Martin C. Schmalz

Schmalz graduated with a Diplom-Ingenieur in Mechanical Engineering from the University of Stuttgart{{cite web |title=New hires at Saïd Business School |url=https://www.sbs.ox.ac.uk/sites/default/files/2021-10/sbs-review-2019.pdf|publisher=Saïd Business School}} 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 Bendheim Center for Finance{{cite web |title=Annual Report 2012 |url=https://bcf.princeton.edu/wp-content/uploads/sites/3/2020/11/BCF-Annual-Report-2012.pdf |website=BCF, Princeton University|language=en | page=7}} of Princeton University,{{cite web |title=Martin Schmalz |url=https://europe.princeton.edu/people/martin-schmalz |website=Princeton University|language=en}} and was granted a Fellowship of Woodrow Wilson Scholars while pursuing it.{{cite web |title=Martin Schmalz's personal website |url=https://sites.google.com/site/martincschmalz/ |website=Google sites|language=en}}

Schmalz served as assistant professor of finance at the University of Michigan's Ross School of Business from 2012 to 2018.{{cite web |title=Martin Schmalz, Ph.D. |url=https://news.umich.edu/for-journalists/find-experts/martin-schmalz-ph-d/ |publisher=University of Michigan}}{{cite web |last1=Carter |first1=Andrea |title=2018 Best 40 Under 40 Professors: Martin Schmalz, Ross School of Business |url=https://poetsandquants.com/2018/04/23/2018-best-40-under-40-professors-martin-schmalz-ross-school-of-business/ |website=Poets&Quants |date=24 April 2018}} 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.{{cite web |title=Martin Schmalz |url=https://www.sbs.ox.ac.uk/about-us/people/martin-schmalz |website=Saïd Business School |date=22 June 2023 |language=en}}

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). He succeeded Luigi Zingales in this role, who was the founding director of PCAOB's Center for Economic Analysis since 2013.{{Cite web | url = https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-announces-center-for-economic-analysis_446 | title = PCAOB Announces Center for Economic Analysis | author = Public Company Accounting Oversight Board | date = November 6, 2013 | website = pcaobus.org | access-date = August 30, 2023}}

Additionally, since 2023 he serves as a Director of Global Corporate Governance Colloquia (GCGC).{{Cite web | url = https://www.ecgi.global/news/global-corporate-governance-colloquia-forges-ahead-its-second-phase | title = Global corporate governance colloquia forges ahead into its second phase | date = June 17, 2023 | website = ecgi.global | access-date = August 29, 2023}}

Schmalz is the Academic Director of Oxford's Blockchain Strategy Programme{{cite web|title=Oxford Blockchain Strategy Programme |url=https://www.sbs.ox.ac.uk/programmes/executive-education/online-programmes/oxford-blockchain-strategy-programme |website=Saïd Business School |language=en}} 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.{{cite web |title=Henry Thornton Lecture with Professor Martin Schmalz |url=https://www.city.ac.uk/news-and-events/events/2023/may/henry-thornton-lecture-with-professor-martin-schmalz |website=City, University of London |date=31 March 2023}} Poets and Quants named him one of the "40 under 40" best business school professors in the world in 2018.{{cite web |last1=Carter |first1=Andrea |title=2018 Best 40 Under 40 Professors: Martin Schmalz, Ross School of Business |url=https://poetsandquants.com/2018/04/23/2018-best-40-under-40-professors-martin-schmalz-ross-school-of-business/ |website=Poets&Quants |date=24 April 2018}}

Schmalz is most well known for his research at the intersection of corporate governance,{{cite web |title=Are ETFs Killing Future Stock Market Returns? |url=https://www.bloomberg.com/news/articles/2023-02-02/podcast-are-etfs-killing-future-stock-market-returns#xj4y7vzkg |website=Bloomberg.com |language=en |date=2 February 2023}} industrial organization, and antitrust economics.{{cite web |title=Martin Schmalz: Asset managers will not solve the world's problems |url=https://www.handelsblatt.com/meinung/homo-oeconomicus/kolumne-homo-oeconomicus-martin-schmalz-vermoegensverwalter-werden-die-probleme-der-welt-nicht-loesen/26638790.html |website=Handelsblatt}}{{cite web |title=Research from Martin Schmalz referenced by the White House |url=https://www.sbs.ox.ac.uk/news/research-martin-schmalz-referenced-white-house |website=Saïd Business School |date=7 June 2022 |language=en}}{{cite web |title=Why Larry Fink May Be the Trustbusters' Next Target |date=30 September 2016 |url=https://www.thestreet.com/investing/funds/mutual-funds/why-larry-fink-may-be-the-trustbusters-next-target-13773419 |publisher=TheStreet}}

He has been called to testify to The White House Council of Economic Advisers, FTC Hearings on Common Ownership and Competition,{{cite web |title=Martin Schmalz' Presentation on Common Ownership |url=https://www.ftc.gov/media/70147 |website=Federal Trade Commission |date=16 June 2023 |language=en}} The U.S. Department of Justice, European Parliament, Australian Parliament, various central banks, and competition authorities worldwide.

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",{{cite journal |title=Anticompetitive Effects of Common Ownership: Anticompetitive Effects of Common Ownership |journal=The Journal of Finance |date=August 2018 |volume=73 |issue=4 |pages=1513–1565 |doi=10.1111/jofi.12698 |url=https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12698 |language=en|doi-access=free }} 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,{{cite web |title=Top 25 Cited Recent Articles |url=https://afajof.org/most-cited-recent-articles/ |website=The American Finance Association}} and has been called an "economic blockbuster" by Harvard Law School Professor Einer Elhauge.{{cite web |last1=Elhauge |first1=Einer |title=Horizontal Shareholding |url=https://harvardlawreview.org/print/vol-129/horizontal-shareholding/ |website=Harvard Law Review |date=10 March 2016}}{{cite web |title=The Case for Doing Nothing About Common Ownership of Competing Firms {{!}} CLS Blue Sky Blog |url=https://clsbluesky.law.columbia.edu/2018/06/20/the-case-for-doing-nothing-about-common-ownership-of-competing-firms/ |publisher=Columbia Law School |date=20 June 2018}}

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".{{cite journal |title=Common Ownership, Competition, and Top Management Incentives |journal=Yale Department of Economics |url=https://economics.yale.edu/research/common-ownership-competition-and-top-management-incentives |language=en}}

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.{{cite web |title=The Brattle Group Prizes for best papers in Corporate Finance for 2017 |url=https://www.brattle.com/insights-events/news/american-finance-association-announces-2017-recipients-of-the-brattle-group-prize/ |date=15 February 2018}}

Arte's documentary on BlackRock also covers the research on antitrust.

As of August 2023, Martin Schmalz is cited over 3300 times according to his Google Scholar page.{{cite web |title=Martin C Schmalz | url=https://scholar.google.com/citations?user=Iae7qqcAAAAJ}}

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,{{cite web |title=FAA Registry Search |url=https://amsrvs.registry.faa.gov/airmeninquiry/ |website=FAA Registry |publisher=Federal Aviation Administration |access-date=March 7, 2024 |quote=Information obtained from the FAA Registry search using the person's name}} demonstrating proficiency in aviation operations and safety regulations.

In February of 2020, Martin Schmalz was a guest on Chris Williamson's podcast Modern Wisdom{{cite web |title=Modern Wisdom #144 - Martin Schmalz - Artificial Intelligence, Big Data & China |url=https://podcasts.apple.com/gb/podcast/144-martin-schmalz-artificial-intelligence-big-data-china/id1347973549?i=1000466150137 |website=Apple Podcasts | access-date=May 1, 2025}}

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• {{GoogleScholar|Iae7qqcAAAAJ}}
• {{cite journal | title = (Why) do central banks care about their profits? | journal = Journal of Finance | date = 2023 |author=Igor Goncharov |author2=Vasso Ioannidou |author3=Martin Schmalz | volume = 78 | issue = 5 | pages = 2991–3045 | doi = 10.1111/jofi.13257 | doi-access = free | hdl = 10419/167532 | hdl-access = free }}
• {{cite journal | title = Common ownership, competition, and top management incentives | journal = Journal of Political Economy | date = 2023 |author=Miguel Antón |author2=Florian Ederer |author3=Mireia Giné |author4=Martin Schmalz | volume = 131 | issue = 5 | pages = 1294–1355 | doi = 10.1086/722414 | s2cid = 19922751 | url = https://www.cesifo.org/DocDL/cesifo1_wp6178_0.pdf }}
• {{cite journal | title = Direct Lending: Evidence from European and US Markets | date = 2022 |author=Laura Fritsch |author2=Wayne Lim |author3=Alexander Montag |author4=Martin C Schmalz | journal = The Journal of Alternative Investments | volume = 24 | issue = 3 | pages = 80–98 | doi = 10.3905/jai.2021.1.150 | s2cid = 238191975 }}
• {{cite journal | title = Recent Studies on Common Ownership, Firm Behavior, and Market Outcomes | journal = Antitrust Bulletin | date = 2021 |author=MC Schmalz | volume = 66 | pages = 12–38 | doi = 10.1177/0003603X20985804 | s2cid = 231857956 | doi-access = free }}
• {{cite journal | title = Research on the Competitive Consequences of Common Ownership: A Methodological Critique | journal = Antitrust Bulletin | date = 2021 |author=J Azar |author2=MC Schmalz |author3=I Tecu | volume = 66 | pages = 113–122 | doi = 10.1177/0003603X20985799 | s2cid = 231858012 | doi-access = free }}
• {{cite journal | title = Revealing Downturns | journal = Review of Financial Studies | date = 2018 |author=MC Schmalz |author2=Z Sergey | doi = 10.1111/jofi.12698 | doi-access = free }}
• {{cite journal | title = Anticompetitive Effects of Common Ownership | date = 2018 |author=Jose Azar |author2=Martin C Schmalz |author3=Isabel Tecu | journal = The Journal of Finance | volume = 73 | issue = 4 | pages = 1513–1565 | doi = 10.1111/jofi.12698 | doi-access = free }}
• {{cite journal | title = Common-Ownership Concentration and Corporate Conduct | date = 2018 |author=Martin C Schmalz | journal = Annual Review of Financial Economics | volume = 10 | pages = 413–448 | doi = 10.1146/annurev-financial-110217-022747 | s2cid = 168903814 | url = https://www.cesifo.org/DocDL/cesifo1_wp6908.pdf }}
• {{cite journal | title = Common ownership of competitors raises antitrust concerns | journal = Journal of European Competition Law and Practice | date = 2017 |author=J Azar |author2=MC Schmalz | volume = 8 | issue = 5 | pages = 329–332 | doi = 10.1093/jeclap/lpx032 | doi-access = free }}
• {{cite journal | title = Housing Collateral and Entrepreneurship | date = 2017 |author=Martin C Schmalz |author2=David A Sraer |author3=David Thesmar | journal = The Journal of Finance | volume = 72 | pages = 99–132 | doi = 10.1111/jofi.12468 | url = http://www.nber.org/papers/w19680.pdf }}
• {{cite journal | title = Fund Flows and Market States | date = 2017 |author=Francesco Franzoni |author2=Martin C Schmalz | journal = The Review of Financial Studies | volume = 30 | issue = 8 | pages = 2621–2673 | doi = 10.1093/rfs/hhx015 }}
• {{cite journal | title = Can Changes in the Cost of Carry Explain the Dynamics of Corporate "Cash" Holdings? | date = 2016 |author=Jose A Azar |author2=Jean-Francois Kagy |author3=Martin C Schmalz | journal = Review of Financial Studies | volume = 29 | issue = 8 | pages = 2194–2240 | doi = 10.1093/rfs/hhw021 }}
• {{cite journal | title = Anxiety in the face of risk | date = 2016 |author=Thomas M Eisenbach |author2=Martin C Schmalz | journal = Journal of Financial Economics | volume = 121 | issue = 2 | pages = 414–426 | doi = 10.1016/j.jfineco.2015.10.002 }}
• {{cite journal | title = Payout Policy | date = 2014 |author=Joan Farre-Mensa |author2=Roni Michaely |author3=Martin Schmalz | journal = Annual Review of Financial Economics | volume = 6 | pages = 75–134 | doi = 10.1146/annurev-financial-110613-034259 | doi-access = free }}
• {{cite journal | title = Inequality and Market Concentration, when Shareholding is More Skewed than Consumption | journal = SSRN Electronic Journal |author=Joshua Gans |author2=Andrew Leigh |author3=Martin C Schmalz |author4=Adam Triggs | date = 2018 | doi = 10.2139/ssrn.3301054 | url = https://econpapers.repec.org/RePEc:iza:izadps:dp12034 | hdl = 10419/191427 | hdl-access = free }}

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Category:German economists

Category:Academics of Saïd Business School

Category:Academics of the University of Oxford

Category:University of Stuttgart alumni

Category:Living people

Category:Year of birth missing (living people)