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 |
|---|---|---|---|
| Fall 2025 | BUS | 89500 | Independent Study |
| 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 |
Journal Articles
(2026). Iterated poisson processes for catastrophic risk modeling in ruin theory. Insurance: Mathematics and Economics, 126.
Yildirim, Y., Zhang, J., & Zhu, B. (2025). Opioid Crisis and Local Economic Pain: Evidence from Commercial Real Estate Loan .
Yildirim, Y., & Zhu, B. (2025). Exploring Climate Risk, Risk Retention, and CMBS: Understanding their Interplay .
Lai, R. N., Li, Z., & Yildirim, Y. (2025). Implicit corruption with subsidiaries: Evidence from land sales in China.
(2025). No-Arbitrage Valuation of Residential Real Estate: Evidence from Rent-to-Own Contracts.
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.
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.
(2024). RETurning to REITs. Journal of Real Estate Research,
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.
Jarrow, R., & Yildirim, Y. (2023). Inflation-Adjusted Bonds, Swaps, and derivatives . Annual Review of Financial Economics, 15(1).
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,
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.
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.
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.
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.
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.
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.
Yildirim, Y., & Varli, Y. (2015). Default and Prepayment Modelling in Participation Mortgages. Journal of Banking and Finance, 61(12). 81-88.
Ambrose, B., Agarwal, S., & Yildirim, Y. (2015). The Subprime Virus. Real Estate Economics, 43(4). 807-1054.
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.
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.
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.
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).
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.
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.
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.
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.
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.
Huang, H., & Yildirim, Y. (2008). Valuing TIPS Bond Futures in Jarrow-Yildirim Model . Risk, 21(6).
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.
Chernobai, A., & Yildirim, Y. (2008). The Dynamics of Operational Loss Clustering . Journal of Banking and Finance, 32(12). 2655-2666.
Huang, H., & Yildirim, Y. (2008). Leverage, Option Liabilities and Corporate Bond Pricing . Review of Derivatives Research, 11(3). 245-276.
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.
Janosi, T., Jarrow, R., & Yildirim, Y. (2002). Estimating Expected LOsses and Liquidity Discounts Implicit in Debt Prices. Journal of Risk, 5(1). 1-38.
Jarrow, R., & Yildirim, Y. (2002). Valuing Default Swaps Under Market and Credit Risk Correlation . Journal of Fixed Income, 11(4). 7-19.
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
Jarrow, R., & Yildirim, Y. No-Arbitrage Valuation of Residential Real Estate: Evidence from Rent-to-Own Contracts. 2025 National University of Singapore.
Hu, M., Yildirim, Y., & Yip, W. (2026, October 4). Cultural Proximity and Housing Investment . CUNY Marxe School of Public and International Affairs (MSPIA) Seminar Series.
Hu, M., Jiang, Y., & Yildirim, Y. Paying More for Less: Racial Disparities in Rental Housing Quality. 2025 Jinan-SMU Conference on Urban and Regional Economics.
Jarrow, R., & Yildirim, Y. No-Arbitrage Valuation of Residential Real Estate: Evidence from Rent-to-Own Contracts. 2025 International Risk Management Conference.
Yildirim, Y., Zhang, J., & Zhu, B. Opioid Crisis and Local Economic Pain: Evidence from Commercial Real Estate Loan. 2024 Virginia Tech.
Yildirim, Y., & Zhu, B. Exploring Climate Risk, Risk Retention, and CMBS: Understanding their interplay. Cornell University.
Yildirim, Y., & Zhu, B. Exploring Climate Risk, Risk Retention, and CMBS: Understanding their interplay. Koc University.
Yildirim, Y., & Zhu, B. Exploring Climate Risk, Risk Retention, and CMBS: Understanding their interplay. Pre-WFA.
Yildirim, Y., & Zhu, B. Exploring Climate Risk, Risk Retention, and CMBS: Understanding their interplay. Imperial College.
Yildirim, Y., & Lee, E. Political Control of the State Legislature and Municipal Bond Financing for Affordable Housing. Financial Management Association (FMA) International Conference.
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. 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, April 9). Portfolio Balance Effects and the Federal Reserve's Large-Scale Asset Purchases. European Financial Management Symposium 2017. Xieman, China
Yildirim, Y. (2017, July 4). The Hybrid Nature of Real Estate Trusts. International AREUEA. Amsterdam
Yildirim, Y. (2017, June 29). The Hybrid Nature of Real Estate Trusts. European Real Estate Society. Delft
Yildirim, Y. (2017, June 26). The Hybrid Nature of Real Estate Trusts. Multinational Finance Society 2017. Bucharest, Romania
Yildirim, Y. (2017, January 6). Simultaneous implication of credit risk and embedded options in lease contracts. AREUEA-ASSA Annual Meeting. Chicago
Yildirim, Y. (2016, March 15). Piety, Politics, and Portfolio Selection. KFUPM Islamic Banking and Finance Research Conference. Riyadh: KFUPM.
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.
Yildirim, Y. (2015, October 20). Consumption Response to Credit Tightening Policy: Evidence from Turkey. Pennsylvania State University. Pennsylvania State University
Research Currently in Progess
Li, W., Yildirim, Y., & Song, Z.(n.d.). Agency and Private-label Commercial Mortgage-Backed Securities. In Progress.
Ma, L., & Yildirim, Y.(n.d.). High Temperature, Climate Change and Real Estate Prices. In Progress.
Combining granular data on temperatures across the continental United States with comprehensive listing-level data for residential properties and survey data on beliefs about climate change from 2000 to 2021, we examine the impact of exposure to local heat shocks on residential real estate prices. We first show that abnormally high local temperature leads to elevated belief in climate change. We find that exposure to local heat shocks results in a significant decrease in house prices, and this effect is more pronounced in communities concerned about global warming, during periods of increasing public attention to climate change, and among counties heavily exposed to the risk of sea level rise. In contrast to the transaction price regression, we find no relation between abnormal temperature exposure and rental prices, suggesting that the observed temperature exposure discount is driven by concerns about long-horizon climate risks. Taken together, our results highlight the importance of uncertainty about climate change in affecting the real estate market.
Hu, M., Yildirim, Y., & Jiang, Y.(n.d.). Paying More for Less: Racial Disparities in Rental Housing Quality. In Progress.
Hu, M., Yildirim, Y., & Yip, W.(n.d.). Cultural Proximity and Housing Investment . In Progress.
Lee, E., & Yildirim, Y.(n.d.). Municipal Bond Financing for Affordable Housing. In Progress.
Lee, E., & Yildirim, Y.(n.d.). Impact of Carbon Emissions and Mortgage Default: Evidence from CMBS. In Progress.
Yildirim, Y.(n.d.). The Credibility Risk Premium in Sovereign Bonds. In Progress.
I identify a monetary credibility risk premium in sovereign bonds, compensation for
the risk that monetary policy loses its commitment to price stability. Using a two-step
procedure that augments an arbitrage-free term structure model with a credibility
factor, I show this premium is distinct from default risk, liquidity, and global risk
appetite. Exploiting Turkish central bank governor transitions as identification events,
I find the credibility premium explains 54.7% of yield variance, exceeding default risk
(8.7%). Türkiye’s experience demonstrates both the costs of credibility erosion and the
path to recovery: while the March 2021 policy reversal caused yields to rise 386 basis
points, the subsequent policy normalization under Governors Erkan and Karahan
has stabilized the institutional framework. Notably, the February 2024 transition
to Governor Karahan produced no significant market reaction, a striking contrast
to earlier transitions, indicating that markets now view Türkiye’s monetary policy
framework as institutionally stable. These findings establish monetary credibility as a
distinct, priced risk factor a
Wang, P., & Yildirim, Y.(n.d.). Pricing Wildfire Risk in Residential Real Estate: Invasive Grass-Fire Cycle. In Progress.
Lee, E., & Yildirim, Y.(n.d.). Impact of Carbon Emissions and Mortgage Default: Evidence from CMBS . 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 |