His recent work focuses on the intersection of human capital and asset-pricing, studying the size and riskiness of human capital, and measuring the effect that human capital has on the riskiness of firms. Miguel has also worked on alternative instruments for financing education. On this subject he published Investing in Human Capital (Cambridge University Press, 2004) and co-founded Lumni Inc. Lumni, which is a practical implementation of the ideas presented in his book, has financed students in Chile, Colombia, México, Perú and the United States. Miguel holds a Ph.D. in Business Administration — finance — and an M.A. in Economics from the University of California, Berkeley, an M.B.A. from the Darden Business School, University of Virginia, and a B.S. in Mechanical Engineering from the Universidad de los Andes, Colombia.