Staff profile

Damian Damianov is a Professor of Finance at Durham University Business School. 

His main areas of research are in asset pricing, real estate and household finance. His current work explores the functioning and regulation of housing and mortgage markets, focusing on the nexus between mortgage contracts, house prices, and the behavior of households over their life cycle. His research examines how public policy can help households transition from renting to homeownership and manage their lifetime wealth. He has consulted government and industry on housing affordability initiatives and assessed their impact on households, markets and the economy.

His work on asset pricing examines financial market phenomena that are characterized as 'bubbles' and 'crashes.' He has developed theories and empirical tests to examine the sources and the channels through which bubbles originate and the reasons why they collapse, and he has applied these new methodologies to real estate, stock, and cryptocurrency markets.   

He earned his PhD from the University of Heidelberg (Germany) in 2006. Prior to joining Durham University in 2013, he held academic positions in the United States. 

• Asset Pricing
• Household Finance
• Real Estate Finance

Journal Article

• Chowdhury, M. S. R., Damianov, D. S., & Escobari, D. (2024). Price Exuberance and Contagion across Housing Markets: Evidence from US Metropolitan Areas. Journal of Real Estate Finance and Economics, 69, 132–163. https://doi.org/10.1007/s11146-022-09925-w
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• Damianov, D., & Sanders, S. (2012). Why Don't You Two Get a Room? A Puzzle and Pricing Model of Extra Services in Hotels. Journal of Industrial Organization Education, 6(1), Article 1035. https://doi.org/10.1515/1935-5041.1035
• Damianov, D. (2012). Seller Competition by Mechanism Design. Economic Theory, 51(1), 105-137. https://doi.org/10.1007/s00199-010-0597-z
• Calafiore, P., & Damianov, D. (2011). The Effect of Time Spent Online on Student Achievement in Economics and Finance Online Courses. The Journal of Economic Education, 42(3), 209-223. https://doi.org/10.1080/00220485.2011.581934
• Damianov, D., & Sanders, S. (2011). Status Spending Races, Cooperative Consumption, and Voluntary Public Income Disclosure: A Classroom Experiment
• Damianov, D. (2011). A Classroom Experiment on Status Goods and Consumer Choice
• 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
• 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
• Damianov, D., Kupczynski, L., Calafiore, P., Damianova, E., Soydemir, G., & Gonzalez, E. (2009). Time Spent Online and Student Performance in Online Business Courses: A Multinomial Logit Analysis
• Damianov, D. (2008). The Uniform Price and the Discriminatory Auction with Variable Supply
• 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
• 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