Costis Skiadas is the Harold L. Stuart Professor of Finance at the Kellogg School of Management. He has served three 3-year terms as chairman of the Finance department, and has also represented the department at Northwestern University's faculty senate. Skiadas has made contributions on foundational issues of choice under uncertainty, asset-pricing theory, dynamic portfolio theory, and trade under asymmetric information. His work has appeared in economics, finance, and mathematics journals, and he is the author of two books for doctoral students and researchers. He received his PhD in Operations Research from Stanford University.

Asset pricing theory, choice under uncertainty, mathematical economics

• PhD, 1992, Operations Research, Stanford University
• MS, 1990, Operations Research, Stanford University
• MS, 1987, Electrical Engineering, Stanford University
• BSc, 1986, Electrical Engineering, Imperial College of Science and Technology, First Class Honors

• Harold L. Stuart Distinguished Professor of Finance, Kellogg School of Management, Northwestern University
• Chairman of the Finance Department, Kellogg School of Management, Northwestern University, 6/30/2010
• Professor of Finance, Kellogg School of Management, Northwestern University, 8/31/2004
• Associate Professor of Finance, Kellogg School of Management, Northwestern University, 8/31/2002
• Assistant Professor of Finance, Kellogg School of Management, Northwestern University, 8/31/1998

• Editorial Board, Mathematics and Financial Economics, 2006-present

Introductory finance, dynamic asset pricing theory

Asset Pricing I (FINC-585-1)
A doctoral-level course that offers an in-depth introduction to competitive asset pricing theory: arbitrage pricing, equilibrium pricing and optimal consumption/portfolio choice. Models are developed for a finite information tree, but from an advanced perspective that motivates and builds intuition toward continuous-time modeling.

Derivatives (KELLG_FE-314-0)
Use and pricing of forwards and futures, swaps, and options. Strategies for speculation and risk management, no-arbitrage pricing for forward contracts, binomial and Black-Scholes option pricing models, applications of pricing models in other contexts.

Derivatives Markets (FINC-465-0)
This course introduces forwards, futures, options and related financial contracts, which are widely used for risk management in the form of standardized derivative securities, but also represent features that are found in common corporate securities, not typically thought of as derivatives. The course develops in depth a conceptual and analytical framework for understanding the pricing of these features, as well as strategies for managing risk. Covered topics include the following. Basic risk-management strategies using forward contracts, call and put options. Arbitrage relationship between spot prices and forward prices based on the role of dividends, cost of carry and convenience yields, with applications to securities lending, commodities and foreign exchange. An overview of futures markets: OTC markets versus exchanges, mark-to-market, margins, the role of clearinghouses. Statistical hedging with futures and the notion of basis risk. Introduction to swaps as a natural extension of forwards and futures. Fundamental option-pricing results such as put-call parity (including for hard-to-short stocks), general patterns in the optimal exercise of American options, and how the pricing of risk relates to the time horizon. Binomial pricing and hedging, and its limiting Black-Scholes model and associated hedging and market-making techniques. Overview of option pricing applications in corporate and other settings.