Luis Ceballos

Assistant Professor of Finance

Knauss School of Business

University of San Diego

Email: luisceballos@sandiego.edu


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My research interests are in empirical asset pricing, fixed income, international finance, and investments. I obtained my Ph.D. in Finance from Penn State University and a Master's in Financial Engineering from UC Berkeley. Prior to attending my Ph.D., I worked as a senior economist at the Central Bank of Chile.


My CV in PDF is here.


Publications

1. "International Portfolio Bond Spillovers" (with D. Romero). Economics Letters, 2022.

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

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

3. "Decomposing Long-term Interest Rates: An International Comparison" (with D. Romero), Journal of Fixed Income, 2016.


4. "Nominal Term Structure and Term Premia: Evidence from Chile" (with A. Naudon and D. Romero), Applied Economics, 2016.


Working papers

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

      • Presentations: 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).

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

      • 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).

3. "UIP: Insights from Event Studies" (with E. Albagli, S. Claro and D. Romero).

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

      • Presentations: FMA Annual Meeting (2022), Czech National Bank (2021), International Monetary Fund (2021), Universidad de los Andes (2021), PBC School of Finance, Tsinghua University (2019).

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


Work in progress

1. Bond Liquidity Transmission (with J. Christensen and D. Romero).

2. Inflation Risk and Timing Ability in the Corporate Bond Market (with D. Romero).

3. On the Pricing of Political Risk (with V. Piljak and L. Swinkels).

4. Global Risk, Exchange Rates and the Yield Curve (with D. Romero)

5. On the Global Greenium Channels (with O. Grishchenko, J. Huang and D. Romero).



Teaching

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

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

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

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


Others

  • Ad-hoc Referee: Applied Economics, Applied Economic Letters, Asia-Pacific Journal of Financial Studies, Journal of Credit Risk, Journal of Empirical Finance, Journal of Finance and Data Science, Journal of Multinational Financial Management, Quarterly Journal of Finance.

  • Program Reviewer: IBEFA Annual Meeting 2023, FMA Annual Meeting 2022.

  • Conferences: AFBC (2021), BIS CCA Research Conference (2017), CICF 2022, FMA (2017, 2020, 2021, 2022), EFA (2021, 2022), Frontiers in International Finance and Banking (2021), Inquire UK (2021), NZFM (2021), SFA (2020, 2021), SWFA (2021, 2022), WFBS (2021).

  • Seminars: Central Bank of Chile (2020, 2021, 2022), Czech National Bank (2021), International Monetary Fund (2021), Iowa State University (2021), PBC School of Finance, Tsinghua University (2019), Penn State University (2020, 2021), University of San Diego (2021), University of Toronto - Rotman School of Management (2018), Washington State University (2021).

  • Discussions:

"Wall Street Watches Washington: Asset Pricing Implications of Policy Uncertainty'' by R. Verhoeks (EFA 2022)

"Pricing Climate Change Risk in Corporate Bonds" by Elsa Allman (WFBS 2021).

"Monetary Reforms and Inflation Expectations in Japan: Evidence from Inflation-Indexed Bonds" by Jens Christensen and Mark M. Spiegel (AFBC 2021).

"Switching Perspective: How Does Firm-Level Distress Risk Price the Cross-Section of Corporate Bond Returns?" by Kevin Aretz and Shuwen Yang (NZFM 2021).

"Black Tax: Evidence of Racial Discrimination in Municipal Borrowing Costs" by A. Eldemire, K. Luchtenberg and M. Wynter (FMA 2021).

"Downside Risk and the Cross-section of Corporate Bond Returns" by R. Lopez Aliouchkin, P. Augustin, L. Cong and R. Tedongap (SFA 2021).

"International Yield Spillovers" by Don Kim and Marcelo Ochoa (EFA 2021).

"Sources of Herding in Bond Mutual Funds" by Artem Malinin and Anita Pennathur (SWFA 2021).

"Unconventional Monetary Policy and International Equity Capital Flows to Emerging Markets" by C. Andreou, N. Dimic, V. Piljak and A. Svvides (SFA 2020).

"Aggregating Information for Optimal Portfolio Weights" by Xiao Li (FMA 2020).