Research
My research examines how major technological and environmental transformations reshape real estate assets, infrastructure, cities, and financial markets.
A common theme across my work is the interaction between finance and the physical economy: where capital is invested, how real estate assets and infrastructure are financed and valued, and how changes in technology, climate, and the built environment affect firms, households, financial institutions, and local economies.
Working Papers
Climate Risk, Soft Information, and Credit Supply, with Laura Alvarez-Roman, Sergio Mayordomo, and Xavier Vives. R&R at Review of Finance
* Online appendix
Neighborhood Externalities and Coordinated Rebuilding after Wildfires: Evidence from California Housing and Mortgage Markets, with Paulo Issler, Richard Stanton, and Nancy Wallace
Misestimating Home Values: Consequences for Household Finance, with Stefano Corradin, and Jose Fillat
EPC Mirage: Grid Decarbonisation Can Overstate Retrofit Progress in Carbon-Weighted Building Energy Ratings, with Alex Melendez-Ramos
Green Urban Planning and Consumer Satisfaction: Evidence from Barcelona’s Superblock Model, with Juan Pablo Filippini and Anil Kumar. R&R at Cities
The Effect of Urban Density on Stock Returns: Evidence from Satellite Imagery and Firms in the United States, with Sara Benetti and Mahsa Memarian. R&R at Journal of Economics and Finance
* Online appendix
Publications
Stock Comovement and Financial Flexibility, with Teng Huang, Anil Kumar and Stefano Sacchetto
Journal of Financial and Quantitative Analysis, 2024, Vol. 59, Issue 3, pp. 1141 – 1184. https://www.doi.org/10.1017/S0022109022001338
Political Uncertainty and Housing Markets, with Van Nguyen
Journal of Housing Economics, 2023, Vol. 61, pp. 101952.
https://doi.org/10.1016/j.jhe.2023.101952
Housing Wealth, Health and Deaths of Despair, with Ariadna Jou and Nuria Mas
Journal of Real Estate Finance and Economics, 2023, Vol. 66, pp. 569–602. https://doi.org/10.1007/s11146-020-09801-5
The Effect of Financial Flexibility on Payout Policy, with Anil Kumar
Journal of Financial and Quantitative Analysis, 2020, Vol. 55, Num. 1, pp. 263-289. https://doi.org/10.1017/S002210901800114X
* Online appendix
The Big Short: Short Selling Activity and Predictability in House Prices, with Pedro Saffi
Real Estate Economics, 2020, Vol. 48, Num. 4, pp. 1030-1073. http://onlinelibrary.wiley.com/doi/10.1111/1540-6229.12219/abstract
* Online appendix
The Effects of Interest Rates on the Valuation of Highway Infrastructure Assets
Transportation Management, 2018, Vol. 1, Num. 4, pp. 1-17. http://dx.doi.org/10.24294/tm.v0i0.524
The Term Structure of Interest Rates with Housing
Journal of Banking and Finance, 2018, Vol. 94, pp. 221-234. https://doi.org/10.1016/j.jbankfin.2018.08.005
Optimal Portfolio Choice with Predictability in House Prices and Transaction Costs, with Stefano Corradin and Jose Fillat
Review of Financial Studies, 2014, Vol. 27, pp. 823-880.
* Data file with the indicator of periods of high expected growth in house prices
* Online appendix
How Does the Yield Curve Influence Real Estate Markets and Vice Versa?
Moneda y Credito, 2012, Vol. 234, pp. 97-122.
Non-Refereed Publications and Other Papers
Toll Road Securitization: A Global Approach to Project Finance, with Juan Argote
Harvard Deusto Finanzas & Contabilidad, 2010, Vol. 98, pp. 58-73 (in Spanish)
Booms-and-Busts in House Prices Explained by Constraints in Housing Supply, with Narayan Bulusu and Jefferson Duarte
Bank of Canada WP, 2013-18.
Can the Common-Factor Hypothesis Explain the Observed Housing Wealth Effect?, with Narayan Bulusu and Jefferson Duarte
Bank of Canada WP, 2016-62.
Portfolio Choice with House Value Misperception, with Stefano Corradin and Jose Fillat
Federal Reserve Bank of Boston WP, 2017, 17-16.
Brick or Treat: Shareholder Activism and Corporate Leasing, with Fang Li and Gaizka Ormazabal
Seminars and Conference Presentations
2026
Conferences: ASSA/Econometric Society Annual Meeting in Philadelphia, USA; ASSA/AREUEA Annual Meeting in Philadelphia, USA
2025
Conferences: ASSA/AREUEA Annual Meeting in San Francisco, USA; AREUEA International Conference in Barcelona, Spain (Conference Chair)
2024
Conferences: ASSA/AREUEA Annual Meeting in San Antonio, USA; AREUEA International Conference in Willemstad, Curaçao; MadBar Workshop on Banking and Corporate Finance in Barcelona, Spain
2023
Conferences: MIPIM in Cannes, France; IE University – Bank of Spain – Federal Reserve Bank of St. Louis Conference on Current Challenges in Economics and Finance in Madrid, Spain; Catalan Economic Society Conference in Barcelona, Spain; AREUEA International Conference in Cambridge, UK
Seminars: IE Business School
2022
Conferences: ASSA/AEA Annual Meeting (virtual); MIPIM in Cannes, France
2021
Seminars: Penn State University
Conferences: ASSA/AFA Annual Meeting (virtual); 13th ReCapNet Conference (virtual)
2020
Seminars: European Banking Authority (virtual); Bank of Spain (virtual); CaixaBank
Conferences: NBER – Financial Economics of Insurance (virtual); CEPR European Conference on Household Finance (virtual); MadBar Workshop in Madrid, Spain; Meeting of the Urban Economics Association (UEA) (virtual)
2019
Conferences: ASSA/AREUEA Annual Meeting in Atlanta, USA; MIPIM in Cannes, France; SED Meeting in Saint Louis, USA; AREUEA International Meeting 2019 in Milan, Italy; Real Estate Finance and Investments Symposium in Cambridge, UK
2018
Seminars: CaixaBank; Aarhus University
Conferences: MIPIM in Cannes, France; Expo Real in Munich, Germany
2017
Conferences: ASSA/AFA and ASSA/AREUEA Annual Meeting in Chicago, USA; MadBar Workshop in Barcelona, Spain; Meeting of the Urban Economics Association (UEA) and North American Meetings of the Regional Science Association International (NARSC) in Vancouver, Canada
2016
Conferences: ASSA/AREUEA Annual Meeting in San Francisco, USA; Summer Real Estate Symposium in Park City Utah, USA; European Finance Association (EFA) Annual Meetings in Oslo, Norway; Real Estate Finance and Investments Symposium in Cambridge, UK
2015
Seminars: University of Zurich; University of Konstanz
Conferences: Housing-Urban-Labor-Macro (HULM) Conference in Chicago, USA
2013
Conferences: ASSA/AREUEA Annual Meeting in San Diego, USA
2012
Seminars: Universitat Pompeu Fabra
2011
Conferences: ASSA/AREUEA Annual Meeting in Denver, USA; XXIV Symposium Moneda y Credito – Fundacion Banco Santander in Madrid, Spain; XIX Finance Forum of the AEFIN in Granada, Spain
2010
Seminars: Federal Reserve Board of Governors; George Washington University
Conferences: Financial Management Association (FMA) Meetings in New York, USA; XVIII Finance Forum of the AEFIN in Elche, Spain
2009
Seminars: IESE Business School-ESADE Business School; University of Amsterdam; CEU Cardenal Herrera-University of Alicante; University of the Basque Country; University of Navarra; CaixaBank
Conferences: European Finance Association (EFA) Annual Meetings in Bergen, Norway; Econometric Society European Meetings in Barcelona, Spain; European Financial Management Association (EFMA) Annual Meetings in Milan, Italy; Summer Real Estate Symposium at the Annual Conference of the Western Finance Association (WFA) in San Diego, USA; XVII Finance Forum of the AEFIN in Madrid, Spain
2008
Seminars: University of Illinois at Urbana-Champaign (College of Business); Rice University (Jesse H. Jones School of Management); Imperial College (Business School); IESE Business School; Universitat Pompeu Fabra; University of Amsterdam; Stockholm School of Economics; CUNY (Baruch College); Federal Reserve Board of Governors; ESSEC Business School; University of California Irvine (The Paul Merage School of Business); University of North Carolina (Kenan-Flagler Business School); University of California Berkeley (Haas School of Business)
Conferences: Western Finance Association (WFA) in Hawaii, USA
2007
Seminars: University of California Berkeley (Haas School of Business)
Conferences: Transportation Research Board Annual Meeting in Washington DC, USA; World Conference on Transport Research in Berkeley, USA