Markus Schmid

University of St. Gallen - Swiss Institute of Banking and Finance

Professor of Finance

Unterer Graben 21

St. Gallen, 9000

Switzerland

University of St. Gallen - School of Finance

Unterer Graben 21

St.Gallen, CH-9000

Switzerland

Swiss Finance Institute

c/o University of St. Gallen

Dufourstrassse 50

St. Gallen, SG 9000

Switzerland

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

SCHOLARLY PAPERS

46

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Top 1,223

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36,605

SSRN CITATIONS
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SSRN RANKINGS

Top 2,811

in Total Papers Citations

363

CROSSREF CITATIONS

217

Scholarly Papers (46)

1.

An Integrated Framework of Corporate Governance and Firm Valuation - Evidence from Switzerland

Number of pages: 59 Posted: 27 Jan 2004
University of BaselUniversity of Oxford - Said Business School, University of Hamburg, University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Faculty of Business and Economics
Downloads 3,199 (6,476)
Citation 73

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Corporate governance; Ownership structure; Firm valuation; Endogeneity

2.

Risk Management, Corporate Governance, and Bank Performance in the Financial Crisis

Number of pages: 45 Posted: 13 Oct 2011
Markus Schmid, Gabriele Sabato and Vincent Aebi
University of St. Gallen - Swiss Institute of Banking and Finance, Wiserfunding and University of St. Gallen
Downloads 2,217 (11,546)
Citation 57

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Chief risk officer, Corporate governance, Risk governance, Bank performance, Financial Crisis

3.

Feasible Momentum Strategies in the US Stock Market

Number of pages: 23 Posted: 21 Oct 2010 Last Revised: 29 May 2013
Manuel Ammann, Marcel Moellenbeck and Markus Schmid
University of St. Gallen - School of Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 2,174 (11,894)
Citation 4

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Momentum strategies, Large-cap stocks, Stock market predictability

4.

Corporate Governance and Firm Value: International Evidence

Number of pages: 51 Posted: 15 Oct 2010 Last Revised: 29 May 2013
Manuel Ammann, David Oesch and Markus Schmid
University of St. Gallen - School of Finance, University of Zurich and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 2,174 (11,894)
Citation 10

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Corporate Governance, Firm Valuation, Minimum Standards, Principal Component Analysis, Corporate Social Responsibility

Do Financial Conglomerates Create or Destroy Economic Value?

EFA 2007 Ljubljana Meetings Paper
Number of pages: 46 Posted: 10 Sep 2006 Last Revised: 15 Jun 2013
Markus Schmid and Ingo Walter
University of St. Gallen - Swiss Institute of Banking and Finance and New York University - Leonard N. Stern School of Business
Downloads 1,334 (24,886)
Citation 12

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Diversification, Banking, Organizational structure, Financial sector, Firm valuation

Do Financial Conglomerates Create or Destroy Economic Value?

NYU Working Paper No. 2451/26090
Number of pages: 53 Posted: 13 Oct 2008
Markus Schmid and Ingo Walter
University of St. Gallen - Swiss Institute of Banking and Finance and New York University - Leonard N. Stern School of Business
Downloads 202 (248,803)
Citation 14

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Diversification, Focus, Organizational structure, Financial sector, Firm valuation

6.

CEO Tenure and Firm Value

Paris December 2015 Finance Meeting EUROFIDAI - AFFI, University of St.Gallen, School of Finance Research Paper No. 2015/11
Number of pages: 50 Posted: 03 Jul 2015 Last Revised: 10 Aug 2021
Boston University - Department of Accounting, University of Bielefeld, University of St. Gallen - Swiss Institute of Banking and Finance and Karlsruhe Institute of Technology
Downloads 1,519 (20,856)
Citation 6

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CEO adaptability; labor market frictions; environmental dynamics; firm value

7.

As California Goes, So Goes the Nation? Board Gender Quotas and Shareholders' Distaste of Government Interventions

European Corporate Governance Institute – Finance Working Paper No. 785/2021
Number of pages: 84 Posted: 03 Jan 2019 Last Revised: 07 Dec 2022
University of Zurich - Department of Banking and Finance, University of Mannheim, Department of FinanceUniversity of Mannheim - Department of Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of California, Berkeley - School of Law
Downloads 1,474 (21,836)
Citation 10

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Gender quota, Regulatory uncertainty, Director labor market

How Much of the Diversification Discount Can be Explained by Poor Corporate Governance?

Number of pages: 52 Posted: 11 Feb 2009 Last Revised: 15 Jun 2013
FHNW School of Business - Institute for Finance, University of St. Gallen - Swiss Institute of Banking and Finance, New York University - Leonard N. Stern School of Business and New York University (NYU) - Stern School of Business
Downloads 735 (57,644)
Citation 3

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Organizational structure, Diversification, Firm valuation, Corporate governance

How Much of the Diversification Discount Can Be Explained by Poor Corporate Governance?

NYU Working Paper No. 2451/28341
Number of pages: 32 Posted: 08 Dec 2009 Last Revised: 10 Sep 2013
FHNW School of Business - Institute for Finance, University of St. Gallen - Swiss Institute of Banking and Finance, New York University - Leonard N. Stern School of Business and New York University (NYU) - Stern School of Business
Downloads 614 (72,798)
Citation 47

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9.

Benchmarking Hedge Funds: The Choice of the Factor Model

Number of pages: 23 Posted: 07 Sep 2010 Last Revised: 29 May 2013
Manuel Ammann, Otto R. Huber and Markus Schmid
University of St. Gallen - School of Finance, Credit Suisse and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 1,285 (26,688)
Citation 2

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Hedge Funds, Performance Measurement, Alpha, Factor Models, Crisis

10.

Estimating Conservative Loss Given Default

Number of pages: 26 Posted: 26 May 2008 Last Revised: 15 Jun 2013
Gabriele Sabato and Markus Schmid
Wiserfunding and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 1,151 (31,451)
Citation 4

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Loss given default, Basel II, Bank capital requirements, Credit risk, Recovery rate

Feasible Momentum Strategies - Evidence from the Swiss Stock Market

University of Basel Finance Working Paper No. 10/04
Number of pages: 50 Posted: 13 Nov 2004
David M. Rey and Markus Schmid
University of Basel and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 1,116 (32,364)
Citation 3

Abstract:

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Momentum strategies, Large-caps, Event study analysis, Stock market predictability, Under- and overreaction

Feasible Momentum Strategies: Evidence from the Swiss Stock Market

Financial Markets and Portfolio Management, Vol. 21, No. 3, pp. 325-352, 2007
Posted: 11 Sep 2007
David M. Rey and Markus Schmid
University of Basel and University of St. Gallen - Swiss Institute of Banking and Finance

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Momentum strategies, Large-caps, Event study analysis, Stock market

12.

Does Price Fixing Benefit Corporate Managers?

NYU Working Paper No. FIN-13-002, University of St.Gallen, School of Finance Research Paper No. 2013/9
Number of pages: 56 Posted: 10 Mar 2013 Last Revised: 28 Oct 2017
VU University Amsterdam, University of St. Gallen - Swiss Institute of Banking and Finance and New York University (NYU) - Stern School of Business
Downloads 1,106 (33,219)

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Cartels, price fixing, corporate governance, executive compensation

13.

Should Chairman and CEO Be Separated? Leadership Structure and Firm Performance in Switzerland

Number of pages: 24 Posted: 07 Apr 2005 Last Revised: 15 Jun 2013
Markus Schmid and Heinz Zimmermann
University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Faculty of Business and Economics
Downloads 1,100 (33,461)
Citation 4

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Leadership structure, Firm valuation, Corporate governance, Managerial Shareholdings

14.

Agency Conflicts, Corporate Governance, and Corporate Diversification - Evidence from Switzerland

Number of pages: 57 Posted: 14 Feb 2005
Stefan Beiner, Stefan Beiner and Markus Schmid
University of BaselUniversity of Oxford - Said Business School and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 980 (39,416)
Citation 7

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Corporate diversification, corporate governance, ownership structure, firm valuation, endogeneity

15.

Hedge Fund Characteristics and Performance Persistence

Number of pages: 49 Posted: 30 Jul 2010 Last Revised: 29 May 2013
Manuel Ammann, Otto R. Huber and Markus Schmid
University of St. Gallen - School of Finance, Credit Suisse and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 945 (41,522)

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Hedge Funds, Performance, Alpha, Factor Models, Performance Persistence

16.

Strategic Scope and Bank Performance

University of St.Gallen, School of Finance Research Paper No. 2014/17
Number of pages: 72 Posted: 03 Oct 2014 Last Revised: 11 Jun 2019
Anthony Saunders, Markus Schmid and Ingo Walter
New York University - Leonard N. Stern School of Business, University of St. Gallen - Swiss Institute of Banking and Finance and New York University - Leonard N. Stern School of Business
Downloads 865 (46,879)
Citation 17

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Core-banking activity, Non-traditional income, Bank size, Financial crises, Systemic risk

17.

An Integrated Framework of Corporate Governance and Firm Valuation

Number of pages: 44 Posted: 01 Aug 2005
University of BaselUniversity of Oxford - Said Business School, University of St. Gallen - Swiss Institute of Banking and Finance, University of Hamburg and University of Basel - Faculty of Business and Economics
Downloads 832 (49,489)
Citation 7

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Corporate governance, principal-agent problems, ownership structure, firm valuation, endogeneity

18.

Ownership Structure and the Separation of Voting and Cash Flow Rights - Evidence from Switzerland

Number of pages: 52 Posted: 03 May 2005 Last Revised: 15 Jun 2013
Markus Schmid
University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 824 (50,167)

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Dual-class shares, voting rights restrictions, cash flow rights and voting rights, managerial ownership, block ownership

19.

Is There Really No Conglomerate Discount?

Number of pages: 39 Posted: 28 Feb 2008 Last Revised: 29 May 2013
Manuel Ammann, Daniel Hoechle and Markus Schmid
University of St. Gallen - School of Finance, FHNW School of Business - Institute for Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 817 (50,791)

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Organizational structure, Diversification, Market value of debt, Endogeneity, Fixed effects

20.

The Performance Persistence of Equity Long/Short Hedge Funds

Number of pages: 26 Posted: 22 Jul 2008 Last Revised: 15 Jun 2013
Samuel Manser and Markus Schmid
Swiss Institute of Banking and Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 799 (52,255)
Citation 9

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Performance persistence, Hedge funds, Equity long/short, Multifactor models

21.

Product Market Competition, Managerial Incentives, and Firm Valuation

Number of pages: 53 Posted: 03 Feb 2005 Last Revised: 15 Jun 2013
University of BaselUniversity of Oxford - Said Business School, University of St. Gallen - Swiss Institute of Banking and Finance and Institut für Finanzdienstleistungen Zug (IFZ)
Downloads 662 (66,995)
Citation 1

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Product market competition, Strategic interaction, Principal agent relationship, Managerial incentives, Firm valuation

22.

Industry Expert Directors

University of St.Gallen, School of Finance Research Paper No. 2014/01, 28th Australasian Finance and Banking Conference
Number of pages: 67 Posted: 27 Apr 2013 Last Revised: 11 May 2017
University of Hamburg, University of Zurich - Department of Banking and Finance, University of Zurich and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 638 (70,280)
Citation 9

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Board of directors, Director skills and experience, Corporate governance, Corporate Investments

23.

Do Staggered Boards Affect Firm Value?

Number of pages: 49 Posted: 07 Apr 2017 Last Revised: 30 Jun 2017
New York University - Stern School of Business, University of St. Gallen - Swiss Institute of Banking and Finance and University of California, Berkeley - School of Law
Downloads 629 (71,542)
Citation 4

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staggered board, classified boards, corporate governance, anti-takeover devices, E-Index,

24.

Product Market Competition, Corporate Governance, and Firm Value: Evidence from the EU-Area

European Financial Management, 19 (3), 2013, pp. 452-469
Number of pages: 29 Posted: 28 Feb 2011 Last Revised: 19 Jan 2016
Manuel Ammann, Markus Schmid and David Oesch
University of St. Gallen - School of Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of Zurich
Downloads 552 (84,229)

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Product Market Competition, Corporate Governance, Firm Valuation

25.

Is Director Industry Experience Valuable?

Number of pages: 47 Posted: 04 May 2012 Last Revised: 10 Oct 2015
Felix von Meyerinck, David Oesch and Markus Schmid
University of Zurich - Department of Banking and Finance, University of Zurich and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 539 (86,669)
Citation 4

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Board of directors, Director appointments, Director deaths, Director skills and experience, Corporate governance

26.

Settling the Staggered Board Debate

University of Pennsylvania Law Review, Forthcoming, University of St.Gallen, School of Finance Research Paper No. 2017/13, UC Berkeley Public Law Research Paper
Number of pages: 38 Posted: 11 Sep 2017 Last Revised: 24 Jan 2018
New York University - Stern School of Business, University of St. Gallen - Swiss Institute of Banking and Finance and University of California, Berkeley - School of Law
Downloads 532 (88,117)
Citation 7

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staggered board, classified boards, corporate governance, anti-takeover devices, E-Index, G-Index

27.

The Impact of Financial Advice on Trade Performance and Behavioral Biases

Review of Finance, Forthcoming
Number of pages: 52 Posted: 14 Dec 2014 Last Revised: 28 Jun 2017
FHNW School of Business - Institute for Finance, University of Mannheim - Department of International Finance, WHU - Otto Beisheim School of Management and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 529 (88,764)
Citation 14

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financial advice, individual investors, trade performance, behavioral biases

28.

Hedge Fund Liquidity and Performance: Evidence from the Financial Crisis

Number of pages: 76 Posted: 22 Sep 2012 Last Revised: 15 Jun 2013
Nic Schaub and Markus Schmid
WHU - Otto Beisheim School of Management and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 470 (102,456)
Citation 5

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Share restrictions, Portfolio liquidity, Hedge fund performance, Financial Crisis

29.

Has Hedge Fund Alpha Disappeared?

Journal of Investment Management (JOIM), First Quarter 2011
Number of pages: 34 Posted: 08 Jan 2010 Last Revised: 21 Dec 2016
Manuel Ammann, Otto R. Huber and Markus Schmid
University of St. Gallen - School of Finance, Credit Suisse and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 456 (106,236)
Citation 2

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Hedge Funds, Performance, Alpha, Factor Models, Capacity Constraints

30.

CEO Turnover and Director Reputation

University of St.Gallen, School of Finance Research Paper No. 2021/06 , Proceedings of the EUROFIDAI-ESSEC Paris December Finance Meeting 2022
Number of pages: 85 Posted: 08 Feb 2021 Last Revised: 26 May 2023
Felix von Meyerinck, Jonas Romer and Markus Schmid
University of Zurich - Department of Banking and Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 384 (129,649)

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CEO turnover, director elections, director reputation, CEO succession, shareholder voting

31.

Geographic Diversification and Firm Value in the Financial Services Industry

Number of pages: 28 Posted: 29 Aug 2008 Last Revised: 15 Jun 2013
Markus Schmid and Ingo Walter
University of St. Gallen - Swiss Institute of Banking and Finance and New York University - Leonard N. Stern School of Business
Downloads 381 (130,803)
Citation 1

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Geographic diversification, Functional diversification, Organizational structure, Financial intermediaries, Firm valuation

32.

Managerial Incentives and Firm Valuation - Evidence from Switzerland

Number of pages: 45 Posted: 23 Aug 2005
Markus Schmid and Heinz Zimmermann
University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Faculty of Business and Economics
Downloads 380 (131,192)
Citation 6

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Corporate governance, ownership structure, equity-based compensation, firm valuation, endogeneity

Does Unobservable Heterogeneity Matter for Portfolio-Based Asset Pricing Tests?

Paris December 2018 Finance Meeting EUROFIDAI - AFFI
Number of pages: 53 Posted: 04 Jun 2018 Last Revised: 25 Mar 2020
Daniel Hoechle, Markus Schmid and Heinz Zimmermann
FHNW School of Business - Institute for Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Faculty of Business and Economics
Downloads 202 (248,803)
Citation 1

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: Portfolio sorts, Cross-section of expected returns, Tests of asset pricing models, Random effects assumption

Does Unobservable Heterogeneity Matter for Portfolio-Based Asset Pricing Tests?

Number of pages: 54 Posted: 09 Apr 2020
Markus Schmid, Daniel Hoechle and Heinz Zimmermann
University of St. Gallen - Swiss Institute of Banking and Finance, FHNW School of Business - Institute for Finance and University of Basel - Faculty of Business and Economics
Downloads 164 (299,438)
Citation 1

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Portfolio sorts, cross-section of expected returns, tests of asset pricing models, random effects assumption

34.

Time Stamp Errors and the Stock Price Reaction to Analyst Recommendation and Forecast Revisions

Number of pages: 51 Posted: 23 Apr 2016
Daniel Hoechle, Nic Schaub and Markus Schmid
FHNW School of Business - Institute for Finance, WHU - Otto Beisheim School of Management and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 312 (162,344)
Citation 8

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time stamp errors, IBES database, analyst recommendations, analyst forecasts, stock price reaction, pre-announcement effect

35.

Competition and the Reputational Costs of Litigation

University of St.Gallen, School of Finance Research Paper No. 2020/07 , Proceedings of Paris December 2021 Finance Meeting EUROFIDAI - ESSEC
Number of pages: 60 Posted: 11 Dec 2020 Last Revised: 21 Nov 2022
University of Zurich - Department of Banking and Finance, University of St. Gallen and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 284 (179,880)

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class action lawsuits, corporate misbehavior, competition, reputational costs

36.

The First- and Second-Hand Effect of Analysts' Stock Recommendations - Evidence from the Swiss Stock Market

Number of pages: 40 Posted: 31 Jan 2005
University of Basel - Department of Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Faculty of Business and Economics
Downloads 280 (181,831)

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Stock recommendations, Second-hand information, Analysts, Price pressure and information hypotheses

37.

The Long-Term Performance of IPOs Revisited

Number of pages: 82 Posted: 10 Mar 2017 Last Revised: 27 May 2021
Daniel Hoechle, Larissa Karthaus and Markus Schmid
FHNW School of Business - Institute for Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 243 (209,322)
Citation 1

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IPO underperformance, long-term performance evaluation, time horizon, survivorship analysis, life expectancy

38.

Estimating the Cost of Executive Stock Options: Evidence from Switzerland

Number of pages: 31 Posted: 14 Jun 2005
Wolfgang Drobetz, Pascal Pensa and Markus Schmid
University of Hamburg, University of Basel - Department of Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 235 (216,265)

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Managerial compensation, incentives, executive stock options, option valuation, risk aversion

39.

Trust and Success in Venture Capital Financing - An Empirical Analysis with German Survey Data

Number of pages: 38 Posted: 25 Jun 2008 Last Revised: 15 Jun 2013
Stefan Duffner, Heinz Zimmermann and Markus Schmid
Goldman Sachs Group, Inc., University of Basel - Faculty of Business and Economics and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 226 (224,613)
Citation 7

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Venture Capital, Trust and success, Survey, Endogeneity

Firm Structure in Banking and Finance: Is Broader Better?

Number of pages: 21 Posted: 23 Mar 2014
Markus Schmid and Ingo Walter
University of St. Gallen - Swiss Institute of Banking and Finance and New York University - Leonard N. Stern School of Business
Downloads 153 (317,735)
Citation 1

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Diversification, Organizational structure, Banks, Financial intermediaries

Firm Structure in Banking and Finance: Is Broader Better?

Journal of Financial Perspectives, Vol. 2, No. 2, 2014
Number of pages: 27 Posted: 01 Dec 2017
Markus Schmid and Ingo Walter
University of St. Gallen - Swiss Institute of Banking and Finance and New York University - Leonard N. Stern School of Business
Downloads 63 (580,480)

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41.

Does Price Fixing Benefit Corporate Managers?

NYU Working Paper No. 2451/31732
Number of pages: 56 Posted: 26 Jun 2013 Last Revised: 28 Oct 2017
VU University Amsterdam, University of St. Gallen - Swiss Institute of Banking and Finance and New York University (NYU) - Stern School of Business
Downloads 184 (271,082)
Citation 5

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Cartels, price fixing, corporate governance, executive compensation

42.

Bankruptcy Prediction of Privately Held SMEs Using Feature Selection Methods

Number of pages: 76 Posted: 27 Aug 2021 Last Revised: 20 Sep 2023
Zeppelin University, Chair of Finance, University of St. Gallen - Swiss Institute of Banking and Finance and NTNU Business School, Norwegian University of Science and Technology
Downloads 166 (296,202)
Citation 4

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Bankruptcy prediction, Feature selection methods, LASSO, Deep learning, Bank profitability

43.

Does Price Fixing Benefit Corporate Managers?

Number of pages: 56 Posted: 07 Mar 2013 Last Revised: 28 Oct 2017
VU University Amsterdam, University of St. Gallen - Swiss Institute of Banking and Finance and New York University (NYU) - Stern School of Business
Downloads 164 (299,291)

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Price fixing, corporate governance, executive compensation

44.

Peer Pressure in Corporate Earnings Management

Number of pages: 78 Posted: 06 Dec 2021
University of Southern California - Marshall School of Business, University of Zurich - Department of Banking and Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 138 (344,652)

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Peer effects, Earnings reporting, Mutual fund flows, Regulation SHO

45.

Financial Advice and Retirement Savings

Number of pages: 53 Posted: 30 Jan 2023
FHNW School of Business - Institute for Finance, University of Mannheim - Department of International Finance, WHU - Otto Beisheim School of Management and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 118 (387,685)

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financial advice, retirement savings, stock market participation

46.

Smokescreen: How Managers Behave When They Have Something to Hide

NBER Working Paper No. w18886
Number of pages: 53 Posted: 15 Mar 2013 Last Revised: 08 Feb 2023
VU University Amsterdam, University of St. Gallen - Swiss Institute of Banking and Finance and New York University (NYU) - Stern School of Business
Downloads 59 (590,027)
Citation 1

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