Stavros Panageas

Contact Information:UCLA Anderson School of Management110 Westwood Plaza, Los Angeles, CA 90095Office:

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

Running primary deficits is possible in a dynamically efficient economy. We illustrate this in a simple, stochastic OLG model where r<g and yet the economy is dynamically efficient. We also show that steady state welfare is maximized when the government issues bonds up to the point where r=g.

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. 

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? 

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?

Evaluating Private Equity From an Investor's Perspective (joint with A. Korteweg and V. A. Systla) - Preliminary Draft

A new methodology for evaluating private equity investments from the perspective of a limited partner. 

This extended version of this published  paper shows how to infer the heterogeneous returns faced by different investors in a global demand system. Data are available here.