Luis Ceballos

My research interests are in international finance with a focus on fixed-income markets. I obtained my Ph.D. in Finance from Penn State University and a Master's in Financial Engineering from UC Berkeley. Prior to 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, 220, 110847.

2. "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. 

• 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, 26(1), 61-73.

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

• • • Presentations: 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).

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

• • • 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). R&R Journal of International Economics

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

    • Presentations:  IBEFA Summer Meeting (2023), 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). Submitted.

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

• • • Presentations:  Swansea University (2023), Audencia Business School (2023).SESTEF 2022, RCEF 2022

6. "Inflation-Risk Timing Ability among Corporate Bond Mutual Fund Managers" (with Han Xiao).

Work in progress

1. Global Greenium Channels

2. Bond Liquidity 

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)