Leonid Kogan
· Nippon Telegraph & Telephone Professor of ManagementMassachusetts Institute of Technology · Finance
Active 1960–2026
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About
Leonid Kogan is the Nippon Telegraph and Telephone Professor of Management and a Professor of Finance at the MIT Sloan School of Management. He is also the faculty leader for the MFin degree program. His research interests include asset pricing theory, macro-finance, empirical asset pricing, and financial engineering. Kogan’s recent research has focused on the links between economic activity of firms and their stock price behavior, the effects of investor heterogeneity on aggregate asset prices, and the computational aspects of option pricing and portfolio choice. He has published extensively in leading academic journals and has received numerous professional awards for his work, including the Amundi Smith Breeden Prize, the Crowell Memorial Prize, and the NASDAQ Award from the Western Finance Association. Kogan holds advanced degrees in mechanics, applied mathematics, and finance from Moscow State University, Cornell University, and MIT, respectively.
Research topics
- Computer Science
- Business
- Economics
- Psychology
- Finance
- Computer Security
- Demographic economics
- Labour economics
- Mathematics
- Economic growth
Selected publications
Smart Contracts and Decentralized Finance
Annual Review of Financial Economics · 2023 · 84 citations
We explain the mechanics of smart contracts. We then highlight the benefits of smart contracts, such as overcoming commitment problems. We also discuss limitations, such as the difficulty for smart contracts to access information external to the blockchain and the difficulty of integrating smart contract code with traditional legal enforcement. We further highlight how the absence of a trusted intermediary inflates implementation costs for blockchain applications. We conclude with a discussion o…
Common Fund Flows: Flow Hedging and Factor Pricing
SSRN Electronic Journal · 2022 · 42 citations
Economics of Proof-of-Stake Payment Systems
SSRN Electronic Journal · 2023-01-01 · 40 citations
articleOpen access1st authorCorrespondingOperating Hedge and Gross Profitability Premium
The Journal of Finance · 2023-09-13 · 29 citations
articleOpen access1st authorABSTRACT We show theoretically that variable production costs reduce systematic risk of firms' cash flows if capital and variable inputs are complementary in firms' production and input prices are procyclical. In our dynamic model, this operating hedge effect is weaker for more profitable firms, giving rise to a gross profitability premium. Moreover, gross profitability and value factors are distinct and negatively correlated, and their premia are not captured by the capital asset pricing model…
Technology and Labor Displacement: Evidence from Linking Patents with Worker-Level Data
SSRN Electronic Journal · 2023 · 21 citations
1st authorCorresponding
Frequent coauthors
- 275 shared
Indrajit Mitra
Federal Reserve Bank of Atlanta
- 225 shared
Mike Gallmeyer
Financial Research (Hungary)
- 225 shared
Sydney C. Ludvigson
- 225 shared
Yukun Liu
East China Normal University
- 225 shared
Andrea Tamoni
Financial Research (Hungary)
- 225 shared
Jianjun Miao
Boston University
- 225 shared
Francisco Palomino
- 225 shared
Haoxiang They
Financial Research (Hungary)
Labs
Awards & honors
- 1998 Lehman Brothers Fellowship for Research Excellence in F…
- 2004 FAME Research Prize
- 2006 Smith-Breeden Prize
- 2007 Crowell Memorial Prize
- 2014 Amundi Smith Breeden Prize
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