Research highlight
A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers
American Economic Review, 115(11), 3788–3824
Research highlight
Passive Investing and the Rise of Mega-Firms
The Review of Financial Studies, hhaf085
Supply and Demand and the Term Structure of Interest Rates
Annual Review of Financial Economics, 16, 115 - 151
The Impact of Green Investors on Stock Prices
We study how green investors impact firms’ stock prices and cost of capital in a model where they track an index that progressively excludes the...
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...
