Yildiray Yildirim is the William Newman Chair Professor in Real Estate Finance and the Director, Steven L. Newman Institute at Baruch College.
His research interests are real estate finance in particular securitization and commercial leasing, credit risk, fixed income securities, inflation modeling, and structured finance. He serves on the editorial board of Real Estate Economics. He is the co-creator of the Jarrow-Yildirim framework for pricing inflation linked securities. His co-authored work on CMBS was patented in 2014. He has taught finance and real estate courses, including real estate finance and investment, real estate capital markets, case studies in real estate investment, fixed income securities, and corporate finance.
Professor Yildirim is a Fellow of the Weimer School of Advanced Studies in Real Estate and Land Economics. He received both his M.A. in Economics and Ph.D. in Statistics at Cornell University.
Capital Structure and the Substitutability versus Complementary Nature of Leases and Debt
(With Brent Ambrose, Thomas Emmerling, and Henry Huang)
Forthcoming, Review of Finance
The Impact of Tenant Diversification on Commercial Mortgage Spread and Default Rates
(With Brent Ambrose and Michael Shafer)
Forthcoming, The Journal of Real Estate Finance and Economics.
The Subprime Virus
(With Sumit Agarwal and Brent Ambrose)
Real Estate Economic, Vol. 43, Issue 4, pp. 807- 1054, 2015.
Default and Prepayment Modeling in Participation Mortgages
(With Yusuf Varli)
Journal of Banking and Finance, Vol 61, No. 12, 81-88, 2015.
Drafting and Securitizing Participation Mortgages: a Re-Introduction
(With Spencer Coopchik)
The Pepperdine Journal of Business, Entrepreneurship & the Law, Vol 18, Issue 2, 468-497, 2015.
The Impact of Policy Decisions on Global Liquidity during the Recent Financial Crises
(With Sait Satiroglu, Emrah Sener, and Michael Shafer)
International Journal of Finance and Economics, Vol 20, No. 2, 178-189, 2015.
Government Policies, Residential Mortgage Defaults, and the Boom and Bust Cycle of Housing Prices
(With Marius Ascheberg, Robert Jarrow and Holger Kraft)
Real Estate Economic, Vol 42, No. 3, pp. 627-661, 2014.
Markov Switching Dynamics in REIT Returns: Univariate and Multivariate Evidence on Forecasting Performance
(With Brad Case and Massimo Guidolin)
Real Estate Economic, Vol 42, No. 2, pp. 279-342, 2014.
Affine Model of Inflation-Indexed Derivatives and Inflation Risk Premium
(With Hsia-Wei Ho and Henry H. Huang)
European Journal of Operational Research, Vol. 235, Issue 1, pg. 159-169, May 2014.
Operational Risk and Equity Prices
(With Michael Shafer)
Finance Research Letters, Volume 10, Issue 4, pg 157-168, December 2013.
Dynamic Correlation Among Asset Classes: REIT and Stock Returns
(With Brad Case and Yawei Yang)
The Journal of Real Estate Finance and Economics, Vol. 44, No. 3, 2012.
Fellow of Weimer School of Advanced Studies in Real Estate and Land Economics, Homer Hoyt Institute, 2015.