Jiro Yoshida
Arthur P. Pasquarella Professor of Business
Dr. Jiro Yoshida is the Arthur P. Pasquarella Professor in Real Estate at The Pennsylvania State University and Project/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, Affiliate at the Stanford US-Asia Technology Management Center, Associate Editor of the International Review of Finance, 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 in Business Administration, The University of California, Berkeley, Haas School of Business, Berkeley, CA, 2007-05-18 MS in Business Administration, The University of California, Berkeley, Haas School of Business, Berkeley, CA, 2005-05-01 MS in Real Estate, Massachusetts Institute of Technology, Cambridge, MA, 1999-09-01 BE in Urban Engineering, The University of Tokyo, Faculty of Engineering, Tokyo, Japan, 1992-03-01
Courses Taught
B A 597 – Equilibrium Asset Pricing for Real Estate (Guest)
FIN 460 – R Est Fin Anal
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.
FIN 460 – Real Estate Financial Analysis
Debt and equity financing, capital structure, "creative financing," risk analysis, corporate asset management.
R EST 560 – Real Estate Financial Analysis
This course provides a modern framework for the valuation and analysis of realproperty using both theoretical and empirical approaches.
R EST 596 – Individual Studies
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall ouside the scope of formal courses.
R M 460 – Real Estate Financial Analysis
Debt and equity financing, capital structure, "creative financing," risk analysis, corporate asset management.
REST 560 – R Estate Fin Anly
This course provides a modern framework for the valuation and analysis of real property using both theoretical and empirical approaches.
REST 590 – COLLOQUIUM
Continuing seminars that consist of a series of individual lectures by faculty, students, or outside speakers.
REST 596 – Individual Studies
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall ouside the scope of formal courses.
REST 890 – Colloquium
Continuing, professionally oriented seminars that consist of a series of individual lectures by faculty, students, or outside speakers.
RM 460 – R Est Fin Anal
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
Creative Projects, including research and design, which are supervised on an individual basis and which fall outside the scope of formal courses.
Selected Publications
Yoshida J. "Is Real Estate Investment Analysis an Imitation of Securities Investment Analysis?" Securities Analysts Journal, vol. 64, 2026-09-01
Yoshida J. "The Housing Market and Taxes" FORE, vol. 136, 2025-10-01
Yoshida J. "The Overheated Real Estate Market Is a Local Phenomenon" The Nikkei (morning edition), 2025-05-19
Yoshida J. "The Japanese Housing Market" Oxford Research Encyclopedia of Economics and Finance, 2025-01-22
Yoshida J., Kawai K., Geltner D., Shimizu C. "How Property Rents and Expenses Depreciate: A Case of Tokyo Office Properties" Journal of Real Estate Research, vol. 46, 2024-08-29
Yoshida J. "Beyond Traditional Metrics: Pioneering Approaches to Housing Inflation" Truflation, 2024-08-13
Takahashi M., Yoshida J. "Inflation and Real Estate Investment" Securities Analysts Journal, vol. 62, 2024-08-01
Seko M., Sumita K., Yoshida J. "Underutilized Housing in an Aging Society: How Bequest Motives Affect Housing Choices" Center on Japanese Economy and Business Working Papers, vol. 384, 2024-06-28
Yoshida J., Ogawa Y. "Aging, Housing, and Macroeconomic Inefficiency" Bank of Japan Institute for Monetary and Economic Studies Discussion Paper, vol. DP-2024-E-4, 2024-06-05
Hattori T., Yoshida J. "REIT Equity Financing and Capital Investment in the Presence of the Central Bank Put" University of Tokyo CREPE Discussion Paper Series, vol. CREPEDP-154, 2024-04-30
Hattori T., Yoshida J. "Yield Curve Control" International Journal of Central Banking, vol. 19, 2023-12-01
Yoshida J. "Japan's Housing Market - International Comparisons Reaffirm Its Advantages" The Nikkei (morning edition), 2023-09-29
Chen Y., Wilkoff S., Yoshida J. "Amazon Is Coming to Town: Sequential Information Revelation in the Housing Market" Real Estate Economics, 2023-09-13
Yoshida J. "Chapter 6: Estimating the Marginal Rent Index to Improve the Consumer Price Index" Consumer Prices and Asset Prices in Japan (Japanese), 2023-06-28
Hattori T., Yoshida J. "The Impact of Bank of Japan’s Exchange-Traded Fund Purchases" Journal of Financial Stability, vol. 65, 2023-04-01
Yoshida J. "The impact of inflation on rent: It’s probably worse than you think" Smeal Magazine, 2022-12-01
Yoshida J. "Marginal Rent Index: Toward an Improved Consumer Price Index" Bank of Japan Institute for Monetary and Economic Studies Discussion Paper (Japanese), vol. DP-2022-J-10, 2022-11-30
Hartman-Glaser B., Thibodeau M. N., Yoshida J. "Cash to Spend: IPO Wealth and Housing Prices" Real Estate Economics, 2022-09-04
Ambrose B. W., Coulson N., Yoshida J. "Housing Rents and Inflation Rates" Journal of Money, Credit and Banking, 2022-08-30
Hattori T., Yoshida J. "The Bank of Japan as a Real Estate Tycoon: Large-Scale REIT Purchases" Handbook of Real Estate and Macroeconomics, 2022-07-04
Lopez L. A., Yoshida J. "Estimating Housing Rent Depreciation for Inflation Adjustments" Regional Science and Urban Economics, vol. 95, 2022-07-01
Yoshida J. "Land scarcity, high construction volume, and distinctive leases characterize Japan’s rental housing markets" Brookings Institution Report for the National Multifamily Housing Council, 2021-04-21
Yoshida J. "Economic Depreciation of Real Estate: Cross-Sectional Variations and Their Return Implications" Pacific-Basin Finance Journal, vol. Volume 61, 2020-06-01
Yoshida J., Kawai K. "The Limitation of Commercial Real Estate Data: Challenges in Estimating Depreciation Rates" Journal of Japan Association for Real Estate Sciences, vol. 33, 2020-03-01
Yoshida J. "Real estate investment may not be profitable even when land prices appreciate" Tochi Come, 2019-09-20
Sumita K., Seko M., Yoshida J. "Bequest motives, relocation, and home renovation: A panel analysis" The Journal of the Land Institute, vol. 27, 2019-07-01
Yoshida J. "Large Depreciation of Real Estate in Japan" The Nikkei (morning edition), 2018-10-29
Yoshida J. "Changing Methods of Evaluating Real Estate Investments in Japan" Handbook of Real Estate Economic Analysis (Real Estate Policy Research Series), 2018-07-13
Ambrose B. W., Coulson N., Yoshida J. "Reassessing Taylor Rules Using Improved Housing Rent Data" Journal of Macroeconomics, vol. 56, 2018-06-01
Yoshida J., Seko M., Sumita K. "The Term Structure of Housing Rents When Contracts Are Cancellable" The Quarterly Journal of Housing and Land Economics (Japanese), vol. 106, 2017-10-01
Yoshida J., Onishi J., Shimizu C. "Energy Efficiency and Green Building Markets in Japan" Energy Efficiency and the Future of Real Estate, 2017-08-02
Yoshida J., Sugiura A. "The relation between features of green buildings and transaction prices" The Quarterly Journal of Housing and Land Economics (Japanese), vol. 104, 2017-04-01
Ambrose B. W., Conklin J., Yoshida J. "Credit Rationing, Income Exaggeration, and Adverse Selection in the Mortgage Market" Journal of Finance, vol. 71, 2016-11-10
Yoshida J. "Issues on Real Estate Markets: Restrictions in Housing Supply" The Nikkei (morning edition), 2016-09-14
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, 2016-07-06
Ambrose B. W., Diop M., Yoshida J. "Product Market Competition and Corporate Real Estate Investment under Demand Uncertainty" Real Estate Economics, 2016-01-28
Yoshida J. "Depreciation Rates of Japanese Real Estate Assets" The Quarterly Journal of Housing and Land Economics (Japanese), vol. 99, 2016-01-01
Yoshida J., Seko M., Sumita K. "The Rent Term Premium for Cancellable Leases" Journal of Real Estate Finance and Economics, 2015-09-15
Fadaei S., Iulo L. D., Yoshida J. "Architecture: A Missing Piece in Real-estate Studies of Sustainable Houses" Procedia Engineering, vol. 118, 2015-08-01
Yoshida J., Sugiura A. "The Effects of Multiple Green Factors on Condominium Prices" Journal of Real Estate Finance and Economics, vol. 50, 2015-01-01
Ambrose B. W., Coulson N., Yoshida J. "The Repeat Rent Index" Review of Economics and Statistics, vol. 97, 2015-01-01
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, 2013-01-01
Fuerst F., Shimizu C., Yoshida J. "The Investment Value of Green Buildings in Japan" ERES, vol. 265, 2013-01-01
Yoshida J. "The Price of Green Buildings: Empirical Analysis using Tokyo Condominium Data between 2009 and 2011" Tokyo Association of Real Estate Appraisers (Japanese), 2012-12-01
Yoshida J. "Economic Rationale for Securitization" The Quarterly Journal of Housing and Land Economics (Japanese), vol. 86, 2012-10-01
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 (Japanese), vol. 83, 2012-01-01
Yoshida J., Sugiura A. "Which “Greenness” is Valued? Evidence from Green Condominiums in Tokyo" 46th Annual AREUEA Conference Paper, 2012-01-01
Yoshida J. "Rationale for Securitization: A Survey" The Japan Economic Research Institute Monthly (Japanese), 2011-04-01
Yoshida J. "Securitization in Incomplete Markets" The Japan Economic Research Institute Monthly (Japanese), 2011-03-01
Yoshida J. "Multiple Layers of Securitization" The Japan Economic Research Institute Monthly (Japanese), 2011-02-01
Yoshida J. "Senior Security Reflecting Economic Catastrophe Risk" The Japan Economic Research Institute Monthly (Japanese), 2011-01-01
Yoshida J. "Why are asking prices of green condominiums high?" The Japan Economic Research Institute Monthly (Japanese), 2010-12-01
Yoshida J. "Why are transaction prices of green condominiums low?" The Japan Economic Research Institute Monthly (Japanese), 2010-11-01
Yoshida J. "Improved Liquidity by the Lack of Information" The Japan Economic Research Institute Monthly (Japanese), 2010-10-01
Yoshida J. "Tranching as a Return-Maximizing Device for Investment Banks" The Japan Economic Research Institute Monthly (Japanese), 2010-09-01
Yoshida J. "Signaling and Reduction of Verification Costs" The Japan Economic Research Institute Monthly (Japanese), 2010-08-01
Yoshida J. "Recent Developments in the US Commercial Real Estate Markets" The Japan Economic Research Institute Monthly (Japanese), 2010-07-01
Yoshida J. "Recent Developments in the US Housing Markets" The Japan Economic Research Institute Monthly (Japanese), 2010-06-01
Yoshida J. "Discipline Given by the Vulture Fund" The Japan Economic Research Institute Monthly (Japanese), 2010-05-01
Yoshida J. "Incomplete Contracts and Misalignment of Interests" The Japan Economic Research Institute Monthly (Japanese), 2010-04-01
Yoshida J. "Debt as the Optimal Contract" The Japan Economic Research Institute Monthly (Japanese), 2010-03-01
Yoshida J. "Securities with Low Information Intensity" The Japan Economic Research Institute Monthly (Japanese), 2010-02-01
Yoshida J. "Price of Green Buildings: An Empirical Study of Condominiums in Tokyo" Ministry of Land, Infrastructure, Transport, and Tourism (Japanese), 2010-01-01
Yoshida J. "Producer Surplus from Price Discrimination" The Japan Economic Research Institute Monthly (Japanese), 2010-01-01
Shimizu C., Yoshida J. "The Effect of Green Building Label on Real Estate Prices: The Case of New Condominiums in Japan" CSIS Discussion Paper (Japanese), 2010-01-01
Yoshida J. "Financial Synergies" The Japan Economic Research Institute Monthly (Japanese), 2009-12-01
Yoshida J. "Liquidity Creation by Pooling" The Japan Economic Research Institute Monthly (Japanese), 2009-11-01
Yoshida J. "The Role of Securitization" The Japan Economic Research Institute Monthly (Japanese), 2009-10-01
Yoshida J. "Return to Socially Responsible Investments: Evidence from Japanese Data" The Japan Economic Research Institute Monthly (Japanese), 2009-09-01
Yoshida J. "Return to Socially Responsible Investments: Theoretical Perspectives" The Japan Economic Research Institute Monthly (Japanese), 2009-08-01
Yoshida J. "Issues in Estimating Economic Value of Green Buildings" The Japan Economic Research Institute Monthly (Japanese), 2009-07-01
Yoshida J. "Economic Value of Green Buildings" The Japan Economic Research Institute Monthly (Japanese), 2009-06-01
Yoshida J. "Are Large Swings in Asset Prices Evidence of a Bubble or Inefficiency?" The Japan Economic Research Institute Monthly (Japanese), 2009-05-01
Yoshida J. "Financial Crisis and the Future of Derivatives and Securitization" Urban Housing Sciences (Japanese), vol. 65, 2009-04-01
Yoshida J. "The Value of Real Estate Price Indexes" The Japan Economic Research Institute Monthly (Japanese), 2009-04-01
Yoshida J. "Real Estate Price Indexes: An International Comparison" The Japan Economic Research Institute Monthly (Japanese), 2009-03-01
Yoshida J. "Survey on Environmental Measures in the Real Estate Investment Market" (Japanese), 2009-03-01
Yoshida J. "Information Infrastructure for Real Estate Investments" The Japan Economic Research Institute Monthly (Japanese), 2009-02-01
Yoshida J. "Financial crisis and the future of derivatives and securitization" The Japan Economic Research Institute Monthly (Japanese), 2009-01-01
Yoshida J. "Is Socially Responsible Investment Profitable?" In Corporate Real Estate Strategy: Looking Beyond Financial Crisis and Supremacy of the Shareholder, 2009-01-01
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, 2009-01-01
Yoshida J. "Macro economy, asset prices, and housing prices" The Japan Economic Research Institute Monthly (Japanese), 2008-12-01
Yoshida J. "Report on Credit Markets" Workshop on Credit Markets (Japanese), 2008-12-01
Yoshida J. "Is Yield Spread A Relevant Measure for Real Estate Investment?" The Japan Economic Research Institute Monthly (Japanese), 2008-11-01
Yoshida J. "Report on Real Estate Investment Market" Ministry of Land, Infrastructure, Transport and Tourism (Japanese), 2008-11-01
Yoshida J. "Predictability of Real Estate Price and Cap Rate" The Quarterly Journal of Housing and Land Economics (Japanese), vol. 70, 2008-10-01
Yoshida J. "The Role of Real Estate in Finance" ARES (Japanese), vol. 32, 2008-04-01
Yoshida J. "Report on Improving Disclosure of Real Estate Transaction Price Information" Ministry of Land, Infrastructure, Transport and Tourism (Japanese), 2008-03-01
Yoshida J. "A Real Options Approach to Infrastructure Investments" Real Options and Strategy (Japanese), vol. 3, 2008-01-01
Yoshida J. "Is Socially Responsible Investment Profitable?" CARF Working Paper (Japanese), vol. J-055, 2008-01-01
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, 2008-01-01
Yoshida J. "Rational Predictability of Real Estate Prices" CARF Working Paper (Japan), vol. J-046, 2008-01-01
Yoshida J. "The Role of Real Estate in Finance" CARF Working Paper (Japanese), vol. J-047, 2008-01-01
Yoshida J. "Essays on Equilibrium Asset Pricing and Investments" Dissertation at UC Berkeley, vol. D07-001, 2007-04-01
Yoshida J. "Project Finance" The Handbook of Architectural Production (Japanese), vol. 2, 2007-01-01
Takahashi H., Yoshida J., Yamamoto K. "Project Evaluation Under Uncertainty" Journal of Construction Management (Japanese), vol. 13, 2006-01-01
Takahashi H., Yamamoto K., Yoshida J. "Evaluation of a Phased Plan of Infrastructure Improvement: A Real Options Approach" Research Report of National Institute for Land and Infrastructure Management (Japanese), vol. 22, 2005-09-01
Takahashi H., Yoshida J., Yamamoto K. "A Study on a Phased Plan of Infrastructure Improvement Under Uncertainty" Journal of Construction Management (Japanese), vol. 12, 2005-01-01
Takahashi H., Yamamoto K., Yoshida J. "An Application of Real Options to the Phased Construction Plan of Infrastructure Investment" Transport Policy Studies Review (Japanese), vol. 8, 2005-01-01
Yoshida J. "Determinants of Demand and Supply of Commercial Real Estate Assets" The Quarterly Journal of Housing and Land Economics (Japanese), vol. 48, 2003-04-01
Yoshida J. "Real Options Approach to Infrastructure Planning" Research Report, Ministry of Land, Infrastructure and Transportation (Japanese), 2003-03-01
Yoshida J. "The sources of competitive advantage of the US industry" Journal of Bridge and Foundation Engineering (Japanese), vol. 37, 2003-01-01
Yoshida J. "Real Options Analysis - How to Use It" Professional Seminar in Finance (Japanese), 2002-07-26
Yoshida J. "Disaster Risk Reduction: What Is Needed Toward a Safer Society" Policy Planning Note (Japanese), vol. 9, 2002-05-01
Yoshida J. "Infrastructure Provision in an Era of No New Construction: Life-Cycle Management of Infrastructure Stock" The Development Bank of Japan (Japanese), 2002-03-01
Yoshida J. "Real Estate Investment Analysis: Fundamentals" Real Estate Financial Analyst (Japanese), 2002-03-01
Yoshida J. "Real Options: A New Design Policy for the Infrastructure Provision" Journal of Japan Society of Civil Engineers (Japanese), vol. 86, 2001-12-01
Yoshida J. "Infrastructure Provision in an Era of No New Construction: Life-Cycle Management of Infrastructure Stock" Policy Planning Note (Japanese), vol. 2, 2001-11-01
Yoshida J. "Effects of Uncertainty on the Investment Decision" 2001-08-01
Yoshida J. "Investment Under Uncertainty by A. Dixit and R. Pindyck" 2001-01-01
Yoshida J., Ishihara M., Nakamura K., Wakiyasu S. "Real Options: Managing Strategic Investment in an Uncertain World (by M. Amram and N. Kulatilaka)" 2001-01-01
Yoshida J. "Consolidation in the U.S. Financial Sector: The Current State and Trends of U.S. Commercial Banks" The Development Bank of Japan (Japanese), 2000-08-01
Yoshida J. "Guide to Self-Assessment of Assets" The Development Bank of Japan (Japanese), 1999-10-01
Yoshida J. "Effects of Uncertainty on the Investment Decision: An Examination of the Option-Based Investment Model Using Japanese Real Estate Data" Master's Thesis at Massachusetts Institute of Technology, 1999-09-01
Yoshida J. "Structure of Regional Economies: Analysis Using Input-Output Tables" Japan Development Bank (Japanese), 1998-11-01
Yoshida J. "Regional Policy Trends in the UK and France" The Development Bank of Japan (Japanese), 1998-03-01
Yoshida J. "Benefits of Preserving Historic Buildings" Gekkan Bunkazai (Japanese), 1997-03-01
Yoshida J. "Reports on Information Service Industry" JCR Report (Japanese), 1994-02-01
Yoshida J. "Case Studies of Public-Private Role Sharing: To Examine the Future of Public-Private Partnership (PPP) Projects" Japan Development Bank (Japanese), 1993-03-01
Yoshida J. "Reports on Rental Office Market" JCR Report (Japanese), 1993-02-01
Yoshida J. "The sub-center development plans for the Tokyo metropolitan area in the 1980s" Bachelor's Thesis at The University of Tokyo (Japanese), 1992-02-01
Kawai K., Yoshida J. "Depreciation of Tokyo Office Rent and Expenses" The Quarterly Journal of Housing and Land Economics (Japanese), vol. 138