Markus M. Schmid

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

Professor of Finance

Rosenbergstrasse 52

St. Gallen, 9000

Switzerland

University of St. Gallen - School of Finance

Rosenbergstrasse 52

St.Gallen, CH-9000

Switzerland

SCHOLARLY PAPERS

38

DOWNLOADS
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Top 644

in Total Papers Downloads

26,429

CITATIONS
Rank 2,773

SSRN RANKINGS

Top 2,773

in Total Papers Citations

200

Scholarly Papers (38)

1.

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

ECGI - Finance Working Paper No. 34/2004
Number of pages: 59 Posted: 27 Jan 2004
University of Basel, University of Hamburg, University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Center for Economic Science (WWZ) - Department of Finance
Downloads 2,937 (2,497)
Citation 20

Abstract:

Corporate governance; Ownership structure; Firm valuation; Endogeneity

2.

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 M. 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 1,558 (6,677)
Citation 2

Abstract:

Momentum strategies, Large-cap stocks, Stock market predictability

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 M. 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 1,218 (11,560)
Citation 33

Abstract:

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 M. 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 165 (141,818)
Citation 33

Abstract:

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

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 M. Schmid
University of St. Gallen - School of Finance, University of Zurich and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 1,244 (8,238)
Citation 8

Abstract:

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

5.

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

Number of pages: 45 Posted: 13 Oct 2011
Markus M. Schmid, Gabriele Sabato and Vincent Aebi
University of St. Gallen - Swiss Institute of Banking and Finance, Risk Management and University of St. Gallen
Downloads 1,240 (8,387)
Citation 10

Abstract:

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

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
Daniel Hoechle, Markus M. Schmid, Ingo Walter and David Yermack
University of Basel - Department of 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 534 (38,402)
Citation 17

Abstract:

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
Daniel Hoechle, Markus M. Schmid, Ingo Walter and David Yermack
University of Basel - Department of 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 512 (40,531)
Citation 17

Abstract:

7.

Smokescreen: How Managers Behave When They Have Something to Hide

NYU Working Paper No. FIN-13-002, University of St.Gallen, School of Finance Research Paper No. 2013/9
Number of pages: 62 Posted: 10 Mar 2013 Last Revised: 10 Nov 2015
Tanja Artiga González, Markus M. Schmid and David Yermack
VU University Amsterdam, University of St. Gallen - Swiss Institute of Banking and Finance and New York University (NYU) - Stern School of Business
Downloads 966 (16,873)

Abstract:

Cartels, price fixing, accounting fraud, boards of directors, corporate governance

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 M. Schmid
University of Basel and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 948 (17,044)
Citation 3

Abstract:

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 M. Schmid
University of Basel and University of St. Gallen - Swiss Institute of Banking and Finance

Abstract:

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

9.

Decomposing Performance

EFA 2007 Ljubljana Meetings Paper
Number of pages: 60 Posted: 16 Feb 2007 Last Revised: 02 Nov 2016
Daniel Hoechle, Markus M. Schmid and Heinz Zimmermann
University of Basel - Department of Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Center for Economic Science (WWZ) - Department of Finance
Downloads 912 (16,433)
Citation 2

Abstract:

Performance evaluation, Alpha decomposition, Return Attribution, Portfolio sorts, Fama-French model

10.

Estimating Conservative Loss Given Default

Number of pages: 26 Posted: 26 May 2008 Last Revised: 15 Jun 2013
Gabriele Sabato and Markus M. Schmid
Risk Management and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 892 (17,334)
Citation 1

Abstract:

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

11.

Predicting and Explaining IPO Underperformance

Number of pages: 51 Posted: 13 Sep 2007 Last Revised: 15 Jun 2013
Daniel Hoechle and Markus M. Schmid
University of Basel - Department of Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 865 (18,264)
Citation 1

Abstract:

IPO underperformance, anomaly, long-term performance evaluation

12.

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 M. Schmid and Heinz Zimmermann
University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Center for Economic Science (WWZ) - Department of Finance
Downloads 856 (16,931)
Citation 3

Abstract:

Leadership structure, Firm valuation, Corporate governance, Managerial Shareholdings

13.
Downloads 786 ( 22,903)
Citation 2

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 M. Schmid
University of St. Gallen - School of Finance, Credit Suisse and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 785 (22,556)
Citation 2

Abstract:

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

Hedge Fund Characteristics and Performance Persistence

European Financial Management, Vol. 19, Issue 2, pp. 209-250, 2013
Number of pages: 42 Posted: 08 Mar 2013
Manuel Ammann, Otto R. Huber and Markus M. Schmid
University of St. Gallen - School of Finance, Credit Suisse and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 1 (545,122)
Citation 2

Abstract:

hedge funds, performance, alpha, factor models, performance persistence

14.

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

Number of pages: 57 Posted: 14 Feb 2005
Stefan Beiner and Markus M. Schmid
University of Basel and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 735 (22,769)
Citation 3

Abstract:

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

15.

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 M. Schmid
University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 733 (23,588)

Abstract:

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

An Integrated Framework of Corporate Governance and Firm Valuation

Number of pages: 44 Posted: 01 Aug 2005
University of Basel, University of St. Gallen - Swiss Institute of Banking and Finance, University of Hamburg and University of Basel - Center for Economic Science (WWZ) - Department of Finance
Downloads 684 (27,424)
Citation 63

Abstract:

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

An Integrated Framework of Corporate Governance and Firm Valuation

European Financial Management, Vol. 12, No. 2, pp. 249-283, March 2006
Number of pages: 36 Posted: 08 May 2006
University of Basel, University of St. Gallen - Swiss Institute of Banking and Finance, University of Hamburg and University of Basel - Center for Economic Science (WWZ) - Department of Finance
Downloads 16 (458,248)
Citation 63

Abstract:

17.

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 M. Schmid
Swiss Institute of Banking and Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 693 (26,730)
Citation 1

Abstract:

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

18.
Downloads 614 ( 32,352)
Citation 8

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 M. Schmid
University of St. Gallen - School of Finance, University of Basel - Department of Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 612 (32,011)
Citation 8

Abstract:

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

Is There Really No Conglomerate Discount?

Journal of Business Finance & Accounting, Vol. 39, Issue 1‐2, pp. 264-288, 2012,
Number of pages: 25 Posted: 03 Mar 2012
Manuel Ammann, Daniel Hoechle and Markus M. Schmid
University of St. Gallen - School of Finance, University of Basel - Department of Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 2 (535,649)
Citation 8

Abstract:

organizational structure, diversification, market value of debt, endogeneity, fixed effects

Product Market Competition, Managerial Incentives, and Firm Valuation

Number of pages: 53 Posted: 03 Feb 2005 Last Revised: 15 Jun 2013
Stefan Beiner, Markus M. Schmid and Gabrielle Wanzenried
University of Basel, University of St. Gallen - Swiss Institute of Banking and Finance and Institut für Finanzdienstleistungen Zug (IFZ)
Downloads 605 (32,502)
Citation 4

Abstract:

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

Product Market Competition, Managerial Incentives and Firm Valuation

European Financial Management, Vol. 17, No. 2, pp. 331-366, 2011
Number of pages: 36 Posted: 01 Mar 2011
Stefan Beiner, Markus M. Schmid and Gabrielle Wanzenried
University of Basel, University of St. Gallen - Swiss Institute of Banking and Finance and Institut für Finanzdienstleistungen Zug (IFZ)
Downloads 2 (535,649)
Citation 4

Abstract:

product market competition, strategic interaction, principal agent relationship, managerial incentives, firm valuation, G30, J33, L1

20.

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 M. Schmid
University of St. Gallen - School of Finance, Credit Suisse and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 578 (23,768)
Citation 1

Abstract:

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

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 M. 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 427 (51,067)

Abstract:

Product Market Competition, Corporate Governance, Firm Valuation

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

European Financial Management, Vol. 19, Issue 3, pp. 452-469, 2013
Number of pages: 18 Posted: 05 Jun 2013
Manuel Ammann, David Oesch and Markus M. Schmid
University of St. Gallen - School of Finance, New York University (NYU) - Leonard N. Stern School of Business and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 0

Abstract:

product market competition, corporate governance, firm valuation

22.

Board Industry Experience, Firm Value, and Investment Behavior

University of St.Gallen, School of Finance Research Paper No. 2014/01, 28th Australasian Finance and Banking Conference
Number of pages: 66 Posted: 27 Apr 2013 Last Revised: 12 Sep 2016
University of Hamburg, University of St. Gallen - School of Finance, University of Zurich and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 323 (53,551)

Abstract:

Board of directors, Director skills and experience, Cash holdings, Corporate governance

23.

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 M. Schmid
University of St. Gallen - School of Finance, University of Zurich and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 323 (57,189)

Abstract:

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

24.

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 M. Schmid
University of St. Gallen - Swiss Institute of Banking and Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 313 (63,658)

Abstract:

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

25.

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 M. Schmid
University of St. Gallen - School of Finance, Credit Suisse and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 311 (74,749)
Citation 2

Abstract:

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

26.

Managerial Incentives and Firm Valuation - Evidence from Switzerland

Number of pages: 45 Posted: 23 Aug 2005
Markus M. Schmid and Heinz Zimmermann
University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Center for Economic Science (WWZ) - Department of Finance
Downloads 300 (73,994)
Citation 7

Abstract:

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

27.

Geographic Diversification and Firm Value in the Financial Services Industry

Number of pages: 28 Posted: 29 Aug 2008 Last Revised: 15 Jun 2013
Markus M. 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 289 (76,146)

Abstract:

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

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

Number of pages: 40 Posted: 31 Jan 2005
Philipp M. Schlumpf, Markus M. Schmid and Heinz Zimmermann
University of Basel - Department of Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Center for Economic Science (WWZ) - Department of Finance
Downloads 247 (95,771)
Citation 5

Abstract:

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

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

European Financial Management, Vol. 14, Issue 5, pp. 962-988, November 2008
Number of pages: 27 Posted: 16 Oct 2008
Philipp M. Schlumpf, Markus M. Schmid and Heinz Zimmermann
University of Basel - Department of Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Center for Economic Science (WWZ) - Department of Finance
Downloads 2 (535,649)
Citation 5

Abstract:

29.

Non-Interest Income and Bank Performance: Does Ring-Fencing Reduce Bank Risk?

University of St.Gallen, School of Finance Research Paper No. 2014/17
Number of pages: 67 Posted: 03 Oct 2014 Last Revised: 13 Aug 2016
Anthony Saunders, Markus M. 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 229 (47,675)

Abstract:

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

Estimating the Cost of Executive Stock Options: Evidence from Switzerland

Number of pages: 31 Posted: 14 Jun 2005
Wolfgang Drobetz, Pascal Pensa and Markus M. Schmid
University of Hamburg, University of Basel - Department of Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 198 (119,671)

Abstract:

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

Estimating the Cost of Executive Stock Options: Evidence from Switzerland

Corporate Governance: An International Review, Vol. 15, No. 5, pp. 798-815, September 2007
Number of pages: 18 Posted: 01 Oct 2007
Wolfgang Drobetz, Pascal Pensa and Markus M. Schmid
University of Hamburg, University of Basel - Department of Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 25 (408,305)

Abstract:

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 M. Schmid
Goldman Sachs Group, Inc., University of Basel - Center for Economic Science (WWZ) - Department of Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 178 (132,392)
Citation 4

Abstract:

Venture Capital, Trust and success, Survey, Endogeneity

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

Kyklos, Vol. 62, No. 1, pp. 15-43, February 2009
Number of pages: 29 Posted: 19 Jan 2009
Stefan Duffner, Markus M. Schmid and Heinz Zimmermann
Goldman Sachs Group, Inc., University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Center for Economic Science (WWZ) - Department of Finance
Downloads 2 (535,649)
Citation 4

Abstract:

32.

Do CEOs Matter? Corporate Performance and the CEO Life Cycle

Paris December 2015 Finance Meeting EUROFIDAI - AFFI, University of St.Gallen, School of Finance Research Paper No. 2015/11
Number of pages: 65 Posted: 03 Jul 2015 Last Revised: 30 Nov 2016
Peter Limbach, Markus M. Schmid and Meik Scholz-Daneshgari
University of Cologne and Centre for Financial Research (CFR), University of St. Gallen - Swiss Institute of Banking and Finance and Karlsruhe Institute of Technology
Downloads 150 (52,168)

Abstract:

CEO adaptability, (within-)CEO heterogeneity, CEO tenure, CEO term limits, environmental dynamics, firm value, investments

33.

Smokescreen: How Managers Behave When They Have Something to Hide

NYU Working Paper No. 2451/31732
Number of pages: 62 Posted: 26 Jun 2013 Last Revised: 10 Nov 2015
Tanja Artiga González, Markus M. Schmid and David Yermack
VU University Amsterdam, University of St. Gallen - Swiss Institute of Banking and Finance and New York University (NYU) - Stern School of Business
Downloads 109 (172,824)

Abstract:

Cartels, price fixing, accounting fraud, boards of directors, corporate governance

34.

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: 22 May 2016
Daniel Hoechle, Stefan Ruenzi, Nic Schaub and Markus M. Schmid
University of Basel - Department of Finance, University of Mannheim - Department of International Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 104 (94,248)

Abstract:

financial advice, individual investors, trade performance, behavioral biases

35.

Smokescreen: How Managers Behave When They Have Something to Hide

Number of pages: 62 Posted: 07 Mar 2013 Last Revised: 10 Nov 2015
Tanja Artiga González, Markus M. Schmid and David Yermack
VU University Amsterdam, University of St. Gallen - Swiss Institute of Banking and Finance and New York University (NYU) - Stern School of Business
Downloads 92 (211,342)

Abstract:

Cartels, price fixing, accounting fraud, boards of directors, corporate governance

36.

Firm Structure in Banking and Finance: Is Broader Better?

Number of pages: 21 Posted: 23 Mar 2014
Markus M. 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 83 (197,434)

Abstract:

Diversification, Organizational structure, Banks, Financial intermediaries

37.

Smokescreen: How Managers Behave When They Have Something to Hide

NBER Working Paper No. w18886
Number of pages: 53 Posted: 15 Mar 2013
Tanja Artiga González, Markus M. Schmid and David Yermack
VU University Amsterdam, University of St. Gallen - Swiss Institute of Banking and Finance and New York University (NYU) - Stern School of Business
Downloads 20 (406,229)

Abstract:

38.

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 M. Schmid
University of Basel - Department of Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 0 (200,102)

Abstract:

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