Since I joined the School of Built Environment, Oxford Brookes University I have been heavily involved in teaching for both UG and PG programme.  For the last three years, in addition to my responsibility for three modules (2 BSc and 1 MSc) and dissertation supervision, I have helped three other UG modules: Professional Practice Test (field trip, viva and report marking) for the final year students, along with 1^st and 2^nd year integrative project modules. For the three my own modules I have continuously reviewed and tried a variety of learning activities (team project, invitation of visiting speakers, coursework development with case studies) and assessment methods (a number of small online quizzes, individual essay writing, critical and reflective learning, team projects and presentation).

Modules taught

Module Leadership

• Introduction to Property, Management and Professional Practice (U35013) for BSc 1^st year
• Management of Corporate Real Estate (U35074) for BSc 3^rd year
• Corporate Real Estate (P35031) for MSc course

 Module lecturer of: 

• Integrative Project I (U35012) for 1^st year,
• Integrative Project II (U35025) for 2^nd year,
• Professional Practice Test ( U35094) for 3^rd year

 Dissertation supervision (BSc/MSc)

Supervision

PhD supervision

My research interests lie in the following fields: housing and land policy, macro and micro analysis of housing market, housing finance and mortgage market, housing need and affordability, social and affordabl housing policy and residential mobility.

I have published a number of research papers in leading academic journals such as Journal of Housing Economics, Real Estate Economics, Journal of Real Estate Finance and Economics, Applied Economics, Journal of Housing and Built Environment, and Construction Management and Economics.

Research group membership

Real Estate and Land Policy Group

Research grants and awards

2017-2018

Global Challenges Collaborative Research Award, PI, £12,000

2016-2017

Central Research Fund, Research Collaboration Travel Award, PI, £3,000

2015-2017

Central Research Fund, Update on Planning Obligations and Affordable Housing, Co-I , Total grant value £4,500

2005 - 2006

Oxford Brookes University, Promising Research Fellowship.

Title:  The benefits and risks of Low Cost Home Ownership in different housing markets. PI, Total grant value £7,500

Research projects

Recent projects

2017-2018

Joseph Rowntree Foundation, Rethinking Planning Obligations; the Update, York, Joseph Rowntree Foundation. PI , Total grant value £4,000

2016-2017

Joseph Rowntree Foundation, Rethinking Planning Obligations; the Update, York, Joseph Rowntree Foundation. PI , Total grant value £4,566

2015-2016

Joseph Rowntree Foundation, Rethinking Planning Obligations; the Update, York, Joseph Rowntree Foundation. PI , Total grant value £6,000

2013- 2015

Joseph Rowntree Foundation, Rethinking Planning Obligations; Achieving a balance between housing numbers and affordability, York, Joseph Rowntree Foundation. Co-PI , Total grant value £75,000

2008-2009

Korea National Housing Corporation/So-Gang University, Government intervention in housing supply: an international comparative study, PI Total grant value £4,000

2007-2008

Quality Research project, Oxford Brookes University, UK

The UK Housebuilding Industry: An Analysis of post-Barker Structural Responses, PI, Total grant value £5,000

2006- 2007

Department of Community and Local Government

Title: Modelling the future take-up of low-cost homeownership products, Co-I

Total grant value £35,000

Further information

Rethinking Planning Obligations; Achieving a Balance Between Housing Numbers and Affordability' is available at the JRF website https://www.jrf.org.uk/report/rethinking-planning-obligations-balancing-housing-numbers-and-affordability

Books

• CHO DY, THE UK HOUSEBUILDING INDUSTRY: AN ANALYSIS OF POST-BARKER STRUCTURAL RESPONSES, Last accessed (2014)
  ISBN:
  
• Cho Y, Whitehead C, Low Cost Home Ownership in different housing markets, Housing Corporation (2006)
  ISBN:
  
• Cho Y, Whitehead CM, Residential Mobility of Social Tenants and Households Entering Low Cost Home Ownership (LCHO): A Comparison of London and the Northen Regions, Dataspring (2005)
  ISBN:
  
• Cho Y, Grant FL, Whitehead CM, Affordable Housing in London: Who Expects to Move and Where?, Housing Corporation (2004)
  ISBN:
  
• Marshall D, Kiddle C, Cho Y, Housing C, Snapshot of the RSL Sector in 2000, University of Cambridge, Department of Land Economy (2001)
  ISBN:
  

Journal articles

• Hwang S, Cho Y, Shin J, 'Does illiquidity matter in residential properties?'
  Applied Economics 49 (1) (2016) pp.1-20
  ISSN: 0003-6846 eISSN: 0003-6846
  Abstract No, it doesn’t, despite the general perception that illiquidity matters in real estates. As expected, the illiquidity costs we estimate for the US residential properties are large. They are on average equivalent to 12% of the total property returns, ranging from 9.5% to 29.5% of property prices depending on illiquidity levels and market conditions. However, when amortized by holding periods, monthly illiquidity costs are on average 0.08%, and illiquidity risk does not appear to be priced in residential properties: illiquid properties do not show higher returns than liquid properties. On the contrary, we find evidence of flight-to-quality in bull markets: i.e., high quality illiquid properties are preferred to low quality liquid properties in buoyant markets. These results are in sharp contrast with those in equities and bonds where flight-to-liquidity has been reported when markets are in stress.Website
• Hwang S, Cho Y, Shin J, 'Household Overconfidence in the UK Housing Market'
  Available at SSRN 2784688 (2016) pp.1-43
  ISSN: 1556-5068 eISSN: 1556-5068
  Abstract Using the Epstein-Zin utility in a consumption-based pricing model, we identify three explanatory variables required for the prediction of house prices – changes in consumption, stock returns, and changes in human capital. When overconfident households try to predict house prices using noisy signals for those three variables, their posterior expectation is biased such that they over-respond to those signals. UK households appear to over-respond to changes in consumption and human capital, but they do not over-respond to stock returns. Interestingly, we find that when household overconfidence is removed, house prices in London have been flat since the 2008 financial crisis, indicating that the recent house price surge in London has been driven by household overconfidence in the outlook of the economy.Website
• Brownill S, Cho Y, 'Time to Rebalance Housing Numbers and Affordability'
  Town and Country Planning -London- Town and Country Planning Association- 84 (11) (2015) pp.503-507
  ISSN: 0040-9960 eISSN: 0040-9960
  Abstract
  This article considers how planning reforms are contributing to the dramatic fall in the provision of homes that are affordable for those on lower incomes.
   
  Website
• Cho Y, Whitehead C, 'The immobility of social tenants: is it true? does it matter?'
  Journal of Housing and the Built Environment Online (January) (2013) pp.--
  ISSN: 1566-4910 eISSN: 1566-4910
  Abstract

  The low level of residential mobility in England, particularly in the social sector, has been a continuing topic both in the literature and among policy makers. The period 1995-2007 was one of relatively rapid tenure change as well as sustained economic growth which could be expected to have increased mobility across tenures but also the costs of immobility in both the labour and housing markets. It was also a period where allocations to the social sector were increasingly concentrated among more vulnerable households. Given these trends does social housing continue to stand out as particularly immobile? If so is the relative immobility an outcome of who lives in social housing rather than how the sector is managed? And do low levels of mobility have significant negative impacts generating labour market inefficiencies and poor use of social housing? This paper uses Survey of English Housing data for the decade of growth from the mid 1990s to examine the drivers of mobility across tenures and how these have changed over the period, with particular emphasis on outcomes in the social sector. These drivers are described and modelled for the study period and suggest that social sector tenants with similar characteristics are much less mobile than households in other tenures but that the costs of this immobility, while difficult to quantify may well be quite limited.

  Website
• Cho Y, Hwang S, Lee Y, 'The dynamics of appraisal smoothing'
  Real Estate Economics online (-) (2013) pp.--
  ISSN: 1080-8620 eISSN: 1080-8620
  Abstract We investigate the dynamics of appraisal smoothing in the National Council of Real Estate Investment Fiduciaries (NCREIF) index return using time-varying asset pricing models. We find that smoothing is on average close to zero but varies substantially over time. From the inception of the NCREIF index in 1978 until the mid-1990s, there was little evidence of smoothing. Smoothing has increased significantly since the mid-1990s to the end of 2010. Smoothing increases when property prices or uncertainty increases. However, it decreases when sentiment in the property market is high or during recession periods. The substantial variation in the level of smoothing indicates that the volatility of unsmoothed appraisal-based property returns would be significantly over- or under-estimated for different periods if unsmoothed with a long-run average smoothing.Website
• Cho Y, Hwang S, Satchell S, 'The optimal mortgage loan portfolio in the uk regional residential real estates'
  Journal of Real Estate Finance and Economics 45 (3) (2012) pp.645-677
  ISSN: 0895-5638 eISSN: 0895-5638
  Abstract

  In this study, we propose a method based on large deviation theory (LDT), which minimises credit risk (expected loss). We demonstrate how mortgage loan portfolios can be optimised using geographical differences in the risk characteristics of mortgage loans in the UK. Our empirical results show that credit risk can be reduced by a third when the LDT method is used instead of the benchmark portfolios that we calculate with regional-gross-value-added weights and equal weights. More importantly, the difference in the expected loss between these portfolios increases further during bearish housing markets. To see that such numbers matter, in an extreme scenario, the UK mortgage lenders could lose more than 2% a year as the consequence of mortgage defaults, which is equivalent to an annual loss of approximately 20 billion pounds in the UK. Although this extreme state would not continue for a long time, it nevertheless represents a huge potential loss for mortgage lenders and investors.

  Website
• Cho Y, Hwang S, Satchell S, 'The Optimal Mortgage Loan Portfolio in UK Regional Residential Real Estate'
  The Journal of Real Estate Finance and Economics 45 (3) (2012)
  ISSN: eISSN:
  
• Cho Y, Hwang S, Lee Y, 'The Dynamics of Smoothing: What Drives Appraisal Smoothing?'
  Available at SSRN 1921101 (2011)
  ISSN: eISSN:
  
• Cho Y, 'Diversification of Korean housebuilding firms: The pattern and motives between 1980 and 1995'
  Habitat International 31 (3) (2007)
  ISSN: eISSN:
  
• Cho Y, 'Housing supply in the UK: Appropriate and Affordable?'
  Housing Studies Review 14 (2006)
  ISSN: eISSN:
  
• Cho Y, Whitehead C, 'People and places: Mobility aspirations among London households'
  Open House International 30 (3) (2005)
  ISSN: eISSN:
  
• Cho Y, 'The organizational boundaries of housebuilding firms in Korea'
  Construction Management and Economics 21 (7) (2003)
  ISSN: eISSN:
  
• Cho Y, 'Economic efficiency of multi-product structure: the evidence from Korean housebuilding firms'
  Journal of Housing Economics 12 (4) (2003)
  ISSN: eISSN:
  

Book chapters

• Cho Y, 'Different tenures, different households?' in Making housing more affordable: the role of intermediate tenures , Blackwell publishing (2011)
  ISBN: 9781405147149
  Website

Other publications

• Brownill S, Cho Y, Keivani R, Nase I, Downing L, Valler D, Whitehouse N, Penny Bernstock, 'Rethinking planning obligations: balancing housing numbers and affordability'
  (2015)
  ISSN: eISSN:
  Abstract
  It is now widely acknowledged that there is a pressing need to increase the supply of housing in England, including for those on the lowest incomes. Planning obligations are a major way in which the planning system contributes to the supply of affrdable housing, yet numbers delivered are still insuffient to meet overall needs, vary greatly between different parts of the country and have been affcted by the economic downturn and changes to the planning system. Given these challenges, this research explores what works and what doesn’t in the operation of planning obligations and whether there are alternative localised ways of increasing the supply of affordable housing.
  Website
• Cho Y, 'An analysis of uk housebuilding sector's responses to the policy changes'
  (2011)
  ISSN: eISSN:
  

Cho, Y, Different tenures, different households, in  Whitehead, C.M.E. and Monk, S (Ed) (2010) , Making Housing More Affordable: the role of intermediate tenures, Blackwell publishing & RICS foundation.

Cho, Y. (2009) Government Intervention in Housing Supply: An International comparative Study: England Case Study. For the Korea National Housing Corporation. Seoul. Korea.

Cho, Y. (2008) Shared ownership in UK: the current issues, a consultation paper for Korea National Housing Corporation.

Cho, Y. (2007) Diversification of Korean Housebuilding Firms: The Pattern and Motives between 1980 and 1995, Habitat International, (31) pp277-290

Cho, Y.  (2006) “Housing Supply in the UK: Appropriate and Affordable?”, Housing Studies Review, Korean Association for Housing Policy Studies, Seoul, 14(2), pp 253-278

Cho, Y. & Whitehead, C. (2006) Low Cost Home Ownership in different housing markets,  Dataspring Discussion Paper. Department of Land Economy, University of Cambridge.

Cho, Y. and C. Whitehead, (2005) People and Places: Mobility Aspirations among London Households, Open House International, 30(3) pp45-53

Marshall, Y. Cho, (2005) Housing Association Service Charges and their Relationship to Rents, Dataspring Discussion paper 11, Department of Land Economy, University of Cambridge.

Cho and Whitehead C. (2005) Residential mobility of social tenants and households entering Low Cost Home Ownership(LCHO): A comparison of London and the Northern Regions, Dataspring Discussion Paper 10, Department of Land Economy, University of Cambridge.

Cho and Whitehead C. (2005) Regional and sub-regional analyses: residential mobility of social tenants and those entering LCHO in the North regions, Dataspring Discussion Paper 9, Department of Land Economy, University of Cambridge.

Y.Cho and Whitehead C, (2005) Affordable housing in London: Mobility and locational aspirations, Evidence from the London Household Survey 2002. Dataspring Discussion Paper 8, Department of Land Economy, University of Cambridge.

Cho, K. Karley, C.ME.Whitehead, (2004) RSL Rents: Evidence from the Existing Tenants Survey 2000, Dataspring Discussion Paper 6. Department of Land Economy, University of Cambridge.

Cho, Y. and C. Whitehead, (2004) Who Moves and Where? : A Comparison of Housing Association Tenants in London and the Northern regions, Housing Corporation, Sector Study 40.

Cho, Y.,  F. Grant and C. Whitehead, (2004 ) Affordable Housing in London: Who Expects to Move and Where, Housing Corporation, Sector Study 39.

Cho, Y. (2003) Economic Efficiency of Multiproduct Structure: The Evidence of Korean Housebuilding Firms, the Journal of Housing Economics, 12 (4), pp. 337-355.

Cho, Y. (2003) The Organisational Boundaries of Housebuilding Firms in Korea, Construction Management and Economics, 21 (7). pp.671-680.

Whitehead, Y. Cho, (2003) Who moves and why?: patterns of mobility in the housing association sector in London. Sector Study 25, Housing Corporation, London.

Kencey, D. Banks, Y. Cho, (2002) Report on Population, Incomes and Rents, Anchor Housing Corporation.

Jones, Y. Cho (2002) Rents, Income and Affordability in Windsor and Maidenhead, CCHPR, University of Cambridge.

Areas of expertise

My research espertise lies in the following fields: housing and land policy, macro and micro analysis of housing market, residential mobility, housing finance and mortgage market, housing need and affordability, social and affordable housing policy and house building industry. My speciality is qualitative policy evaluation and quantitative modelling on the housing market using large data sets.

Membership of professional bodies

Associate and Visiting Fellowship

• The Associate, University of Cambridge, Department of Land Economy since Oct. 2005

• Visiting fellow in KRIHS (Korea Research Institute for Human Settlement) 2005-7

Membership of Research Network

• Member of the Asian Pacific Network for Housing Research (APNHR)
• Member of Society of Property Research, UK
• Member of the Housing Studies Association (HSA)
• Member of the European Real Estate Society (ERES)
• Member of the European Network for Housing Research (ENHR)
• Member of the Asian Real Estate Society (AsRES)
• Member of the American Real Estate and Urban Economics Association (AREUEA)

 Membership of Committees

• Korea Committee Board Member of Asian Pacific Network for Housing Research (APNHR) since 2008
  

• Research Fund Review Panel Committee
  • Invited to review panel for Research Development Fund project: Jiaotong-Liverpool University 2013
•  External examiner of the Research Grants Council (RGC) of Hong Kong
•  APNHR 2015 Abstract/Paper Review Committee

 Invited Talk

AsRES & AREUEA conference 2011, Plenary Speaker Plenary session : private rented sector in the UK

APNHR 2015 : Plenary Speaker Plenary Session 1: Housing Economy and Policy

Editorial Board member

• Editorial Board, Housing Studies Review, Korean Association for Housing Policy Studies since 2008.
• Guest Editor of Journal of The Korean Housing Association, 2015
• Editorial Board, Journal of the Korea Real Estate Analysts Association. The Korea Real Estate Analysts Association since 2010.

Academic Referee

• Construction Management and Economics, since 2007
• Building Research and Information, since 2010
• International Journal of Housing Markets and Analysis since 2010
• Engineering, Construction and Architectural Management 2011
• Journal of Housing and the Built Environment since 2011
• Housing Studies 2013
• Housing Theory and Society since 2014
• Urban Studies since 2015

Conferences

Cho and Whitehead C. Moving to more deprived areas: What is happening?  Why?, The American Real Estate and Urban Economics Association (AREUEA) annual international conference, Alicante, Spain on July 7-8, 2016,

Hwang S, Cho Y, Shin J (2016), ‘Overconfidence by households in the UK Housing Market’.  The American Real Estate and Urban Economics Association (AREUEA) annual international conference, Alicante, Spain on July 7-8, 2016,

Cho and Whitehead C. Moving to deprived areas: Why is this happening? Does it matter? ENHR conference, 19^th- 22^nd June 2013, Tarragona Spain,

Cho Y., S. Hwang, Y Lee What Makes Appraisers Smooth Property Values? July 2012 ASSA-AREUREA conference.

Cho, Y., Cho, M, Pang, S. Kim, K  ‘Government Intervention in Housing Supply  and the Housing Output: A comparison of five global cities.’ July 2011 AsRES & AREUEA conference

Cho.Y and Turner, P, High-density living in England: recent trends and directions for future growth July 2011 AsRES & AREUEA conference

Cho, Y.  An analysis of UK housebuilding sector’s responses to the policy changes: strategic or opportunistic? ENHR conference, 2010, Istanbul, Turkey.

Cho, Y. and C. Whitehead, Modeling the Take Up of Low Cost Home Ownership Products in the UK, ENHR, July 2008, Dublin.

Cho, Y. , S. Monk, C. Whitehead, ‘Modelling tenure choice: low cost home ownership in the UK’, ENHR, June 2007, Rotterdam.

Cho, Y. and C. Whitehead, Housing Tenure and Residential Mobility in England APNHR, August 2007, Seoul, Korea.

Cho, Y. and C. Whitehead, Affordable Low Cost Home Ownership: UK Case Study, ENHR, Ljubljana, July 2006

Cho, Y. and C. Whitehead, Sustainable Low Cost Home Ownership indifferent housing market: An empirical assessment of UK government schemes, ERES Conference, Dublin, June 2005

Cho, Y. and C. Whitehead, Benefits and Risks of Low Cost Home Ownership, ENHR Reykjavik, July 2005

Cho, Y. and C. Whitehead, Mobility Aspirations among London Households, ENHR, Cambridge, July 2004

Cho, Y. and C. Whitehead, Residential Mobility of Social Tenants in England: the Pattern and Causes, APNHR, Hong Kong, Feb. 2004