Faculty & Research

Stavros Panageas

Associate Professor of Finance

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5807 South Woodlawn Avenue
Chicago, IL 60637

Stavros Panageas studies asset pricing and macroeconomics. Previously he has taught at 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 and a visiting professor at the London School of Economics.

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 repeatedly presented at leading universities and conferences world-wide. He 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 PhD in economics from the Massachusetts Institute of Technology in 2005. He joined the Chicago Booth faculty in 2008.

In his free time, Panageas enjoys skiing and swimming.


2014 - 2015 Course Schedule

Number Name Quarter
35000 Investments 2014 (Fall)

2015 - 2016 Course Schedule

Number Name Quarter
35000 Investments 2016 (Spring)
35907 Topics in Asset Pricing 2016 (Spring)

Other Interests

Skiing, swimming, travel.


Research Activities

Technological innovations, the macroeconomy and asset prices; overlapping generations and asset pricing; retirement system design; portfolio choice by individual investors and professional managers; investment theory in speculative markets; bailouts; hedging of macroeconomic risks.

With N. Garleanu and J. Yu, "Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion," forthcoming American Economic Review (2014).

With N. Garleanu, "Young, Old, Conservative and Bold: The implications of Heterogeneity and Finite Lives for Asset Pricing," forthcoming Journal of Political Economy (2014).

 With A. B. Abel and J. C. Eberly, "Optimal Inattention to the Stock Market with Information Costs and Transactions Costs," Econometrica (2013).

 With L. Kogan and N. Garleanu, "Displacement Risk and Asset Returns," Journal of Financial Economics (2012).

 With N. Garleanu and J. Yu, "Technological Growth and Asset Pricing," Journal of Finance (2012).

“Bailouts, the incentive to manage risk, and financial crises,” Journal of Financial Economics (2010). 

“Optimal Taxation in the presence of Bailouts,” Journal of Monetary Economics (2010). 

 With M. Westerfield, "High Water Marks: High Risk Appetites? Convex Compensation, Long Horizons, and Portfolio Choice," Journal of Finance (2009).

 With R. J. Caballero, "Hedging Sudden stops and Precautionary Contractions: A Quantitative Framework," Journal of Development Economics (2008).

With A.B. Abel and J. C. Eberly, "Optimal Inattention to the Stock Market," American Economic Review P&P (2007).

With E. Farhi, "Saving and Investing for Early Retirement: A Theoretical Analysis," Journal of Financial Economics (2007). 

With R. J. Caballero, "Contingent Reserves Management: An Applied Framework," Economia Chileana (2005).

For a listing of research publications please visit ’s university library listing page.