# Daniel Andrei

> Professor of Finance at HEC Lausanne, University of Lausanne, and Senior Chair
> at the Swiss Finance Institute. Research on how information frictions —
> learning, attention, dispersed knowledge — move asset prices.
> The site is one page; every paper below is a PDF hosted on it.

- Home page: [danielandrei.info](https://danielandrei.info/)
- CV: [AndreiCV.pdf](https://danielandrei.info/AndreiCV.pdf)
- Affiliation: HEC Lausanne, University of Lausanne, Extranef 231, CH-1015 Lausanne, Switzerland
- Contact: e-mail address is on the CV
- Research topics: information frictions, information percolation, learning in financial markets, attention and asset prices, dispersed information, asset pricing, return predictability, monetary policy and asset prices, CAPM, persistence risk, general equilibrium, continuous-time finance, noisy rational expectations

## Published papers

- [Investor Learning about Monetary-Policy Transmission and the Stock Market](https://danielandrei.info/AH4.pdf): Journal of Financial Economics, 2025, with M. Hasler.
- [The Lost Capital Asset Pricing Model](https://danielandrei.info/ACW.pdf): Review of Economic Studies, 2023, with J. Cujean and M. Wilson.
- [Economic Uncertainty and Investor Attention](https://danielandrei.info/AFO.pdf): Journal of Financial Economics, 2023, with H. Friedman and N. B. Ozel.
- [Schumpeterian Competition in a Lucas Economy](https://danielandrei.info/ACa.pdf): Journal of Economic Theory, 2023, with B. Carlin.
- [Dynamic Attention Behavior under Return Predictability](https://danielandrei.info/AH3.pdf): Management Science, 2020, with M. Hasler.
- [Asset Pricing with Persistence Risk](https://danielandrei.info/AHaJ.pdf): Review of Financial Studies, 2019, with M. Hasler and A. Jeanneret.
- [Why Did the q Theory of Investment Start Working?](https://danielandrei.info/AMM.pdf): Journal of Financial Economics, 2019, with W. Mann and N. Moyen. [Appendix](https://danielandrei.info/AMMappendix.pdf).
- [Asset Pricing with Disagreement and Uncertainty about the Length of Business Cycles](https://danielandrei.info/ACH.pdf): Management Science, 2019, with B. Carlin and M. Hasler.
- [Information Percolation, Momentum, and Reversal](https://danielandrei.info/AC2.pdf): Journal of Financial Economics, 2017, with J. Cujean.
- [Investor Attention and Stock Market Volatility](https://danielandrei.info/AH2.pdf): Review of Financial Studies, 2015, with M. Hasler.

## Unpublished papers

- [Local Efficiency and Cross-Sectional Predictability: The Information Aggregation Wedge](https://danielandrei.info/VWR.pdf)
- [The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement](https://danielandrei.info/AG.pdf): with L. Garlappi.
- [The Low-Minus-High Portfolio and the Factor Zoo](https://danielandrei.info/LMH.pdf): with J. Cujean and M. Fournier.
- [Information Percolation Driving Volatility](https://danielandrei.info/A.pdf)
- [The Redistributive Effects of Monetary Policy](https://danielandrei.info/AHL.pdf): with B. Herskovic and O. Ledoit.
- [Learning and Consumption Dynamics](https://danielandrei.info/AHiJ.pdf): with S. Hitzemann and A. Jeanneret.
- [International Portfolio Choice and Relative Wealth Concerns](https://danielandrei.info/A2.pdf)
- [Global Public Signals, Heterogeneous Beliefs and Stock Markets Comovement](https://danielandrei.info/AC1.pdf): with J. Cujean.
- [Trade Costs, Heterogeneous Firms and International Portfolio Choice](https://danielandrei.info/A1.pdf)

## Teaching

Courses: Fixed Income and Credit Risk (MSc, HEC Lausanne) · Empirical Methods in
Finance (MSc, HEC Lausanne) · Dynamic Asset Pricing (PhD, SFI) · Derivatives
(MFE & MBA, UCLA; BCom & MMF, McGill) · Advanced Finance Seminar (BCom, McGill) ·
Asset Pricing Theory (PhD, McGill) · Investments (MFE, EPFL) · Principes de
Finance (BSc, HEC Lausanne).

- [Derivatives slides](https://danielandrei.info/slides2021.pdf)
- [Bitcoin and blockchain slides](https://danielandrei.info/slidesbitcoin.pdf)
- Midterms: [Feb 2018](https://danielandrei.info/MidtermMFE2018.pdf) · [Oct 2018](https://danielandrei.info/MidtermBCom2018.pdf) · [Feb 2020](https://danielandrei.info/MidtermBCom2020.pdf) · [Oct 2025](https://danielandrei.info/MidtermBCom2025.pdf)
- Finals: [Mar 2017](https://danielandrei.info/FinalMFE2017.pdf) · [Mar 2018](https://danielandrei.info/FinalMFE2018.pdf) · [Dec 2018](https://danielandrei.info/FinalBCom2018.pdf) · [Dec 2025](https://danielandrei.info/FinalBCom2025.pdf)