Nicolae Garleanu

University of California, Berkeley - Haas School of Business

545 Student Services Building, #1900

2220 Piedmont Avenue

Berkeley, CA 94720

United States

http://faculty.haas.berkeley.edu/garleanu

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

Centre for Economic Policy Research (CEPR)

London

United Kingdom

  • University of California, Berkeley - Haas School of Business

  • National Bureau of Economic Research (NBER)

  • Centre for Economic Policy Research (CEPR)

SCHOLARLY PAPERS

29

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TOTAL CITATIONS
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Top 359

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779

Scholarly Papers (29)

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1.

Efficiently Inefficient Markets for Assets and Asset Management

Downloads 2,932 ( 9,358)
Citation 87

Efficiently Inefficient Markets for Assets and Asset Management

Number of pages: 62 Posted: 12 Aug 2015 Last Revised: 09 Jun 2017
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 2,785 (9,956)

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Asset management, investment, information, search, efficiency, asset pricing, liquidity

Efficiently Inefficient Markets for Assets and Asset Management

NBER Working Paper No. w21563
Number of pages: 55 Posted: 21 Sep 2015 Last Revised: 03 Jun 2023
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 145 (421,554)
Citation 62

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Efficiently Inefficient Markets for Assets and Asset Management

CEPR Discussion Paper No. DP12664
Number of pages: 65 Posted: 05 Feb 2018
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 2 (1,352,889)
Citation 25
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asset management, Asset Pricing, efficiency, Information, investment, liquidity, search

2.

Active and Passive Investing: Understanding Samuelson's Dictum

Number of pages: 68 Posted: 15 Oct 2018 Last Revised: 26 Aug 2021
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 2,031 (16,862)
Citation 7

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asset pricing, market efficiency, asset management, search, information

3.

Dynamic Trading with Predictable Returns and Transaction Costs

Downloads 1,642 (23,442)
Citation 3

Dynamic Trading with Predictable Returns and Transaction Costs

AFA 2010 Atlanta Meetings Paper
Number of pages: 64 Posted: 24 Mar 2009 Last Revised: 18 Aug 2009
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 1,436 (28,251)
Citation 1

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dynamic trading, predictability, transaction costs, portfolio choice

Dynamic Trading with Predictable Returns and Transaction Costs

NBER Working Paper No. w15205
Number of pages: 47 Posted: 11 Aug 2009 Last Revised: 20 Jul 2023
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 202 (313,988)

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Dynamic Trading with Predictable Returns and Transaction Costs

CEPR Discussion Paper No. DP7392
Number of pages: 47 Posted: 08 Sep 2009
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 4 (1,338,570)
Citation 2
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dynamic trading, portfolio choice, predictability, transaction costs

4.

Securities Lending, Shorting, and Pricing

Downloads 1,262 (34,696)
Citation 10

Securities Lending, Shorting, and Pricing

Number of pages: 44 Posted: 04 Mar 2002
Darrell Duffie, Nicolae Garleanu and Lasse Heje Pedersen
Stanford University - Graduate School of Business, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 1,262 (34,100)
Citation 10

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Securities Lending, Shorting, and Pricing

Posted: 29 Mar 2002
Darrell Duffie, Nicolae Garleanu and Lasse Heje Pedersen
Stanford University - Graduate School of Business, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC

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5.

Demand-Based Option Pricing

Downloads 781 (68,022)
Citation 156

Demand-Based Option Pricing

EFA 2005 Moscow Meetings Paper
Number of pages: 48 Posted: 05 Mar 2005
Nicolae Garleanu, Lasse Heje Pedersen and Allen M. Poteshman
University of California, Berkeley - Haas School of Business, AQR Capital Management, LLC and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 598 (94,632)
Citation 4

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Options, demand pressure, price pressure, frictions, liquidity

Demand-Based Option Pricing

NBER Working Paper No. w11843
Number of pages: 49 Posted: 29 Mar 2006 Last Revised: 12 Nov 2022
Nicolae Garleanu, Lasse Heje Pedersen and Allen M. Poteshman
University of California, Berkeley - Haas School of Business, AQR Capital Management, LLC and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 150 (410,040)
Citation 55

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Demand-Based Option Pricing

CEPR Discussion Paper No. 5420
Number of pages: 51 Posted: 27 Mar 2006
Nicolae Garleanu, Lasse Heje Pedersen and Allen M. Poteshman
University of California, Berkeley - Haas School of Business, AQR Capital Management, LLC and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 33 (985,353)
Citation 97
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Option, demand, valuation, intermediation, market makers, implied volatility, hedging, price pressure, risk, dealers

6.

Design and Renegotiation of Debt Covenants

AFA 2004 San Diego Meetings, EFA 2005 Moscow Meetings Paper
Number of pages: 36 Posted: 10 Jul 2005
Nicolae Garleanu and Jeffrey Zwiebel
University of California, Berkeley - Haas School of Business and Stanford Graduate School of Business
Downloads 563 (103,456)
Citation 71

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7.

Technological Growth and Asset Pricing

Downloads 456 (133,710)
Citation 26

Technological Growth and Asset Pricing

Journal of Finance, Forthcoming
Number of pages: 43 Posted: 07 Dec 2006 Last Revised: 17 May 2012
Nicolae Garleanu, Stavros Panageas and Jianfeng Yu
University of California, Berkeley - Haas School of Business, University of California, Los Angeles (UCLA) - Finance Area and Tsinghua University - PBC School of Finance
Downloads 392 (157,806)
Citation 26

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Production-based asset pricing, continuous-time methods, macro-finance, growth options, irreversible investment, technology adoption, vintage models

Technological Growth and Asset Pricing

NBER Working Paper No. w15340
Number of pages: 58 Posted: 15 Sep 2009 Last Revised: 02 Jun 2023
Nicolae Garleanu, Stavros Panageas and Jianfeng Yu
University of California, Berkeley - Haas School of Business, University of California, Los Angeles (UCLA) - Finance Area and Tsinghua University - PBC School of Finance
Downloads 64 (735,467)

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8.

Displacement Risk and Asset Returns

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 50 Posted: 30 Jul 2011
Nicolae Garleanu, Leonid Kogan and Stavros Panageas
University of California, Berkeley - Haas School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of California, Los Angeles (UCLA) - Finance Area
Downloads 378 (165,907)
Citation 64

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consumption-based asset pricing, displacement risk, value premium, equity premium, incomplete markets

9.

The Demographics of Innovation and Asset Returns

Downloads 351 (180,031)
Citation 4

The Demographics of Innovation and Asset Returns

MFI Working Paper No. 2009-08
Number of pages: 52 Posted: 08 Jan 2010 Last Revised: 20 Dec 2013
Nicolae Garleanu, Leonid Kogan and Stavros Panageas
University of California, Berkeley - Haas School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of California, Los Angeles (UCLA) - Finance Area
Downloads 158 (392,270)
Citation 1

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The Demographics of Innovation and Asset Returns

Number of pages: 52 Posted: 22 Oct 2009 Last Revised: 29 Mar 2011
Nicolae Garleanu, Leonid Kogan and Stavros Panageas
University of California, Berkeley - Haas School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of California, Los Angeles (UCLA) - Finance Area
Downloads 142 (428,824)
Citation 1

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Asset Pricing, Equity Premium, Value Premium, Intergenerational Risk, Innovation, Displacement Risk

The Demographics of Innovation and Asset Returns

NBER Working Paper No. w15457
Number of pages: 52 Posted: 03 Nov 2009 Last Revised: 27 Mar 2023
Nicolae Garleanu, Leonid Kogan and Stavros Panageas
University of California, Berkeley - Haas School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of California, Los Angeles (UCLA) - Finance Area
Downloads 51 (823,153)
Citation 2

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10.

Young, Old, Conservative, and Bold: The Implications of Heterogeneity and Finite Lives for Asset Pricing

Fama-Miller Working Paper , Chicago Booth Research Paper No. 15-36
Number of pages: 38 Posted: 15 Aug 2015
Nicolae Garleanu and Stavros Panageas
University of California, Berkeley - Haas School of Business and University of California, Los Angeles (UCLA) - Finance Area
Downloads 320 (199,518)
Citation 95

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11.

Margin-Based Asset Pricing and Deviations from the Law of One Price

Downloads 132 (200,181)
Citation 25

Margin-Based Asset Pricing and Deviations from the Law of One Price

NBER Working Paper No. w16777
Number of pages: 51 Posted: 14 Feb 2011 Last Revised: 06 May 2023
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 132 (457,957)
Citation 25

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12.

Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion

Downloads 303 (210,871)
Citation 6

Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion

Chicago Booth Research Paper No. 15-29, Fama-Miller Working Paper
Number of pages: 69 Posted: 20 Aug 2013 Last Revised: 09 Oct 2015
Nicolae Garleanu, Stavros Panageas and Jianfeng Yu
University of California, Berkeley - Haas School of Business, University of California, Los Angeles (UCLA) - Finance Area and Tsinghua University - PBC School of Finance
Downloads 266 (239,676)

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Financial frictions, Market fragmentation, Leverage, Crashes, Contagion

Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion

NBER Working Paper No. w19381
Number of pages: 62 Posted: 30 Aug 2013 Last Revised: 17 Jun 2023
Nicolae Garleanu, Stavros Panageas and Jianfeng Yu
University of California, Berkeley - Haas School of Business, University of California, Los Angeles (UCLA) - Finance Area and Tsinghua University - PBC School of Finance
Downloads 37 (944,581)
Citation 6

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13.

Securities Lending, Shorting, and Pricing

NYU Working Paper No. FIN-01-023
Number of pages: 35 Posted: 03 Nov 2008
Darrell Duffie, Nicolae Garleanu and Lasse Heje Pedersen
Stanford University - Graduate School of Business, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 273 (234,946)
Citation 79

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14.

Valuation in Over-the-Counter Markets

Downloads 131 (247,842)
Citation 10

Valuation in Over-the-Counter Markets

NYU Working Paper No. FIN-03-041
Number of pages: 46 Posted: 11 Nov 2008
Darrell Duffie, Nicolae Garleanu and Lasse Heje Pedersen
Stanford University - Graduate School of Business, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 131 (457,957)
Citation 10

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15.

Adverse Selection and Re-Trade

Downloads 242 (265,231)
Citation 4

Adverse Selection and Re-Trade

Number of pages: 25 Posted: 04 Mar 2002
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 166 (375,647)
Citation 4

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Adverse Selection and Re-Trade

NYU Working Paper No. FIN-03-045
Number of pages: 31 Posted: 11 Nov 2008
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 76 (669,266)

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16.

Liquidity and Risk Management

Downloads 225 (283,366)
Citation 4

Liquidity and Risk Management

NBER Working Paper No. w12887
Number of pages: 18 Posted: 07 Feb 2007 Last Revised: 20 Mar 2022
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 225 (283,139)
Citation 4

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Liquidity and Risk Management

American Economic Review Papers and Proceedings, Forthcoming
Posted: 27 Jan 2007
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC

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liquidity, risk management, feedback effect, crises

17.

Valuation in Dynamic Bargaining Markets

Downloads 222 (288,291)
Citation 2

Valuation in Dynamic Bargaining Markets

NYU Working Paper No. S-MF-01-01
Number of pages: 45 Posted: 12 Nov 2008
Darrell Duffie, Nicolae Garleanu and Lasse Heje Pedersen
Stanford University - Graduate School of Business, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 140 (433,709)
Citation 1

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Valuation in Dynamic Bargaining Markets

NYU Working Paper No. FIN-01-022
Number of pages: 45 Posted: 03 Nov 2008
Darrell Duffie, Nicolae Garleanu and Lasse Heje Pedersen
Stanford University - Graduate School of Business, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 82 (640,414)
Citation 1

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18.

Over-the-Counter Markets

NBER Working Paper No. w10816
Number of pages: 49 Posted: 19 Oct 2004 Last Revised: 23 Jul 2022
Darrell Duffie, Nicolae Garleanu and Lasse Heje Pedersen
Stanford University - Graduate School of Business, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 213 (299,818)
Citation 8

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19.

A Long and a Short Leg Make For a Wobbly Equilibrium

Downloads 189 (335,159)

A Long and a Short Leg Make For a Wobbly Equilibrium

Number of pages: 72 Posted: 25 Oct 2021
Nicolae Garleanu, Stavros Panageas and Geoffery Zheng
University of California, Berkeley - Haas School of Business, University of California, Los Angeles (UCLA) - Finance Area and New York University (NYU) - New York University (NYU), Shanghai
Downloads 162 (383,750)

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Asset Pricing with Frictions, Short Selling, Runs, Limits to Arbitrage

A Long and a Short Leg Make for a Wobbly Equilibrium

NBER Working Paper No. w28824
Number of pages: 73 Posted: 24 May 2021 Last Revised: 05 Apr 2023
Nicolae Garleanu, Stavros Panageas and Geoffery Zheng
University of California, Berkeley - Haas School of Business, University of California, Los Angeles (UCLA) - Finance Area and New York University (NYU) - New York University (NYU), Shanghai
Downloads 27 (1,052,674)

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20.

Heterogeneity and Asset Prices: A Different Approach

Downloads 170 (368,394)
Citation 1

Heterogeneity and Asset Prices: A Different Approach

Number of pages: 61 Posted: 13 Dec 2019
Nicolae Garleanu and Stavros Panageas
University of California, Berkeley - Haas School of Business and University of California, Los Angeles (UCLA) - Finance Area
Downloads 144 (423,988)
Citation 1

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asset pricing, heterogeneity, imperfect risk sharing, overlapping generations

Heterogeneity and Asset Prices: A Different Approach

NBER Working Paper No. w26607
Number of pages: 62 Posted: 06 Jan 2020 Last Revised: 15 Mar 2023
Nicolae Garleanu and Stavros Panageas
University of California, Berkeley - Haas School of Business and University of California, Los Angeles (UCLA) - Finance Area
Downloads 26 (1,064,604)

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21.

Two Monetary Tools: Interest Rates and Haircuts

Downloads 168 (372,165)
Citation 11

Two Monetary Tools: Interest Rates and Haircuts

NBER Working Paper No. w16337
Number of pages: 41 Posted: 07 Sep 2010 Last Revised: 20 Feb 2023
Adam B. Ashcraft, Nicolae Garleanu and Lasse Heje Pedersen
Federal Reserve Bank of New York, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 163 (381,730)
Citation 9

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Two Monetary Tools: Interest Rates and Haircuts

CEPR Discussion Paper No. DP8000
Number of pages: 43 Posted: 14 Nov 2010
Adam B. Ashcraft, Nicolae Garleanu and Lasse Heje Pedersen
Federal Reserve Bank of New York, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 5 (1,330,883)
Citation 2
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asset pricing, financial frictions, haircuts, liquidity, macroeconomics, margin requirements, monetary policy

22.

Impediments to Financial Trade: Theory and Measurement

Fama-Miller Working Paper, Chicago Booth Research Paper No. 15-35
Number of pages: 64 Posted: 15 Aug 2015
Nicolae Garleanu, Stavros Panageas and Jianfeng Yu
University of California, Berkeley - Haas School of Business, University of California, Los Angeles (UCLA) - Finance Area and Tsinghua University - PBC School of Finance
Downloads 164 (380,062)

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Financial frictions, Asset Pricing, Inefficient Markets, Performance Evaluation, Crossborder

23.

Over-the-Counter Marketmaking

NYU Working Paper No. FIN-03-043
Number of pages: 35 Posted: 11 Nov 2008
Darrell Duffie, Nicolae Garleanu and Lasse Heje Pedersen
Stanford University - Graduate School of Business, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 152 (405,304)

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24.

Valuation in Over-the-Counter Markets

Downloads 142 (428,085)
Citation 93

Valuation in Over-the-Counter Markets

NBER Working Paper No. w12020
Number of pages: 46 Posted: 27 Apr 2006 Last Revised: 06 Nov 2022
Nicolae Garleanu, Darrell Duffie and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business, Stanford University - Graduate School of Business and AQR Capital Management, LLC
Downloads 112 (518,249)
Citation 10

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Valuation in Over-the-Counter Markets

CEPR Discussion Paper No. 5491
Number of pages: 48 Posted: 19 May 2006
Darrell Duffie, Nicolae Garleanu and Lasse Heje Pedersen
Stanford University - Graduate School of Business, University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 30 (1,018,079)
Citation 83
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Search, bargaining, liquidity, risk, asset pricing

25.

What to Expect When Everyone is Expecting: Self-Fulfilling Expectations and Asset-Pricing Puzzles

Number of pages: 46 Posted: 13 Dec 2019
Nicolae Garleanu and Stavros Panageas
University of California, Berkeley - Haas School of Business and University of California, Los Angeles (UCLA) - Finance Area
Downloads 138 (437,824)
Citation 10

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asset pricing, self-fulfilling expectations, sunspot equilibria, equity premium puzzle, excess volatility puzzle, inequality

26.

Repeated Auctions with Endogenous Selling

NYU Working Paper No. FIN-03-046
Number of pages: 36 Posted: 11 Nov 2008
Nicolae Garleanu and Lasse Heje Pedersen
University of California, Berkeley - Haas School of Business and AQR Capital Management, LLC
Downloads 114 (508,024)

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auctions, revenue equivalence, no trade, volume, welfare

27.

Impediments to Financial Trade: Theory and Applications

NBER Working Paper No. w22697
Number of pages: 45 Posted: 03 Oct 2016 Last Revised: 09 Jul 2023
Nicolae Garleanu, Stavros Panageas and Jianfeng Yu
University of California, Berkeley - Haas School of Business, University of California, Los Angeles (UCLA) - Finance Area and Tsinghua University - PBC School of Finance
Downloads 53 (790,974)
Citation 3

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28.

Portfolio Choice and Pricing in Illiquid Markets

Journal of Economic Theory, 2007
Posted: 26 Jul 2009
Nicolae Garleanu
University of California, Berkeley - Haas School of Business

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illiquidity, search, portfolio choice, illiquidity discount, equilibrium, illiquidity discount

29.

Risk and Valuation of Collateralized Debt Obligations

Posted: 20 Apr 2001
Nicolae Garleanu and Darrell Duffie
University of California, Berkeley - Haas School of Business and Stanford University - Graduate School of Business

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Other Papers (1)

Total Downloads: 0
Actions:
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1.

The Demographics of Innovation and Asset Returns

Posted: 17 Aug 2008
Nicolae Garleanu, Leonid Kogan and Stavros Panageas
University of California, Berkeley - Haas School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of California, Los Angeles (UCLA) - Finance Area

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