Text Box: Miguel Palacios

Assistant Professor of Finance

Owen Graduate School of Management

Vanderbilt University




Tel:      +1 (615) 322-8059

Fax:     +1 (615) 343-7177


401 21st Ave South

Nashville, TN 37203


· “The Value and the Risk of Aggregate Human Capital.” 2014. Review of Financial Studies, doi:10.1093/rfs/hhu073. 

· "Overemphasized Costs and Underemphasized Benefits of Income-Contingent Financing", in Chapman, Bruce, Timothy Higgins, and Joseph E. Stiglitz, eds. Income Contingent Loans: Theory, Practice and Prospects. Palgrave Macmillan, 2014.

· "Dynamic Financial System: Complexity, Fragility and Regulatory Prcinciples", 2013.  With Tom Ho and Hans R. Stoll.  Financial Markets, Institutions & Instruments 22, no. 1:1-42. 

· "Regulatory Principles for the Financial System", 2012.  With Tom Ho and Hans R. Stoll.  Journal of Derivatives Vol. 20 1:19-37. Solicited for 20th anniversary issue of the journal.

Working Papers

·"Training the Doubtful and Timid", with Alex Stomper, Working paper, 2014.

·"The Cross-Section of Labor Leverage and Equity Returns", with Andrés Donangelo, Francois Gourio, and Matthias Kehrig, Working paper, 2016.

· "General Equilibrium Asset-Pricing Implications of Mobile Human Capital", with Esther Eiling and Andrés Donangelo, Working paper, 2010.

· "Macroeconomic announcements and Firm-level Risk Characteristics." Working paper, 2011.

· "Measuring Aversion to Debt: An Experiment among Student Loan Candidates", with Gregorio Caetano and Harry A. Patrinos, Working paper, 2012.

· "Labor Income and the Cross Section of Asset Returns." Working paper, 2006.  See abstract.

Books and Monographs

· Investing in Human Capital, A Capital Markets Approach to Student Funding. Cambridge University Press, 2004.

· Investing in Emerging MarketsThe Research Foundation of AIMR, 2003.  With Robert Bruner, Robert Conroy, Wei Li, and Elizabeth O’Halloran.


Selected non-academic publications

· “A Better Way to Finance that College Degree", Op. Ed. with Andrew P. Kelly. The Wall Street Journal, April 14, 2014.

· “Investing in Value, Sharing Risk; Financing Higher Education Through Income Share Agreements", American Enterprise Institute Series on Reinventing Financial Aid,2014.

· “Options for Financing Lifelong Learning”, World Bank Discussion Papers 2994, 2003.

· “Equity-like Instruments for Financing Education”,Cato Institute Policy Analysis Paper No. 462. 2002.

· “Human Capital Contracts and Human Capital Options. Characteristics, Valuation and Implementation”. Darden Graduate School of Business Administration Working Papers 0014, 2001.