Dimitri is a non-remunerated 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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Stabilising and destabilising strategies

The social utility of an ever-expanding asset management industry is rarely discussed. In this note we distinguish between different strategy types on the basis of their impact on market stability. We argue that destabilising strategies impose a largely unrecognised negative externality on society.

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Defensive diversification

By treating diversification as an unmitigated good, investors by and large ignore the damage that it does to returns. We would do well to channel Buffett who once remarked that “diversification is protection against ignorance; it makes little sense if you know what you’re doing.” The outcome of an obsession with benchmark-relative performance together with principal-agent problems is “defensive diversification”.

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