Yildiray Yildirim
Professor
Zicklin School of Business
Department: W. Newman Dept of Real Estate
Areas of expertise:
Email Address: yildiray.yildirim@baruch.cuny.edu
> View CV- Biography
- Teaching
- Research and Creative Activity
- Grants
- Honors and Awards
- Service
Education
Ph.D., Statistics, Cornell University Ithaca United States
M.A., Economics, Cornell University Ithaca NY
MSc, Computer Engineering, University of Houston Clear Lake
BSc, Computer Science and Engineering, Yildiz Technical University Istanbul
Semester | Course Prefix | Course Number | Course Name |
---|---|---|---|
Spring 2025 | BUS | 90000 | Dissertation Supervision |
Fall 2024 | BUS | 90000 | Dissertation Supervision |
Spring 2024 | BUS | 90000 | Dissertation Supervision |
Fall 2023 | BUS | 90000 | Dissertation Supervision |
Spring 2023 | BUS | 90000 | Dissertation Supervision |
Fall 2022 | BUS | 90000 | Dissertation Supervision |
Summer 2022 | BUS | 9795 | Special Topics in Business |
Spring 2022 | BUS | 90000 | Dissertation Supervision |
Fall 2021 | BUS | 89500 | Independent Study |
Spring 2021 | BUS | 89500 | Independent Study |
Spring 2021 | BUS | 90000 | Dissertation Supervision |
Fall 2020 | BUS | 90000 | Dissertation Supervision |
Spring 2020 | BUS | 89500 | Independent Study |
Fall 2019 | BUS | 89500 | Independent Study |
Spring 2019 | BUS | 89500 | Independent Study |
Fall 2018 | BUS | 89500 | Independent Study |
Abstracts
Yildirim, Y., & Lee, E. <span style="font-size:11pt;">Impact of Carbon Emissions and Mortgage Default: Evidence from CMBS </span><span style="font-size:medium;"></span>.
Journal Articles
Yildirim, Y., Zhang, J., & Zhu, B. (2025). Opioid Crisis and Local Economic Pain: Evidence from Commercial Real Estate Loan .
(2024). Under the radar: The role of subsidiaries in concealing political favors in Chinese land transactions .
Yildirim, Y., & Zhu, B. (2024). Exploring Climate Risk, Risk Retention, and CMBS: Understanding their Interplay .
Liu, C., Emmerling, T., Lee, E., & Yildirim, Y. (2024). RET-urning to REITs . Journal of Real Estate Research,
Agarwal, S., Ambrose, B., Zhang, J., & Yildirim, Y. (2024). Risk Retention Rules and the Issuance of Commercial Mortgage Backed Securities. The Journal of Real Estate Finance and Economics, 68(4). 684-714.
Chang, C., Ho, H., Huang, H., & Yildirim, Y. (2024). A Reduced-Form Model for Lease Contract Valuation with Embedded Option. Review of Quantitative Finance and Accounting, 62(2). 841-862.
Jarrow, R., & Yildirim, Y. (2023). Inflation-Adjusted Bonds, Swaps, and derivatives . Annual Review of Financial Economics, 15(1).
Agarwal, S., Hadzic, M., Song, C., & Yildirim, Y. (2023). Liquidity Constraints, Consumption, and Debt Repayment: Evidence from Macroprudential Policy in Turkey. The Review of Financial Studies, 36(10). 3953-3998.
Lee, E., & Yildirim, Y. (2022). Political Control of the State Legislature and Municipal Bond Financing for Affordable Housing. Journal of real Estate Finance and Economics,
Agarwal, S., Chomsisengphet, S., Zhang, J., & Yildirim, Y. (2021). Interest Rate Pass-Through and Consumption Response: the Deposit Channel. The Review of Economics and Statistics, 103(5). 922-938.
Milcheva, S., Yildirim, Y., & Zhu, B. (2021). Distance to Headquarter and Real Estate Equity Performance. The Journal of Real Estate Finance and Economics, 63(3). 327-353.
Emmerling, T. J., Yavas, A., & Yildirim, Y. (2021). To accept or not to accept: Optimal strategy for sellers in real estate. Real Estate Economics, 49(S1). 268-296.
Ambrose, B. W., Emmerling, T., Huang, H. H., & Yildirim, Y. (2019). Capital Structure and the Substitutability versus Complementarity Nature of Leases and Debt. Review of Finance, 23(3). 659.
Emmerling, T., Jarrow, R., & Yildirim, Y. (2018). Portfolio Balance Effects and the Fed’s Large-Scale Asset Purchases. Studies in Economics and Finance, 35(1). 2-24.
Ambrose, B., Shafer, M., & Yildirim, Y. (2018). The Impact of Tenant Diversification on Spreads and Default Rates for Mortgages on Retail Properties. The Journal of Real Estate Finance and Economics, 56(1). 1-32.
Yildirim, Y., & Coopchik, S. (2015). Drafting and Securitizing Participation Mortgages: a Re-Introduction. The Pepperdine Journal of Business, Entrepreneurship & the Law, 8(2). 468-497.
Yildirim, Y., & Varli, Y. (2015). Default and Prepayment Modelling in Participation Mortgages. Journal of Banking and Finance, 61(12). 81-88.
Satiroglu, S., Sener, E., Shafer, M., & Yildirim, Y. (2015). The Impact of Policy Decisions on Global Liquidity during the Recent Financial Crises. International Journal of Finance and Economics, 20(2). 178-189.
Ambrose, B., Agarwal, S., & Yildirim, Y. (2015). The Subprime Virus. Real Estate Economics, 43(4). 807-1054.
Ascheberg, M., Jarrow, R., Kraft, H., & Yildirim, Y. (2014). Government Policies, Residential Mortgage Defaults, and the Boom and Bust Cycle of Housing Prices . Real Estate Economics, 42(3). 627-661.
Case, B., Guidolin, M., & Yildirim, Y. (2014). Markov Switching Dynamics in REIT Returns: Univariate and Multivariate Evidence on Forecasting Performance . Real Estate Economics, 42(2). 279-342.
Ho, H., Huang, H. H., & Yildirim, Y. (2014). Affine Model of Inflation-Indexed Derivatives and Inflation Risk Premium . European Journal of Operational Research, 235(1). 159-169.
Shafer, M., & Yildirim, Y. (2013). Operational Risk and Equity Prices . Finance Research Letters, 10(4). 157-168.
Case, B., Yang, Y., & Yildirim, Y. (2012). Dynamic Correlation Among Asset Classes: REIT and Stock Returns . The Journal of Real Estate Finance and Economics, 44(3).
Yavas, A., & Yildirim, Y. (2011). Price Discovery in Real Estate Markets: A Dynamic Analysis of the REIT Premium. The Journal of Real Estate Finance and Economics, 42(1). 1-29.
Agarwal, S., Ambrose, B., Huang, H., & Yildirim, Y. (2011). The Term Structure of Lease Rates with Endogenous Default Triggers and Tenant Capital Structure: Theory and Evidence . Journal of Financial and Quantitative Analysis, 42(1). 1-29.
Inaltekin, H., Jarrow, R., Saglam, M., & Yildirim, Y. (2011). Housing Prices and the Optimal Time-on-the-Market Decision . Finance Research Letters, 8(4). 171-226.
Jarrow, R., Oxman, J., & Yildirim, Y. (2010). The Cost of Operational Risk Loss Insurance . Review of Derivatives Research, 13(3). 273-295.
Kau, J., Keenan, D., & Yildirim, Y. (2009). Estimating default probabilities implicit in CMBS . The Journal of Real Estate Finance and Economics, 39(2). 107-117.
Christopoulos, A., Jarrow, R., & Yildirim, Y. (2008). Commercial Mortgage Backed Securities (CMBS) and Market Efficiency with respect to Costly Information . Real Estate Economics, 36(3). 441-498.
Huang, H., & Yildirim, Y. (2008). Leverage, Option Liabilities and Corporate Bond Pricing . Review of Derivatives Research, 11(3). 245-276.
Ambrose, B., & Yildirim, Y. (2008). Credit Risk and Term Structure of Lease Rates: A Reduced Form Model . The Journal of Real Estate Finance and Economics, 37(3). 281-298.
Yildirim, Y. (2008). Estimating Default Probabilities of CMBS with Clustering and Heavy Censoring. The Journal of Real Estate Finance and Economics, 37(2). 93-111.
Huang, H., & Yildirim, Y. (2008). Valuing TIPS Bond Futures in Jarrow-Yildirim Model . Risk, 21(6).
Chernobai, A., & Yildirim, Y. (2008). The Dynamics of Operational Loss Clustering . Journal of Banking and Finance, 32(12). 2655-2666.
Yildirim, Y. (2006). Modeling default risk: A new structural approach . Finance Research Letters, 3(3). 165-172.
Cetin, U., Jarrow, R., Protter, P., & Yildirim, Y. (2004). Modeling Default Risk with Partial Information. Annals of Applied Probability, 14(3). 1167-1178.
Janosi, T., Jarrow, R., & Yildirim, Y. (2003). Estimating Default Probabilities Implicit in Equity Prices. Journal of Investment Management, 1(1). 178-207.
Chatterjea, A., Jarrow, R., Neal, R., & Yildirim, Y. (2003). How Valuable is Credit Lending?. Journal of Derivatives, 11(2). 39-52.
Jarrow, R., & Yildirim, Y. (2003). Pricing Treasury Inflation Protected Securities and Related Derivative securities using an HJM Model. Journal of Financial and Quantitative Analysis, 38(2). 337-358.
Jarrow, R., & Yildirim, Y. (2002). Valuing Default Swaps Under Market and Credit Risk Correlation . Journal of Fixed Income, 11(4). 7-19.
Janosi, T., Jarrow, R., & Yildirim, Y. (2002). Estimating Expected LOsses and Liquidity Discounts Implicit in Debt Prices. Journal of Risk, 5(1). 1-38.
Ma, L., & Yildirim, Y. High Temperature, Climate Change and Real Estate Prices. In Progress.
Patents and Intellectual Properties
Christopolous, A. D., Jarrow, R. A., Barratt, J. G., Chinchallkar, S., Coleman, T. F., Connelly, A. D., Ilut, D. C., Janosi, T., Kim, Y., & Yildirim, Y. (2014). Structural finance securities option pricing architecture and process with an application to commercial mortgage-backed securities (CMBS). Regular. United States.
Presentations
Lee, E., & Yildirim, Y. (2020, October 31). Political Control of the State Legislature and Municipal Bond Financing for Affordable Housing. FMA Conference. : Financial Management Association.
Yildirim, Y., & Lee, E. Political Control of the State Legislature and Municipal Bond Financing for Affordable Housing. Financial Management Association (FMA) International Conference.
Yildirim, Y., & Lee, E. Municipal Bond Financing for Affordable housing. American Real Estate Society (ARES) Annual Meeting.
Yildirim, Y. (2018, January 6). The Hybrid Nature of Real Estate Trusts. Annual AREUEA. Philadelphia
Lee, E., & Yildirim, Y. (2018, April 14). Municipal Bond Financing for Affordable housing. American Real Estate Society Annual Meeting. Bonita Springs, FL
Yildirim, Y. (2017, January 6). Simultaneous implication of credit risk and embedded options in lease contracts. AREUEA-ASSA Annual Meeting. Chicago
Yildirim, Y. (2017, June 26). The Hybrid Nature of Real Estate Trusts. Multinational Finance Society 2017. Bucharest, Romania
Yildirim, Y. (2017, June 29). The Hybrid Nature of Real Estate Trusts. European Real Estate Society. Delft
Yildirim, Y. (2017, July 4). The Hybrid Nature of Real Estate Trusts. International AREUEA. Amsterdam
Yildirim, Y. (2017, April 9). Portfolio Balance Effects and the Federal Reserve's Large-Scale Asset Purchases. European Financial Management Symposium 2017. Xieman, China
Yildirim, Y. (2016, March 15). Piety, Politics, and Portfolio Selection. KFUPM Islamic Banking and Finance Research Conference. Riyadh: KFUPM.
Yildirim, Y. (2015, October 20). Consumption Response to Credit Tightening Policy: Evidence from Turkey. Pennsylvania State University. Pennsylvania State University
Yildirim, Y. (2015, October 1). organizing committee and session chair. BIFEC. Istanbul, Turkey: Borsa Istanbul.
Yildirim, Y. (2015, October 28). Consumption Response to Credit Tightening Policy: Evidence from Turkey. Brown Bag/Baruch College. Newman Hall: Baruch College.
Research Currently in Progess
Li, W., Yildirim, Y., & Song, Z.(n.d.). Agency and Private-label Commercial Mortgage-Backed Securities. In Progress.
Title | Funding Agency Sponsor | Start Date | End Date | Awarded Date | Total Funding | Status |
---|---|---|---|---|---|---|
Department Chair Research Account Year 2 - Yildiray Yildirim | PSC CUNY | 09/01/2021 | 08/31/2023 | 09/01/2021 | 3000 | Completed |
Department Chair Research Account Year 1 - Yildiray Yildirim | PSC CUNY | 02/01/2021 | 08/31/2022 | 02/01/2021 | 1750 | Completed |
Department Chair Research Account Year 4 - Yildiray Yildirim | PSC CUNY | 09/01/2023 | 08/31/2025 | 08/31/2023 | 3000 | Funded - In Progress |
Department Chair Research Account Year 3 - Yildiray Yildirim | PSC CUNY | 09/01/2022 | 08/31/2024 | 09/01/2022 | 3000 | Funded - In Progress |
Newman Real Estate Administrative Support Payroll | Baruch College Fund | 07/01/2018 | 06/30/2021 | 06/17/2020 | 122370.55 | Funded - In Progress |
Honor / Award | Organization Sponsor | Date Received | Description |
---|---|---|---|
Faculty inductee for Beta Gamma Sigma honor society | Best Paper Award, The 2024 International Conference in Banking and Financial Studies. | 2024-09-14 | |
Faculty inductee for Beta Gamma Sigma honor society | Beta Gamma Sigma honor society | 2023-10-05 | |
William Newman Professor in Real Estate Finance | 2015-07-01 | Endowed chair | |
Fellow of Weimer School of Advanced Studies in Real Estate and Land Economics | Homer Hoyt Institute | 2015 | |
Thomas Finucane Award for Exceptional Scholarship | Syracuse University | 2009 |
Department
Committee Name | Position Role | Start Date | End Date |
---|---|---|---|
Executive Committee | 9/1/2015 | Present |
College
Committee Name | Position Role | Start Date | End Date |
---|---|---|---|
Director, Steven L. Newman Real Estate Institute | Present | ||
Executive Committee | Present | ||
Chair, William Newman Real Estate Department | Present | ||
P&B Committee | Present |
University
Committee Name | Position Role | Start Date | End Date |
---|---|---|---|
Doctoral faculty of the Graduate School and University Center | 2/1/2017 | Present |
Professional
Organization | Position Role | Organization State | Organization Country | Start Date | End Date | Audience |
---|---|---|---|---|---|---|
International Real Estate Review | Editor, Associate Editor | 1/1/2020 | Present | International | ||
Journal of Credit Risk | Editor, Associate Editor | 1/1/2020 | Present | International | ||
Real Estate Economics | Editor, Associate Editor | 1/1/2015 | Present | International | ||
Journal of Real Estate Portfolio Management | Editor, Associate Editor | 1/1/2024 | Present | International | ||
Journal of Real Estate Finance and Economics | Editor, Associate Editor | 1/1/2015 | Present | International | ||
Journal of Real Estate Research 2024 | Editor, Associate Editor | 1/1/2024 | Present | International | ||
Journal of Economic Behavior & Organization | Editor, Journal Editor | 1/1/2016 | 12/31/2019 | International |