Martin C. Schmalz

University of Michigan, Stephen M. Ross School of Business

Assistant Professor of Finance

701 Tappan St

R5456

Ann Arbor, MI 48109-1234

United States

http://https://sites.google.com/site/martincschmalz/

SCHOLARLY PAPERS

18

DOWNLOADS
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Top 989

in Total Papers Downloads

21,490

CITATIONS
Rank 2,860

SSRN RANKINGS

Top 2,860

in Total Papers Citations

195

Scholarly Papers (18)

1.

Anti-Competitive Effects of Common Ownership

Ross School of Business Paper No. 1235
Number of pages: 83 Posted: 22 Apr 2014 Last Revised: 02 Jul 2017
José Azar, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, University of Michigan, Stephen M. Ross School of Business and Charles River Associates (CRA)
Downloads 7,500 (565)
Citation 1

Abstract:

Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

2.
Downloads 2,186 ( 737)
Citation 192

Payout Policy

Ross School of Business Paper No. 1227
Number of pages: 119 Posted: 25 Feb 2014 Last Revised: 19 Nov 2016
Joan Farre-Mensa, Roni Michaely and Martin C. Schmalz
Cornerstone Research, Johnson@Cornell Tech, Cornell University and University of Michigan, Stephen M. Ross School of Business
Downloads 2,186 (4,739)
Citation 186

Abstract:

Payout Policy; Survey; Dividends; Share Repurchases

Payout Policy

Annual Review of Financial Economics, Vol. 6, pp. 75-134, 2014
Posted: 25 Nov 2014
Joan Farre-Mensa, Roni Michaely and Martin C. Schmalz
Cornerstone Research, Johnson@Cornell Tech, Cornell University and University of Michigan, Stephen M. Ross School of Business

Abstract:

Common Ownership, Competition, and Top Management Incentives

Ross School of Business Paper No. 1328, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 511/2017
Number of pages: 78 Posted: 03 Jul 2016 Last Revised: 09 Aug 2017
Miguel Anton, Florian Ederer, Mireia Gine and Martin C. Schmalz
IESE Business School, Universidad de Navarra, Yale School of Management, IESE Business School, University of Navarra and University of Michigan, Stephen M. Ross School of Business
Downloads 2,100 (5,094)

Abstract:

Common ownership, competition, CEO pay, management incentives, governance

Common Ownership, Competition, and Top Management Incentives

CESifo Working Paper Series No. 6178
Number of pages: 62 Posted: 15 Dec 2016
Miguel Anton, Florian Ederer, Mireia Gine and Martin C. Schmalz
IESE Business School, Universidad de Navarra, Yale School of Management, IESE Business School, University of Navarra and University of Michigan, Stephen M. Ross School of Business
Downloads 89 (244,391)

Abstract:

common ownership, competition, incentives, executive pay

4.

Anxiety in the Face of Risk

FRB of New York Staff Report No. 610
Number of pages: 35 Posted: 03 Apr 2013 Last Revised: 28 Oct 2015
Thomas M. Eisenbach and Martin C. Schmalz
Federal Reserve Banks - Federal Reserve Bank of New York and University of Michigan, Stephen M. Ross School of Business
Downloads 653 (32,128)
Citation 2

Abstract:

risk premia, insurance, term structure, dynamic inconsistency

5.

Financing Payouts

Ross School of Business Paper No. 1263
Number of pages: 73 Posted: 09 Dec 2014 Last Revised: 12 Apr 2017
Joan Farre-Mensa, Roni Michaely and Martin C. Schmalz
Cornerstone Research, Johnson@Cornell Tech, Cornell University and University of Michigan, Stephen M. Ross School of Business
Downloads 566 (9,030)

Abstract:

Payout policy, financing decisions, debt issues, equity issues, capital structure

6.

Unionization, Cash, and Leverage

Ross School of Business Paper No. 1215
Number of pages: 46 Posted: 20 Apr 2013 Last Revised: 19 Nov 2016
Martin C. Schmalz
University of Michigan, Stephen M. Ross School of Business
Downloads 514 (19,680)

Abstract:

Capital Structure, Cash, Risk Management, Labor Adjustment Costs, Unionization, Regression Discontinuity

7.

Can Changes in the Cost of Carry Explain the Dynamics of Corporate 'Cash' Holdings?

Review of Financial Studies, April 2016, Ross School of Business Working Paper No. 1216
Number of pages: 55 Posted: 14 Dec 2013 Last Revised: 02 Jul 2017
José Azar, Jean-François Kagy and Martin C. Schmalz
University of Navarra, IESE Business School, Cornerstone Research and University of Michigan, Stephen M. Ross School of Business
Downloads 480 (22,096)

Abstract:

corporate cash, cash hoarding, money demand

8.

Fund Flows and Market States

Review of Financial Studies, 2017, DOI:10.1093/rfs/hhx015
Number of pages: 82 Posted: 13 May 2013 Last Revised: 19 Jun 2017
Francesco A. Franzoni and Martin C. Schmalz
USI Lugano and University of Michigan, Stephen M. Ross School of Business
Downloads 477 (25,141)

Abstract:

Bayesian learning, parameter uncertainty, mutual funds, flow-performance, Kalman filter, beta

Housing Collateral and Entrepreneurship

Journal of Finance, Forthcoming
Number of pages: 36 Posted: 22 Dec 2014 Last Revised: 20 Nov 2015
Martin C. Schmalz, David Alexandre Sraer and David Thesmar
University of Michigan, Stephen M. Ross School of Business, University of California, Berkeley and Massachusetts Institute of Technology (MIT) - Economics, Finance, Accounting (EFA)
Downloads 408 (58,032)

Abstract:

Collateral; Entrepreneurship; Real estate

Housing Collateral and Entrepreneurship

NBER Working Paper No. w19680
Number of pages: 44 Posted: 28 Nov 2013
Martin C. Schmalz, David Alexandre Sraer and David Thesmar
University of Michigan, Stephen M. Ross School of Business, University of California, Berkeley and Massachusetts Institute of Technology (MIT) - Economics, Finance, Accounting (EFA)
Downloads 19 (470,689)

Abstract:

10.

Anxiety, Overconfidence, and Excessive Risk Taking

FRB of New York Staff Report No. 711
Number of pages: 39 Posted: 21 Feb 2015 Last Revised: 26 Apr 2016
Thomas M. Eisenbach and Martin C. Schmalz
Federal Reserve Banks - Federal Reserve Bank of New York and University of Michigan, Stephen M. Ross School of Business
Downloads 332 (74,761)

Abstract:

overconfidence, dynamic consistency, biases, deception, risk taking

(Why) Do Central Banks Care about Their Profits?

Number of pages: 61 Posted: 05 Jun 2017
Igor Goncharov, Vasso Ioannidou and Martin C. Schmalz
Lancaster University - Department of Accounting and Finance, Lancaster University - Management School and University of Michigan, Stephen M. Ross School of Business
Downloads 229 (111,215)

Abstract:

Central Banks, Profitability, Non-Traditional Central Banking, Monetary Stability

(Why) Do Central Banks Care About Their Profits?

CESifo Working Paper Series No. 6546
Number of pages: 63 Posted: 24 Jul 2017
Igor Goncharov, Vasso Ioannidou and Martin C. Schmalz
Lancaster University - Department of Accounting and Finance, Lancaster University - Management School and University of Michigan, Stephen M. Ross School of Business
Downloads 26 (430,705)

Abstract:

central banks, profitability, non-traditional central banking, monetary stability

12.

Revealing Downturns

Number of pages: 46 Posted: 17 Nov 2012 Last Revised: 07 Jul 2017
Martin C. Schmalz and Sergey Zhuk
University of Michigan, Stephen M. Ross School of Business and University of Vienna
Downloads 239 (55,747)

Abstract:

Learning, Asymmetry, Business Cycle, Earnings Response

13.

The Term Structure of the Price of Variance Risk

FRB of New York Staff Report No. 736
Number of pages: 34 Posted: 07 Aug 2015
University of Toulouse 1 - Toulouse School of Economics (TSE), Federal Reserve Banks - Federal Reserve Bank of New York, University of Michigan, Stephen M. Ross School of Business and University of Michigan at Ann Arbor
Downloads 216 (118,334)

Abstract:

volatility risk, option returns, straddle, term structure

14.

Horizon-Dependent Risk Aversion and the Timing and Pricing of Uncertainty

FRB of New York Staff Report No. 703
Number of pages: 58 Posted: 09 Dec 2014 Last Revised: 14 Mar 2017
Marianne Andries, Thomas M. Eisenbach and Martin C. Schmalz
University of Toulouse 1 - Toulouse School of Economics (TSE), Federal Reserve Banks - Federal Reserve Bank of New York and University of Michigan, Stephen M. Ross School of Business
Downloads 145 (70,493)

Abstract:

risk aversion, term structure, volatility risk

15.

Disagreement and Optimal Security Design

Number of pages: 47 Posted: 06 Jun 2015 Last Revised: 16 May 2017
Juan Ortner and Martin C. Schmalz
Boston University and University of Michigan, Stephen M. Ross School of Business
Downloads 31 (147,121)

Abstract:

Disagreement, Security Design, Optimism, Overconfidence, Pooling, Tranching, Behavioral Finance

16.

Online Appendix to 'Revealing Downturns'

Number of pages: 31 Posted: 07 Jul 2017
Martin C. Schmalz and Sergey Zhuk
University of Michigan, Stephen M. Ross School of Business and University of Vienna
Downloads 0 (551,404)

Abstract:

17.

Why Common Ownership Creates Antitrust Risks

CPI Antitrust Chronicle June 2017
Number of pages: 8 Posted: 20 Jun 2017
José Azar, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, University of Michigan, Stephen M. Ross School of Business and Charles River Associates (CRA)
Downloads 0 (301,054)

Abstract:

Competition, Ownership, Pricing, Antitrust, Governance, Product Market

18.

Ultimate Ownership and Bank Competition

Number of pages: 85 Posted: 03 Jan 2016 Last Revised: 24 Jul 2016
José Azar, Sahil Raina and Martin C. Schmalz
University of Navarra, IESE Business School, Alberta School of Business, University of Alberta and University of Michigan, Stephen M. Ross School of Business
Downloads 0 (3,463)

Abstract:

Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market, Bank Competition