COURSE NUMBER: MBA283.1
This course is cross-listed
with the EWMBA Program
COURSE TITLE: Real Estate
Finance and Securitization
UNITS OF CREDIT: 3.0
INSTRUCTOR: Jiro
Yoshida
E-MAIL ADDRESS: yoshida@haas.berkeley.edu
CLASS WEB PAGE LOCATION: https://bspace.berkeley.edu/portal
MEETING DAY(S)/TIME: Tuesdays,
6:00PM-9:30PM
PREREQUISITE(S): MBA203, MBA280
CLASS FORMAT: The class format will be a mixture of
lectures and case discussions.
REQUIRED: Geltner, Miller,
Clayton, and Eichholtz, Commercial Real Estate
Analysis and Investments (3rd edition, 2013), ). OnCourse Learning. ISBN: 1133108822.
BASIS FOR FINAL GRADE: Midterm, Final, and Case
write-ups.
ABSTRACT OF COURSE'S CONTENT AND OBJECTIVES
: This is an applied finance and economics course that focuses on the
structure and operation of the U.S. mortgage and asset-backed securities
market. The course begins with an overview of the fundamentals of mortgage
contracts such as FRM, ARM, and HEL and a review of basic bond analysis tools
such as duration and convexity. The course then considers the fundamentals of
residential and commercial real estate contracting and analyzes methods to
design mortgages to manage risk. The course will then review recent advances in
finance to price mortgage and contracts with embedded options such as prepayment,
default, extension, and cancellation. The final part of the course considers
the fundamental role of securitization and multi-trillion dollar mortgage and
asset-backed bond markets. We will also discuss strategies to structure deals
and methods to price bonds. The course will offer all students an opportunity
to develop their sophisticated spreadsheet skills to analyze securities and
options.
BIOGRAPHICAL SKETCH: Prof. Jiro Yoshida is Visiting
Assistant Professor at the Haas School of Business. He is also Fellow at the Institute for Real Estate Studies and
Assistant Professor of Business at the Pennsylvania State University, Senior
Research Fellow at the Policy Research Institute of the Ministry of Finance of
Japan, and Research Fellow at the Housing Research and Advancement Foundation
of Japan. He was previously Assistant Professor at the Graduate School of
Economics of the University of Tokyo and Assistant Research Specialist at Haas.
Prof. Yoshida also has extensive business experience in banking, real estate,
and public policy. He served as a consultant to Property and Portfolio
Research, Senior Associate at Lehman Brothers, Deputy Director at the
Development Bank of Japan, a founding director of the Japanese Association of
Real Estate Financial Engineering, and a member of various committees of the
Japanese government. Prof. Yoshida’s area of research include
real estate finance, asset pricing, corporate finance, and macroeconomics. 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. Engineering), Massachusetts Institute of Technology (M.S.), and
University of California, Berkeley (M.S. and Ph.D.).