Lasse H. Pedersen

Lasse H. Pedersen is a Professor at Copenhagen Business School and the John A. Paulson Professor of Finance and Alternative Investments at New York University’s Stern School of Business (on leave). He is a Research Associate at the National Bureau of Economic Research (NBER), a Research Affiliate at the Centre for Economic Policy Research (CEPR), and Principal at AQR Capital Management. He serves as Director of the American Finance Association and has held roles in the Federal Reserve Bank of New York’s Liquidity Working Group and Monetary Policy Panel.

Education: B.S. and M.S. from the University of Copenhagen; Ph.D. from Stanford University Graduate School of Business.

Research focuses on liquidity risk and asset pricing, including the impact of liquidity-adjusted CAPM, funding liquidity risks, and systemic financial crises. His work explores market dynamics, optimal trading strategies, and deviations from frictionless finance theory. Key areas include liquidity spirals, currency crashes, and cross-asset factors like momentum and carry.

Awards: Germán Bernácer Prize (2011), Michael Brennan Award (2012), Fama-DFA Prize (2005), and multiple recognitions from NYU and Stanford.

Advisory roles include NASDAQ OMX, FTSE, and editorial boards of journals like the Journal of Finance and Quarterly Journal of Economics. His book Market Liquidity: Asset Pricing, Risk, and Crises (2012) synthesizes his research contributions.