;

Please enter a keyword and click the arrow to search the site

Or explore one of the areas below

Anna Pavlova

Professor of Finance; Academic Director, AQR Asset Management Institute

MS (Moscow State University) MA (New Economic School, Moscow) PhD (Pennsylvania)

Anna is also an Editor of the Review of Financial Studies and the Programme Director of the Asset Pricing Programme at the Centre for Economic Policy Research (CEPR). She serves on the European Economic Association Council and the SFI Scientific Council. Formerly, she was a Director of the American Finance Association and a Director of the European Finance Association. 

Prior to joining LBS, she was on the faculty at MIT Sloan School of Management. She holds a PhD in Economics from the University of Pennsylvania.

She has published in top journals such as American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies and Review of Economic Studies. Her recent research focuses on the impact of institutional investors on asset prices, ESG investing, retail trading in options, the financialisaton of commodities and frictions in international financial markets. Her work has been cited in a large number of international newspapers, including the Economist, Financial Times and Wall Street Journal.

Anna has been awarded an ERC Starting Grant and has received a number of other prestigious awards for her research and teaching.

Research Awards


  • Elected Director, European Finance Association, mandate 2012-2015.

  • ERC Starting Grant, a five-year grant to fund research and buy down teaching, 2010.

  • MBA Outstanding Core Course Teaching Award, for Corporate Finance and Valuation, 2009, 2011, 2012.

  • Fondation Banque de France research grant, for proposal entitled, “An Asset-Pricing View of the Current Account” (with R. Rigobon), 2007.

  • London Business School Centre for Corporate Governance research grant, for “Offsetting the Incentives: Benefits of Benchmarking in Money Management” (with S.Basak and A. Shapiro), 2007.

  • Institute for Quantitative Research in Finance (Q Group) funding award, for “Optimal Asset Allocation and Risk Shifting in Money Management” (with S. Basakand A. Shapiro), 2003.

  • Ford Foundation International Career Development Chair (a three-year chair), Sloan School of Management, Massachusetts Institute of Technology, 2001 and 2004.

  • Joel Popkin Graduate Student Teaching Prize in Economics, University of Pennsylvania, 2000.

  • CARESS Research Fund Award, University of Pennsylvania, 1999.

  • Beth Hayes Prize for Graduate Research Accomplishment in Economics, University of Pennsylvania, 1998.


Fellowship


  • Department of Economics Fellowship, University of Pennsylvania, 1995–1996.


Scholarship


  • Yale-Moscow State University Exchange Scholarship, 1993.


  • International finance and economics
  • Asset pricing
  • Market imperfections
  • Continuous-time finance and economics
  • Mutual funds
  • Portfolio choice
  • Equilibrium theory

2023

Benchmarking Intensity

Pavlova A; Sikorskaya T

Review of Financial Studies 2023 Vol 36:3 p 859-903

Is there too much benchmarking in asset management?

Kashyap A K; Kovrijnykh N; Li J; Pavlova

American Economic Review 2023 Vol 113:4 p 1112-41

Retail Trading in Options and the Rise of the Big Three Wholesalers

Bryzgalova S; Pavlova A; Sikorskaya T

Journal of Finance 2023 Vol 78:6 p 3465-3514

2021

The benchmark inclusion subsidy

Kashyap A K; Kovrijnykh N; Li J; Pavlova A

Journal of Financial Economics 2021 Vol 142:2 p 756-774

2016

A model of financialization of commodities

Basak S; Pavlova A

Journal of Finance 2016 Vol 71:4 p 1511-1556

2013

Asset prices and institutional investors

Basak S; Pavlova A

American Economic Review 2013 Vol 103:5 p 1728-1758

International macro-finance

Pavlova A; Rigobon R

Book Chapter: In Caprio G (ed.) Handbook of Safeguarding Global Financial Stability: Political, Social, Cultural and Econmic Theories and Models, p169-176, Oxford: Elselvier Inc, 2013

2010

An asset-pricing view of external adjustment

Pavlova A; Rigobon R

Journal of International Economics 2010:80 p 144-156

2008

Multiplicity in general financial equilibrium with portfolio constraints

Basak S; Cass D; Licari J M; Pavlova A

Journal of Economic Theory 2008 September Vol 142:1 p 100-127

Offsetting the implicit incentives: Benefits of benchmarking in money management

Basak S; Pavlova A; Shapiro A

Journal of Banking and Finance 2008:32 p 1883-1893

The role of portfolio constraints in the international propagation of shocks

Pavlova A; Rigobon R

Review of Economic Studies 2008 Vol 75:4 p 1215-1256

2007

Asset prices and exchange rates

Pavlova A; Rigobon R

Review of Financial Studies 2007 July Vol 20:4 p 1139-1181

Optimal asset allocation and risk shifting in money management

Basak S; Pavlova A; Shapiro A

Review of Financial Studies 2007 Vol 20:5 p 1583-1621

2005

Monopoly power and the firm's valuation: a dynamic analysis of short- versus long-term policies

Basak S; Pavlova A

in Citanna A et al. eds, Essays in dynamic general equilibrium theory: festschrift for David Cass, Springer, 2005

2004

Monopoly power and the firm's valuation: a dynamic analysis of short- versus long-term policies

Basak S; Pavlova A

Economic Theory 2004 Oct Vol 24:3 p 503-530

On trees and logs

Cass D; Pavlova A

Journal of Economic Theory 2004 Vol 116 p 41-83

2022

Retail Trading in Options and the Rise of the Big Three Wholesalers

Bryzgalova S; Pavlova A; Sikorskaya T

Social Sciences Research Network

2020

Benchmarking intensity

Pavlova A; Sikorskaya T

Working Paper

2018

Benchmarking asset managers

Kashyap A K; Pavlova A; Kovrijnykh N

Society for Economic Dynamics Meeting Papers

The benchmark inclusion subsidy

Kashyap A K; Kovrijnykh N; Li J; Pavlova A

NBER Working Paper

2015

Cross-border equity holdings and external accounts

Pavlova A; Rigobon R

Working Paper

2012

Equilibrium portfolios and external adjustment under incomplete markets

Pavlova A; Rigobon R

IFA Working Paper

International macro-finance

Pavlova A; Rigobon R

NBER Working Paper

2010

A dynamic model with import quota constraints

Basak S; Pavlova A

Working Paper

2008

Role of portfolio constraints in the international propagation of shocks

Pavlova A; Rigobon R

Review of Economic Studies

2002

Adjustment costs, learning-by-doing, and technology adoption under uncertainty

Pavlova A

Social Sciences Research Network


Teaching portfolio

Our teaching offering is updated annually. Faculty and programme material are subject to change.