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Hanno Lustig

Professor of Finance
Academic Area: 

Research Statement

Hanno Lustig has worked at the intersection of macroeconomics and finance. Recently, his research has focused on understanding the forces that determine exchange rates in currency markets. His research has shown how currencies have different risk characteristics that are determined by a country's role in the global economy. These risk characteristics help to understand the behavior of exchange rates. In addition, Lustig has explored the impact of government guarantees on the pricing of tail risk borne by large financial institutions. More recently, Lustig has also worked on understanding the determinants of a firm's volatility (volatility of sales, cash flows, stock returns etc).

Research Interests

  • International Finance
  • Currency Markets
  • Asset Management
  • Volatility


Hanno Lustig joined the GSB in 2015. Prior to that, he taught at the University of Chicago, the UCLA Economics department and UCLA’s Anderson School of Management. He graduated in 2002 from Stanford University with a PhD in economics. He has been awarded the JP Morgan Award for the Best Paper on Financial Institutions and Markets in 2012 as well as the NASDAQ OMX Award for the Best Paper on Asset Pricing in 2010. Lustig is a Faculty Research Fellow at the NBER and an associate editor at the Journal of Finance and Econometrica. Francis Longstaff and Lustig were also awarded a Distinguished paper distinction as part of the Amundi Smith Breeden Prize for the best paper in the Journal of Finance on capital markets for their work on TIPS markets with Matthias Fleckenstein.

Academic Degrees

  • PhD, Economics, Stanford University, 2002
  • MS in Economics, Catholic University of Louvain (Belgium), 1997
  • MA in Economics, Catholic University of Louvain (Belgium), 1997
  • Kandidaat in de Economische Wetenschappen, UFSIA (University Faculties St-Ignatius Antwerp, Belgium), 1993

Academic Appointments

  • Professor, Stanford GSB, 2015-present
  • Professor, Anderson School of Management, UCLA, 2013-2015
  • Visiting Professor, Berkeley Haas School of Management, 2012
  • Research Associate, NBER EFG and Assett Pricing, 2010
  • Associate Professor, Anderson School of Management, UCLA, 2010
  • Assistant Professor, Anderson School of Management, UCLA, 22008-2010
  • Assistant Professor, Economics, UCLA< 2004-2008
  • Faculty Research Fellow, NBER EFG and Asset Pricing, 2003-2010
  • Assistant Professor, Economics, University of Chicago, 2002-2004


Journal Articles

Bryan T. Kelly, Hanno Lustig, Stijn Van Nieuwerburgh. American Economic Review (forthcoming). 2015.

Working Papers

Too-Systemic-To-Fail: What Option Markets Imply About Sector-Wide Government Guarantees | PDF
Bryan T. Kelly, Hanno Lustig, Stijn Van Nieuwerburgh, March 212012

Courses Taught

Degree Courses


This advanced applications course brings recent advances in finance to bear on real-world challenges in investment management and corporate finance. The course is intended for MBA1 students who are familiar with the foundations of modern finance...

School News

October 6, 2015
New faculty and lecturers offer unique perspectives and experience to augment program offerings.