Martin C. Schmalz
Martin C. Schmalz | |
---|---|
Born | 1984 or 1985 (age 39–40)[1] |
Nationality | German |
Occupation | Economist |
Awards | Artur Fischer Preis |
Academic background | |
Education | University of Stuttgart and Princeton University |
Academic work | |
Discipline | Finance, Accounting, Management, and Economics |
Institutions | University of Oxford's Saïd Business School |
Martin Schmalz is a German financial economist. He is the Head of the Finance, Accounting, Management, and Economics Area and Professor of Finance and Economics at the University of Oxford's Saïd Business School. He is also the Chief Economist and Director of the Office of Economic and Risk Analysis of the Public Company Accounting Oversight Board.[2]
Education
[edit]Schmalz graduated with a Diplom-Ingenieur in Mechanical Engineering from the University of Stuttgart[3] as the valedictorian, winning the Artur Fischer Preis. He received a scholarship from the Studienstiftung des Deutschen Volkes, Germany’s most prestigious scholarship foundation. He obtained his PhD in economics from Princeton University,[4] and was granted a Fellowship of Woodrow Wilson Scholars while pursuing it.[5]
Career
[edit]Schmalz served as assistant professor of finance at the University of Michigan's Ross School of Business from 2012 to 2018.[6][7] He then joined Oxford's Saïd Business School as associate professor of finance (with tenure) in 2019. He was elected Head of the Finance, Accounting, Management, and Economics Area in 2022.[8]
In 2023, Schmalz was also named the Chief Economist and Director of the Office of Economic and Risk Analysis (OERA) of the Public Company Accounting Oversight Board (PCAOB).[2] He succeeded Luigi Zingales in this role, who was the founding director of PCAOB's Center for Economic Analysis since 2013.[9]
Additionally, since 2023 he serves as a Director of Global Corporate Governance Colloquia (GCGC).[10]
Teaching
[edit]Schmalz is the Academic Director of Oxford's Blockchain Strategy Programme[11] and co-director of the AI in Fintech and Open Banking Programme. He co-authored the book The Business of Big Data: How to Create Lasting Value in the Age of AI.[12] Poets and Quants named him one of the "40 under 40" best business school professors in the world in 2018.[13]
Research
[edit]Schmalz is most well known for his research at the intersection of corporate governance,[14] industrial organization, and antitrust economics.[15][16][17]
He has been called to testify to The White House Council of Economic Advisers, FTC Hearings on Common Ownership and Competition,[18] The U.S. Department of Justice, European Parliament, Australian Parliament, various central banks, and competition authorities worldwide.[8]
His research covers law, finance, and economics, and focuses on the intersection of asset management, asset pricing, industrial organization, and corporate governance. He co-authored the paper "Anticompetitive Effects of Common Ownership",[19] which launched a literature on "common ownership" of competitors and, as of 2023, was one of the most cited articles published in the Journal of Finance in the past five years,[20] and has been called an "economic blockbuster" by Harvard Law School Professor Einer Elhauge.[21][22]
He also co-authored the Journal of Political Economy article "Common Ownership, Competition, and Top Management Incentives" which proves that benign neglect by shareholders is a sufficient mechanism to explain the results in the empirical literature on "common ownership".[23]
As for awards for his work, the 2017 paper "Housing Collateral and Entrepreneurship", written together with David Sraer and David Thesmar, received the Brattle Group Distinguished Paper Prize.[24]
Arte's documentary on BlackRock also covers the research on antitrust.[15]
As of August 2023, Martin Schmalz is cited over 3300 times according to his Google Scholar page.[25]
Other activities
[edit]In addition to his academic career, Martin Schmalz is also a licensed commercial pilot certified by the U.S. Department of Transportation Federal Aviation Administration (FAA). He holds a license to fly commercial planes and private helicopters,[26] demonstrating proficiency in aviation operations and safety regulations.
References
[edit]- ^ "2018 Best 40 Under 40 Professors: Martin Schmalz, Ross School of Business". Poets and Quants. April 23, 2018.
- ^ a b Public Company Accounting Oversight Board (August 28, 2023). "Martin C. Schmalz Named PCAOB Chief Economist and Director of Its Office of Economic and Risk Analysis". pcaobus.org. Retrieved August 29, 2023.
- ^ "New hires at Saïd Business School" (PDF). Saïd Business School.
- ^ "Martin Schmalz". Princeton University.
- ^ "Martin Schmalz's personal website". Google sites.
- ^ "Martin Schmalz, Ph.D." University of Michigan.
- ^ Carter, Andrea (24 April 2018). "2018 Best 40 Under 40 Professors: Martin Schmalz, Ross School of Business". Poets&Quants.
- ^ a b "Martin Schmalz". Saïd Business School. 22 June 2023.
- ^ Public Company Accounting Oversight Board (November 6, 2013). "PCAOB Announces Center for Economic Analysis". pcaobus.org. Retrieved August 30, 2023.
- ^ "Global corporate governance colloquia forges ahead into its second phase". ecgi.global. June 17, 2023. Retrieved August 29, 2023.
- ^ "Oxford Blockchain Strategy Programme". Saïd Business School.
- ^ "Henry Thornton Lecture with Professor Martin Schmalz". City, University of London. 31 March 2023.
- ^ Carter, Andrea (24 April 2018). "2018 Best 40 Under 40 Professors: Martin Schmalz, Ross School of Business". Poets&Quants.
- ^ "Are ETFs Killing Future Stock Market Returns?". Bloomberg.com. 2 February 2023.
- ^ a b "Martin Schmalz: Asset managers will not solve the world's problems". Handelsblatt.
- ^ "Research from Martin Schmalz referenced by the White House". Saïd Business School. 7 June 2022.
- ^ "Why Larry Fink May Be the Trustbusters' Next Target". TheStreet. 30 September 2016.
- ^ "Martin Schmalz' Presentation on Common Ownership". Federal Trade Commission. 16 June 2023.
- ^ "Anticompetitive Effects of Common Ownership: Anticompetitive Effects of Common Ownership". The Journal of Finance. 73 (4): 1513–1565. August 2018. doi:10.1111/jofi.12698.
- ^ "Top 25 Cited Recent Articles". The American Finance Association.
- ^ Elhauge, Einer (10 March 2016). "Horizontal Shareholding". Harvard Law Review.
- ^ "The Case for Doing Nothing About Common Ownership of Competing Firms | CLS Blue Sky Blog". Columbia Law School. 20 June 2018.
- ^ "Common Ownership, Competition, and Top Management Incentives". Yale Department of Economics.
- ^ "The Brattle Group Prizes for best papers in Corporate Finance for 2017". 15 February 2018.
- ^ "Martin C Schmalz".
- ^ "FAA Registry Search". FAA Registry. Federal Aviation Administration. Retrieved March 7, 2024.
Information obtained from the FAA Registry search using the person's name
External links
[edit]- Martin C. Schmalz publications indexed by Google Scholar
- Igor Goncharov; Vasso Ioannidou; Martin Schmalz (2023). "(Why) do central banks care about their profits?". Journal of Finance. 78 (5): 2991–3045. doi:10.1111/jofi.13257. hdl:10419/167532.
- Miguel Antón; Florian Ederer; Mireia Giné; Martin Schmalz (2023). "Common ownership, competition, and top management incentives" (PDF). Journal of Political Economy. 131 (5): 1294–1355. doi:10.1086/722414. S2CID 19922751.
- Laura Fritsch; Wayne Lim; Alexander Montag; Martin C Schmalz (2022). "Direct Lending: Evidence from European and US Markets". The Journal of Alternative Investments. 24 (3): 80–98. doi:10.3905/jai.2021.1.150. S2CID 238191975.
- MC Schmalz (2021). "Recent Studies on Common Ownership, Firm Behavior, and Market Outcomes". Antitrust Bulletin. 66: 12–38. doi:10.1177/0003603X20985804. S2CID 231857956.
- J Azar; MC Schmalz; I Tecu (2021). "Research on the Competitive Consequences of Common Ownership: A Methodological Critique". Antitrust Bulletin. 66: 113–122. doi:10.1177/0003603X20985799. S2CID 231858012.
- MC Schmalz; Z Sergey (2018). "Revealing Downturns". Review of Financial Studies. doi:10.1111/jofi.12698.
- Jose Azar; Martin C Schmalz; Isabel Tecu (2018). "Anticompetitive Effects of Common Ownership". The Journal of Finance. 73 (4): 1513–1565. doi:10.1111/jofi.12698.
- Martin C Schmalz (2018). "Common-Ownership Concentration and Corporate Conduct" (PDF). Annual Review of Financial Economics. 10: 413–448. doi:10.1146/annurev-financial-110217-022747. S2CID 168903814.
- J Azar; MC Schmalz (2017). "Common ownership of competitors raises antitrust concerns". Journal of European Competition Law and Practice. 8 (5): 329–332. doi:10.1093/jeclap/lpx032.
- Martin C Schmalz; David A Sraer; David Thesmar (2017). "Housing Collateral and Entrepreneurship" (PDF). The Journal of Finance. 72: 99–132. doi:10.1111/jofi.12468.
- Francesco Franzoni; Martin C Schmalz (2017). "Fund Flows and Market States". The Review of Financial Studies. 30 (8): 2621–2673. doi:10.1093/rfs/hhx015.
- Jose A Azar; Jean-Francois Kagy; Martin C Schmalz (2016). "Can Changes in the Cost of Carry Explain the Dynamics of Corporate "Cash" Holdings?". Review of Financial Studies. 29 (8): 2194–2240. doi:10.1093/rfs/hhw021.
- Thomas M Eisenbach; Martin C Schmalz (2016). "Anxiety in the face of risk". Journal of Financial Economics. 121 (2): 414–426. doi:10.1016/j.jfineco.2015.10.002.
- Joan Farre-Mensa; Roni Michaely; Martin Schmalz (2014). "Payout Policy". Annual Review of Financial Economics. 6: 75–134. doi:10.1146/annurev-financial-110613-034259.
- Joshua Gans; Andrew Leigh; Martin C Schmalz; Adam Triggs (2018). "Inequality and Market Concentration, when Shareholding is More Skewed than Consumption". SSRN Electronic Journal. doi:10.2139/ssrn.3301054. hdl:10419/191427.