Stavros Panageas

Contact Information:UCLA Anderson School of Management110 Westwood Plaza, Los Angeles, CA 90095Office: C4.08stavros.panageas@anderson.ucla.edu


Last Updated: March 2022

What's New:

Does income, preference, or belief heterogeneity matter for asset pricing? Starting with an irrelevance theorem due to Grossman and Shiller, this survey presents a unified view of the research that has studied the connection between heterogeneity and asset prices.

Link to the survey's website on Foundations and Trends in Finance

Presentation slides are available here

Value without Employment (joint with S. Barkai)

In recent decades young firms have not created many jobs. But they have contributed to aggregate sales and aggregate market capitalization. What do these pieces of evidence imply for economic output and productivity in the long run?

Cross-Subsidization of Bad Credit in a Lending Crisis (joint with N. Artavanis, B.J. Lee, M. Tsoutsoura)

Using a unique, detailed dataset we study the loan pricing decisions of a bank during the Greek financial crisis and document patterns of under-pricing loans with high breakeven rates. (new draft coming soon)

A Long and a Short Leg Make for a Wobbly Equilibrium (joint with N. Garleanu and G. Zheng)

GameStop was just the final chapter of a historically unprecedented retreat of short sellers across several stocks. This retreat occurred without any obvious shift in fundamentals. We show how the interaction between market clearing and lending fees can explain why short selling can be a very fickle trading strategy.


Finance in a time of Disruptive Growth (joint with N. B. Garleanu)

How does disruption affect the required discount rates across broad asset classes (private equity, venture capital, real estate, conventional equities, fixed income)? What are the portfolio implications of disruption from the perspective of an investor?

Does increased volatility lead to increased retained earnings? How do financing constraints impact investment decisions of firms? This paper provides new insights into these questions.