Martin Schmalz is a Professor of Finance, Economics, and Real Estate at the University of Oxford, Saïd Business School. He is currently on leave to serve as the Chief Economist of the Public Company Accounting Oversight Board (PCAOB), as well as the Director of its Office of Economic and Risk Analysis.
Professor Schmalz has a particular interest in how finance interacts with other fields of economics, including industrial organization, labor economics, behavioral economics, monetary economics, and micro-economic theory.
He has published papers on entrepreneurship, corporate finance and governance, behavioral finance and asset pricing and various studies of the asset management industry. His research on how the ownership structure of firms affects firm behavior and market outcomes has affected policy-making and antitrust enforcement worldwide.
Professor Schmalz’s research has been published in The Journal of Finance, Journal of Financial Economics, and Review of Financial Studies and has won various awards, including a Brattle Group Distinguished Paper Prize for one of the best papers published in The Journal of Finance in 2017. His research has been covered, among others, by The New York Times, The Economist, Wall Street Journal, Financial Times, Bloomberg, The New Yorker, The Atlantic, Forbes, Fortune, and Frankfurter Allgemeine Zeitung. Professor Schmalz was invited to present to regulators and policy makers across the globe, including the U.S. Department of Justice, the White House Council of Economic Advisers, the European Commission, the European Parliament, OECD, various central banks, and at universities across America, Europe, Asia, and Australia.
In 2019, Professor Schmalz received a Jerry S. Cohen Memorial Fund Writing Award for his paper titled
"Anticompetitive Effects of Common Ownership" and in 2023 for his paper "Common Ownership, Competition, and Top Management Incentives."
Sponsoring Organization(s)
Yale Law School Center for the Study of Corporate Law
Law, Economics & Organization Workshop