Assistant
Professor of Finance
New Economic School
Office
905
Nakhimovsky pr. 47
Moscow 117418, Russia
Tel: (+7-495) 129-3911
Fax:
(+7-495) 129-3722
E-mail: DMakarov (at) nes.ru
CV: pdf
Webpage:
http://www.nes.ru/~dmakarov/
Teaching
at NES
Asset
Pricing 1, 2; Continuous-Time Finance
Profile
Dmitry
Makarov joined New Economic School in September 2007 as an Assistant Professor
of Finance. He received PhD in Finance at London Business School in August 2007.
Prior to his doctorate degree, he received Master of Arts in Economics (cum laude)
at New Economic School (2002) and Master of Science in Physics and Applied Mathematics
at Moscow Institute of Physics and Technology (2001).
Research
In
the first two Chapters of his dissertation, Dmitry Makarov investigates the effects
of relative considerations among mutual fund managers on their optimal portfolios.
Chapter 1 considers a model of a mutual fund tournament, and shows that the behavior
of rational fund managers is opposite to the behavior that follows from an informal
"tournament hypothesis", which is widely used in the empirical research.
Chapter 1 was presented at the doctoral tutorial of the European Finance Association
2005, and was awarded Best Paper Award. Chapter 2 (joint with Suleyman
Basak, London Business School) investigates the effects of strategic interactions
among money managers on their optimal portfolios. Chapter 3 (joint with Astrid
Schornick, INSEAD) presents a model that explains several observed patterns
of households' stockholding: a) non-participation of a large fraction of households,
with poorer ones more likely to stay away from the stock market, b) wealth share
invested into risky assets increases with wealth, c) market participation increases
over time, while the equity premium decreases.
