Stanislav (Stas) Sokolinski

Assistant Professor of Finance
Broad College of Business, Michigan State University

I study how asset management intersects with asset pricing. My research examines how institutional investors, financial advisers, and fintech wealth managers shape markets—and how delegation affects prices and investor outcomes.

Research: Asset Management · Asset Pricing
Education: Ph.D. in Economics, Harvard University

Working Papers

When Innovation Becomes Systematic: From Venture Capital Experimentation to Public-Market Risk

July 2026

with Caroline Genc

When venture capital spreads across distinct but connected technologies, related public stocks tend to move together more strongly over the following year.

Erasing Alpha

February 2026

with Carter Davis, Xiao Han, and Andrea Tamoni

Even very large capital reallocations barely shrink alpha: price impact translates only weakly into expected returns, while overlapping ownership mostly shifts alpha across strategies.

Does Sustainable Investing Weaken Stock Reactions to Cash Flow News?

April 2026

with Steffen Hitzemann, An Qin, Andrea Tamoni, and Yuanyuan Xiao

Stocks with high sustainable ownership respond only half as much to the same earnings news, implying a 1–3 percentage point lower discount rate than comparable stocks.

Publications

Which Investors Drive Anomaly Returns and How?

with Yizhang Li and Andrea Tamoni

Journal of Financial Economics · 2026

Anomaly returns are mostly a small-investor story: fundamentals-based trading by smaller investors drives their variation, while large institutions matter only in select cases.

Winning Teams or Winning Pay? The Impact of Team Allocation on Fund Manager Compensation and Careers

with Lu Han and Galit Ben Naim

Journal of Financial and Quantitative Analysis · 2026

Joining top-quality teams initially lowers manager pay but accelerates skill development and future compensation, especially for top performers and less-experienced managers.

Robo Advice and Access to Wealth Management

with Michael Reher

Journal of Financial Economics · 2024

Robo advice gives less-wealthy investors access to sophisticated asset management, expanding participation and improving investor welfare.

Strategic Borrowing from Passive Investors

with Darius Palia

Review of Finance · 2024

Passive investing helps alleviate short-sale constraints by reducing the risks associated with stock borrowing.

Regulating Commission-Based Financial Advice: Evidence from a Natural Experiment

Journal of Financial and Quantitative Analysis · 2023

Limits on commissions paid to financial advisers reduce the prices of financial products and stimulate investment.

Paying for Beta: Leverage Demand and Asset Management Fees

with Steffen Hitzemann and Mingzhu Tai

Journal of Financial Economics · 2022

Mutual fund investors pay extra for embedded leverage, helping explain why fees can exceed risk-adjusted returns.

The Globalization of Angel Investments: Evidence Across Countries

with Josh Lerner, Antoinette Schoar, and Karen Wilson

Journal of Financial Economics · 2018

Across 21 countries, angel funding has a positive impact on firm growth, performance, survival, and follow-on fundraising.