF 2.438; Scimagor 2021 SJR 1080, Economics and Econometrics Quartile 1; 80 SSRN downloads)
(Clarivate 2021 JIF 3.239; Scimagor 2021 SJR 824, Finance Quartile 1; 15 citations and 98 SSRN downloads)
(Clarivate 2021 JIF 1.556; Scimagor 2021 SJR 857, Economics and Econometrics Quartile 2; 8 citations and 77 SSRN downloads)
(Clarivate 2021 JIF 7.915; Scimagor 2021 SJR 16,463, Finance Quartile 1; 61 citations and 270 SSRN downloads)
(Clarivate 2021 JIF 3.154; Scimagor 2021 SJR 2,128, Finance Quartile 1; 23 citations and 197 SSRN downloads)
(Clarivate 2021 JIF 1.480; Scimagor 2021 SJR 886, Finance Quartile 1; 13 citations and 92 SSRN downloads)
(10 citations)
(Clarivate 2021 JIF 6.481; Scimagor 2021 SJR 8,245, Finance Quartile 1; 71 citations and 222 SSRN downloads)
(Clarivate 2021 JIF 1.480; Scimagor 2021 SJR 886, Finance Quartile 1; 155 citations and 263 SSRN downloads)
(Scimagor 2021 SJR 204, Geography, Planning and Development Quartile 3; 12 citations)