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Martin Schmalz

Martin Schmalz is a Professor of Finance, Economics, and Real Estate at Saïd Business School, University of Oxford. Previously, he served as Chief Economist and Director of the Office of Economic and Risk Analysis at the U.S. Public Company Accounting Oversight Board, where he led the economic analysis of audit rules protecting over $70 trillion in investor capital. At Oxford, he has held multiple leadership roles and is the Director of the Future of Real Estate Initiative, Academic Director of the Blockchain Strategy Programme, and co-Director of the Open Banking & AI in Finance Programme.
Antitrust and Competition

Common Ownership May Reduce the Entry of Cheaper Generic Drugs

Martin Schmalz
In new research, Martin Schmalz and Jin Xie examine how shareholder preferences influence the United States pharmaceutical industry. They find that generic-drug manufacturers sometimes harm their firms’ own value when doing so benefits shareholder portfolios, who frequently have stakes in competing brand-name firms.

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The publication of the Stigler Center at The University of Chicago Booth School of Business

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.