Carles Vergara-Alert

Carles Vergara-Alert is Professor of Finance at IESE Business School, where he teaches Corporate Finance and Real Estate courses in the MBA, Executive MBA, and Executive Education Programs. He was a Visiting Professor of Real Estate Finance at the University of California, Berkeley (Haas School of Business) during the Summer and Fall of 2019.

His research focuses on how frictions in the real estate markets affect the decisions of investors, managers, banks, and households. His research has been published in leading academic journals, such as The Review of Financial Studies, the Journal of Financial and Quantitative Analysis, and Real Estate Economics and presented in conferences including the AFA, EFA, WFA, NBER, and AREUEA annual meetings.

Carles earned his PhD in Business Administration (Finance and Real Estate) from the University of California, Berkeley. He holds a Master of Financial Engineering (MFE) from the Haas School of Business at the University of California, Berkeley. Additionally, he earned a B.A. degree and an M.S. degree in Civil Engineering from the Universitat Politecnica de Catalunya.

He is one of the founding partners of bQuantium Real Estate. His professional experience includes positions at Allianz Hedge Fund Partners, Allianz, Center for Innovation in Transport, and the European Investment Bank. He has consulting experience in finance, real estate, infrastructure, and energy.

Areas of interest

• Asset Pricing
• Real Estate Finance
• Risk Management
• Term Structure Modeling
• Real Options

Education

• PDD IESE Business School - University of Navarra
• PhD University of California, Berkeley, Haas School of Business (2004 — 2008)
• Master's University of California, Berkeley, Haas School of Business (2003 — 2004)
• Universitat Politècnica de Catalunya (1995 — 2001)

Publications

Journal Articles (refereed)

SAFFI, P., VERGARA, C. (2020). The Big Short: Short Selling Activity and Predictability in House Prices. Real Estate Economics, 48 (4), 1030-1073.

JOU, A., MAS, N., VERGARA, C. (2020). Housing wealth, health and deaths of despair. JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS.

KUMAR, A., VERGARA, C. (2020). The Effect of Financial Flexibility on Payout Policy. Journal of Financial and Quantitative Analysis, 55 (1), 263 - 289.

VERGARA, C. (2018). The Term Structure of Interest Rates with Housing. Journal of Banking & Finance, 94, 221 - 234.

VERGARA, C. (2018). The Effects of Interest Rates on the Valuation of Highway Infrastructure Assets. Transportation Management, 1 (4), article number 524.

CORRADIN, S., FILLAT, J., VERGARA, C. (2014). Optimal Portfolio Choice with Predictability in House Prices and Transaction Costs. The Review of Financial Studies, 27 (3), 823 - 880.

VERGARA, C. (2012). How Does the Yield Curve Influence Real Estate Markets and Vice Versa? Moneda y Crédito (234), 97 - 122.

Working Papers

• HUANG, T., KUMAR, A., SACCHETTO, S., VERGARA, C. (2021). Stock comovement and financial flexibility.
• ISSLER, P., STANTON, R., VERGARA, C., WALLACE, N. (2020). Mortgage markets with climate-change risk. Evidence from wildfires in California.
• VERGARA, C. (2018). The Term Structure of Interest Rates with Housing (WP-1203-E).
• VERGARA, C., SAFFI, P. (2016). The Big Short: Short Selling Activity and Predictability in House Prices (WP-1126-E).
• KUMAR, A., VERGARA, C. (2015). Payout Policy and Real Estate Prices (WP-1185-E).
• VIEW MORE
• ISSLER, P., STANTON, R., VERGARA, C., WALLACE, N. (2021). Mortgage markets with climate-change risk. Evidence from wildfires in California. American Finance Association 2021 Annual Meeting.

Articles in other publications

• VERGARA, C. (2020). Calculating the cost of climate change. IESE Business School Insight (156), pp. 56-63.
• VERGARA, C. (2020). El coste del cambio climático. IESE Business School Insight (156), pp. 56-63.
• VERGARA, C. (2010). Titulización de carreteras de peaje: Un enfoque global en project finance. Harvard Deusto Finanzas y Contabilidad (98), pp. 58 - 73.
• Books
• VERGARA, C., GUTÉS, J. D. (2019). Timing, Marketability, And Location: The New Real Estate Paradigm.