{"id":9,"date":"2011-03-21T14:42:10","date_gmt":"2011-03-21T14:42:10","guid":{"rendered":"https:\/\/blog.iese.edu\/vergara\/?page_id=9"},"modified":"2026-08-20T10:55:25","modified_gmt":"2026-08-20T09:55:25","slug":"research","status":"publish","type":"page","link":"https:\/\/blog.iese.edu\/vergara\/research\/","title":{"rendered":"Research"},"content":{"rendered":"

My research examines how major technological and environmental transformations reshape real estate assets, infrastructure, cities, and financial markets.<\/p>\n

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.<\/p>\n

<\/div>\n

Working Papers<\/strong><\/p>\n

Climate Risk, Soft Information, and Credit Supply<\/b><\/a>, with Laura Alvarez-Roman, Sergio Mayordomo, and Xavier Vives. R&R at Review of Finance<\/b><\/em>
\n* Online appendix<\/em><\/span><\/a><\/p>\n

Neighborhood Externalities and Coordinated Rebuilding after Wildfires: Evidence from California Housing and Mortgage Markets<\/b><\/a>, with Paulo Issler, Richard Stanton, and Nancy Wallace<\/p>\n

Misestimating Home Values: Consequences for Household Finance<\/b><\/a>, with Stefano Corradin, and Jose Fillat <\/p>\n

EPC Mirage: Grid Decarbonisation Can Overstate Retrofit Progress in Carbon-Weighted Building Energy Ratings<\/b><\/a>, with Alex Melendez-Ramos <\/p>\n

Green Urban Planning and Consumer Satisfaction: Evidence from Barcelona\u2019s Superblock Model<\/b><\/a>, with Juan Pablo Filippini and Anil Kumar. R&R at Cities<\/b><\/em><\/p>\n

The Effect of Urban Density on Stock Returns: Evidence from Satellite Imagery and Firms in the United States<\/b><\/a>, with Sara Benetti and Mahsa Memarian. R&R at Journal of Economics and Finance<\/b><\/em>
\n* Online appendix<\/em><\/span><\/a><\/p>\n

<\/div>\n

Publications<\/strong><\/p>\n

Stock Comovement and Financial Flexibility<\/b><\/a>, with Teng Huang, Anil Kumar and Stefano Sacchetto
\nJournal of Financial and Quantitative Analysis<\/b>, 2024, Vol. 59, Issue 3, pp. 1141 – 1184. <\/em> https:\/\/www.doi.org\/10.1017\/S0022109022001338<\/em><\/a><\/p>\n

Political Uncertainty and Housing Markets<\/b><\/a>, with Van Nguyen
\nJournal of Housing Economics<\/b>, 2023, Vol. 61, pp. 101952. <\/em>
\nhttps:\/\/doi.org\/10.1016\/j.jhe.2023.101952<\/em><\/a><\/p>\n

Housing Wealth, Health and Deaths of Despair<\/b><\/a>, with Ariadna Jou and Nuria Mas
\nJournal of Real Estate Finance and Economics<\/b>, 2023, Vol. 66, pp. 569\u2013602. <\/em> https:\/\/doi.org\/10.1007\/s11146-020-09801-5<\/em><\/a><\/p>\n

The Effect of Financial Flexibility on Payout Policy<\/b><\/a>, with Anil Kumar
\nJournal of Financial and Quantitative Analysis<\/b>, 2020, Vol. 55, Num. 1, pp. 263-289. <\/em> https:\/\/doi.org\/10.1017\/S002210901800114X<\/em><\/a>
\n* Online appendix<\/em><\/span><\/a><\/p>\n

The Big Short: Short Selling Activity and Predictability in House Prices<\/b><\/a>, with Pedro Saffi
\n Real Estate Economics<\/b>, 2020, Vol. 48, Num. 4, pp. 1030-1073. <\/em> http:\/\/onlinelibrary.wiley.com\/doi\/10.1111\/1540-6229.12219\/abstract<\/em><\/a>
\n* Online appendix<\/em><\/span><\/a><\/p>\n

The Effects of Interest Rates on the Valuation of Highway Infrastructure Assets<\/b><\/a>
\nTransportation Management<\/b>, 2018, Vol. 1, Num. 4, pp. 1-17. <\/em> http:\/\/dx.doi.org\/10.24294\/tm.v0i0.524<\/em><\/a><\/p>\n

The Term Structure of Interest Rates with Housing<\/b><\/a>
\n Journal of Banking and Finance<\/b>, 2018, Vol. 94, pp. 221-234.<\/em> https:\/\/doi.org\/10.1016\/j.jbankfin.2018.08.005<\/em><\/a><\/p>\n

Optimal Portfolio Choice with Predictability in House Prices and Transaction Costs<\/b><\/a>, with Stefano Corradin and Jose Fillat
\nReview of Financial Studies<\/b>, 2014, Vol. 27, pp. 823-880.<\/em>
\n* Data file with the indicator of periods of high expected growth in house prices<\/em><\/span><\/a>
\n* Online appendix<\/em><\/span><\/a><\/p>\n

How Does the Yield Curve Influence Real Estate Markets and Vice Versa?<\/b><\/a>
\nMoneda y Credito<\/b>, 2012, Vol. 234, pp. 97-122. <\/em><\/p>\n

<\/div>\n

Non-Refereed Publications and Other Papers<\/strong><\/p>\n

Toll Road Securitization: A Global Approach to Project Finance<\/b><\/a>, with Juan Argote
\nHarvard Deusto Finanzas & Contabilidad, 2010, Vol. 98, pp. 58-73 (in Spanish)\u00a0<\/em><\/p>\n

Booms-and-Busts in House Prices Explained by Constraints in Housing Supply<\/b><\/a>, with Narayan Bulusu and Jefferson Duarte
\n Bank of Canada WP, 2013-18. <\/em><\/p>\n

Can the Common-Factor Hypothesis Explain the Observed Housing Wealth Effect?<\/b><\/a>, with Narayan Bulusu and Jefferson Duarte
\n Bank of Canada WP, 2016-62. <\/em><\/p>\n

Portfolio Choice with House Value Misperception<\/b><\/a>, with Stefano Corradin and Jose Fillat
\n Federal Reserve Bank of Boston WP, 2017, 17-16. <\/em><\/p>\n

Brick or Treat: Shareholder Activism and Corporate Leasing<\/b><\/a>, with Fang Li and Gaizka Ormazabal <\/p>\n

<\/div>\n

Seminars and Conference Presentations<\/strong><\/p>\n

2026<\/strong><\/strong><\/span><\/p>\n

Conferences:<\/strong> ASSA\/Econometric Society Annual Meeting in Philadelphia, USA; ASSA\/AREUEA Annual Meeting in Philadelphia, USA<\/p>\n

2025<\/strong><\/strong><\/span><\/p>\n

Conferences:<\/strong> ASSA\/AREUEA Annual Meeting in San Francisco, USA; AREUEA International Conference in Barcelona, Spain (Conference Chair)<\/p>\n

2024<\/strong><\/strong><\/span><\/p>\n

Conferences:<\/strong> ASSA\/AREUEA Annual Meeting in San Antonio, USA; AREUEA International Conference in Willemstad, Cura\u00e7ao; MadBar Workshop on Banking and Corporate Finance in Barcelona, Spain<\/p>\n

2023<\/strong><\/strong><\/span><\/p>\n

Conferences:<\/strong> MIPIM in Cannes, France; IE University \u2013 Bank of Spain \u2013 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 <\/p>\n

Seminars:<\/strong> IE Business School<\/p>\n

2022<\/strong><\/strong><\/span><\/p>\n

Conferences:<\/strong> ASSA\/AEA Annual Meeting (virtual); MIPIM in Cannes, France <\/p>\n

2021<\/strong><\/strong><\/span><\/p>\n

Seminars:<\/strong> Penn State University<\/p>\n

Conferences:<\/strong> ASSA\/AFA Annual Meeting (virtual); 13th ReCapNet Conference (virtual) <\/p>\n

2020<\/strong><\/strong><\/span><\/p>\n

Seminars:<\/strong> European Banking Authority (virtual); Bank of Spain (virtual); CaixaBank<\/p>\n

Conferences:<\/strong> 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) <\/p>\n

2019<\/strong><\/strong><\/span><\/p>\n

Conferences:<\/strong> 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<\/p>\n

2018<\/strong><\/strong><\/span><\/p>\n

Seminars:<\/strong> CaixaBank; Aarhus University<\/p>\n

Conferences:<\/strong> MIPIM in Cannes, France; Expo Real in Munich, Germany<\/p>\n

2017<\/strong><\/strong><\/span><\/p>\n

Conferences:<\/strong> 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<\/p>\n

2016<\/strong><\/strong><\/span><\/p>\n

Conferences:<\/strong> 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<\/p>\n

2015<\/strong><\/strong><\/span><\/p>\n

Seminars:<\/strong> University of Zurich; University of Konstanz<\/p>\n

Conferences:<\/strong> Housing-Urban-Labor-Macro (HULM) Conference in Chicago, USA<\/p>\n

2013<\/strong><\/strong><\/span><\/p>\n

Conferences:<\/strong> ASSA\/AREUEA Annual Meeting in San Diego, USA<\/p>\n

2012<\/strong><\/strong><\/span><\/p>\n

Seminars:<\/strong> Universitat Pompeu Fabra<\/p>\n

2011<\/strong><\/strong><\/span><\/p>\n

Conferences:<\/strong> 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<\/p>\n

2010<\/strong><\/strong><\/span><\/p>\n

Seminars: <\/strong>Federal Reserve Board of Governors; George Washington University<\/p>\n

Conferences: <\/strong>Financial Management Association (FMA) Meetings in New York, USA; XVIII Finance Forum of the AEFIN in Elche, Spain<\/p>\n

2009<\/strong><\/span><\/p>\n

Seminars:<\/strong> IESE Business School-ESADE Business School; University of Amsterdam; CEU Cardenal Herrera-University of Alicante; University of the Basque Country; University of Navarra; CaixaBank<\/p>\n

Conferences:<\/strong> 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<\/p>\n

2008<\/strong><\/span><\/p>\n

Seminars:<\/strong> 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)<\/p>\n

Conferences:<\/strong> Western Finance Association (WFA) in Hawaii, USA<\/p>\n

2007<\/strong><\/span><\/p>\n

Seminars:<\/strong> University of California Berkeley (Haas School of Business)<\/p>\n

Conferences:<\/strong> Transportation Research Board Annual Meeting in Washington DC, USA; World Conference on Transport Research in Berkeley, USA<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":13,"featured_media":0,"parent":0,"menu_order":2,"comment_status":"open","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-9","page","type-page","status-publish","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.iese.edu\/vergara\/wp-json\/wp\/v2\/pages\/9","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.iese.edu\/vergara\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blog.iese.edu\/vergara\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/vergara\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/vergara\/wp-json\/wp\/v2\/comments?post=9"}],"version-history":[{"count":631,"href":"https:\/\/blog.iese.edu\/vergara\/wp-json\/wp\/v2\/pages\/9\/revisions"}],"predecessor-version":[{"id":1162,"href":"https:\/\/blog.iese.edu\/vergara\/wp-json\/wp\/v2\/pages\/9\/revisions\/1162"}],"wp:attachment":[{"href":"https:\/\/blog.iese.edu\/vergara\/wp-json\/wp\/v2\/media?parent=9"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}