{"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":"2026-01-19T12:48:02","modified_gmt":"2026-01-19T11:48:02","slug":"research","status":"publish","type":"page","link":"https:\/\/blog.iese.edu\/vergara\/research\/","title":{"rendered":"Research"},"content":{"rendered":"

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

Misestimating Home Values: Consequences for Household Finance<\/b><\/a>, with Stefano Corradin, and Jose Fillat
\nPresented: ASSA-Econometric Society.<\/em><\/p>\n

Climate Risk, Soft Information, and Credit Supply<\/b><\/a>, with Laura Alvarez-Roman, Sergio Mayordomo, and Xavier Vives
\nPresented: AREUEA International Conference Cambridge; IE University-Bank of Spain\u2013Federal Reserve Bank of Saint Louis Conference; Catalan Economic Society Conference; Research Workshop of the MPC Task Force on Banking Analysis for Monetary Policy; Annual Workshop of the ESCB Research Cluster on Climate Change; MadBar Workshop on Banking and Corporate Finance; ASSA-AREUEA <\/em>
\n* Online appendix<\/em><\/span><\/a><\/p>\n

Housing and Mortgage Markets with Climate Risk: Evidence from California Wildfires<\/b><\/a>, with Paulo Issler, Richard Stanton, and Nancy Wallace
\nPresented: Bank of Canada; Bank of Spain; Berkeley Law; Blackrock; Columbia Business School; European Banking Authority; Federal Reserve Board; Florida State University; Northeastern University; NYU Stern; Office of Financial Research; Pennsylvania State University; Rice University; S&P Global; UCLA; UC Berkeley; Stanford GSB; AFA\/AREUEA joint session at the ASSA meetings; Annual Meetings of the Urban Economics Association; MadBar Workshop; CEPR European Conference on Household Finance; NBER conference on the Financial Economics of Insurance; CREDIT conference; Annual Volatility and Risk Institute Conference; Federal Reserve Stress-Testing Research Conference; AEA meetings; NBER conference on Innovative Data in Household Finance.
\nPaper cited in the 2023 U.S. Economic Report of the President<\/em><\/p>\n

Green Urban Planning and Consumer Satisfaction: Evidence from Barcelona\u2019s Superblock Model<\/b><\/a>, with Juan Pablo Filippini and Anil Kumar <\/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
\nPresented: ASSA-AREUEA meetings<\/em>
\n* Online appendix<\/em><\/span><\/a><\/p>\n

<\/div>\n

Publications<\/strong><\/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

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

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
\nPresented: EFA Annual Meeting<\/em><\/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":"

Working Papers Misestimating Home Values: Consequences for Household Finance, with Stefano Corradin, and Jose Fillat Presented: ASSA-Econometric Society. Climate Risk, Soft Information, and Credit Supply, with Laura Alvarez-Roman, Sergio Mayordomo, and Xavier Vives Presented: AREUEA International Conference Cambridge; IE University-Bank of Spain\u2013Federal Reserve Bank of Saint Louis Conference; Catalan Economic Society Conference; Research Workshop of […]<\/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":609,"href":"https:\/\/blog.iese.edu\/vergara\/wp-json\/wp\/v2\/pages\/9\/revisions"}],"predecessor-version":[{"id":1126,"href":"https:\/\/blog.iese.edu\/vergara\/wp-json\/wp\/v2\/pages\/9\/revisions\/1126"}],"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}]}}