Prof. Daniel Andrei

Daniel Andrei is Professor of Finance at HEC Lausanne, University of Lausanne. Prior to that, he was an Associate Professor of Finance at McGill Desautels Faculty of Management, and before that an Assistant Professor of Finance at UCLA Anderson School of Management. He has served as President of the Northern Finance Association and as a Director of the Financial Research Association.

Professor Andrei's research explores how information frictions—limited attention, dispersed information, and disagreement among investors—shape asset prices, volatility, and the design of economic policy. One strand of his work studies how information is aggregated across financial markets. He shows that stock prices can be efficient firm by firm yet inefficient across the market as a whole: because information about the economy is dispersed, familiar return anomalies such as value and momentum reflect not risk or investor mistakes, but the residual gap left when dispersed information is only partially aggregated. Another line of research brings the same informational lens to regulation, asking how externalities can be corrected when private information is dispersed and beliefs diverge. This work proposes simple, outcome-contingent "Coasean transfers" that harness uncertainty and disagreement to improve on standard policies such as carbon taxes or cap-and-trade, with applications from climate policy to financial stability.

• Financial Markets
  • Central Banks and Monetary Policy
  • Information and Market Efficiency
• Portfolio Management and Asset Classes
  • Asset Pricing
  • Equities
• Corporate Finance and Governance
  • Financial Valuation
• Frontier Topics
  • Sustainable Finance