Staff profile

Damian Damianov is a Professor of Finance at Durham University Business School. His research focuses on household and real estate finance, examining how public policy can help households access homeownership, build wealth, and manage financial risks over the life cycle. 

He developed the computational engine of the Housing Affordability and Lifetime Wealth Simulator, a freely accessible digital platform that allows users to visualise their wealth over the life cycle under different tenure choices, including private renting, homeownership, and Shared Ownership. This is a unique and first-of-its-kind tool capable of generating data-driven wealth projections based on macroeconomic conditions and individual housing decisions. The Simulator helps households, mortgage advisers, and housing associations make informed financial and housing choices. It is available at 

shareown.info

His research has also influenced policy and practice. The Scoping Report for the Evaluation of the Affordable Homes Programme 2021–26, commissioned by the Ministry for Housing, Communities and Local Government, established the framework for assessing the social and economic impact of the UK’s £9.5 billion housing programme. The Maturing Shared Ownership Market: A Data-Led Analysis, commissioned by Sage Homes (Blackstone), is an industry report written for investors, providing insights into the performance of this affordable housing product.

Professor Damianov earned his PhD in Economics from the University of Heidelberg and previously held academic positions in the United States.

• Asset Pricing
• Household Finance
• Real Estate Finance

Journal Article

• House Price Dynamics and Mortgage Defaults: Theoretical and Empirical Analysis of the Role of Recourse
  
  Damianov, D. S., Wang, X., & Yan, C. (2025). House Price Dynamics and Mortgage Defaults: Theoretical and Empirical Analysis of the Role of Recourse. Regional Studies, 59(1), Article 2549592. https://doi.org/10.1080/00343404.2025.2549592
• Shared occupancy and property tax arrears
  
  Anim-Odame, W. K., Brenni, P. A., Damianov, D. S., & Philip, D. (2024). Shared occupancy and property tax arrears. Real Estate Economics. Advance online publication. https://doi.org/10.1111/1540-6229.12522
• Price Exuberance and Contagion across Housing Markets: Evidence from US Metropolitan Areas
  
  Chowdhury, M. S. R., Damianov, D. S., & Escobari, D. (2024). Price Exuberance and Contagion across Housing Markets: Evidence from US Metropolitan Areas. The Journal of Real Estate Finance and Economics, 69, 132–163. https://doi.org/10.1007/s11146-022-09925-w
• Uncertainty and Bubbles in Cryptocurrencies: Evidence from Newly Developed Uncertainty Indices
  
  Chowdhury, M. S. R., & Damianov, D. S. (2023). Uncertainty and Bubbles in Cryptocurrencies: Evidence from Newly Developed Uncertainty Indices. International Review of Financial Analysis, 91, Article 102949. https://doi.org/10.1016/j.irfa.2023.102949
• Auctions for Charity: The Curse of the Familiar
  
  Carpenter, J., Damianov, D., & Matthews, P. (2022). Auctions for Charity: The Curse of the Familiar. International Economic Review, 63(3), 1109-1135. https://doi.org/10.1111/iere.12559
• Bubbles and Crashes in Cryptocurrencies: Interdependence, Contagion, or Asset Rotation?
  
  Chowdhury, M., Damianov, D., & Elsayed, A. (2022). Bubbles and Crashes in Cryptocurrencies: Interdependence, Contagion, or Asset Rotation? Finance Research Letters, 46(Part B), Article 102494. https://doi.org/10.1016/j.frl.2021.102494
• Google search queries, foreclosures, and house prices
  
  Damianov, D. S., Wang, X., & Yan, C. (2021). Google search queries, foreclosures, and house prices. Journal of Real Estate Finance and Economics, 63(2), 177-209. https://doi.org/10.1007/s11146-020-09789-y
• Getting on and Moving Up the Property Ladder: Real hedging in the U.S. Housing Market Before and After the Crisis
  
  Damianov, D. S., & Escobari, D. (2021). Getting on and Moving Up the Property Ladder: Real hedging in the U.S. Housing Market Before and After the Crisis. Real Estate Economics, 49(4), 1201-1237. https://doi.org/10.1111/1540-6229.12276
• Does Bitcoin add value to global industry portfolios?
  
  Damianov, D. S., & Elsayed, A. H. (2020). Does Bitcoin add value to global industry portfolios? Economics Letters, 191, Article 108935. https://doi.org/10.1016/j.econlet.2019.108935
• On the Transmission of Spillover Risks between the Housing Market, the Mortgage and Equity REITs markets, and the Stock Market
  
  Damianov, D., & Elsayed, A. (2018). On the Transmission of Spillover Risks between the Housing Market, the Mortgage and Equity REITs markets, and the Stock Market. Finance Research Letters, 27, 193-200. https://doi.org/10.1016/j.frl.2018.03.001
• Asymmetric Endogenous Prize Contests
  
  Damianov, D., Sanders, S., & Yildizparlak, A. (2018). Asymmetric Endogenous Prize Contests. Theory and Decision, 85(3-4), 435-453. https://doi.org/10.1007/s11238-018-9661-0
• Prize-Based Mechanisms for Fund-Raising: Theory and Experiments
  
  Damianov, D., & Peeters, R. (2018). Prize-Based Mechanisms for Fund-Raising: Theory and Experiments. Economic Inquiry, 56(3), 1562-1584. https://doi.org/10.1111/ecin.12570
• Teaching Futures Markets with the “ZIP Code” Trading Game
  
  Damianova, E., & Damianov, D. (2018). Teaching Futures Markets with the “ZIP Code” Trading Game. JOURNAL OF FINANCIAL EDUCATION., 44(1), 79-99. https://doi.org/10.2307/26573537
• On the Disclosure of Ticket Sales in Charitable Lotteries
  
  Damianov, D., & Peeters, R. (2017). On the Disclosure of Ticket Sales in Charitable Lotteries. Economics Letters, 150, 73-76. https://doi.org/10.1016/j.econlet.2016.11.012
• Long-Run Equilibrium Shift and Short-Run Dynamics of U.S. Home Price Tiers during the Housing Bubble
  
  Damianov, D., & Escobari, D. (2016). Long-Run Equilibrium Shift and Short-Run Dynamics of U.S. Home Price Tiers during the Housing Bubble. Journal of Real Estate Finance and Economics, 53(1), 1-28. https://doi.org/10.1007/s11146-015-9523-2
• A Time Series Test to Identify Housing Bubbles
  
  Escobari, D., Damianov, D., & Bello, A. (2015). A Time Series Test to Identify Housing Bubbles. Journal of Economics and Finance, 39(1), 136-152. https://doi.org/10.1007/s12197-013-9251-5
• Should Lotteries Offer Discounts on Multiple Tickets?
  
  Damianov, D. (2015). Should Lotteries Offer Discounts on Multiple Tickets? Economics Letters, 126, 84-86. https://doi.org/10.1016/j.econlet.2014.11.002
• Health Insurance Coverage, Income Distribution and Healthcare Quality in Local Healthcare Markets
  
  Damianov, D., & Pagan, J. (2013). Health Insurance Coverage, Income Distribution and Healthcare Quality in Local Healthcare Markets. Health Economics, 22(8), 987-1002. https://doi.org/10.1002/hec.2874
• Seller Competition by Mechanism Design
  
  Damianov, D. (2012). Seller Competition by Mechanism Design. Economic Theory, 51(1), 105-137. https://doi.org/10.1007/s00199-010-0597-z
• The Effect of Time Spent Online on Student Achievement in Economics and Finance Online Courses.
  
  Calafiore, P., & Damianov, D. (2011). The Effect of Time Spent Online on Student Achievement in Economics and Finance Online Courses. Journal of Economic Education, 42(3), 209-223. https://doi.org/10.1080/00220485.2011.581934
• Auctions with Variable Supply: Uniform Price versus Discriminatory
  
  Damianov, D., & Becker, J. (2010). Auctions with Variable Supply: Uniform Price versus Discriminatory. European Economic Review, 54(4), 571-593. https://doi.org/10.1016/j.euroecorev.2009.09.002
• Uniform vs. Discriminatory Auctions with Variable Supply—Experimental Evidence
  
  Damianov, D., Oechssler, J., & Becker, J. (2010). Uniform vs. Discriminatory Auctions with Variable Supply—Experimental Evidence. Games and Economic Behavior, 68(1), 60-76. https://doi.org/10.1016/j.geb.2009.06.008
• On the Existence of Symmetric Mixed Strategy Equilibria
  
  Becker, J., & Damianov, D. (2006). On the Existence of Symmetric Mixed Strategy Equilibria. Economics Letters, 90(1), 84-87. https://doi.org/10.1016/j.econlet.2005.07.005
• The Uniform Price Auction with Endogenous Supply
  
  Damianov, D. (2005). The Uniform Price Auction with Endogenous Supply. Economics Letters, 88(2), 152-158. https://doi.org/10.1016/j.econlet.2005.02.004