Markus 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

Unterer Graben 21

St.Gallen, CH-9000

Switzerland

SCHOLARLY PAPERS

41

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28,591

CITATIONS
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Top 2,814

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199

Scholarly Papers (41)

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, Hamburg University, University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Center for Economic Science (WWZ) - Department of Finance
Downloads 3,078 (3,254)
Citation 20

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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 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 1,935 (7,152)
Citation 2

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Momentum strategies, Large-cap stocks, Stock market predictability

3.

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 1,835 (7,828)
Citation 8

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

4.

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, affiliation not provided to SSRN and University of St. Gallen
Downloads 1,806 (8,060)
Citation 10

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

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 1,262 (14,007)
Citation 33

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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 175 (163,381)
Citation 33

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

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 642 (37,377)
Citation 18

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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 555 (45,355)
Citation 18

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7.

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 - Center for Economic Science (WWZ) - Department of Finance
Downloads 1,045 (19,032)
Citation 3

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Leadership structure, Firm valuation, Corporate governance, Managerial Shareholdings

8.

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 1,027 (19,525)

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Cartels, price fixing, corporate governance, executive compensation

9.

Estimating Conservative Loss Given Default

Number of pages: 26 Posted: 26 May 2008 Last Revised: 15 Jun 2013
Gabriele Sabato and Markus Schmid
affiliation not provided to SSRN and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 1,018 (19,794)
Citation 1

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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 988 (20,418)
Citation 4

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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

11.

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 885 (24,370)
Citation 1

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

12.
Downloads 865 ( 25,194)
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 Schmid
University of St. Gallen - School of Finance, Credit Suisse and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 864 (24,824)
Citation 2

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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 Schmid
University of St. Gallen - School of Finance, Credit Suisse and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 1 (646,922)
Citation 2
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hedge funds, performance, alpha, factor models, performance persistence

13.

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

Number of pages: 57 Posted: 14 Feb 2005
Stefan Beiner and Markus Schmid
University of Basel and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 844 (26,095)
Citation 3

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

14.

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 790 (28,648)

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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, Hamburg University and University of Basel - Center for Economic Science (WWZ) - Department of Finance
Downloads 719 (32,088)
Citation 63

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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, Hamburg University and University of Basel - Center for Economic Science (WWZ) - Department of Finance
Downloads 17 (533,892)
Citation 63
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16.

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 730 (31,942)
Citation 1

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

17.

Non-Core Banking, Performance, and Risk

University of St.Gallen, School of Finance Research Paper No. 2014/17
Number of pages: 59 Posted: 03 Oct 2014 Last Revised: 09 Jan 2018
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 707 (33,348)

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

18.
Downloads 687 ( 34,681)
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 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 685 (34,310)
Citation 8

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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 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 2 (633,517)
Citation 8
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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 Schmid and Gabrielle Wanzenried
University of Basel, University of St. Gallen - Swiss Institute of Banking and Finance and Institut für Finanzdienstleistungen Zug (IFZ)
Downloads 619 (39,248)
Citation 4

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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 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 (633,517)
Citation 4
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product market competition, strategic interaction, principal agent relationship, managerial incentives, firm valuation, G30, J33, L1

20.

CEO-Firm Match Quality, Entrenchment, and the Relation Between 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: 61 Posted: 03 Jul 2015 Last Revised: 20 Aug 2017
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 579 (43,513)

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CEO adaptability, CEO-firm match, CEO tenure, entrenchment, environmental dynamics, firm value

21.

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
Hamburg University, University of St. Gallen - School of Finance, University of Zurich and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 543 (47,240)

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

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 481 (54,427)

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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 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
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product market competition, corporate governance, firm valuation

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 Schmid
University of St. Gallen - School of Finance, University of Zurich and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 441 (61,368)

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

24.

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 398 (69,434)

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

25.

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
University of St. Gallen - Swiss Institute of Banking and Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 393 (70,424)

Abstract:

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

26.

The Long-Term Performance of IPOs, Revisited

Number of pages: 52 Posted: 10 Mar 2017 Last Revised: 05 Jun 2018
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 385 (72,130)

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IPO underperformance, long-term performance evaluation, time horizon, firm characteristics, firm fixed effects

27.

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 368 (76,075)
Citation 2

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

28.

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, University of St. Gallen - Swiss Institute of Banking and Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 363 (77,299)

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financial advice, individual investors, trade performance, behavioral biases

29.

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 361 (77,777)

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

30.

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 325 (87,728)

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

31.

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 - Center for Economic Science (WWZ) - Department of Finance
Downloads 325 (87,728)
Citation 7

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

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 - Center for Economic Science (WWZ) - Department of Finance
Downloads 256 (112,922)
Citation 5

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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
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 (633,517)
Citation 5
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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
Hamburg University, University of Basel - Department of Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 200 (144,386)

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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 Schmid
Hamburg University, University of Basel - Department of Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 26 (479,374)
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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 - Center for Economic Science (WWZ) - Department of Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 191 (150,778)
Citation 4

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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 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 (633,517)
Citation 4
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35.

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, University of St. Gallen - Swiss Institute of Banking and Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 178 (160,858)

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

36.

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 151 (185,283)

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Cartels, price fixing, corporate governance, executive compensation

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 127 (213,785)

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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 17 (533,892)

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38.

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 125 (215,597)

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Price fixing, corporate governance, executive compensation

39.

As California Goes, So Goes the Nation? The Impact of Board Gender Quotas on Firm Performance and the Director Labor Market

Number of pages: 66 Posted: 03 Jan 2019
University of St. Gallen - School of Finance, University of Mannheim - Department of Finance, University of St. Gallen - Swiss Institute of Banking and Finance and University of California, Berkeley - School of Law
Downloads 73 (307,306)

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Board Gender Quota, Firm Value, Director Labor Market

40.

Smokescreen: How Managers Behave When They Have Something to Hide

NBER Working Paper No. w18886
Number of pages: 53 Posted: 15 Mar 2013
VU University Amsterdam, University of St. Gallen - Swiss Institute of Banking and Finance and New York University (NYU) - Stern School of Business
Downloads 33 (433,219)

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41.

Correcting Alpha Misattribution in Portfolio Sorts

Paris December 2018 Finance Meeting EUROFIDAI - AFFI
Number of pages: 53 Posted: 04 Jun 2018 Last Revised: 10 Jan 2019
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 - Center for Economic Science (WWZ) - Department of Finance
Downloads 17 (514,933)

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Portfolio Sorts, Cross-Section of Expected Returns, Tests of Asset Pricing Models, Random Effects Assumption