Jiro Yoshida

Associate Professor of Business
Department: Risk Management
Office: 368 Business Building
Phone: 814-865-0392
Fax: 814-865-6284
E-mail: jiro@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, 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 Specially Appointed Associate Professor of Economics at the University of Tokyo and Hitotsubashi University, Visiting Professor at University of California, Berkeley, and Deputy Director at the Development Bank of Japan. He has served as an Expert Committee Member of the Japanese National Land Council, 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 includes 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 media 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.)

Current Research



"Inflation Rates are Very Different When Housing Rents are Accurately Measured." (2018).

"How Rents and Expenditures Depreciate: A Case of Tokyo Office Properties " (with K. Kawai, D. Geltner, and C. Shimizu, 2017).

"Structure Depreciation and the Production of Real Estate Services." (2016) .

"Stock Prices, Regional Housing Prices, and Aggregate Technology Shocks." (2015) 

"Why Do Team Projects Progress Slowly? A Model Based on Strategic Uncertainty." (2015) 

“Estimating Consumption Substitution between Housing and Non-Housing Goods using Macro Data.” (with Davidoff, T., 2013).

“Does the Law of One Price Hold in Heterogeneous Asset Markets? A Test Using the U.S. Commercial Real Estate Market.” (with Park, S., 2012).

"Is Socially Responsible Investment Profitable?" J-055 . CARF Working Paper, The University of Tokyo.





“Reassessing Taylor Rules Using Improved Housing Rent Data.” (with Ambrose, B. W., & Coulson, N. E., 2018). Forthcoming, Journal of Macroeconomics.

“Energy Efficiency and Green Building Markets in Japan.” (with Junichiro Onishi and Chihiro Shimizu, 2017) in N. Edward Coulson, Cliff Lipscomb, and Yongsheng Wang (Eds.), Energy Efficiency and the Future of Real Estate, Palgrave Macmillan. ISBN: 978-1-137-57445-9.

"Credit Rationing, Income Exaggeration, and Adverse Selection in the Mortgage Market." (with Ambrose, B. W., & Conklin, J., 2016). Journal of Finance, 71(6), 2637-2686. DOI #: 10.1111/jofi.12426.

"Product Market Competition and Corporate Real Estate Investment under Demand Uncertainty." (with Ambrose, B. W., & Diop, M.). Real Estate Economics, http://dx.doi.org/10.1111/1540-6229.12150.

“The Repeat Rent Index.” (with Ambrose, B. W., & Coulson, N. Edward, 2015). Review of Economics and Statistics, 97(5), 939-950.

The Rent Term Premium for Cancellable Leases.” (with Seko, M., Sumita, K., forthcoming). Journal of Real Estate Finance and Economics.

“The Effects of Multiple Green Factors on Condominium Prices.” (with Sugiura, A., 2015) Journal of Real Estate Finance and Economics, 50(3), 412-437.

“Architecture: A Missing Piece in Real-estate Studies of Sustainable Houses.” (with Shahrzad F. and L. Iuloa., 2015) Procedia Engineering, 118, 813-818.

On Demand: Cross-country Evidence from Commercial Real Estate Asset Markets.” (with Ott, S., Riddiough, T. J., Yi, H., 2008) International Real Estate Review, 11(1), 1-37.

Economic Rationale for Securitization. (2012) The Quarterly Journal of Housing and Land Economics, 86, 12-17.

“The Effect of a Green Building Certificate on New Condominium Prices in Japan. (with Shimizu, C., 2012). The Quarterly Journal of Housing and Land Economics, 83.

Predictability of Real Estate Price and Cap Rate. (2008). The Quarterly Journal of Housing and Land Economics, 70, 19-28.



Asset Pricing and Investments
Real Estate Finance and Economics

Media Mention

Why Are Japanese Homes Disposable?,  Freakonomics Radio

Market Overview, International Real Estate,  New York Times

Interview: Japanese housing markets,  Bloomberg

Interview: Japan's disposable home culture is an environmental and financial headache,  The Guardian

2016’s Best & Worst Cities to Be a Real Estate Agent,  WalletHub


Ph.D., Business Administration (Finance and Real Estate), University of California, Berkeley, 2007

M.S., Business Administration, University of California, Berkeley, 2005

M.S., Real Estate, Massachusetts Institute of Technology, 1999

B.Engineering, Urban Engineering, The University of Tokyo, 1992


FIN/RM 460, Real Estate Financial Analysis (Undergraduate)

REST 560, Real Estate Financial Analysis (MBA)

MBA/EWMNA, Real Estate Finance and Securitization (MBA)

MBA/EWMBA, Real Estate Investment Strategy (MBA)

Corporate Finance and Securitization (PhD)