Academic researcher in real estate economics focused on climate regulation, capital structure, and tax policy. Former PwC partner with 25 years of global advisory and leadership experience, now teaching and pursuing doctoral research. 

Email: ampa.mercader@gmail.com

Working Papers

Datacenter Mortgages and Originate-to-Distribute

with Pedro Gete

We provide the first systematic evidence on originate-to-distribute incentives in digital infrastructure finance. Using a novel dataset linking datacenter mortgages, collateral, and lender balance sheets, we show that high-OTD banks finance three to four times more leverage than other lenders and are significantly more likely to finance undiversified borrowers. 

Climate Regulatory Risk, Asset Stranding and Foreign Investors

with Pedro Gete

Boston's building emissions ordinance segments commercial real estate markets. Lower-tier assets stop trading or lose value sharply. Higher-tier properties attract foreign capital from investors in countries with strong environmental performance. 

Capital Onshoring and the U.S. TCJA: Evidence from Multinationals

This paper studies whether the 2017 U.S. corporate tax reform shifted multinational activity back to the United States, using country-by-country reporting data to document post-2018 increases in U.S. tangible assets. 

Teaching Experience

Georgetown University, Washington, DC

Spring 2025, Spring 2026

Courses:

• MBA

• Undergraduate (Business)
  
  

IE University, Madrid, Spain

Fall 2025

• Master in Finance (MIF)

Universidad ORT, Montevideo, Uruguay

Summer 2023, Summer 2024, Summer 2025

Seminar for Master in Accounting

Professional Experience 

My professional experience can be found here: LinkedIn.