Martin C. Schmalz

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]

Martin C. Schmalz
Born1984 or 1985 (age 38–39)[1]
NationalityGerman
OccupationEconomist
AwardsArtur Fischer Preis
Academic background
EducationUniversity of Stuttgart and Princeton University
Academic work
DisciplineFinance, Accounting, Management, and Economics
InstitutionsUniversity of Oxford's Saïd Business School

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 obtained his PhD in economics from Princeton University.[4]

Career

Schmalz served as assistant professor of finance at the University of Michigan's Ross School of Business from 2012 to 2018.[5][6] 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.[7]

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.[8]

Additionally, since 2023 he serves as a Director of Global Corporate Governance Colloquia (GCGC).[9]

Teaching

Schmalz is the Academic Director of Oxford's Blockchain Strategy Programme[10] 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.[11] Poets and Quants named him one of the "40 under 40" best business school professors in the world in 2018.[12]

Research

Schmalz is most well known for his research at the intersection of corporate governance,[13] industrial organization, and antitrust economics.[14][15][16]

He has been called to testify to The White House Council of Economic Advisers, FTC Hearings on Common Ownership and Competition,[17] The U.S. Department of Justice, European Parliament, Australian Parliament, various central banks, and competition authorities worldwide.[7]

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",[18] 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,[19] and has been called an "economic blockbuster" by Harvard Law School Professor Einer Elhauge.[20][21]

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".[22]

Arte's documentary on BlackRock also covers the research on antitrust.[14]

As of August 2023, Martin Schmalz is cited over 3300 times according to his Google Scholar page.[23]

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