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Photo of Luis M. Viceira

Unit: Finance

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(617) 495-6331

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Additional Information
  • Curriculum Vitae
  • Finance Unit
  • Business Economics Ph. D. Program at Harvard University
  • Linked In Profile
  • Digital Initiative
Affiliations
  • National Bureau of Economic Research
  • TIAA CREF Institute
  • Netspar, the European Network for Studies on Pensions, Aging, and Retirement
  • Finance Accounting Foundation
  • FINRA (Financial Industry Regulatory Authority)

Areas of Interest

  • capital markets
  • investment management

Additional Topics

  • asset pricing
  • behavioral finance
  • corporate finance
  • education
  • financial engineering
  • financial management
  • financial strategy
  • hedge funds
  • institutional investing
  • international finance
  • investment banking
  • investor behavior
  • long-term investing
  • mutual funds
  • performance measurement
  • philanthropy
  • risk management
  • valuation

Industries

  • banking
  • education industry
  • financial services
  • nonprofit industry
  • retail financial services

Geographies

  • Europe
  • Japan
  • Spain
  • United States
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Luis M. Viceira

George E. Bates Professor
Senior Associate Dean, Executive Education

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Luis M. Viceira is the George E. Bates Professor in the Finance Unit and Senior Associate Dean for Executive Education at Harvard Business School, and a Research Associate at the National Bureau of Economic Research. His research, course development, and teaching focus on the areas of investment management and capital markets. A member of the faculty of the Harvard Business School since 1998, Professor Viceira has taught an array of Finance courses in the MBA program, Executive Education programs, and the Business Economics Ph.D. program, and has served in several leadership positions. He is currently the instructor for the Investment Management for Professional and Personal Investors course in the Elective Curriculum of the MBA Program, co-chair of the HBS-CFA Institute Investment Management Program for leaders of asset management firms, and co-chair of the Asset Management Conference for HBS Alums. He also serves as co-chair of the NBER-NBIM Conference on New Developments in Long-Term Asset Management.

Prof. Viceira has developed extensive research and case writing in long-term asset allocation, asset pricing, fixed income markets, household finance, international finance, the management and organization of large institutional investors, and innovation and disruption in the money management industry. He is currently studying the implications of financial globalization for long-term asset management; the impact of monetary policy on bond and equity market risks; the disruptive power of fintech in the asset management industry; the growth in index investing and in activist investing, and the impact of such growth and the interaction between the two on capital markets and corporations.

Professor Viceira is the author of multiple journal articles published in leading academic and practitioner-oriented finance journals, book chapters, Harvard Business School case studies, and the book Strategic Asset Allocation (with John Y. Campbell). His research has received several awards recognizing its contributions to the theory and practice of asset management, including the 2002 TIAA-CREF Paul Samuelson Award, the 2005 Graham and Dodd Award by the CFA Institute, the 2004 Prize for Financial Innovation of the Q-Group, Inquire Europe, and Inquire U.K., and more recently the 2014 Arthur Warga Award by the The Society for Financial Studies.

Professor Viceira holds a bachelor degree from the Universidad Autonoma in Madrid, and a M.A. degree and a Ph.D. degree in Economics from Harvard University.  He is also a Research Associate at the National Bureau of Economic Research in Cambridge, Massachusetts and a fellow of the TIAA-CREF Institute in New York.

Professor Viceira is currently a member of the Asset Allocation Advisory Board at NBIM, the manager of the Sovereign Wealth Fund of Norway, a Governor (Public) of the Financial Industry Regulatory Authority (FINRA), the Harvard University Trustee of the Charles E. Cotting Trust, a Trustee at Milton Academy. He is also a past trustee of the Financial Accounting Foundation and Belmont Day School, among others. He also serves as director, external consultant, and advisor to asset management firms, pension funds, sovereign wealth funds, central banks, international organizations, insurance companies, and not-for-profit organizations.

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Featured Work Publications Teaching Awards & Honors
  1. Global Portfolio Diversification for Long-Horizon Investors

    We show that the secular upward shift in short-run cross-country correlations of stock and bond returns does not necessarily imply a decline in the benefits of global portfolio diversification for long-horizon investors. We show that this increase in correlations has been driven primarily by an increase in the cross-country correlation of discount rates (investor sentiment or risk aversion) resulting from global capital markets integration. By contrast, the cross-country correlations of equity cash flows (or fundamentals) has remained stable. Because variation in discount rates tend to be transitory, it is the variation in fundamentals that determine the long-run return volatility and correlations of returns. The stability of the latter implies that long-run return volatilty and cross-country correlations have remained stable despite the increase in their short-run counterparts, implying that long-horizon investors can still benefit from global portfolio diversification.
  2. Monetary Policy Drivers of Bond and Equity Risks

  3. Inflation-Indexed Bonds

    NBER Reporter 2013 Number 3: Research Summary

    A summary of my research on inflation-indexed bonds that I have written for the NBER Reporter.
  4. The Wealthfront Generation

    Fintech solutions for the Millennial Generation

  5. The Vanguard Group, Inc. in 2015: Celebrating 40

    The growth in index investing and what it means for markets, corporations, and managing and growing a highly successful asset manager

  6. Trian Partners and DuPont

    Activists, engaged shareholders, and private equity investing in the public markets

  7. ‘Passive’ Index Fund Leaders Push for Shareholder Reforms

    The evolving power relationship between index fund managers and investors focused on management change. Index funds are the major shareholders in many large- and medium-sized public companies, but their passive investment nature offers few checks on those companies’ executives. This is changing and re-shaping the relation between managment and ownership in the 21st century.

In the News

30 Jan 2017
Harvard Business School
The Dow at 20,000: What's All That About?
21 Jul 2016
Cold Call
How Small Investors Can Bet Big on Brands They Love
14 Sep 2015
Harvard Gazette
‘It’s a balancing act’
17 Feb 2014
HBS Working Knowledge
Companies Detangle from Legacy Pensions
11 Oct 2013
NBER Reporter
Inflation-Indexed Bonds

See more news for Luis M. Viceira »

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