Martin Schmalz

Martin Schmalz is a tenured Associate Professor of Finance at the University of Oxford’s Saïd Business School. His PhD is from Princeton University (USA). 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, FTC, 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 research on corporate governance, antitrust, and financial economics, has been published in The Journal of Finance (where it won a Brattle Prize), 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.

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...

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...

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...

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The Aristocracy of Talent: Business Intelligence

In the following excerpt from his new book, The Aristocracy of Talent: How Meritocracy Made the Modern World, Adrian Wooldridge traces "how universities...

Why Privacy Experts Need a Place at the Antitrust Table

Antitrust enforcers have tended to stay narrowly “in their lane,” failing to engage with how data is collected and used by digital...

Assessing George Stigler’s Economic Theory of Regulation

Despite its flaws and limitations, Stigler’s seminal article on the theory of economic regulation remains an important piece of scholarship worthy of...

“Old Chicago” and Freiburg: Why Ordoliberalism Was No “German Oddity”

Both the Chicago and Freiburg schools faced systemic fragility as the crucial property of societal orders. It was this fragility that served...

The Many Faces of Stigler’s Theory of Economic Regulation: Interest Group Politics Still Thrives—But Industry Often Comes Second

Stigler treats industry groups as the heavyweights in regulatory contests. But surprisingly often groups of farmers and workers knock them for a...

Why the FTC Should Consider Size in Drug Mergers

Large pharmaceutical firms retain their dominance through size-related advantages in three areas: contracting, marketing and selling, and financing. When reviewing pharmaceutical mergers,...

In FTC vs. Facebook, the Government Lost the First Round. It Could Still Win the Fight.

Despite some compelling allegations, a federal judge dismissed the FTC's antitrust complaint against Facebook due to the agency’s failure to explain how...