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

77 Bastwick Street

London, EC1V 3PZ

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

26

DOWNLOADS
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Top 677

in Total Papers Downloads

29,994

CITATIONS
Rank 2,822

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Top 2,822

in Total Papers Citations

198

Scholarly Papers (26)

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 10,461 (351)
Citation 2

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

2.
Downloads 2,503 ( 762)
Citation 194

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, Cornell University - Cornell Tech NYC and University of Michigan, Stephen M. Ross School of Business
Downloads 2,503 (4,304)
Citation 188

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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
Cornerstone Research, Cornell University - Cornell Tech NYC and University of Michigan, Stephen M. Ross School of Business

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3.

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 3,362 (2,648)

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

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: 06 Jun 2018
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 3,064 (3,064)

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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
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 138 (193,629)

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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
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 1 (622,780)
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CEO pay, Common ownership, Competition, corporate governance, management incentives

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
Cornerstone Research, Cornell University - Cornell Tech NYC and University of Michigan, Stephen M. Ross School of Business
Downloads 1,795 (7,747)

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

6.
Downloads 1,042 ( 18,255)

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 1,041 (17,933)

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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 (622,780)
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Capital Structure, cash, Labor Adjustment Costs, Regression Discontinuity, Risk management, Unionization

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 1,029 (18,492)

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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 (622,780)
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Antitrust, control, industry concentration, network, objective of the firm, ownership, shareholder unanimity

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 911 (22,422)

Abstract:

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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 868 (23,926)

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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 662 (34,906)
Citation 2

Abstract:

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risk premia, insurance, term structure, dynamic inconsistency

11.
Downloads 590 ( 40,714)

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 542 (44,871)

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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 48 (370,523)

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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 486 (51,590)

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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 (341,753)

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

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 452 (56,552)

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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 23 (480,439)

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14.

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 430 (60,737)

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risk aversion, early resolution, term structure, volatility risk

15.

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

Number of pages: 8 Posted: 30 Sep 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 403 (65,941)

Abstract:

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

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 401 (66,131)

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overconfidence, dynamic consistency, biases, deception, risk taking

17.

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 249 (112,104)

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volatility risk, option returns, straddle, term structure

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 234 (121,011)

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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 15 (534,754)

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

19.

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 220 (129,816)

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

20.

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 197 (141,515)

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

21.

Innovation: The Bright Side of Common Ownership?

Number of pages: 25 Posted: 16 Jan 2018 Last Revised: 24 Jan 2018
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 166 (168,894)

Abstract:

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common ownership, competition, innovation, R&D

22.

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 163 (168,894)

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Competition, Ownership, Diversification, 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 62 (323,278)

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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 8 (547,006)

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25.

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 (592,630)
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behavioral finance, disagreement, Optimism, overconfidence, pooling, security design, tranching

26.

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 (607,895)
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Asymmetry, Bayesian Learning, Business cycle, Earnings Response