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/

CEPR

London

United Kingdom

CESifo

Poschinger Str. 5

Munich, DE-81679

Germany

European Corporate Governance Institute (ECGI)

c/o ECARES ULB CP 114

B-1050 Brussels

Belgium

SCHOLARLY PAPERS

30

DOWNLOADS
Rank 619

SSRN RANKINGS

Top 619

in Total Papers Downloads

32,465

CITATIONS
Rank 2,837

SSRN RANKINGS

Top 2,837

in Total Papers Citations

197

Scholarly Papers (30)

1.

Anticompetitive Effects of Common Ownership

Journal of Finance, 73(4), 2018
Number of pages: 79 Posted: 22 Apr 2014 Last Revised: 13 May 2018
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 11,162 (318)
Citation 2

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

2.
Downloads 2,594 ( 779)
Citation 193

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
Northeastern University, D'Amore-McKim School of Business, University of Geneva - Geneva Finance Research Institute (GFRI) and University of Michigan, Stephen M. Ross School of Business
Downloads 2,594 (4,223)
Citation 187

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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
Northeastern University, D'Amore-McKim School of Business, University of Geneva - Geneva Finance Research Institute (GFRI) and University of Michigan, Stephen M. Ross School of Business

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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: 59 Posted: 03 Jul 2016 Last Revised: 19 Sep 2018
Miguel Anton, Florian Ederer, Mireia Gine and Martin C. Schmalz
University of Navarra, IESE Business School, Yale School of Management, IESE Business School, University of Navarra and University of Michigan, Stephen M. Ross School of Business
Downloads 3,454 (2,574)

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

Common Ownership, Competition, and Top Management Incentives

CESifo Working Paper Series No. 6178
Number of pages: 54 Posted: 15 Dec 2016
Miguel Anton, Florian Ederer, Mireia Gine and Martin C. Schmalz
University of Navarra, IESE Business School, Yale School of Management, IESE Business School, University of Navarra and University of Michigan, Stephen M. Ross School of Business
Downloads 149 (186,042)

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

Common Ownership, Competition, and Top Management Incentives

CEPR Discussion Paper No. DP12674
Number of pages: 56 Posted: 05 Feb 2018 Last Revised: 11 Jun 2018
Miguel Anton, Florian Ederer, Mireia Gine and Martin C. Schmalz
University of Navarra, IESE Business School, Yale School of Management, IESE Business School, University of Navarra and University of Michigan, Stephen M. Ross School of Business
Downloads 1 (641,127)
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CEO pay, Common ownership, Competition, corporate governance, management incentives

4.

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 3,575 (2,473)

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

5.

Financing Payouts

Ross School of Business Paper No. 1263
Number of pages: 80 Posted: 09 Dec 2014 Last Revised: 22 Feb 2018
Joan Farre-Mensa, Roni Michaely and Martin C. Schmalz
Northeastern University, D'Amore-McKim School of Business, University of Geneva - Geneva Finance Research Institute (GFRI) and University of Michigan, Stephen M. Ross School of Business
Downloads 1,875 (7,471)

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

Common-Ownership Concentration and Corporate Conduct

Annual Review of Financial Economics, Vol. 10, December 2018, CESifo Working Paper Series No. 6908
Number of pages: 40 Posted: 05 Oct 2017 Last Revised: 18 May 2018
Martin C. Schmalz
University of Michigan, Stephen M. Ross School of Business
Downloads 1,201 (15,005)

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ownership, control, network, industry concentration, antitrust, objective of the firm, shareholder unanimity

Common Ownership Concentration and Corporate Conduct

CEPR Discussion Paper No. DP12598
Number of pages: 34 Posted: 22 Jan 2018
Martin C. Schmalz
University of Michigan, Stephen M. Ross School of Business
Downloads 1 (641,127)
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Antitrust, control, industry concentration, network, objective of the firm, ownership, shareholder unanimity

Common-Ownership Concentration and Corporate Conduct

Annual Review of Financial Economics, Vol. 10, pp. 413-448, 2018
Posted: 08 Nov 2018
Martin C. Schmalz
University of Michigan, Stephen M. Ross School of Business

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7.
Downloads 1,072 ( 18,185)

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 1,071 (17,873)

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

Unionization, Cash, and Leverage

CEPR Discussion Paper No. DP12595
Number of pages: 49 Posted: 22 Jan 2018
Martin C. Schmalz
University of Michigan, Stephen M. Ross School of Business
Downloads 1 (641,127)
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Capital Structure, cash, Labor Adjustment Costs, Regression Discontinuity, Risk management, Unionization

8.

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: 30 Sep 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 920 (22,821)

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corporate cash, cash hoarding, money demand

9.

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 893 (23,838)

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

10.

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 665 (35,907)
Citation 2

Abstract:

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risk premia, insurance, term structure, dynamic inconsistency

11.
Downloads 604 ( 40,815)

Revealing Downturns

Number of pages: 51 Posted: 17 Nov 2012 Last Revised: 16 Jan 2018
Martin C. Schmalz and Sergey Zhuk
University of Michigan, Stephen M. Ross School of Business and University of Vienna
Downloads 555 (44,950)

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Learning, Asymmetry, Business Cycle, Earnings Response

Revealing Downturns

CESifo Working Paper Series No. 6879
Number of pages: 53 Posted: 03 Apr 2018
Martin C. Schmalz and Sergey Zhuk
University of Michigan, Stephen M. Ross School of Business and University of Vienna
Downloads 49 (377,062)

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financial economics, finance

(Why) Do Central Banks Care about Their Profits?

Number of pages: 78 Posted: 05 Jun 2017 Last Revised: 17 Jul 2018
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 532 (47,459)

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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 57 (351,031)

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

13.

The Competitive Effects of Common Ownership: Economic Foundations and Empirical Evidence: Reply

Number of pages: 8 Posted: 30 Sep 2017 Last Revised: 27 Sep 2018
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 510 (50,731)

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

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 461 (56,924)

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Collateral; Entrepreneurship; Real estate

Housing Collateral and Entrepreneurship

NBER Working Paper No. w19680
Number of pages: 44 Posted: 28 Nov 2013 Last Revised: 07 Oct 2014
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 24 (486,678)

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15.

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

FRB of New York Staff Report No. 703
Number of pages: 78 Posted: 09 Dec 2014 Last Revised: 01 Apr 2018
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 449 (59,497)

Abstract:

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risk aversion, early resolution, term structure, volatility risk

16.

Confidence Cycles

FRB of New York Staff Report No. 711
Number of pages: 37 Posted: 21 Feb 2015 Last Revised: 21 Jul 2018
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 430 (62,666)

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overconfidence, dynamic consistency, biases, deception, risk taking

17.

Reply to: 'Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry'

Number of pages: 12 Posted: 10 May 2018
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 378 (73,093)

Abstract:

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

18.

Innovation: The Bright Side of Common Ownership?

Number of pages: 30 Posted: 16 Jan 2018 Last Revised: 25 Sep 2018
Miguel Anton, Florian Ederer, Mireia Gine and Martin C. Schmalz
University of Navarra, IESE Business School, Yale School of Management, IESE Business School, University of Navarra and University of Michigan, Stephen M. Ross School of Business
Downloads 304 (93,679)

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common ownership, competition, innovation, R&D

Pooling and Tranching under Belief Disagreement

Number of pages: 38 Posted: 06 Jun 2015 Last Revised: 17 Jun 2018
Juan Ortner and Martin C. Schmalz
Boston University and University of Michigan, Stephen M. Ross School of Business
Downloads 254 (112,890)

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

Disagreement and Optimal Security Design

CESifo Working Paper Series No. 6906
Number of pages: 49 Posted: 20 Apr 2018
Juan Ortner and Martin C. Schmalz
Boston University and University of Michigan, Stephen M. Ross School of Business
Downloads 16 (535,385)

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disagreement, security design, optimism, overconfidence, pooling, behavioral finance

20.

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 263 (109,265)

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volatility risk, option returns, straddle, term structure

21.

Common Ownership and Competition: Facts, Misconceptions, and What to Do About It - Background paper for OECD Hearing on Common Ownership by Institutional Investors and Its Impact on Competition

DAF/COMP/WD(2017)93
Number of pages: 16 Posted: 25 May 2018
Martin C. Schmalz
University of Michigan, Stephen M. Ross School of Business
Downloads 252 (114,338)

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

22.

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 252 (114,338)

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

23.

Internet Appendix for: 'Anticompetitive Effects of Common Ownership'

Journal of Finance, Vol. 73, No. 4, 2018
Number of pages: 25 Posted: 23 May 2018
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 100 (250,845)

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

24.

Online Appendix to 'Revealing Downturns'

Number of pages: 29 Posted: 07 Jul 2017 Last Revised: 19 May 2018
Martin C. Schmalz and Sergey Zhuk
University of Michigan, Stephen M. Ross School of Business and University of Vienna
Downloads 13 (532,794)

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25.

Inequality and Market Concentration, when Shareholding is More Skewed than Consumption

CAMA Working Paper No. 62/2018
Number of pages: 17 Posted: 14 Dec 2018
Joshua Gans, Andrew Leigh, Martin C. Schmalz and Adam Triggs
University of Toronto - Rotman School of Management, Centre for Applied Macroeconomic Analysis, ANU, University of Michigan, Stephen M. Ross School of Business and Australian National University (ANU) - Crawford School of Public Policy
Downloads 3 (589,620)

Abstract:

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Monopoly, market power, inequality

26.

Disagreement and Security Design

CEPR Discussion Paper No. DP12596
Number of pages: 50 Posted: 22 Jan 2018
Juan Ortner and Martin C. Schmalz
Boston University and University of Michigan, Stephen M. Ross School of Business
Downloads 1 (610,189)
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behavioral finance, disagreement, Optimism, overconfidence, pooling, security design, tranching

27.

Relative Performance Provisions and Competitive Incentives

Posted: 30 Oct 2018
Martin C. Schmalz
University of Michigan, Stephen M. Ross School of Business

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compensation, incentives, common ownership, competition, relative performance, antitrust

28.

Common Ownership and Fiduciary Duty

Posted: 08 Oct 2018
Martin C. Schmalz
University of Michigan, Stephen M. Ross School of Business

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fiduciary duty, diversification, profit maximization, shareholder value

29.

Revealing Downturns

CEPR Discussion Paper No. DP12597
Number of pages: 54 Posted: 22 Jan 2018
Martin C. Schmalz and Sergey Zhuk
University of Michigan, Stephen M. Ross School of Business and University of Vienna
Downloads 0 (626,708)
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Asymmetry, Bayesian Learning, Business cycle, Earnings Response

30.

Inequality and Market Concentration, When Shareholding is More Skewed than Consumption

Number of pages: 15
Joshua S. Gans, Andrew Leigh, Martin C. Schmalz and Adam Triggs
University of Toronto - Rotman School of Management, Australian National University - Economics Program, Research School of Social Sciences, University of Michigan, Stephen M. Ross School of Business and Australian National University (ANU) - Crawford School of Public Policy
Downloads 0

Abstract:

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Monopoly, market power, inequality