Martin C. Schmalz

CEPR

London

United Kingdom

University of Oxford - Finance

United States

CESifo

Poschinger Str. 5

Munich, DE-81679

Germany

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

SCHOLARLY PAPERS

39

DOWNLOADS
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49,114

SSRN CITATIONS
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Top 1,808

in Total Papers Citations

396

CROSSREF CITATIONS

332

Scholarly Papers (39)

1.

Anticompetitive Effects of Common Ownership

Journal of Finance, 73(4), 2018
Number of pages: 79 Posted: 22 Apr 2014 Last Revised: 13 May 2018
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 15,161 (289)
Citation 50

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

2.
Downloads 3,249 ( 946)
Citation 77

Payout Policy

Ross School of Business Paper No. 1227
Number of pages: 119 Posted: 25 Feb 2014 Last Revised: 19 Nov 2016
Joan Farre-Mensa, Roni Michaely, Martin C. Schmalz and Martin C. Schmalz
University of Illinois at Chicago - Department of Finance, The University of Hong Kong and CEPRUniversity of Oxford - Finance
Downloads 3,249 (4,459)
Citation 18

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Payout Policy; Survey; Dividends; Share Repurchases

Payout Policy

Annual Review of Financial Economics, Vol. 6, pp. 75-134, 2014
Posted: 25 Nov 2014
Joan Farre-Mensa, Roni Michaely, Martin C. Schmalz and Martin C. Schmalz
University of Illinois at Chicago - Department of Finance, The University of Hong Kong and CEPRUniversity of Oxford - Finance

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Common Ownership, Competition, and Top Management Incentives

Ross School of Business Paper No. 1328, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 511/2017
Number of pages: 106 Posted: 03 Jul 2016 Last Revised: 22 Sep 2021
Miguel Anton, Florian Ederer, Mireia Gine, Martin C. Schmalz and Martin C. Schmalz
University of Navarra, IESE Business School, Yale School of Management, IESE Business School, University of Navarra and CEPRUniversity of Oxford - Finance
Downloads 6,219 (1,446)
Citation 44

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Common ownership, competition, managerial incentives, productivity, corporate governance, antitrust

Common Ownership, Competition, and Top Management Incentives

Number of pages: 86 Posted: 14 Oct 2020
Miguel Anton, Florian Ederer, Mireia Gine, Martin C. Schmalz and Martin C. Schmalz
University of Navarra, IESE Business School, Yale School of Management, IESE Business School, University of Navarra and CEPRUniversity of Oxford - Finance
Downloads 289 (134,295)

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common ownership, competition, CEO pay, management incentives, governance

Common Ownership, Competition, and Top Management Incentives

Number of pages: 56 Posted: 05 Feb 2018 Last Revised: 11 Jun 2018
Miguel Anton, Florian Ederer, Mireia Gine, Martin C. Schmalz and Martin C. Schmalz
University of Navarra, IESE Business School, Yale School of Management, IESE Business School, University of Navarra and CEPRUniversity of Oxford - Finance
Downloads 5 (795,767)
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CEO pay, Common ownership, Competition, corporate governance, management incentives

4.

Ultimate Ownership and Bank Competition

Number of pages: 87 Posted: 03 Jan 2016 Last Revised: 08 May 2019
José Azar, Sahil Raina, Martin C. Schmalz and Martin C. Schmalz
University of Navarra, IESE Business School, Alberta School of Business, University of Alberta and CEPRUniversity of Oxford - Finance
Downloads 5,088 (2,063)
Citation 84

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market, Bank Competition

5.

Financing Payouts

Ross School of Business Paper No. 1263
Number of pages: 81 Posted: 09 Dec 2014 Last Revised: 02 Sep 2021
Joan Farre-Mensa, Roni Michaely, Martin C. Schmalz and Martin C. Schmalz
University of Illinois at Chicago - Department of Finance, The University of Hong Kong and CEPRUniversity of Oxford - Finance
Downloads 2,802 (5,809)
Citation 13

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Payout policy, financing decisions, debt issues, capital structure, cash management.

6.
Downloads 2,267 ( 8,156)
Citation 29

Common-Ownership Concentration and Corporate Conduct

Annual Review of Financial Economics, Vol. 10, December 2018, CESifo Working Paper Series No. 6908
Number of pages: 40 Posted: 05 Oct 2017 Last Revised: 18 May 2018
Martin C. Schmalz and Martin C. Schmalz
CEPRUniversity of Oxford - Finance
Downloads 2,266 (8,016)
Citation 1

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ownership, control, network, industry concentration, antitrust, objective of the firm, shareholder unanimity

Common Ownership Concentration and Corporate Conduct

Number of pages: 34 Posted: 22 Jan 2018
Martin C. Schmalz and Martin C. Schmalz
CEPRUniversity of Oxford - Finance
Downloads 1 (837,250)
Citation 21
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Antitrust, control, industry concentration, network, objective of the firm, ownership, shareholder unanimity

Common-Ownership Concentration and Corporate Conduct

Annual Review of Financial Economics, Vol. 10, pp. 413-448, 2018
Posted: 08 Nov 2018
Martin C. Schmalz and Martin C. Schmalz
CEPRUniversity of Oxford - Finance

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7.
Downloads 1,258 ( 20,676)
Citation 8

(Why) Do Central Banks Care about Their Profits?

Number of pages: 82 Posted: 05 Jun 2017 Last Revised: 01 Jul 2021
Igor Goncharov, Vasso Ioannidou, Vasso Ioannidou, Martin C. Schmalz and Martin C. Schmalz
Lancaster University - Department of Accounting and Finance, Centre for Economic Policy Research (CEPR)The Business School (formerly Cass) and CEPRUniversity of Oxford - Finance
Downloads 1,178 (22,363)
Citation 10

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Central Banks, Profitability, Non-Traditional Central Banking, Monetary Stability

(Why) Do Central Banks Care About Their Profits?

Number of pages: 63 Posted: 24 Jul 2017
Igor Goncharov, Vasso Ioannidou, Vasso Ioannidou, Martin C. Schmalz and Martin C. Schmalz
Lancaster University - Department of Accounting and Finance, Centre for Economic Policy Research (CEPR)The Business School (formerly Cass) and CEPRUniversity of Oxford - Finance
Downloads 80 (386,376)

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central banks, profitability, non-traditional central banking, monetary stability

8.

Innovation: The Bright Side of Common Ownership?

Number of pages: 44 Posted: 16 Jan 2018 Last Revised: 25 May 2021
Miguel Anton, Florian Ederer, Mireia Gine, Martin C. Schmalz and Martin C. Schmalz
University of Navarra, IESE Business School, Yale School of Management, IESE Business School, University of Navarra and CEPRUniversity of Oxford - Finance
Downloads 1,228 (21,422)
Citation 12

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common ownership, competition, innovation, R&D

9.
Downloads 1,209 ( 21,898)
Citation 6

Unionization, Cash, and Leverage

Ross School of Business Paper No. 1215
Number of pages: 46 Posted: 20 Apr 2013 Last Revised: 19 Nov 2016
Martin C. Schmalz and Martin C. Schmalz
CEPRUniversity of Oxford - Finance
Downloads 1,207 (21,589)
Citation 8

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Capital Structure, Cash, Risk Management, Labor Adjustment Costs, Unionization, Regression Discontinuity

Unionization, Cash, and Leverage

Number of pages: 49 Posted: 22 Jan 2018
Martin C. Schmalz and Martin C. Schmalz
CEPRUniversity of Oxford - Finance
Downloads 2 (823,927)
Citation 1
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Capital Structure, cash, Labor Adjustment Costs, Regression Discontinuity, Risk management, Unionization

10.

Can Changes in the Cost of Carry Explain the Dynamics of Corporate 'Cash' Holdings?

Review of Financial Studies, April 2016, Ross School of Business Working Paper No. 1216
Number of pages: 55 Posted: 14 Dec 2013 Last Revised: 30 Sep 2017
José Azar, Jean-François Kagy, Martin C. Schmalz and Martin C. Schmalz
University of Navarra, IESE Business School, Cornerstone Research and CEPRUniversity of Oxford - Finance
Downloads 1,029 (27,713)
Citation 26

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corporate cash, cash hoarding, money demand

11.

Fund Flows and Market States

Review of Financial Studies, 2017, DOI:10.1093/rfs/hhx015
Number of pages: 82 Posted: 13 May 2013 Last Revised: 19 Jun 2017
Francesco A. Franzoni, Martin C. Schmalz and Martin C. Schmalz
USI Lugano and CEPRUniversity of Oxford - Finance
Downloads 1,017 (28,178)
Citation 16

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Bayesian learning, parameter uncertainty, mutual funds, flow-performance, Kalman filter, beta

12.

Reply to: 'Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry'

Number of pages: 12 Posted: 10 May 2018
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 890 (33,996)
Citation 6

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

13.

The Competitive Effects of Common Ownership: Economic Foundations and Empirical Evidence: Reply

Number of pages: 8 Posted: 30 Sep 2017 Last Revised: 27 Sep 2018
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 831 (37,361)
Citation 16

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

14.

Anxiety in the Face of Risk

Number of pages: 35 Posted: 03 Apr 2013 Last Revised: 28 Oct 2015
Thomas M. Eisenbach, Martin C. Schmalz and Martin C. Schmalz
Federal Reserve Banks - Federal Reserve Bank of New York and CEPRUniversity of Oxford - Finance
Downloads 698 (47,338)
Citation 14

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risk premia, insurance, term structure, dynamic inconsistency

15.

Common Ownership and Competition: Facts, Misconceptions, and What to Do About It - Background paper for OECD Hearing on Common Ownership by Institutional Investors and Its Impact on Competition

DAF/COMP/WD(2017)93
Number of pages: 16 Posted: 25 May 2018
Martin C. Schmalz and Martin C. Schmalz
CEPRUniversity of Oxford - Finance
Downloads 679 (49,164)
Citation 5

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

16.
Downloads 672 ( 49,802)
Citation 3

Revealing Downturns

Number of pages: 51 Posted: 17 Nov 2012 Last Revised: 16 Jan 2018
Martin C. Schmalz, Martin C. Schmalz and Sergey Zhuk
CEPRUniversity of Oxford - Finance and Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA)
Downloads 615 (55,222)
Citation 3

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Learning, Asymmetry, Business Cycle, Earnings Response

Revealing Downturns

Number of pages: 53 Posted: 03 Apr 2018
Martin C. Schmalz, Martin C. Schmalz and Sergey Zhuk
CEPRUniversity of Oxford - Finance and Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA)
Downloads 57 (464,217)

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financial economics, finance

17.

Horizon-Dependent Risk Aversion and the Timing and Pricing of Uncertainty

Number of pages: 100 Posted: 09 Dec 2014 Last Revised: 01 Sep 2019
Marianne Andries, Thomas M. Eisenbach, Martin C. Schmalz and Martin C. Schmalz
University of Toulouse 1 - Toulouse School of Economics (TSE), Federal Reserve Banks - Federal Reserve Bank of New York and CEPRUniversity of Oxford - Finance
Downloads 647 (52,471)
Citation 17

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risk aversion, early resolution, term structure, volatility risk

18.
Downloads 578 ( 60,367)
Citation 66

Housing Collateral and Entrepreneurship

Journal of Finance, Forthcoming
Number of pages: 36 Posted: 22 Dec 2014 Last Revised: 20 Nov 2015
Martin C. Schmalz, Martin C. Schmalz, David Alexandre Sraer, David Alexandre Sraer and David Thesmar
CEPRUniversity of Oxford - Finance, Princeton UniversityUniversity of California, Berkeley and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 536 (65,684)
Citation 1

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Collateral; Entrepreneurship; Real estate

Housing Collateral and Entrepreneurship

Number of pages: 44 Posted: 28 Nov 2013 Last Revised: 11 Apr 2021
Martin C. Schmalz, Martin C. Schmalz, David Alexandre Sraer, David Alexandre Sraer and David Thesmar
CEPRUniversity of Oxford - Finance, Princeton UniversityUniversity of California, Berkeley and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 42 (530,408)
Citation 36

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19.

Why Common Ownership Creates Antitrust Risks

CPI Antitrust Chronicle June 2017
Number of pages: 8 Posted: 20 Jun 2017
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 524 (68,545)

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Competition, Ownership, Pricing, Antitrust, Governance, Product Market

20.

Anxiety and Pro-cyclical Risk Taking with Bayesian Agents

Number of pages: 37 Posted: 21 Feb 2015 Last Revised: 23 Jan 2019
Thomas M. Eisenbach, Martin C. Schmalz and Martin C. Schmalz
Federal Reserve Banks - Federal Reserve Bank of New York and CEPRUniversity of Oxford - Finance
Downloads 524 (68,545)
Citation 2

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overconfidence, dynamic inconsistency, biases, deception, risk taking

21.

Recent Studies on Common Ownership, Firm Behavior, and Market Outcomes

Martin C. Schmalz, Recent studies on common ownership, firm behavior, and market outcomes, Antitrust Bulletin 66 (1), 2021
Number of pages: 56 Posted: 12 Feb 2021
Martin C. Schmalz and Martin C. Schmalz
CEPRUniversity of Oxford - Finance
Downloads 443 (83,781)
Citation 2

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ownership, control, industry concentration, antitrust, competition, managerial incentives, corporate governance

Pooling and Tranching under Belief Disagreement

Number of pages: 49 Posted: 06 Jun 2015 Last Revised: 10 Jul 2019
Juan Ortner, Martin C. Schmalz and Martin C. Schmalz
Boston University and CEPRUniversity of Oxford - Finance
Downloads 336 (114,210)

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Disagreement, Security Design, Optimism, Overconfidence, Pooling, Tranching, Behavioral Finance

Disagreement and Optimal Security Design

Number of pages: 49 Posted: 20 Apr 2018
Juan Ortner, Martin C. Schmalz and Martin C. Schmalz
Boston University and CEPRUniversity of Oxford - Finance
Downloads 48 (501,899)

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disagreement, security design, optimism, overconfidence, pooling, behavioral finance

23.

Internet Appendix for: 'Anticompetitive Effects of Common Ownership'

Journal of Finance, Vol. 73, No. 4, 2018
Number of pages: 25 Posted: 23 May 2018
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 372 (102,552)
Citation 1

Abstract:

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

24.

The Term Structure of the Price of Variance Risk

Number of pages: 34 Posted: 07 Aug 2015
Marianne Andries, Thomas M. Eisenbach, Martin C. Schmalz, Martin C. Schmalz and Yichuan Wang
University of Toulouse 1 - Toulouse School of Economics (TSE), Federal Reserve Banks - Federal Reserve Bank of New York, CEPRUniversity of Oxford - Finance and University of Michigan at Ann Arbor
Downloads 337 (114,527)
Citation 6

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volatility risk, option returns, straddle, term structure

25.

Research on the Competitive Consequences of Common Ownership: A Methodological Critique

Number of pages: 12 Posted: 11 Jan 2021
José Azar, Martin C. Schmalz, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, CEPRUniversity of Oxford - Finance and Charles River Associates (CRA)
Downloads 202 (191,536)
Citation 1

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

26.

Inequality and Market Concentration, when Shareholding is More Skewed than Consumption

CAMA Working Paper No. 62/2018
Number of pages: 17 Posted: 14 Dec 2018
Joshua Gans, Andrew Leigh, Martin C. Schmalz, Martin C. Schmalz and Adam Triggs
University of Toronto - Rotman School of Management, Australian House of Representatives Parliament House, CEPRUniversity of Oxford - Finance and Australian National University (ANU) - Crawford School of Public Policy
Downloads 134 (270,800)

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Monopoly, market power, inequality

27.

Common Ownership Theories, Governance ‘Mechanisms’ & Policy (Presentation Slides)

Number of pages: 30 Posted: 02 Dec 2019
Martin C. Schmalz and Martin C. Schmalz
CEPRUniversity of Oxford - Finance
Downloads 127 (281,882)

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ownership, control, network, industry concentration, antitrust, objective of the firm, shareholder unanimity

28.

Empirical Studies of Common Ownership-Effects on Product Markets & Innovation (Presentation Slides)

Number of pages: 17 Posted: 27 Nov 2019
Martin C. Schmalz and Martin C. Schmalz
CEPRUniversity of Oxford - Finance
Downloads 79 (385,370)

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ownership, control, network, industry concentration, antitrust, objective of the firm, shareholder unanimity

29.

Letter to the Australian Parliament - Inquiry into the implications of common ownership and capital concentration in Australia

Submissions to Australian Parliament's Standing Committee on Economics
Number of pages: 18 Posted: 20 Sep 2021
Martin C. Schmalz, Martin C. Schmalz and Thomas Reyntjens
CEPRUniversity of Oxford - Finance and University of Oxford
Downloads 42 (519,847)

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ownership, common ownership, control, industry concentration, capital concentration, antitrust, competition

30.

Inequality and Market Concentration, When Shareholding is More Skewed than Consumption

Number of pages: 15 Posted: 02 Jan 2019
Joshua S. Gans, Andrew Leigh, Martin C. Schmalz, Martin C. Schmalz and Adam Triggs
University of Toronto - Rotman School of Management, Australian House of Representatives Parliament House, CEPRUniversity of Oxford - Finance and Australian National University (ANU) - Crawford School of Public Policy
Downloads 32 (571,041)

Abstract:

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monopoly, market power, inequality

31.

Inequality and Market Concentration, When Shareholding is More Skewed than Consumption

Number of pages: 17 Posted: 21 Feb 2019
Joshua S. Gans, Andrew Leigh, Martin C. Schmalz, Martin C. Schmalz and Adam Triggs
University of Toronto - Rotman School of Management, Australian House of Representatives Parliament House, CEPRUniversity of Oxford - Finance and Australian National University (ANU)
Downloads 30 (582,380)

Abstract:

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monopoly, market power, inequality

32.

Inequality and Market Concentration, When Shareholding is More Skewed than Consumption

Number of pages: 16 Posted: 26 Dec 2018 Last Revised: 23 May 2021
Joshua S. Gans, Andrew Leigh, Martin C. Schmalz, Martin C. Schmalz and Adam Triggs
University of Toronto - Rotman School of Management, Australian House of Representatives Parliament House, CEPRUniversity of Oxford - Finance and Australian National University (ANU)
Downloads 29 (588,388)
Citation 1

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33.

Online Appendix to 'Revealing Downturns'

Number of pages: 29 Posted: 07 Jul 2017 Last Revised: 19 May 2018
Martin C. Schmalz, Martin C. Schmalz and Sergey Zhuk
CEPRUniversity of Oxford - Finance and Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA)
Downloads 24 (620,765)

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34.

Inequality and Market Concentration, When Shareholding is More Skewed than Consumption

Number of pages: 17 Posted: 23 Jan 2019
Joshua S. Gans, Andrew Leigh, Martin C. Schmalz, Martin C. Schmalz and Adam Triggs
University of Toronto - Rotman School of Management, Australian House of Representatives Parliament House, CEPRUniversity of Oxford - Finance and Australian National University (ANU)
Downloads 14 (693,006)
Citation 1

Abstract:

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monopoly, market power, inequality

35.

Disagreement and Security Design

Number of pages: 50 Posted: 22 Jan 2018
Juan Ortner, Martin C. Schmalz and Martin C. Schmalz
Boston University and CEPRUniversity of Oxford - Finance
Downloads 1 (800,590)
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behavioral finance, disagreement, Optimism, overconfidence, pooling, security design, tranching

36.

Direct Lending: Evidence from European and U.S. Markets

Journal of Alternative Investments, Forthcoming
Posted: 16 Sep 2021 Last Revised: 20 Oct 2021
Laura Fritsch, Wayne Lim, Alexander Montag, Martin C. Schmalz and Martin C. Schmalz
University of Oxford - Said Business School, University of Oxford, University of Oxford - Said Business School and CEPRUniversity of Oxford - Finance

Abstract:

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Private Debt; Direct Lending, Banking Regulation, Non-bank Lending, Private Markets, Private Equity, Lending, Alternative Assets

37.

Relative Performance Provisions and Competitive Incentives

Posted: 30 Oct 2018
Martin C. Schmalz and Martin C. Schmalz
CEPRUniversity of Oxford - Finance

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compensation, incentives, common ownership, competition, relative performance, antitrust

38.

Common Ownership and Fiduciary Duty

Posted: 08 Oct 2018
Martin C. Schmalz and Martin C. Schmalz
CEPRUniversity of Oxford - Finance

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fiduciary duty, diversification, profit maximization, shareholder value

39.

Revealing Downturns

Number of pages: 54 Posted: 22 Jan 2018
Martin C. Schmalz, Martin C. Schmalz and Sergey Zhuk
CEPRUniversity of Oxford - Finance and Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA)
Downloads 0 (818,024)
Citation 2
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Asymmetry, Bayesian Learning, Business cycle, Earnings Response