Carles
Vergara

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 in 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)

NGUYEN, V. N., VERGARA, C. (2023). Political uncertainty and housing markets. JOURNAL OF HOUSING ECONOMICS, 61, Article 101952. doi:10.1016/j.jhe.2023.101952. JOU, A., MAS, N., VERGARA, C. (2023). Housing wealth, health and deaths of despair. JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, 66 (3), 569-602. doi:https://doi.org/10.1007/s11146-020-09801-5. HUANG, T., KUMAR, A., SACCHETTO, S., VERGARA, C. (2022). Stock comovement and financial flexibility. Journal of Financial and Quantitative Analysis. doi:10.1017/S0022109022001338. (Online first) 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. 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

ISSLER, P., STANTON, R., VERGARA, C., WALLACE, N. (2020). Mortgage markets with climate-change risk. Evidence from wildfires in California. Journal of Finance. 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).

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., MAS, N., JOU, A. (2023). Housing wealth and deaths of despair. IESE Business School Insight (165), pp. 54-61. VERGARA, C., MAS, N., JOU, A. (2023). Riqueza inmobiliaria y muertes por desesperación. IESE Business School Insight (165), pp. 54-61. IESE INSIGHT, (2021). The Big Picture: The New drivers of value. IESE Business School Insight (159). IESE INSIGHT, (2021). El nuevo motor de la valoración de empresas. IESE Business School Insight (159). VERGARA, C. (2020). Calculating the cost of climate change. IESE Business School Insight (156), pp. 56-63.

Books

VERGARA, C., GUTÉS, J. D. (2019). Timing, Marketability, And Location: The New Real Estate Paradigm.

Cases

VERGARA, C., MATEU, A. (2022). Shell: Green Finance and Sustainability Challenges. Activist Investor Demand to Split the Company. IESE, F-991-E. 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.

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.