Yildiray Yildirim

Professor

Zicklin School of Business

Department: W. Newman Dept of Real Estate

Areas of expertise:

Email Address: yildiray.yildirim@baruch.cuny.edu

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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

SemesterCourse PrefixCourse NumberCourse Name
Spring 2025BUS90000Dissertation Supervision
Fall 2024BUS90000Dissertation Supervision
Spring 2024BUS90000Dissertation Supervision
Fall 2023BUS90000Dissertation Supervision
Spring 2023BUS90000Dissertation Supervision
Fall 2022BUS90000Dissertation Supervision
Summer 2022BUS9795Special Topics in Business
Spring 2022BUS90000Dissertation Supervision
Fall 2021BUS89500Independent Study
Spring 2021BUS89500Independent Study
Spring 2021BUS90000Dissertation Supervision
Fall 2020BUS90000Dissertation Supervision
Spring 2020BUS89500Independent Study
Fall 2019BUS89500Independent Study
Spring 2019BUS89500Independent Study
Fall 2018BUS89500Independent 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.

TitleFunding Agency SponsorStart DateEnd DateAwarded DateTotal FundingStatus
Department Chair Research Account Year 2 - Yildiray YildirimPSC CUNY09/01/202108/31/202309/01/20213000Completed
Department Chair Research Account Year 1 - Yildiray YildirimPSC CUNY02/01/202108/31/202202/01/20211750Completed
Department Chair Research Account Year 4 - Yildiray YildirimPSC CUNY09/01/202308/31/202508/31/20233000Funded - In Progress
Department Chair Research Account Year 3 - Yildiray YildirimPSC CUNY09/01/202208/31/202409/01/20223000Funded - In Progress
Newman Real Estate Administrative Support PayrollBaruch College Fund07/01/201806/30/202106/17/2020122370.55Funded - In Progress
Honor / AwardOrganization SponsorDate ReceivedDescription
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 Finance2015-07-01Endowed chair
Fellow of Weimer School of Advanced Studies in Real Estate and Land EconomicsHomer Hoyt Institute2015
Thomas Finucane Award for Exceptional ScholarshipSyracuse University2009

Department

Committee NamePosition RoleStart DateEnd Date
Executive Committee 9/1/2015Present

College

Committee NamePosition RoleStart DateEnd Date
Director, Steven L. Newman Real Estate InstitutePresent
Executive Committee Present
Chair, William Newman Real Estate DepartmentPresent
P&B CommitteePresent

University

Committee NamePosition RoleStart DateEnd Date
Doctoral faculty of the Graduate School and University Center2/1/2017Present

Professional

OrganizationPosition RoleOrganization StateOrganization CountryStart DateEnd DateAudience
International Real Estate ReviewEditor, Associate Editor1/1/2020PresentInternational
Journal of Credit RiskEditor, Associate Editor1/1/2020PresentInternational
Real Estate EconomicsEditor, Associate Editor1/1/2015PresentInternational
Journal of Real Estate Portfolio Management Editor, Associate Editor1/1/2024PresentInternational
Journal of Real Estate Finance and Economics Editor, Associate Editor1/1/2015PresentInternational
Journal of Real Estate Research 2024 Editor, Associate Editor1/1/2024PresentInternational
Journal of Economic Behavior & OrganizationEditor, Journal Editor1/1/201612/31/2019International