Santiago Truffa

Ph.D Business Economics

Biography

I am an assistant professor at ESE Business School, where I also serve as Academic Director of the Real Estate Modeling Lab (https://remlab.cl). I earned my Ph.D. in Business Administration from the Haas Business School, UC Berkeley. Prior to joining ESE, I spent two years in the faculty of the Finance Department at Tulane University.

My research agenda is centered around understanding how information, regulation, and social interactions shape decision-making in complex economic environments. I work across three interrelated domains: household finance, corporate finance, and applied economics, with a consistent focus on how space—both physical and social—structures economic behavior.

Publications

1.“Director Networks and Misconduct” with M Braun and E Valdivieso,  Global Finance Journal 2025

2.“Removing the Fine Print: Standardized Products, Disclosure, and Consumer Outcomes” with S Kulkarni and G Iberti, accepted Journal of Financial Economics 

3.“Do political Parties Matter for Municipal Finances? Evidence from Property Reassessments and Estate Taxes” with F Aldunate  and C Diaz, PLOS ONE 2025

4.“On the Geography of Inequality: Labor Sorting and Place-Based Policies in General Equilibrium” with A Montecinos Spatial Economic Analysis 2023

5.“Agglomeration, knowledge spillovers, and corporate investment ” with W Grieser, I Spyridopoulos and G Maturana, Journal of Corporate Finance 2022

6. “The importance of Large Shocks to Return Predictability” with J Diaz, H Galindo, A Montecinos and D Duarte, Pacific-Basin Finance Journal 2021

Working Papers

1. “The Ripple Effect: ESG Decisions in Director Networks” with MBraun, V Corral and C Raddatz (under revision)

2. “Shocked into Action: ESG Diffusion Through Director Networks” with M Braun, V Corral and C Raddatz (under revision)

3.“Estimating the Information Component in Switching Costs: A Structural Approach” with S Kulkarni  and G Iberti (under revision)

4.“Spillovers and Fairness: The Owens Valley Controversy as a Game of Spatial Externalities(link) with J Espin-Sanchez and N Ryan

5.“Labor Market Effects of Deleting Delinquencies” with J Nickerson  and G Maturana (under revision)

6.“Search and Negotiation with Biased Beliefs in Consumer Credit Markets”. (link) with S Higgins, S Kulkarni and E Berwart

We acknowledge funding from the Think Forward Initiative (TFI), ING Bank; Financial Institutions and Markets Research Center, Avi Nash Fund, and Guthrie Center for Real Estate Research, Northwestern Kellogg; Household Finance Small Grant Program, Alfred P. Sloan Foundation and NBER; Sparkassenstiftung für Internationale Kooperation; University of Virginia; Fondecyt iniciacion: 11200010; and Digital Credit Observatory and Lab for Inclusive Fintech (LIFT), UC Berkeley

7. “Scalable Property Valuation Models via Graph-based Deep Learning” with E Riveros, C Vairetti, S Maldonado and C Wegmann (under revision)

8. “Immigration and Housing Markets: Exogenous Shocks and Regional Resilience in Emerging Economies” with F Aldunate, S Garate and  B Quiroga (under revision)

 

Selected Work in Progress

1.“Public Bank Lending During a Financial Crisis” with F Aldunate and  G Iberti

2. “The Economic Consequences of Social Unrest” with G Maturana, R Ganduri and C Wegmann

3. “Talent Allocation and the Urban Wage Premium: Evidence from Cognitive Skill Mismatch” with Yoonha Kim

4.“Gender Discrimination in Consumer Credit Markets” with F Aldunate and  G Iberti

5. “The effect of property taxes on house prices: Evidence from border discontinuities in Chile” with M Canepa, J Cortes, C Vairetti, S Maldonado and C Wegmann

6. “Hierarchies” with F Aldunate and M Torres