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)

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). doi:10.24294/tm.v1i4.524. (Online first)
SAFFI, P., VERGARA, C. (2017). The Big Short: Short Selling Activity and Predictability in House Prices. Real Estate Economics. doi:10.1111/1540-6229.12219. (Online first)
CORRADIN, S., FILLAT, J., VERGARA, C. (2014). Optimal Portfolio Choice with Predictability in House Prices and Transaction Costs. 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

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).
BULUSU, N., DUARTE, J., VERGARA, C. (2013). Booms and Busts in House Prices Explained by Constraints in Housing Supply (WP-1087-E).
CORRADIN, S., FILLAT, J., VERGARA, C. (2012). Optimal portfolio choice with predictability in house prices and transaction costs (DI-948-E).

Articles in other publications

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

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.
ROIG, G., RAHNEMA ALAVI, A., VERGARA, C. (2015). Grupo Carrefour: gestión de crecimiento. IESE, F-909.
BISCHOF, A., VERGARA, C. (2013). Volkswagen AG: Valuation in 2009 (B). IESE, F-899-E.

Technical Notes

VERGARA, C., GIL, A. (2016). Multiples in Firm Valuation. IESE, FN-628-E.
VERGARA, 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, C. (2014). Corporate Finance Questions. Topics: Financing and Cost of Capital. IESE, FN-626-E.
VERGARA, C. (2014). Corporate Finance Questions. Topics: Valuation Methods. IESE, FN-625-E.