Luis Ceballos

I am an Assistant 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.

My CV in PDF is here.

Publications

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

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

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

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

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

6. "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. 

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

8. "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: San Francisco Fed (2024), 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. "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).

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

5. "Smart Financing Decisions: Evidence from the Corporate Bond Market" (with A. Le and J. 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 402 Investments (Undergraduate, University of San Diego)

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