Luis Ceballos

I am an Associate Professor of Finance at the University of San Diego. Prior to my Ph.D., I worked as a senior economist at the Central Bank of Chile. 

My primary area of research is empirical asset pricing with a focus on fixed-income markets and international finance.

You can find my CV here.

Publications

1. "Can AI Generate Value in Global Fixed Income Portfolios?" (with William Johnson), Journal of Fixed Income, Forthcoming.

2. "A Post-Pandemic New Normal for Interest Rates in Emerging Bond Markets? Evidence from Chile" (with Jens H.E. Christensen and Damian Romero), Journal of International Money and Finance, 2025, 103234.

3. "UIP Deviations: Insights from Event Studies" (with Elias Albagli, Sebastian Claro and Damian Romero), Journal of International Economics, 2024, 148.

4. "Is Political Risk Priced in the Corporate Bond Market?" (with Vanja Piljak and Laurens Swinkels), Journal of Empirical Finance, 2024, 101562. 

5. "Do Investors Care about Inflation Risk? Evidence from Global Bond Portfolio Allocation" (with Oscar Ng), Economics Letters, 2024, 111955.

6. "International Portfolio Bond Spillovers" (with Damian Romero). Economics Letters, 2022, 110847.

7. "Channels of US Monetary Policy Spillover in International Bond Markets" (with Elias Albagli, Sebastian Claro and Damian Romero), Journal of Financial Economics, 2019, 134(2), 447-473. 

8. "Decomposing Long-term Interest Rates: An International Comparison" (with Damian Romero), Journal of Fixed Income, 2016, 26(1), 61-73.

9. "Nominal Term Structure and Term Premia: Evidence from Chile" (with Alberto Naudon and Damian Romero), Applied Economics, 2016, 48(29), 2721-2735.

Working papers

1. "Navigating Inflation Risk in Corporate Bond Markets" (with Han Xiao).

2. "Inflation Volatility Risk and the Cross-section of Corporate Bond Returns". R&R

3. "Price Pressure in the Government Bond Market: Long-term Impact of Short-term Advice" (with Damian Romero).

4. "Market-Based Estimates of the Natural Real Rate: Evidence from Latin American Bond Markets" (with Jens H.E. Christensen and Damian Romero).

5. "Smart Financing Decisions: Evidence from the Corporate Bond Market" (with Anh Le and Joel Vanden).

6. "International Green Bond Premium" (with Olesya Grishchenko, Jingzhi Huang and Damian Romero)

Work in progress

1. Global Portfolio Allocation under UIP deviations

2. Global Inflation Risk and Bond Risk Premia

3. Biodiversity Risk in International Bond Markets

Teaching

• MFIN 517 Advanced Fixed Income (MS Finance, University of San Diego)

• MFIN 503 Fixed Income (MS Finance, University of San Diego)

• MFIN 502 Economics for Finance (MS Finance, University of San Diego)

• FINA 494 Fixed Income (Undergraduate, University of San Diego)

• FINA 405 International Financial Management (Undergraduate, University of San Diego)

• FINA 402 Investments (Undergraduate, University of San Diego)

• FIN 406 Security Analysis and Portfolio Management (Undergraduate, Penn State)