Leonid Kogan


Leonid Kogan


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.


Leonid Kogan wins Amundi Smith Breeden Prize

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


"Left Behind: Creative Destruction, Inequality, and the Stock Market."

Kogan, Leonid, Dimitris Papanikolaou, and Noah Stoffman. Journal of Political Economy. Forthcoming. Online Appendix. SSRN.

"Winners and Losers: Creative Destruction and the Stock Market."

Kogan, Leonid, Dimitris Papanikolaou, and Noah Stoffman. (Conditionally accepted by the Journal of Political Economy), Working Paper. 2018.

"Equilibrium Analysis of Asset Prices: Lessons from CIR and APT."

Kogan, Leonid and Dimitris Papanikolaou. The Journal of Portfolio Management Vol. 44, No. 6 (2018): 59-69.

"Technological Innovation, Resource Allocation, and Growth."

Kogan, Leonid, Dimitris Papanikolaou, Amit Seru, and Noah Stoffman. Quarterly Journal of Economics Vol. 132, No. 2 (2017): 665-712. Online Appendix.

"Market Selection."

Kogan, Lenoid, Stephen Ross, Jiang Wang, and Mark Westerfield. Journal of Economic Theory Vol. 168, (2017): 209-236.

"Growth Opportunities, Technology Shocks, and Asset Prices."

​Kogan, Leonid and Dimitris Papanikolaou. Journal of Finance Vol. 69, No. 2 (2014): 675-718. Online Appendix.

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