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Dimitris Papanikolaou

John L. & Helen Kellogg Professor of Finance Professor of Finance at Kellogg School of Management

Schools

  • Kellogg School of Management

Expertise

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Biography

Kellogg School of Management

Dimitris Papanikolaou is the John L. and Helen Kellogg Professor of Finance at the Kellogg School of Management and a Research Associate of the National Bureau of Economic Research. His research has primarily focused on the interaction between technological innovation and financial markets. Recent work has focused on the displacement of human capital, the market for corporate executives, and the causal impact of financial frictions on innovation and employment. His work has been published in the Quarterly Journal of Economics, the Journal of Political Economy, the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics and his papers have won several research awards, including the Anundi Smith Breeden prize (twice) for the best paper in the Journal of Finance. He currently serves as an associate editor at the Journal of Finance and the Review of Financial Studies. He previously served as an associate editor at Management Science. He received his Ph.D. in Financial Economics from the Massachusetts Institute of Technology.

Education

  • PhD, 2007, Financial Economics, Massachusetts Institute of Technology
  • MS, 2001, Finance, Economics, London School of Economics
  • BA, 2000, Economics, Finance, University of Piraeus

Academic Positions

  • Professor of Finance, Finance, Kellogg School of Management, Northwestern University, 2018-present
  • Associate Professor of Finance, Finance, Kellogg School of Management, Northwestern University, 2014-2018
  • Assistant Professor of Finance, Finance, Kellogg School of Management, Northwestern University, 2007-2014

Awards

  • Kellogg Research Mentorship Award, Kellogg
  • Best Paper Award, LBS Finance Symposium
  • Best Paper Award, Red Rock Finance Conference
  • Crowell Memorial Prize, Panagora Asset Management (second prize), Crowell Memorial Prize
  • Amundi Smith Breeden Prize, American Finance Association, 2014
  • Amundi Smith Breeden Prize, American Finance Association, 2013
  • Crowell Memorial Prize, Panagora Asset Management
  • Roger F. Murray Prize (second place), The Q Group, 2011

Editorial Positions

  • Associate Editor, Review of Financial Studies, 2019
  • Associate Editor, Journal of Finance, 2018
  • Associate Editor, Management Science, 2014-2016

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Cases

Ang, Andrew, Dimitris Papanikolaou and Mark Westerfield. 2014. Portfolio Choice with Illiquid Assets. Management Science. 60(11)

We investigate how the inability to continuously trade an asset affects portfolio choice. We extend the standard Merton model to include an illiquid asset that can only be traded at infrequent, stochastic intervals. Because consumption is financed through liquid wealth only, the presence of illiquidity leads to increased and state-dependent risk aversion. Illiquidity leads to under-investment in both the liquid and illiquid risky asset, relative to the standard Merton (1969) case. We demonstrate that the effect of illiquidity can be quantitatively large, because in contrast to transaction costs models, the shadow cost of illiquidity is unbounded. The presence of liquidity risk distorts the allocation of the liquid and illiquid assets even when liquid and illiquid asset returns are uncorrelated and the investor has log utility.

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