Mariana Khapko

Mariana Khapko serves as an Associate Professor of Finance at the University of Toronto, holding dual appointments at the Rotman School of Management and the Department of Management, University of Toronto Scarborough. She also maintains an affiliation as a Research Fellow at the Swedish House of Finance, Stockholm School of Economics.

Her educational background is as follows:

• PhD in Finance, Stockholm School of Economics, 2015 (Supervisor: Tomas Björk)

Dr. Khapko's research centers on theoretical finance models, with primary expertise in asset pricing, portfolio choice, and time-inconsistent control theory. She is internationally recognized for pioneering work in time-inconsistent decision frameworks, addressing problems where agents' preferences evolve non-exponentially over time (e.g., mean-variance optimization and probability distortion). Her research extends to financial market microstructure, information dissemination in securities markets, and institutional design. She co-authored the seminal Springer Finance Series book "Time-Inconsistent Control Theory with Finance Applications," which establishes game-theoretic foundations for subgame-perfect equilibria in dynamic financial problems. Her empirical and theoretical contributions appear in top journals including the Journal of Financial Economics, Management Science, Journal of Financial Markets, and Finance and Stochastics.

Her scientific recognition includes:

• Peter Högfeldt Award for outstanding thesis in Finance

As an academic leader, Dr. Khapko mentors graduate students and secures competitive research funding, though specific advisees and grants are not detailed in source materials. Her Swedish House of Finance affiliation connects her to national data initiatives like the SHoF Data Center, providing access to Nordic market quality metrics, ESG databases, and high-frequency trading archives for empirical validation of theoretical models. She actively shapes finance research through seminar participation and conference contributions, particularly in time-inconsistency applications for carbon pricing and risk attitude studies.