Martin C. Schmalz Explained

Martin C. Schmalz
Birth Date:[1]
Nationality:German
Occupation:Economist
Awards:Artur Fischer Preis
Education:University of Stuttgart and Princeton University
Discipline:Finance, Accounting, Management, and Economics
Workplaces:University of Oxford's Saïd Business School

Martin Schmalz is a German financial economist. He is the Head of the Finance, Accounting, Management, and Economics Area and Professor of Finance and Economics at the University of Oxford's Saïd Business School. He is also the Chief Economist and Director of the Office of Economic and Risk Analysis of the Public Company Accounting Oversight Board.[2]

Education

Schmalz graduated with a Diplom-Ingenieur in Mechanical Engineering from the University of Stuttgart[3] as the valedictorian, winning the Artur Fischer Preis. He received a scholarship from the Studienstiftung des Deutschen Volkes, Germany’s most prestigious scholarship foundation. He obtained his PhD in economics from Princeton University,[4] and was granted a Fellowship of Woodrow Wilson Scholars while pursuing it.[5]

Career

Schmalz served as assistant professor of finance at the University of Michigan's Ross School of Business from 2012 to 2018.[6] [7] He then joined Oxford's Saïd Business School as associate professor of finance (with tenure) in 2019. He was elected Head of the Finance, Accounting, Management, and Economics Area in 2022.[8]

In 2023, Schmalz was also named the Chief Economist and Director of the Office of Economic and Risk Analysis (OERA) of the Public Company Accounting Oversight Board (PCAOB).[2] He succeeded Luigi Zingales in this role, who was the founding director of PCAOB's Center for Economic Analysis since 2013.[9]

Additionally, since 2023 he serves as a Director of Global Corporate Governance Colloquia (GCGC).[10]

Teaching

Schmalz is the Academic Director of Oxford's Blockchain Strategy Programme[11] and co-director of the AI in Fintech and Open Banking Programme. He co-authored the book The Business of Big Data: How to Create Lasting Value in the Age of AI.[12] Poets and Quants named him one of the "40 under 40" best business school professors in the world in 2018.[13]

Research

Schmalz is most well known for his research at the intersection of corporate governance,[14] industrial organization, and antitrust economics.[15] [16] [17]

He has been called to testify to The White House Council of Economic Advisers, FTC Hearings on Common Ownership and Competition,[18] The U.S. Department of Justice, European Parliament, Australian Parliament, various central banks, and competition authorities worldwide.

His research covers law, finance, and economics, and focuses on the intersection of asset management, asset pricing, industrial organization, and corporate governance. He co-authored the paper "Anticompetitive Effects of Common Ownership",[19] which launched a literature on "common ownership" of competitors and, as of 2023, was one of the most cited articles published in the Journal of Finance in the past five years,[20] and has been called an "economic blockbuster" by Harvard Law School Professor Einer Elhauge.[21] [22]

He also co-authored the Journal of Political Economy article "Common Ownership, Competition, and Top Management Incentives" which proves that benign neglect by shareholders is a sufficient mechanism to explain the results in the empirical literature on "common ownership".[23]

As for awards for his work, the 2017 paper "Housing Collateral and Entrepreneurship", written together with David Sraer and David Thesmar, received the Brattle Group Distinguished Paper Prize.[24]

Arte's documentary on BlackRock also covers the research on antitrust.

As of August 2023, Martin Schmalz is cited over 3300 times according to his Google Scholar page.[25]

Other activities

In addition to his academic career, Martin Schmalz is also a licensed commercial pilot certified by the U.S. Department of Transportation Federal Aviation Administration (FAA). He holds a license to fly commercial planes and private helicopters,[26] demonstrating proficiency in aviation operations and safety regulations.

External links

Notes and References

  1. Web site: 2018 Best 40 Under 40 Professors: Martin Schmalz, Ross School of Business . April 23, 2018 . Poets and Quants.
  2. Web site: Martin C. Schmalz Named PCAOB Chief Economist and Director of Its Office of Economic and Risk Analysis . Public Company Accounting Oversight Board . August 28, 2023 . pcaobus.org . August 29, 2023.
  3. Web site: New hires at Saïd Business School . Saïd Business School.
  4. Web site: Martin Schmalz . Princeton University. en.
  5. Web site: Martin Schmalz's personal website . Google sites. en.
  6. Web site: Martin Schmalz, Ph.D. . University of Michigan.
  7. Web site: Carter . Andrea . 2018 Best 40 Under 40 Professors: Martin Schmalz, Ross School of Business . Poets&Quants . 24 April 2018.
  8. Web site: Martin Schmalz . Saïd Business School . 22 June 2023 . en.
  9. Web site: PCAOB Announces Center for Economic Analysis . Public Company Accounting Oversight Board . November 6, 2013 . pcaobus.org . August 30, 2023.
  10. Web site: Global corporate governance colloquia forges ahead into its second phase . June 17, 2023 . ecgi.global . August 29, 2023.
  11. Web site: Oxford Blockchain Strategy Programme . Saïd Business School . en.
  12. Web site: Henry Thornton Lecture with Professor Martin Schmalz . City, University of London . 31 March 2023.
  13. Web site: Carter . Andrea . 2018 Best 40 Under 40 Professors: Martin Schmalz, Ross School of Business . Poets&Quants . 24 April 2018.
  14. Web site: Are ETFs Killing Future Stock Market Returns? . Bloomberg.com . en . 2 February 2023.
  15. Web site: Martin Schmalz: Asset managers will not solve the world's problems . Handelsblatt.
  16. Web site: Research from Martin Schmalz referenced by the White House . Saïd Business School . 7 June 2022 . en.
  17. Web site: Why Larry Fink May Be the Trustbusters' Next Target . 30 September 2016 . TheStreet.
  18. Web site: Martin Schmalz' Presentation on Common Ownership . Federal Trade Commission . 16 June 2023 . en.
  19. Anticompetitive Effects of Common Ownership: Anticompetitive Effects of Common Ownership . The Journal of Finance . August 2018 . 73 . 4 . 1513–1565 . 10.1111/jofi.12698 . en. free .
  20. Web site: Top 25 Cited Recent Articles . The American Finance Association.
  21. Web site: Elhauge . Einer . Horizontal Shareholding . Harvard Law Review . 10 March 2016.
  22. Web site: The Case for Doing Nothing About Common Ownership of Competing Firms CLS Blue Sky Blog . Columbia Law School . 20 June 2018.
  23. Common Ownership, Competition, and Top Management Incentives . Yale Department of Economics . en.
  24. Web site: The Brattle Group Prizes for best papers in Corporate Finance for 2017 . 15 February 2018.
  25. Web site: Martin C Schmalz .
  26. Web site: FAA Registry Search . FAA Registry . Federal Aviation Administration . March 7, 2024 . Information obtained from the FAA Registry search using the person's name.

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