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Dario Cestau


Dario Cestau



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Dario Cestau is a PhD in Economics with a concentration in Financial Economics at Tepper School of Business, Carnegie Mellon University. His research interests include public finance, asset pricing, municipal bonds, fixed income and political economy. In his young career his work has been published or it is currently being evaluated at top economic and financial journals. These include: Journal of Monetary EconomicsJournal of Political Economy, and the Review of Financial Studies. His goal is to always follow an innovative and creative path, without never refraining from a rigorous method of analysis.

He holds an Assistant Professor in Finance position at IE Business School since 2014. He is responsible to teach: Corporate FinanceAdvanced Finance and Financial Markets at the master in management program. His teaching methods are innovative. He encourages real class experiences as a way of learning, and seeks to have a flow of knowledge moving from professor to student, student to Professor and from student to student.

Academic Background

• PhD in Economics, Carnegie Mellon University, USA

• MS in Economics,  Carnegie Mellon University, USA

• MS in Economics,  Universidad de Montevideo, Uruguay

• BA in Economics,  Universidad de Montevideo, Uruguay

Academic Experience

• Assistant Professor in Finance position at IE Business School, 2014 – present


  • Cestau, D., (2019). Hollifield, B., Li, D. & Schuerhoff, N. “Municipal Bond Markets”. Forthcoming in Annual Review of Financial Economics
  • Cestau, D. (2018). “The Political Affiliation Effect on State Credit Risk”. Public Choice, Vol 175 (1-2) : 135-154.
  • Cestau, D., Epple, D., Sieg, H. (2017). “Admitting Students to Selective Education Programs: Merit, Profiling, and Affirmative Action”. Journal of Political Economy, Vol. 125(3): 761-797
  • Cestau, D., Green, R., Schürhoff, N. (2013). “Tax-subsidized underpricing: The market for Build America Bonds”. Journal of Monetary Economics, Vol. 60(5):593–608