Staff profile

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

His areas of expertise include asset pricing, real estate and household finance. His current research focuses on the design and functioning of housing and mortgage markets, examining the interplay between mortgage contracts, house prices, and household behavior over the life cycle. He also explores how public policy can facilitate the transition from renting to homeownership and assist households in managing their lifetime wealth. He has consulted government and industry on housing affordability initiatives and studied the impact of these initiatives on households, markets and the economy.

His work on asset pricing sheds light on financial market phenomena such 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. He has applied these new methodologies to real estate, stock, and cryptocurrency markets. His broader research agenda is to understand the contributing role of fundamentals, expectations, and behavioural aspects of investment in the formation of boom-and-bust cycles.

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. (online). 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
• Anim-Odame, W. K., Brenni, P. A., Damianov, D. S., & Philip, D. (online). Shared occupancy and property tax arrears. Real Estate Economics, https://doi.org/10.1111/1540-6229.12522
• 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
• 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. (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., & 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
• 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