2015ArizonaStateUniversityFinanceBerkeleyEconomicsBostonCollegeFinanceBostonUniversityFinanceUniversityofChicagoBoothappliedeconomicsUniversitatzuKolnDFGresearchunitDesignBeh ID: 163619
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MartinC.Schmalz701TappanStreetR5456AnnArborMI48109-1234t:+17347630304schmalz@umich.eduEducationPhD,Economics,PrincetonUniversityJune2012Advisers:MarkusBrunnermeier,DavidSraer.Committee:AlexandreMas,HyunSongShinDipl.-Ing.(bestofclass),MechanicalEngineering,UniversitatStuttgartJune2007AcademicappointmentsUniversityofMichigan2012-presentStephenM.RossSchoolofBusinessModiedduties(parentalleave)Winter/Spring2018NBDBancorpAssistantProfessorinBusinessAdministration2016-presentHarryH.JonesResearchScholar2015-presentAssistantProfessorofFinance2012-presentCenteronFinance,Law,andPolicy:FacultyAliate2018-presentEuropeanCorporateGovernanceInstitute(ECGI,Brussels),ResearchMember2018-presentCentreforEconomicPolicyResearch(CEPR,London),ResearchAliate(FE)2017-presentCESIfo(Munchen),ResearchAliate2016-presentPeer-reviewedpublications(inchronologicalorder)1.Eisenbach,Thomas,andMartinC.Schmalz,AnxietyintheFaceofRisk.JournalofFinancialEconomics,121(2),August2016,pp.414{426.{Describesthebehaviorofanagentthatismorerisk-averseforimminentthanfordistantrisks.2.Azar,Jose,Jean-FrancoisKagy,andMartinC.Schmalz:CanChangesintheCostofCarryExplaintheDynamicsofCorporate\Cash"Holdings?ReviewofFinancialStudies,29(8),August2016,pp.2194{2240.{ExploresifmonetaryconditionsexplaincorporateliquidassetholdingsintheU.S.andabroad.3.Schmalz,MartinC.,DavidSraer,andDavidThesmar:HousingCollateralandEntrepreneurship.TheJournalofFinance,72(1),February2017,pp.99{132.{Showsthatcollateralconstraintsrestrictentrepreneurialactivity.{WinnerofaJournalofFinanceBrattleGroupDistinguishedPaperPrize4.Franzoni,FrancescoandMartinC.Schmalz:FundFlowsandMarketStates.ReviewofFinancialStudies,30(8),August2017,pp.2621{2673.{Predictsanddocumentsthatthe ow-performancesensitivityvariesacrossmarketstates.5.Azar,Jose,MartinC.Schmalz,andIsabelTecu:AnticompetitiveE ectsofCommonOwnership.TheJournalofFinance,forthcoming.{Providesevidencethatjointownershipofnaturalcompetitorscauseshigherconsumerprices.{ReplytoKennedyetal.;ReplytoDennisetal.6.Schmalz,MartinC.andSergeyZhuk:RevealingDownturns.ReviewofFinancialStudies,forthcoming.{Bayesianlearningaboutriskloadingsimpliesnegativelyskewedreturnsandconditionalvolatility.1 Bookchapters1.Farre-Mensa,Joan,RoniMichaely,andMartinC.Schmalz:PayoutPolicy.In:RobertJarrow(Ed.),AnnualReviewofFinancialEconomics,Vol.6,2014.{Reviewstherecentliteratureoncorporatepayoutpolicy.2.Schmalz,MartinC.:Common-OwnershipConcentrationandCorporateConduct.In:PatrickBolton(Ed.),AnnualReviewofFinancialEconomics,Vol.10,2018.{Reviewstheliteratureanddiscusseschallengesandideasforfutureresearch.Policy-orientedpublications1.Azar,Jose,MartinC.Schmalz,andIsabelTecu:WhyCommonOwnershipCreatesAntitrustRisks.CompetitionPolicyInternational,June,2017.{Summarizesthestateofthedebateoncommonownershipandrespondstoselectcriticisms.2.Azar,JoseandMartinC.Schmalz:CommonOwnershipofCompetitorsRaisesAntitrustConcerns.JournalofEuropeanCompetitionLawandPractice,8(5),329-332,2017.{Discussescommonownershipresearch&enforcementfromaEuropeanperspective.3.MartinC.Schmalz:CommonOwnershipandCompetition:Facts,Misconceptions,andWhattoDoAboutIt.BackgroundPaperforthe128thmeetingoftheOECDCompetitionCommittee,2017.{Tackleswidespreadmisconceptionsconcerningcommonownershipandcompetition.Workingpapers(bytopic)CorporateFinanceandSecurityDesign1.DisagreementandOptimalSecurityDesign(withJuanOrtner)05/2017{Disagreementbetweenissuersandmarketparticipantscanmakepoolingandtranchingoptimal.2.FinancingPayouts(withJoanFarre-MensaandRoniMichaely)01/2018{Alargefractionofdividendsandrepurchasesarenancedwithsimultaneoussecuritiesissuances.3.Unionization,Cash,andLeverage04/2015{UsesaRDdesigntoidentifythecausale ectofunionizationonrms'nancialpolicies.CommonOwnership,Competition,andCorporateBehavior4.CommonOwnership,Competition,andTopManagementIncentives(withMiguelAnton,FlorianEderer,andMireiaGine)07/2017{Managersinmorecommonlyownedindustrieshavereducedincentivestomaximizermvalue.5.UltimateOwnershipandBankCompetition(withJoseAzarandSahilRaina)07/2016{Market-levelpricesofdepositbankingproductsincreasewithultimateownershipconcentration.PoliticalEconomyofCentralBanking6.(Why)DoCentralBanksCareAboutTheirProts?(withIgorGoncharovandVassoIoannidou)06/2017{Theydobecauseofpoliticalpressure,careerconcerns,andthreatstotheirindependence.2 BehavioralFinanceandAssetPricing7.Anxiety,Overcondence,andExcessiveRiskTaking(withThomasEisenbach)12/2015{Providesarationaleforwhysomepeoplesometimesbecomeovercondentandtakeexcessiverisks.8.Horizon-DependentRiskAversionandtheTimingandPricingofUncertainty(withMarianneAndries&ThomasEisenbach)03/2018{Reconcileslong-runriskmodelswithadownward-slopingtermstructureofriskpriceswithoutrequiringapreferencefortheearlyorlateresolutionofuncertainty.9.TheTermStructureofthePriceofVarianceRisk(withAndries,Eisenbach&YichuanWang)08/2015{Estimatesoptionpricingmodelsusingindexoptionsofvaryingmaturities.Op-edsandblogposts1.MartinC.Schmalz:Howpassivefundspreventcompetition.www.ericposner.com,18May2015.{DescribeshowVanguard,BlackRock,andStateStreet'sproxyvoteagainstTrianlikelypreventedtoughercompetitionbetweenDuPontandMonsanto.2.MartinC.Schmalz:WhyFirms'ShareholdersCondoneSeemingly\Excessive"ExecutivePayPack-ages,andWhatitMeansFortheEconomy.Pro market,14July2016.ReprintedontheHarvardLawSchoolForumonCorporateGovernance.3.Ockenfels,AxelandMartinC.Schmalz:DiestilleGefahrfurdenWettbewerb.FrankfurterAllgemeineZeitung,29July2016.4.MartinC.Schmalz:Q&AonCommonOwnership.Pro market,16December2016.5.MartinC.Schmalz:OneBigReasonThereisSoLittleCompetitionAmongU.S.Banks.HBR.org,13June2016.6.MiguelAnton,FlorianEderer,MireiaGine,andMartinC.Schmalz:IndexFundsAreFuelingOut-of-WhackCEOPayPackages.HBR.org,18October2016.7.MartinC.Schmalz:WarrenBu ettIsBettingtheAirlineOligopolyIsHeretoStay.HBR.org,17November2016.TeachingBigDatainFinance(BBAelective),UniversityofMichiganF2018Valuation(MBAelective,4.3...5.0/5),UniversityofMichiganF2015,W2016,W2017,F2017TheoryofCorporateFinance(PhD),UniversityofMichiganF2014,F2015,F2016,F2017FinancialManagement(Part-timeMBAcore,4.8/5),UniversityofMichiganF2013,F2014FinancialManagement(BBAcore,4.8/5),UniversityofMichiganF2012,F2013Environmental&ResourceEconomics(A.B.),PrincetonUniversity(TA)Spring2010DynamicalSystems(BSc),UniversitatStuttgart(TA)Fall20043 Prizes,honors,awards,grants&fellowshipsPoets&Quants40under402018TheJournalofFinanceBrattleGroupDistinguishedPaperPrize2017OliverE.WilliamsonSIOEBestPaperAward2017Part-timeMBATeachingExcellenceAward(nominee)2017Full-timeMBATeachingExcellenceAward(nominee)2016,2017EveningMBATeachingExcellenceAward(winner)2016PremiosdeInvestigacionFEFAntonioDionisSoler(e15k)2016NBDBancorpAssistantProfessorshipinBusinessAdministration($30k)2016HarryH.JonesResearchFellowship($20k)2015W.E.UpjohnEarlyCareerResearchGrant($5k)2015FinanzforumVordenkenYoungInnovatorAward(e2.5k)2015NomineeforGoldenAppleAward(student-nominatedteachingaward)2014TCWBestPaperAward(CNY50k)2014NTTResearchFellowship(4.5creditteachingbuyout)2014-2015MitsuiLifeFinancialCenterResearchGrants($5-12k)2013,2014,2015,2016RossSchoolofBusinessDean's\SmallResearchGrants"($5k)2013,2014FellowshipofWoodrowWilsonScholars($141k)2010-2012PrincetonUniversityFellowship($65kp.a.),MeritPrize($6k)2007-2012ERPScholar(e86k)2007-2009Artur-Fischer-Preisforexceptionalmeritsinengineering2008StudienstiftungdesdeutschenVolkes2006-2009Dr.-Jurgen-UlderupScholarship2006-2007ShortvisitsStanfordGSBWinter2018UniversityofWashington,FosterSchoolofBusinessSummer2017Ludwigs-Maximilian-UniversitatMunchen,CESSummer2016HarvardBusinessSchoolSpring20154 Seminars(+scheduled)2018:BaFin(Frankfurt)+,BIOslo(Finance),NBIM,NorgesBank,NorwegianCompetitionAuthority,NHH(Finance),NHH(IO/Law),Northwestern(Law&Economics),NYU(Law&Economics),StanfordGSB(Finance)2017:MIT/Harvard(Economics),Northeastern(Finance),Northwestern(Finance),StanfordGSB(Finance),UniversityofArizona(Finance),UniversityofCalgary(Finance),UniversityofColorado(Finance),UniversityofMinnesota(Finance),UniversityofWashington(Finance)2016:AmericanBarAssociation,Berkeley(Finance),BancodePortugal,BankofInternationalSettlements,ColumbiaUniversity(FellowsoftheLaw/BusinessProgramintheLawandEconomicsofCapitalMarkets),CouncilofEconomicAdvisers(Washington,DC),Dartmouth(Finance),DirectorateGeneralforCompetitionoftheEuropeanCommission,Duke(Finance),EuropeanParliament,FederalReserveBankofNewYork,FederalReserveBankofSanFrancisco,FrankfurtSchoolofFinanceandEconomics,GeorgiaStateUniversity(Finance),HumboldtUniversitatBerlin(Finance),NotreDame(Finance),Catolica&NovaLisbon(Finance),Oxford(Finance),UniversitedeMontreal(Economics),UniversityofBritishColumbia(Strategy),UniversityofBritishColumbia(Finance),UCSD(Finance),UniversityofOklahoma(Finance),UniversityofMichigan(Econ/Ross/SchoolofInformation),UniversityofPorto(Economics&Finance),UniversityofSouthernCalifornia(Finance),UniversitatZurich(Finance),Vanderbilt(Finance),WHU,ZEWMannheim2015:ArizonaStateUniversity(Finance),Berkeley(Economics),BostonCollege(Finance),BostonUniversity(Finance),ChicagoBooth(AppliedEconomics),ColumbiaGSB(Finance),DusseldorfInstituteforCompetitionEconomics,FederalReserveBankofNewYork,FederalReserveBoardofGovernors,Harvard(Economics&Finance),IESE(Finance),INSEAD(Finance),Lancaster(Finance),StockholmSchoolofEconomics,ToulouseSchoolofEconomics(Finance&IndustrialOrganization),UniversitatBonn(Finance),UniversitatMannheim(Economics),UniversityofKentucky(Finance),UniversitatzuKoln(DFGresearchunit\Design&Behavior"),UniversityofPittsburgh(Finance),UniversityofVirginia(Finance),YaleSOM(Finance),WorldBank2014:AaltoUniversity,BrighamYoungUniversity,CarnegieMellonUniversity,CKGSB,CityUniversityofHongKong,UnitedStatesDepartmentofJustice,FrankfurtSchoolofFinanceandManagement,GoetheUniversitatFrankfurt,HKUST,HumboldtUniversitatBerlin,Maastricht,McGill,MichiganStateUniversity,NewEconomicSchool,PekingUniversity,SAIF,Tilburg,UniversiteitvanAmster-dam,UniversitatMannheim(Finance),UniversitatzuKoln(economics),UniversityofNorthCarolina(Finance),UniversityofMichigan(Finance;BusinessEconomics/IndustrialOrganization;CenteronFinance,Law,andPolicy),UniversityofWesternOntario2013:FederalReserveBoardofGovernors,FrankfurtSchoolofFinanceandManagement,InstitutfurArbeitsmarkt-undBerufsforschung(DepartmentofLabor,Nurnberg),ToulouseSchoolofEconomics,UniversityofMichigan(Psychology),UniversityofToronto,UniversityofVienna2012:Bocconi,BostonUniversity,ColumbiaGSB,FederalReserveBoardofGovernors,HarvardBusinessSchool,HSE,IESE,INSEAD,LondonSchoolofEconomics,NBIM,OhioStateUniversity,SouthernMethodistUniversity,USILugano,UCIrvine,UniversityofMichigan(Finance;Macroeconomics;La-bor),UniversityofRochester,UniversityofSouthernCalifornia,UniversityofViennaConferencesPresentations(selection;*presentationbycoauthor)2018:AEA(Philadelphia),EFA(Warsaw),FIRS(Barcelona),WFA(Coronado)2017:AdamSmithAssetPricingWorkshop(Paris),AEA(Chicago),AFA(Chicago),AmericanLawandEconomicsAssociationMeetings(Yale),FRICConference(Copenhagen),ECGIInstitutionalInvestorsandCorporateGovernance(Stockholm),ECGIGlobalCorporateGovernanceConference(Tokyo),5 ICI/UVAAcademicandPractitionerSymposiumonMutualFundsandETFs(Washington,DC),LBSCentreforCorporateGovernanceEventonInvestorStewardship,NBERProductivity,Innovation,andEntrepreneurship(Boston),NotreDame(Law)2016:AFA(SanFrancisco,2papers),ArrowstreetCapital,5thAnnualConferenceofTheJulis-RabinowitzCenterforPublicPolicyandFinance(Princeton),13thAnnualCorporateFinanceConference(Wash-ingtonUniversitySt.Louis),CambridgeCorporateFinanceTheorySymposium,EARIE(Lisbon),EconometricSocietyMeetings(SanFrancisco),NBEROrganizationalEconomicsFallMeetings,NBERSummerInstituteIndustrialOrganization,StrategyResearchInitiative(Washington,DC)2015:AFA(Boston,3papers),ChristmasMeetingofGermanEconomistsAbroad(Munchen),CEPR/UniversityofSt.GallenWorkshoponHouseholdFinanceandEconomicStability(St.Gallen),EARIE(Munich),EconometricSocietyWorldCongress(Montreal,4papers),EEA(Mannheim,2papers),EFAMeetings(Vienna,3papers),InternationalIAB-FDZUserWorkshop(AnnArbor),IFNWorkshoponTheEconomicsofCorporateOwnership(Stockholm),LBSEuropeanWinterFinanceConference(SanktAnton),LSEAdamSmithConference(London),NBERSummerInstituteLawandEconomicsWorkshop(Cambridge),NBERSpringCorporateFinanceMeetings(Chicago),RecentAdvancesinMu-tualFundandHedgeFundResearch(Berlin),SearleConferenceonAntitrustEconomics(NorthwesternLaw),SWISSWinterConferenceonFinancialIntermediation(Lenzerheide),TAUFinanceConference(TelAviv,2papers),TexasFinanceFestival(Austin),UtahWinterFinanceConference(Snowbird)2014:AFA(Philadelphia),CICF(Chengdu,3papers),LBSSummerFinanceSymposiumonCorporateFinanceandCorporateGovernance(London),LSEEconomicNetworksandBankingConference(Lon-don),3rdMichiganEconomicsandFinanceConference(AnnArbor),NBERAssetPricingFallMeeting(Stanford),SEDMeetings(Toronto,2papers)2013:AFA(SanDiego),FinanceDownUnder(Melbourne),10thAnnualCorporateFinanceConference(WashingtonUniversitySt.Louis),ChristmasMeetingofGermanEconomistsAbroad(Konstanz),EuropeanWorkshoponEntrepreneurshipEconomics(Amsterdam),NBERAssetPricingFallMeeting(Stanford),RothschildCaesareaCenterSummerFinanceConference(Herzliya),TAUFinanceConfer-ence(TelAviv),UNCRoundtableforJuniorFacultyinFinance(ChapelHill)2012:EmergingMarketsRiskManagement(HongKong),2ndMichiganEconomicsandFinanceConference(AnnArbor)2011:2ndMiamiBehavioralFinanceConference,YaleWhiteboxStudentConferencePanels2018:SEC-NYUConferenceonShareholderAwareness,CorporateLawandFinanceMeetsAntitrustPolicy:OldandNewQuestions(Lund)2017:StiglerCenterConferenceon\DoesAmericahaveaconcentrationproblem?"(ChicagoBooth),Karl-Hermann-Flach-StiftungPanelon\ETFs-ChancenundRisiken"(Frankfurt),LAMBSymposiumon\TheAntitrustImplicationsofHorizontalShareholdings"(NotreDameLawSchool),OECDHearingon\Commonownershipbyinstitutionalinvestorsanditsimpactoncompetition"(Paris)2016:EuropeanParliamentExpertHearingonCompetition(Brussels),SearleConferenceonAntitrustEco-nomics(NorthwesternLaw),CRAConferenceonAntitrustEconomics(Brussels)Discussions2018:FIRS(Barcelona),PoliticalEconomyofFinance(ChicagoBooth),NBERSI(AssetPricing)2017:AFA(Chicago),TheChangingRoleofStockMarketsinCapitalFormation(NYU)2016:12thFIRS(Lisbon),DeutscheBundesbank-SAFE-ZEW-CEPRConferenceonRegulatingFinancialMarkets(Frankfurt)6 2015:CSEFandUnicreditandUniversitiesFoundation2ndConferenceonBankPerformance,IFNWorkshopon\TheEconomicsofCorporateOwnership"(Stockholm),FinancialStabilityandtheRealEconomy(Anacapri),NBERSummerInstituteEntrepreneurship(Cambridge),WFA(Seattle)2014:AFA(Philadelphia),BYURedRockConference(Springdale),9thFIRS(QuebecCity),TheRothschildCaesareaCenter11thAnnualConference(IDCHerzliya),WFA(Monterey)2013:TheRothschildCaesareaCenter10thAnnualConference(Herzliya),21stMitsuiFinanceSymposiumonLaborandFinance(AnnArbor),1stCSEFConferenceonFinanceandLabor(Capri),EFA(Cambridge)2012:SymposiumonChina'sFinancialMarkets(Beijing)SessionChair/Organizer2018:AFA(Philadelphia)2017:AEA(Chicago),AFA(Chicago),ColoradoFinanceSummit(Vail)2016:EFA43rdAnnualMeeting(Oslo)2015:FIRS(Reykjavik),EFA42ndAnnualMeeting(Vienna),FMAAnnualMeeting(Orlando)2014:CICF(Chengdu),22ndMitsuiFinanceSymposiumonNon-standardPreferencesandBeliefs(AnnArbor),FMAAnnualMeeting(Nashville)ProgramCommittee2018:EFA45thAnnualMeeting(Warsaw),The15thAnnualConferenceinFinancialEconomicsResearchbyEagleLabs(IDCHerzliya),WFA(Coronado),TheThirteenthFederalReserveBankofNewYork(FRBNY)andNYUSternSchoolofBusinessjointConferenceonFinancialIntermediation,15thAnnualCorporateFinanceConference(WashingtonUniversitySt.Louis)2017:AFA(Chicago),EFA44thAnnualMeeting(Mannheim),26thMitsuiFinanceSymposiumonLaborandCorporateFinance,The14thAnnualConferenceinFinancialEconomicsResearchbyEagleLabs(IDCHerzliya),RecentAdvancesinMutualFundandHedgeFundResearch(Berlin),WFA(Whistler)2016:EEA(Geneva),EFA43rdAnnualMeeting(Oslo),MFAAnnualMeeting(Atlanta),The13thAnnualConferenceinFinancialEconomicsResearchbyEagleLabs(IDCHerzliya),FMAAnnualMeeting(LasVegas),WFA(ParkCity)2015:EFA42ndAnnualMeeting(Vienna),FMAAnnualMeeting(Orlando),MidwestFinanceAssociation(Chicago),TheRothschildCaesareaCenter12thAnnualConference(IDCHerzliya),WFA(Seattle)2014:EFA41stAnnualMeeting(Lugano),FMAAnnualMeeting(Nashville),TheRothschildCaesareaCenter11thAnnualConference(IDCHerzliya),WFA(Monterey)2013:TheRothschildCaesareaCenter10thAnnualConference(Herzliya),WFA(LakeTahoe)OrganizingCommittee2018:28thMitsuiFinanceSymposiumonLaborandCorporateFinance,6thMichiganEconomicsandFinanceDay2017:27thMitsuiFinanceSymposiumonLaborandCorporateFinance2015:24thMitsuiFinanceSymposiumonFinancialIntermediaries&Markets2014:22ndMitsuiFinanceSymposiumonNon-standardPreferencesandBeliefs,3rdMichiganEconomicsandFinanceDay2013:21stMitsuiFinanceSymposiumonLaborandFinance7 GrantreviewerEuropeanResearchCouncil,ResearchGrantsCouncil(RGC)ofHongKongRefereeAmericanEconomicJournal:AppliedEconomics,AmericanEconomicReview,AntitrustLawJournal,Econometrica,EconomicJournal,EuropeanEconomicReview,JournalofBankingandFinance,JournalofEconomicTheory,JournalofEmpiricalFinance,JournalofFinancialEconomics,JournalofFinancialMarkets,JournalofFinancialandQuantitativeAnalysis,JournalofIndustrialEconomics,JournalofLaborEconomics,JournalofPoliticalEconomy,ManagementScience,QuarterlyJournalofEconomics,RealEstateEconomics,ReviewofFinance,ReviewofFinancialStudies,TheJournalofFinanceDissertationcommittee(program,year,rstjob)BenLipsius,UniversityofMichigan(Finance),currentRahulChhabra,UniversityofMichigan(Finance),2018,CharlesRiverAssociatesMichaelGelman,UniversityofMichigan(Economics),2017,ClaremontMcKennaCollegeSahilRaina,UniversityofMichigan(Finance),2016,UniversityofAlbertaChristinaZafeiridou,UniversityofMichigan(Finance),2016,CornerstoneChristianGillitzer,UniversityofMichigan(Economics),2013,ReserveBankofAustraliaIndustryexperience(selection)TheBostonConsultingGroup,Paris,FranceSummer2009TheBostonConsultingGroup,Dusseldorf,GermanySummer2008HeraeusKulzerDentalLtd.,Shanghai,ChinaSummer2006DaimlerChrysler,Stuttgart,GermanySummer2005Balzers(India)Ltd.,Pune,IndiaSpring2005DisclosureAstatementofoutsideactivitiesandfundingsourcesisavailablehere.MediaSelectedmediamentionsarelistedhere.8