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
Jiro Yoshida is Associate Professor of Business (with tenure) at the Pennsylvania State University and Guest Associate Professor of Economics at the University of Tokyo. Jiro is also Research Associate at Columbia Business School, Director of Asian Real Estate Society, Inducted Fellow of the Homer Hoyt Weimer School of Advanced Studies in Real Estate and Land Economics, and Senior Fellow of the Ministry of Finance of Japan. He also has served as Specially-Appointed Associate Professor at Hitotsubashi University, Visiting Assistant Professor at University of California, Berkeley, Assistant Professor of Economics at the University of Tokyo, Deputy Director at the Development Bank of Japan, a committee member of the Japanese National Land Council, and a founding director of the Japanese Association of Real Estate Financial Engineering. Jiro has been an active AREUEA member since 2002 and served on AREUEA committees, including annual meeting program committees and dissertation award committees.
Jiro’s research areas include real estate finance, macroeconomics, and asset pricing. His research is published in top journals such as Journal of Finance, Review of Economics and Statistics, Real Estate Economics, Journal of Real Estate Finance and Economics, and Journal of Macroeconomics. He is also an editor of Frontiers in Built Environment and a referee for Journal of Political Economy, American Economic Review, Management Science, American Economic Journal: Applied Economics, Real Estate Economics, and Journal of Urban Economics. He is the recipient of the 2007 AREUEA Dissertation Award (1st place) and multiple prestigious grants, including Fulbright Award, Real Estate Research Institute Grant, and Japan Society for the Promotion of Science Grants. His studies were also mentioned by the major media, such as the New York Times, the Wall Street Journal, the Guardian, Freakonomics Radio, and the Nikkei. Jiro holds a B.Engi. from the University of Tokyo, an M.S. from MIT, and an M.S. and Ph.D. from University of California, Berkeley.
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
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 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.
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 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.