Stavros Panageas

University of California, Los Angeles (UCLA) - Finance Area

Los Angeles, CA 90095-1481

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

37

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10,822

TOTAL CITATIONS
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Top 2,075

in Total Papers Citations

450

Scholarly Papers (37)

1.

The Neoclassical Theory of Investment in Speculative Markets

Number of pages: 57 Posted: 09 May 2005
Stavros Panageas
University of California, Los Angeles (UCLA) - Finance Area
Downloads 1,657 (23,724)
Citation 41

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Investment, q-theory, speculation, short sales constraints, heterogenous beliefs, bubbles, mispricing

High-Water Marks: High Risk Appetites? Convex Compensation, Long Horizons, and Portfolio Choice

Number of pages: 49 Posted: 12 Nov 2004
Mark M. Westerfield and Stavros Panageas
University of Washington - Department of Finance and Business Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 1,110 (42,291)
Citation 20

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Performance Evaluation, Hedge funds, Option-Type Compensation, High-Water Marks, Continuous Time

High-Water Marks: High Risk Appetites? Convex Compensation, Long Horizons, and Portfolio Choice

Journal of Finance, February 2009
Number of pages: 49 Posted: 17 Dec 2008
Stavros Panageas and Mark M. Westerfield
University of California, Los Angeles (UCLA) - Finance Area and University of Washington - Department of Finance and Business Economics
Downloads 233 (281,572)
Citation 4

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Performance evaluation, Hedge funds, Option-type compensation, High-water marks, Continuous time

3.

The Real Effects of Stock Market Mispricing at the Aggregate: Theory and Empirical Evidence

Number of pages: 55 Posted: 09 May 2005
Emmanuel Farhi and Stavros Panageas
Harvard University - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 930 (55,037)
Citation 12

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Mispricing, Efficiency, Real Effects of Stock market bubbles, Investment, Investor Sentiment

4.

Saving and Investing for Early Retirement: A Theoretical Analysis

Number of pages: 68 Posted: 02 Aug 2004
Emmanuel Farhi and Stavros Panageas
Harvard University - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 724 (77,074)
Citation 60

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Retirement, Portfolio Choice, Marginal Propensity to Consume, Indivisible Labor

Private Equity for Pension Plans? Evaluating Private Equity Performance from an Investor's Perspective

Number of pages: 55 Posted: 23 Dec 2022 Last Revised: 17 Jan 2023
Arthur G. Korteweg, Stavros Panageas and Anand Systla
University of Southern California - Marshall School of Business, University of California, Los Angeles (UCLA) - Finance Area and University of California, Los Angeles (UCLA) - Anderson School of Management
Downloads 697 (80,155)

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Private Equity, Performance Evaluation, Public Pension Plans

Private Equity for Pension Plans? Evaluating Private Equity Performance from an Investor's Perspective

NBER Working Paper No. w33194
Number of pages: 62 Posted: 26 Nov 2024
Arthur G. Korteweg, Stavros Panageas and Anand Systla
University of Southern California - Marshall School of Business, University of California, Los Angeles (UCLA) - Finance Area and UCLA Anderson
Downloads 12 (1,299,463)
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6.
Downloads 458 (136,672)
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 394 (161,010)
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 (763,188)

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7.

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 385 (166,838)
Citation 64

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

8.
Downloads 352 (184,294)
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 (404,261)
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 143 (439,620)
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 (857,909)
Citation 2

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Bailouts, the Incentive to Manage Risk, and Financial Crises

Number of pages: 53 Posted: 19 Nov 2006 Last Revised: 02 Oct 2008
Stavros Panageas
University of California, Los Angeles (UCLA) - Finance Area
Downloads 286 (228,658)
Citation 7

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Option Pricing, Continuous time stochastic optimization, Implicit Guarantees, Default, Bailouts, Financial Crises

Bailouts, the Incentive to Manage Risk, and Financial Crises

NBER Working Paper No. w15058
Number of pages: 54 Posted: 08 Jun 2009 Last Revised: 23 Feb 2023
Stavros Panageas
University of California, Los Angeles (UCLA) - Finance Area
Downloads 47 (891,817)
Citation 1

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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 329 (198,319)
Citation 95

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A Quantitative Model of Sudden Stops and External Liquidity Management

Number of pages: 51 Posted: 12 Apr 2005
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 259 (253,228)

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Capital flows, sudden stops, reserves, international liquidity and liability management, specialists, world capital markets, swaps, insurance, hedging, options, hidden states, Bayesian methods

A Quantitative Model of Sudden Stops and External Liquidity Management

NBER Working Paper No. w11293
Number of pages: 51 Posted: 06 Jun 2005 Last Revised: 11 Nov 2022
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 70 (726,317)

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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 267 (245,544)

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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 38 (978,049)
Citation 6

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Contingent Reserves Management: An Applied Framework

Number of pages: 26 Posted: 24 Sep 2004
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 199 (327,865)

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Sudden stops, reserves, portfolio, VIX, hedging, options, futures.

Contingent Reserves Management: An Applied Framework

NBER Working Paper No. w10786
Number of pages: 26 Posted: 05 Oct 2004 Last Revised: 23 Dec 2022
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 83 (657,491)

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14.

A Global Equilibrium Model of Sudden Stops and External Liquidity Management

MIT Department of Economics Working Paper No. 08-05
Number of pages: 54 Posted: 20 Mar 2008
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 276 (239,025)
Citation 17

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Capital flows, sudden stops, reserves, international liquidity management, world, capital markets, swaps, insurance, hedging, options, hidden states, Bayesian methods

The Implications of Heterogeneity and Inequality for Asset Pricing

Number of pages: 69 Posted: 13 Dec 2019
Stavros Panageas
University of California, Los Angeles (UCLA) - Finance Area
Downloads 183 (354,643)

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Heterogeneous Agents, Heterogeneous preferences, Heterogeneous beliefs, Financial constraints, Incomplete Markets, Overlapping generations

The Implications of Heterogeneity and Inequality for Asset Pricing

NBER Working Paper No. w26974
Number of pages: 73 Posted: 13 Apr 2020 Last Revised: 16 Mar 2023
Stavros Panageas
University of California, Los Angeles (UCLA) - Finance Area
Downloads 51 (857,909)
Citation 12

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16.

Hedging Sudden Stops & Precautionary Contractions

MIT Department of Economics Working Paper No. 03-19
Number of pages: 59 Posted: 09 Jun 2003
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 196 (333,736)
Citation 32

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Capital flows, sudden stops, financial constraints, contractions, hedging, insurance, signals

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 168 (382,993)

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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 (1,102,852)

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Cross-subsidization of Bad Credit in a Lending Crisis

Number of pages: 79 Posted: 04 Apr 2022 Last Revised: 10 Jan 2024
Louisiana State University, Baton Rouge - Department of Finance, Emory University - Goizueta Business School, University of California, Los Angeles (UCLA) - Finance Area and Washington University in Saint Louis, John M. Olin Business School
Downloads 158 (404,261)

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Interest pass-through, cross-subsidization, financial crisis, zombie lending

Cross-Subsidization of Bad Credit in a Lending Crisis

NBER Working Paper No. w29850
Number of pages: 64 Posted: 28 Mar 2022 Last Revised: 24 Jul 2023
Louisiana State University, Baton Rouge - Department of Finance, Emory University - Goizueta Business School, University of California, Los Angeles (UCLA) - Finance Area and Washington University in Saint Louis, John M. Olin Business School
Downloads 23 (1,154,281)

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19.
Downloads 172 (375,596)
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 146 (432,139)
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 (1,115,317)

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Pension Design in the Presence of Systemic Risk

Number of pages: 59 Posted: 04 Mar 2010 Last Revised: 30 Dec 2010
Stavros Panageas
University of California, Los Angeles (UCLA) - Finance Area
Downloads 133 (466,761)

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Continuous Time Optimization, Life Cycle Savings And Portfolio Choice, Ricardian Equivalence, Borrowing Constraints, Optimal Contracts

Optimal Retirement Benefit Guarantees

NBER Working Paper No. w15805
Number of pages: 53 Posted: 15 Mar 2010 Last Revised: 10 Mar 2023
Stavros Panageas
University of California, Los Angeles (UCLA) - Finance Area
Downloads 38 (978,049)

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An Analytic Framework for Interpreting Investment Regressions in the Presence of Financial Constraints

Number of pages: 56 Posted: 09 Apr 2020
Andrew B. Abel and Stavros Panageas
University of Pennsylvania - Finance Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 134 (463,899)

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Financial Constraints, Investment, Payout Policy, Investment Cash-flow Sensitivity, Average and Marginal q

An Analytic Framework for Interpreting Investment Regressions in the Presence of Financial Constraints

NBER Working Paper No. w26898
Number of pages: 57 Posted: 30 Mar 2020 Last Revised: 01 Jul 2023
Andrew B. Abel and Stavros Panageas
University of Pennsylvania - Finance Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 33 (1,031,837)

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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 165 (389,549)

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

23.

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 140 (446,435)
Citation 10

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

24.

Pension Design in the Presence of Systemic Risk

Fama-Miller Working Paper, Chicago Booth Research Paper No. 15-37
Number of pages: 63 Posted: 19 Aug 2015
Stavros Panageas
University of California, Los Angeles (UCLA) - Finance Area
Downloads 101 (573,589)
Citation 1

Abstract:

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Continuous time optimization, Life Cycle savings and portfolio choice, Portfolio insurance, Ricardian Equivalence, Borrowing constraints

25.

Heterogeneity and Asset Prices

Number of pages: 71 Posted: 10 Jan 2025
Stavros Panageas
University of California, Los Angeles (UCLA) - Finance Area
Downloads 85 (639,934)

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Introduction Preferences, Beliefs, Participation Heterogeneous Endowments Equilibrium arbitrage, asymmetric info. References

26.

Optimal Inattention to the Stock Market with Information Costs and Transactions Costs

NBER Working Paper No. w15010
Number of pages: 41 Posted: 01 Jun 2009 Last Revised: 08 Jul 2023
Andrew B. Abel, Janice C. Eberly and Stavros Panageas
University of Pennsylvania - Finance Department, Northwestern University - Kellogg School of Management and University of California, Los Angeles (UCLA) - Finance Area
Downloads 85 (639,934)
Citation 27

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27.

Growth-Indexed Securities

Number of pages: 46 Posted: 10 Oct 2024
Stavros Panageas
University of California, Los Angeles (UCLA) - Finance Area
Downloads 78 (672,896)

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Co-integration, Growth-indexed Securities, Long-maturity dividend strips, Bubbles

28.

Social Distancing, Vaccination and the Paradoxical Optimality of an Endemic Equilibrium

Number of pages: 58 Posted: 21 Apr 2021
Andrew B. Abel and Stavros Panageas
University of Pennsylvania - Finance Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 76 (682,882)
Citation 2

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Covid, SIR epidemiological model, Vital Dynamics, Endemic Equilibrium, Vaccination, Externalities

29.

Social Distancing, Vaccination and the Paradoxical Optimality of an Endemic Equilibrium

NBER Working Paper No. w27742
Number of pages: 59 Posted: 31 Aug 2020 Last Revised: 21 Apr 2023
Andrew B. Abel and Stavros Panageas
University of Pennsylvania - Finance Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 68 (726,278)

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30.

Hedging Sudden Stops and Precautionary Contractions

NBER Working Paper No. w9778
Number of pages: 59 Posted: 20 Jul 2006 Last Revised: 21 Sep 2022
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 62 (762,390)
Citation 3

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31.

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 55 (809,703)
Citation 3

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32.
Downloads 53 (824,485)

Value Without Employment

NBER Working Paper No. w29414
Number of pages: 81 Posted: 01 Nov 2021 Last Revised: 15 May 2023
Simcha Barkai and Stavros Panageas
Boston College and University of California, Los Angeles (UCLA) - Finance Area
Downloads 35 (1,009,799)

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Value Without Employment

Number of pages: 97 Posted: 24 Apr 2025
Simcha Barkai and Stavros Panageas
Boston College and University of California, Los Angeles (UCLA) - Finance Area
Downloads 18 (1,221,158)

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Business dynamism, productivity, firm dynamics, entrepreneurship

33.

Optimal Taxation in the Presence of Bailouts

NBER Working Paper No. w15405
Number of pages: 36 Posted: 13 Oct 2009 Last Revised: 04 Feb 2023
Stavros Panageas
University of California, Los Angeles (UCLA) - Finance Area
Downloads 45 (888,969)

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34.

Precautionary Saving in a Financially-Constrained Firm

NBER Working Paper No. w26628
Number of pages: 51 Posted: 13 Jan 2020 Last Revised: 26 Jun 2023
Andrew B. Abel and Stavros Panageas
University of Pennsylvania - Finance Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 44 (897,784)
Citation 1

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35.

Running Primary Deficits Forever in a Dynamically Efficient Economy: Feasibility and Optimality

NBER Working Paper No. w30554
Number of pages: 51 Posted: 26 Oct 2022 Last Revised: 26 Jun 2023
Andrew B. Abel and Stavros Panageas
University of Pennsylvania - Finance Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 25 (1,096,008)
Citation 1

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36.

Finance in a Time of Disruptive Growth

NBER Working Paper No. w32184
Number of pages: 59 Posted: 05 Mar 2024
Nicolae Garleanu and Stavros Panageas
Washington University in St. Louis - John M. Olin Business School and University of California, Los Angeles (UCLA) - Finance Area
Downloads 7 (1,298,767)
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37.

Optimal Financing of Government Purchases

NBER Working Paper No. w32961
Number of pages: 54 Posted: 17 Sep 2024 Last Revised: 18 Sep 2024
Andrew B. Abel and Stavros Panageas
University of Pennsylvania - Finance Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 5 (1,311,598)
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Other Papers (1)

Total Downloads: 0
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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