Leonid Kogan


Leonid Kogan

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Leonid Kogan is the Nippon Telegraph and Telephone Professor of Management and a Professor of Finance at the MIT Sloan School of Management.

Prior to MIT Sloan, Kogan taught at the Wharton School of the University of Pennsylvania. During 2007–08, he was a senior researcher at Lehman Brothers. 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.

Kogan has published extensively in leading academic journals, including The Journal of Finance, the Journal of Financial Economics, the Journal of Political Economy, and Operations Research. He has won numerous professional awards, including the 1998 Lehman Brothers Fellowship for Research Excellence in Finance for his work on the asset pricing implications of investment irreversibility; the 2004 FAME Research Prize, and the 2006 Smith-Breeden Prize for his work on the price impact and survival of irrational traders; and the 2007 Crowell Memorial Prize for his work on output durability and stock returns. He is currently a Research Associate at the National Bureau of Economic Research.

Kogan holds an MSc in mechanics and applied mathematics from Moscow State University, a PhD in mechanics from Cornell University, and a PhD in finance from MIT.

Current Research Focus: Kogan works on topics in asset pricing and macro-finance. His recent projects focus on the creative destruction aspects of technological progress, with particular focus on how technological innovation affects prices of financial assets, labor income dynamics, and inequality; on new statistical methods for measuring robustness of asset pricing models; and on valuation of crypto assets in proof-of-stake networks.


Professor Leonid Kogan wins 2013 Crowell Second Prize from PanAgora Asset Management's Quantitative Research Institute

Kogan wins NASDAQ award

Leonid Kogan wins Amundi Smith Breeden Prize


"Common Fund Flows: Flow Hedging and Factor Pricing."

Dou, Winston Wei, Leonid Kogan, and Wei Wu. The Journal of Finance. Forthcoming.

"Measuring the 'Dark Matter' in Asset Pricing Models."

Chen, Hui, Winston Wei Dou and Leonid Kogan. The Journal of Finance Vol. 79, No. 2 (2024): 843-902. SSRN.

"Operating Hedge and Gross Profitability Premium."

Kogan, Leonid, Jun Li, Harold H. Zhang, MIT Sloan Working Paper 6823-22. Cambridge, MA: MIT Sloan School of Management, September 2022.

"Smart Contracts and Decentralized Finance."

John, Kose, Leonid Kogan, and Fahad Saleh, MIT Sloan Working Paper 6800-22. Cambridge, MA: MIT Sloan School of Management, September 2022.

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