Martin Schmalz
Martin Schmalz is Professor of Finance and Economics at Saïd Business School,
University of Oxford. He holds a graduate degree (Dipl.-Ing.) in mechanical engineering
from the Universität Stuttgart (Germany) and a M.A. and PhD in Economics from
Princeton University (USA)
.
Prof. Schmalz is the Academic Director of Oxford’s Blockchain Strategy Programme,
and co-director of the Open Banking & AI in Finance Programme.
He co-authored “The Business of Big Data: How to Create Lasting Value in the Age of
AI”, and was featured as one of the “40 under 40” best business school professors
worldwide at the age of 33. He was invited to present to regulators and policy makers
across the globe, including the US Department of Justice, The White House Council of
Economic Advisers, European Commission, European Parliament, OECD, various central
banks, and at universities across America, Europe, Asia, and Australia.
His prize-winning research focuses on corporate governance and asset management. It
has been published in The Journal of Finance, Journal of Financial Economics, and
Review of Financial Studies, and was covered, among others, by The New York Times,
The Economist, Wall Street Journal, Financial Times, Bloomberg, The New Yorker, The
Atlantic, Forbes, Fortune, Handelsblatt, and Frankfurter Allgemeine Zeitung.
Antitrust and Competition
Is There Really a Conflict Between Better Corporate Governance and More Competitive Product Markets?
A new study shows that the supposed tradeoff between better corporate governance and more competitive product markets may not exist. More commonly-owned...
Antitrust and Competition
How Market Power Worsens Income Inequality
Inequality in stock ownership has grown considerably over the past two decades and is far more pronounced than inequality in consumption or income. A...
ESG & Corporate Governance
Why Firms’ Shareholders Condone Seemingly “Excessive” Executive Pay Packages, and What it Means For the Economy
If the large mutual funds are out to improve governance, why do they condone, if not encourage, seemingly excessive and performance-insensitive compensation packages? A new...
Latest news
Commentary
The Banking Risks of Central Bank Digital Currencies
The implementation of central bank digital currencies as the primary medium of exchange would exacerbate the flaws of our current fiat system which encourage banks to overextend credit and create liabilities that they cannot redeem. This will worsen the already recurring cycles of financial crises, writes Vibhu Vikramaditya.
Antitrust and Competition
The Whig History of the Merger Guidelines
A pervasive "Whig" view of United States antitrust history among scholars and practitioners celebrates the Merger Guidelines' implementation of increasingly sophisticated economic methods since their...
Antitrust and Competition
Algorithmic Collusion in the Housing Market
While the development of artificial intelligence has led to efficient business strategies, such as dynamic pricing, this new technology is vulnerable to collusion and consumer harm when companies share the same software through a central platform. Gabriele Bortolotti highlights the importance of antitrust enforcement in this domain for the second article in our series, using as a case study the RealPage class action lawsuit in the Seattle housing market.
Antitrust and Competition
The Future Markets Model Explains Meta/Within: A Reply to Herb Hovenkamp
In response to both Herb Hovenkamp’s February 27 article in ProMarket and, perhaps more importantly, also to Hovenkamp’s highly regarded treatise, Lawrence B. Landman, first, shows that the Future Markets Model explains the court’s decision in Meta/Within. Since Meta was not even trying to make a future product, the court correctly found that Meta would not enter the Future Market. Second, the Future Markets Model is the analytical tool which Hovenkamp says the enforcers lack when they try to protect competition to innovate.
Book Excerpts
The Chicago Boys and the Chilean Neoliberal Project
In a new book, The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism, Sebastian Edwards details the history of neoliberalism in Chile over the past seventy years. The Chicago Boys—a group of Chilean economists trained at the University of Chicago through the U.S. State Department’s “Chile Project”—played a central role in neoliberalism’s ascent during General Augusto Pinochet’s rule. What follows is an excerpt from the book on University of Chicago economist Milton Friedman’s 1975 visit to Chile to meet with Pinochet and business leaders.
Antitrust and Competition
Creating a Modern Antitrust Welfare Standard that Integrates Post-Chicago and Neo-Brandeisian Goals
Darren Bush, Mark Glick, and Gabriel A. Lozada argue that the Consumer Welfare Standard is inconsistent with modern welfare economics and that a modern approach to antitrust could integrate traditional Congressional goals as advocated by the Neo-Brandesians. Such an approach could be the basis for an alliance between the post-Chicago economists and the Neo-Brandesians.
Democracy
Getting Partisans To Listen to One Another Can Reduce Political Polarization
In new research, Guglielmo Briscese and Michèle Belot find that reminding Americans of shared values can open lines of communication and help reduce political polarization.
