Costas Xiouros

Costas Xiouros is an Associate Professor at the Department of Finance at BI Norwegian Business School in Oslo, Norway. He has been in this position since 2010 and has established himself as a prominent researcher in asset pricing theory.

• Ph.D. in Finance from University of Southern California (2009)
• MSc in Financial Mathematics from University of Warwick (2001)
• BSc in Accounting and Finance from University of Warwick (2000)

Professor Xiouros's research focuses on asset pricing, specifically investigating what determines expected returns of assets and what drives asset price fluctuations. He primarily works with theoretical models of general equilibrium, examining how investor heterogeneity impacts financial markets. His work often explores the intersection of financial economics and macroeconomics, with particular attention to how risk preferences and information quality affect market dynamics.

His recent publications show a strong focus on investor disagreement, information quality, and their impact on asset prices. The 2024 Journal of Financial Economics paper demonstrates how variations in information quality lead to substantial excess stock price volatility, contributing significantly to explaining the equity premium puzzle. His work also explores risk aversion sensitivity in business cycles and its implications for investment volatility and stock market returns.

• Best Paper Award, 2013 Finance Down Under Conference at the University of Melbourne

Professor Xiouros teaches Strategic Asset Allocation, Asset Pricing Theory, and Real Estate Finance at BI Norwegian Business School. He has extensive experience teaching across the finance curriculum including Derivatives, Financial Management, and Investments. His research has been published in top-tier finance journals including the Journal of Financial Economics, Review of Financial Studies, and Management Science.

His work has practical implications for understanding market volatility, the equity premium puzzle, and the relationship between macroeconomic conditions and financial markets. Professor Xiouros continues to be active in research, with several working papers examining cyclical beta patterns and the cross-section of expected returns.