Stavros Panageas

Profile photo of Stavros Panageas
 

Associate Professor of Finance

Areas of Expertise

  • Asset Markets with Frictions
  • Asset Pricing
  • Financial Markets
  • Individual Portfolio Choice
  • Investment Theory
  • Macroeconomics
  • Retirement Systems
  • Technological Innovation
  • Wealth Distribution

About

 

Biography

Stavros Panageas studies asset pricing and macroeconomics. Previously, he taught at the Booth School of Business of the University of Chicago, the London School of Economics, and the Wharton School of the University of Pennsylvania. He is a faculty research fellow of the National Bureau of Economic Research and he has been a visiting scholar at the Federal Reserve Bank of Minneapolis.

He has worked as a fixed income quantitative analyst for Fidelity Investments and was a co-founder and board member of AIAS NET, one of the first Greek internet service providers. Panageas’s research has appeared in prestigious academic journals such as American Economic Review, Econometrica, Journal of Political Economy, Journal of Finance, Journal of Financial Economics and Journal of Monetary Economics. His work has been presented at leading universities and conferences worldwide.

Panageas is the recipient of the 2012 Smith-Breeden Prize for the best capital markets paper in the Journal of Finance, the Utah Winter Finance Conference Best Paper Award, the Four nations Cup, a Rodney White Research Grant, two Geewax, Terker Prizes in Investment Research from the Rodney L. White Center for Financial Research, and a Paul Alther Prize for the best undergraduate thesis at the University of St. Gallen.

Panageas earned a Lizentiat in economics from the University of St. Gallen in 1997 and a Ph.D. in economics from the Massachusetts Institute of Technology in 2005. He joined the Anderson faculty in 2016.

 

Education

Ph.D. Economics, 2005, Massachusetts Institute of Technology

Lizentiat Economics, 1997, University of St. Gallen

 

Published Papers

“Contingent Reserves Management: An Applied Framework”, 2005, (joint with R. Caballero) in Economia Chileana, 8(2),pp. 45-56

“Saving and Investing for Early Retirement: A Theoretical Analysis,” (joint with E. Farhi), Journal of Financial Economics, 2007, 83 (1), pp. 87-122. Extended Appendix
Winner of the Geewax, Terker Prize in Investment Research, Rodney L. White Center for Financial Research, 2005
Finalist for the Paul A. Samuelson Award

Optimal Inattention to the Stock Market” (joint with Andrew B. Abel and Janice Eberly), American Economic Review, P&P, May 2007, 2, pp. 244-249

Hedging Sudden Stops and Precautionary Contractions,” (joint with R. Caballero) Journal of Development Economics2008, 85 (1-2) , pp. 28-57

“High-Water Marks: High Risk Appetites? Convex Compensation, Long Horizons, and Portfolio Choice” (joint with M. Westerfield) Journal of Finance2009, 64 (1) , pp. 1-36
Nominated for the Smith Breeden Prize
Lead Article in the Journal of Finance

Bailouts, the incentive to manage risk, and financial crises,”Journal of Financial Economics,2010, 95(3) , pp. 296-311

Optimal taxation in the presence of bailouts’’, Journal of Monetary Economics, 2010, 57(1), pp. 101-116

Displacement Risk and Asset Returns’’, 2011 (joint with Nicolae Garleanu and Leonid Kogan), Journal of Financial Economics, September 2012, Vol. 105, Issue 3, pp. 491-510. Extended Appendix
Winner of the 2011 Utah Winter Finance Conference Best Paper award.

Technological Growth and Asset Pricing” (joint with Nicolae Garleanu and Jianfeng Yu), Journal of Finance, August 2012, Vol. 67, Issue 4, pp. 1265-1292 Extended Appendix
Winner of the 2012 Smith Breeden Prize (First Place)

Optimal Inattention to the Stock Market with Information Costs and Transactions Costs,” 2012 (joint with Andrew B. Abel and Janice C. Eberly), Econometrica, (Online Link)July 2013, Vol. 81, No.4, 1455-1481 Extended Appendix

Young, Old, Conservarive and Bold. The implications of finite lives and heterogeneity for Asset Pricing’’, (joint with Nicolae Garleanu), 2015, Journal of Political Economy, 123(3), 670-685. (File includes online appendix)

Financial Entanglement: A theory of Incomplete Integration, Leverage, Crashes, and Contagion’’, (joint with Nicolae Garleanu and Jianfeng Yu) 2015, forthcoming American Economic Review 105(7), 1979-2010
Winning team of the 2013 Four Nations Cup

 

Working Papers

Impediments to financial trade: Theory and Measurement” January 2015 (joint with Nicolae Garleanu and Jianfeng Yu)

“Drifiting Apart. Sharing Risks, when the benefits of growth are not shared equally” September 2015 (joint with Nicolae Garleanu, Dimitris Papanikolaou, and Jianfeng Yu)

“What to Expect When Everyone Is Expecting: Self-fulfilling expectations and Asset Pricing Puzzles” December 2015 (joint with Nicolae Garleanu)

Pension Design in the Presence of Systemic Risk,” July 2014
Geewax, Terker Prize in Investment Research, Rodney L. White Center for Financial Research, 2007

A Global Equilibrium Model of Sudden Stops and External Liquidity Management.” (joint with R. Caballero), September 2007

The Neoclassical Theory of Investment in Speculative Markets,” mimeo. The Wharton School, December 2005

The real effects of stock market mispricing at the aggregate: Theory and Empirical Evidence” (joint with E. Farhi), mimeo. M.I.T. and the Wharton School, December 2004