Carles
Vergara

Head of Financial Management Department

Professor of Financial Management

• Ph.D. in Business Administration. Finance and Real Estate, University of California, Berkeley
• M.S. in Business Administration (Finance), University of California, Berkeley
• Master of Financial Engineering (MFE), University of California, Berkeley
• E.T.S. d’Enginyers de Camins, Canals i Ports, Universitat Politècnica de Catalunya

Carles Vergara-Alert is a Professor and Head of the Financial Management Department at IESE Business School. He earned his PhD in Business Administration (Finance and Real Estate) from the University of California at Berkeley, Haas School of Business. He holds an M.S. in Finance (Business Administration) and a Master of Financial Engineering (MFE) both from the University of California, Berkeley. He has also earned a B.A. and an M.S. in Civil Engineering from the Universitat Politècnica de Catalunya as well as a PDD from IESE Business School.

He has worked at Allianz Hedge Fund Partners, Allianz Group, the Center for Transport Innovation, and the European Investment Bank. He has consulting experience in the finance, real estate, engineering, pharmaceutical, retail, and public sectors.

His research interests include real estate finance and asset pricing.

Areas of interest

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

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. doi:10.1111/1540-6229.12219.
JOU, A., MAS, N., VERGARA, C. (2020). Housing wealth, health and deaths of despair. JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS. doi:https://doi.org/10.1007/s11146-020-09801-5. (Online first)
KUMAR, A., VERGARA, C. (2020). The Effect of Financial Flexibility on Payout Policy. Journal of Financial and Quantitative Analysis, 55 (1), 263 - 289. doi:10.1017/S002210901800114X.
VERGARA, C. (2018). The Term Structure of Interest Rates with Housing. Journal of Banking & Finance, 94, 221 - 234. doi:10.1016/j.jbankfin.2018.08.005.
VERGARA, C. (2018). The Effects of Interest Rates on the Valuation of Highway Infrastructure Assets. Transportation Management, 1 (4), article number 524. doi:10.24294/tm.v1i4.524.
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. doi:10.1093/rfs/hht062.
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).

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.

Cases

SACCHETTO, S., VERGARA ALERT, C. (2020). Payout Policy at eBay Inc.. Activist Investor Asks for Change. IESE, F-960-E.
SACCHETTO, S., VERGARA ALERT, C. (2020). La política de retribución al accionista de eBay Inc.. Un inversor activista pide cambiarla. IESE, F-960.
MARTÍNEZ ABASCAL, E., VERGARA, C. (2017). El MBO de Hoffmann Saveurs. IESE, F-927.
MARTÍNEZ ABASCAL, E., VERGARA, C. (2017). The MBO of Hoffmann Saveurs. IESE, F-927-E.
ROIG, G., RAHNEMA ALAVI, A., VERGARA, C. (2015). Carrefour Group: Growth Management. IESE, F-909-E.

Technical Notes

VERGARA, C., SACCHETTO, S., MATEU, A. (2022). Project Evaluation. IESE, FN-650-E.
VERGARA ALERT, C., GIL, A. (2016). Multiples in Firm Valuation. IESE, FN-628-E.
VERGARA ALERT, C., GIL, A. (2016). Los múltiplos en la valoración de empresas. IESE, FN-628.
VERGARA, C. (2014). Corporate Finance Questions. Topic: Project Evaluation. IESE, FN-624-E.
VERGARA ALERT, C. (2014). Corporate Finance Questions. Topics: Financing and Cost of Capital. IESE, FN-626-E.