Dimitri Vayanos

We show theoretically and empirically that flows into index funds raise the prices of large stocks in the index disproportionately more than the...

Governments around the world are assisting firms to deal with the adverse effects of Covid-19. Most forms of government assistance provided so far...

Journal of Finance, 74 (3), 1139-1173.

Journal of Finance, 74 (1), 371-399.

Journal of Finance, 74 (4), 1713-1750. 

Financial Times

We develop a model in which financially constrained arbitrageurs exploit price discrepancies across segmented markets. We show that the dynamics of...

We present a model of a financial market where some traders are “cursed” when investing in a risky asset, failing to fully appreciate what prices...