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

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