The Impact of Green Investors on Stock Prices
We study the impact of green investors on stock prices in a dynamic equilibrium model where investors are green, passive or active. Green investors...
A growth plan for Greece
In January 2020, the Greek government appointed a Commission to propose a growth plan for the Greek economy. The Pissarides Commission produced a...
A Growth Strategy for the Greek Economy
The Greek government appointed in January 2020 a Commission chaired by Nobel Prize winner Christopher Pissarides to propose a growth plan. The...
A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers
We develop a two-country model in which currency and bond markets are populated by different investor clienteles, and segmentation is partly overcome...
Passive Investing and the Rise of Mega-Firms
We study how passive investing affects asset prices. Flows into passive funds raise disproportionately the stock prices of the economy’s largest firms...
Long-Horizon Investing in a Non-CAPM World
We study dynamic portfolio choice in a calibrated equilibrium model where value and momentum anomalies arise because capital slowly moves from under-...
Research highlight
Asset Management Contracts and Equilibrium Prices
Journal of Political Economy, 130(12), 3146-3201
Giant funds and market mispricing
The short-termism of corporate managers has been a recurring concern of policymakers for decades due to the close tie with mispricing in capital...
Tracking Biased Weights: Asset Pricing Implications of Value-Weighted Indexing
We show theoretically and empirically that flows into index funds raise the prices of large stocks in the index disproportionately more than the...
A Restart Procedure to Deal with Covid-19
Governments around the world are assisting firms to deal with the adverse effects of Covid-19. Most forms of government assistance provided so far...
The coronavirus crisis is no 2008
Many comparisons have been made between the coronavirus crisis and the global systemic crisis in 2008. This column argues that seen through the lens...
Financial Markets Where Traders Neglect the Informational Content of Prices
Journal of Finance, 74 (1), 371-399.
