Luis Ceballos

I am an Assistant Professor of Finance at the University of San Diego. I am also Co-Editor at the Latin American Business Review. Prior to my Ph.D., I worked as a senior economist at the Central Bank of Chile. 

My work is mainly focused on empirical asset pricing related to international finance and fixed-income markets.

My CV in PDF is here.

Publications

1. "UIP Deviations: Insights from Event Studies" (with E. Albagli, S. Claro and D. Romero), Journal of International Economics, 2024, 148.

   1. • • Best Paper Award in Financial Markets & Institutions (Semifinalist), FMA 2022

2. "International Portfolio Bond Spillovers" (with D. Romero). Economics Letters, 2022, 220, 110847.

3. "Channels of US Monetary Policy Spillover in International Bond Markets" (with E. Albagli, S. Claro and D. Romero), Journal of Financial Economics, 2019, 134(2), 447-473. 

   1. • • Summarized in the CFA Institute Journal Review, July 2020. Link

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

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

Working papers

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

   1. • • Presentations: FMA (2024), CUHK-Shenzhen (2024), FIRN Asset Management Meeting (2024), Renmin University of China​​​​ (2024), California Corporate Finance Conference (2024), SWFA Annual Meeting (2024), BAR Conference at Harvard University (2023), Sydney Banking and Financial Stability Conference (2023)

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

   1. • • Reject and Resubmit, Review of Finance.

        • Presentations: Santiago Finance Workshop 2023, IFABS 2023, LAJCB Conference 2023, Brazilian Finance Society seminar (2022), China International Conference in Finance 2022, EFA 2022 Annual Meeting, SWFA 2022 Annual Meeting, 34th Australasian Finance and Banking Conference, FMA Special Ph.D. Paper Session, FMA Doctoral Consortium 2021, New Zealand Finance Meeting 2021, SFA 2021 Annual Meeting, INQUIRE UK, World Finance & Banking Symposium 2021, Frontiers in International Finance and Banking, Penn State University (2021), Central Bank of Chile (2021).

3. "Is Political Risk Priced in the Corporate Bond Market?" (with V. Piljak and L. Swinkels). 

   1. • • Revise and Resubmit, Journal of Empirical Finance.

        • Presentations:  30th Annual Conference of Multinational Finance Society (2024), Swansea University (2023), Audencia Business School (2023).SESTEF 2022, RCEF 2022

4. "A Post-Pandemic New Normal for Interest Rates in Emerging Bond Markets? Evidence from Chile" (with J. Christensen and D. Romero).

   1. • • Revise and Resubmit, Journal of International Money and Finance.

        • Presentations: Central Bank of Chile (2024), SWFA Annual Meeting (2024), International Conference on Economics, Applied Statistics, and Social Science (2023)

        • Media mentions: Market News Interview (MNI)

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

   1. • • Presentations: Penn State (2021), EFA Annual Meeting (2021), SWFA Annual Meeting (2021), FMA Annual Meeting (2020), SFA Annual Meeting (2020), and Central Bank of Chile (2020).

6. "Market-Based Estimates of the Natural Real Rate: Evidence from Latin American Bond Markets" (with J. Christensen and D. Romero).

7. "Smart Financing Decisions: Evidence from the Corporate Bond Market" (with A. Le and J. Vanden).

Work in progress

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

2. "Global Inflation and International Mutual Fund Returns"

3. "Corporate Debt Maturity Management and Inflation Risk"

4. "Do Investors Care about Inflation Risk? Evidence from Global Bond Portfolio Allocation" (with Oscar Ng)

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 402 Investments (Undergraduate, University of San Diego)

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