Dimitri is an unremunerated non-executive director of Ricardo Research, with the role of overseeing the academic and technical content of the intellectual capital developed by the firm.

Dimitri is Professor of Finance at the London School of Economics, where he also directs the Paul Woolley Centre for the Study of Capital Market Dysfunctionality. He is a Fellow of the British Academy; a Director and former Managing Editor of the Review of Economic Studies; a Research Fellow at the Centre for Economic Policy Research and a former Director of its Financial Economics program; a Research Associate at the National Bureau of Economic Research; and a former Director of the American Finance Association.

His research, published in leading economics and finance journals, focuses on financial markets, and especially on what drives market liquidity, why asset prices can differ from fundamental value, why bubbles and crises can occur, and what are appropriate regulatory and policy responses. He is a former editor of the blog Greek Economists for Reform, one of the editors of the book “Beyond Austerity: Reforming the Greek Economy”, and one of the authors of the European Safe Bonds (ESBies) proposal.

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Fiduciary duty in dysfunctional markets

Financial markets play a central role in the capitalist economy, allocating new savings to productive investment, acting as a signalling device to corporate management, and providing liquidity to investors. The efficient markets paradigm claims that competition among investors keeps asset prices close to fair value. A new interpretation contends that stock markets have morphed into a contest between two sets of investors: those seeking short-term gain matched against those targeting long-term value. This unending battle corrupts prices, creates macroeconomic instability and costs vast sums in asset management fees.

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Giant funds must curb short-termism

Many of the problems of present-day finance have their origins in the horizons set along the investment chain. The key players in this chain are the giant pension, sovereign wealth and endowment funds who appoint external asset managers, who in turn invest in companies. If these funds invest with their eyes set partially or largely on the short term, it sends a clear message down the line and embeds similar standards throughout the capitalist system.

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