Martin Schmalz
@martincschmalz.bsky.social
Professor of Finance, Economics, and Real Estate
University of Oxford @ox.ac.uk
University of Oxford @ox.ac.uk
Referees are not becoming more polite
November 14, 2025 at 8:30 AM
Referees are not becoming more polite
Overlooked aspect of @ftc @afergusonftc interest in proxy advisers: coordination mechanism for common owners. ISS recommendations tend to support director interlocks, mergers, and the lessening of incentives to compete in high-CO firms
cc @matt_levine
papers.ssrn.com/sol3/papers....
cc @matt_levine
papers.ssrn.com/sol3/papers....
The Proxy Advice Industry and Common Owners' Coordination
High levels of common ownership may reduce firms’ incentives to compete. The empirical relevance of this concern is controversial, in part because there are no
papers.ssrn.com
November 13, 2025 at 9:45 PM
Overlooked aspect of @ftc @afergusonftc interest in proxy advisers: coordination mechanism for common owners. ISS recommendations tend to support director interlocks, mergers, and the lessening of incentives to compete in high-CO firms
cc @matt_levine
papers.ssrn.com/sol3/papers....
cc @matt_levine
papers.ssrn.com/sol3/papers....
When Zillow shut down its iBuying program in 2021, questions arose about the viability of instant home buying.
New research from So Hye Yoon (Princeton job market candidate) examines a key challenge: information asymmetry.
Cloe Garnache hosts this episode of The Property Pod 👇
New research from So Hye Yoon (Princeton job market candidate) examines a key challenge: information asymmetry.
Cloe Garnache hosts this episode of The Property Pod 👇
November 12, 2025 at 7:33 PM
When Zillow shut down its iBuying program in 2021, questions arose about the viability of instant home buying.
New research from So Hye Yoon (Princeton job market candidate) examines a key challenge: information asymmetry.
Cloe Garnache hosts this episode of The Property Pod 👇
New research from So Hye Yoon (Princeton job market candidate) examines a key challenge: information asymmetry.
Cloe Garnache hosts this episode of The Property Pod 👇
Why don't landlords make green investments, even when they could boost property value?
New episode The Property Pod with Brian Lancaster & Cameron LaPoint explores PACE financing.
YT: youtu.be/-uV8MleO080
Spotify: open.spotify.com/episode/04gq...
➡️
New episode The Property Pod with Brian Lancaster & Cameron LaPoint explores PACE financing.
YT: youtu.be/-uV8MleO080
Spotify: open.spotify.com/episode/04gq...
➡️
November 7, 2025 at 12:48 PM
Why don't landlords make green investments, even when they could boost property value?
New episode The Property Pod with Brian Lancaster & Cameron LaPoint explores PACE financing.
YT: youtu.be/-uV8MleO080
Spotify: open.spotify.com/episode/04gq...
➡️
New episode The Property Pod with Brian Lancaster & Cameron LaPoint explores PACE financing.
YT: youtu.be/-uV8MleO080
Spotify: open.spotify.com/episode/04gq...
➡️
PSA: if you contact me about doing research under my guidance, do some research without my guidance first.
For example, on the topic of what kind of research I could possibly provide guidance for.
For example, on the topic of what kind of research I could possibly provide guidance for.
November 6, 2025 at 4:57 PM
PSA: if you contact me about doing research under my guidance, do some research without my guidance first.
For example, on the topic of what kind of research I could possibly provide guidance for.
For example, on the topic of what kind of research I could possibly provide guidance for.
Yay! "The Term Structure of the Price of Variance Risk" is out in print -- thanks to the amazing co-authors -- Marianne Andries, Thomas Eisenbach, and R Jay Kahn. academic.oup.com/rof/advance-...
The Term Structure of the Price of Variance Risk
Abstract. We empirically investigate the term structure of variance risk pricing and how it varies over time. We estimate the aversion to variance risk in
academic.oup.com
October 28, 2025 at 9:17 PM
Yay! "The Term Structure of the Price of Variance Risk" is out in print -- thanks to the amazing co-authors -- Marianne Andries, Thomas Eisenbach, and R Jay Kahn. academic.oup.com/rof/advance-...
Elon @elonmusk is wrong here:
youtu.be/MBzdfamdauI?...
The "index funds" don't always vote with ISS & Glass Lewis recommendations. E.g. the Big 3 killed Peltz's pro-competition campaign at DuPont by voting against the proxy adviser's recommendation. ericposner.com/martin-schma...
youtu.be/MBzdfamdauI?...
The "index funds" don't always vote with ISS & Glass Lewis recommendations. E.g. the Big 3 killed Peltz's pro-competition campaign at DuPont by voting against the proxy adviser's recommendation. ericposner.com/martin-schma...
Tesla Board Chair Denholm: Musk pay package less about compensation and more about voting influence
Tesla Board Chair Robyn Denholm joins 'Squawk Box' to discuss details of her letter to shareholders, what to expect from this year's annual meeting, details of CEO Elon Musk's pay package, Tesla's…
youtu.be
October 28, 2025 at 10:43 AM
Elon @elonmusk is wrong here:
youtu.be/MBzdfamdauI?...
The "index funds" don't always vote with ISS & Glass Lewis recommendations. E.g. the Big 3 killed Peltz's pro-competition campaign at DuPont by voting against the proxy adviser's recommendation. ericposner.com/martin-schma...
youtu.be/MBzdfamdauI?...
The "index funds" don't always vote with ISS & Glass Lewis recommendations. E.g. the Big 3 killed Peltz's pro-competition campaign at DuPont by voting against the proxy adviser's recommendation. ericposner.com/martin-schma...
Enron, Wirecard, Adler, Signa -- warum werden Investoren regelmäßig von Bilanzbetrügern überrascht? Warum versagt der Markt für Wirtschaftsprüfung?
Und was könnten Regulierer und Aufsichtsräte tun, um das Marktversagen zu beheben?
Mein Op-Ed in der FAZ: zeitung.faz.net/data/483/rea...
Und was könnten Regulierer und Aufsichtsräte tun, um das Marktversagen zu beheben?
Mein Op-Ed in der FAZ: zeitung.faz.net/data/483/rea...
Frankfurter Allgemeine Zeitung
zeitung.faz.net
October 21, 2025 at 1:59 AM
Enron, Wirecard, Adler, Signa -- warum werden Investoren regelmäßig von Bilanzbetrügern überrascht? Warum versagt der Markt für Wirtschaftsprüfung?
Und was könnten Regulierer und Aufsichtsräte tun, um das Marktversagen zu beheben?
Mein Op-Ed in der FAZ: zeitung.faz.net/data/483/rea...
Und was könnten Regulierer und Aufsichtsräte tun, um das Marktversagen zu beheben?
Mein Op-Ed in der FAZ: zeitung.faz.net/data/483/rea...
I'll hire post-docs and research assistants for my ERC "DICACO" project on the social consequences of diversification.
Email me your CV and short motivation if you think this might be for you.
Details:
Email me your CV and short motivation if you think this might be for you.
Details:
October 13, 2025 at 3:21 PM
I'll hire post-docs and research assistants for my ERC "DICACO" project on the social consequences of diversification.
Email me your CV and short motivation if you think this might be for you.
Details:
Email me your CV and short motivation if you think this might be for you.
Details:
Which market failure is it that prevents centralized exchange of information on invoice factoring?
The efficiency gains from preventing (alleged) double pledging fiascos like First Brands seem clear. So why don't they get realized?
And, yes, this *could* be done with #blockchain -- but why.
The efficiency gains from preventing (alleged) double pledging fiascos like First Brands seem clear. So why don't they get realized?
And, yes, this *could* be done with #blockchain -- but why.
October 6, 2025 at 7:03 AM
Which market failure is it that prevents centralized exchange of information on invoice factoring?
The efficiency gains from preventing (alleged) double pledging fiascos like First Brands seem clear. So why don't they get realized?
And, yes, this *could* be done with #blockchain -- but why.
The efficiency gains from preventing (alleged) double pledging fiascos like First Brands seem clear. So why don't they get realized?
And, yes, this *could* be done with #blockchain -- but why.
Lots of discussion about disclosing genAI contributions in research.
Are we sure we want to debate this before having concluded authors should disclose their direct and indirect *funding* sources, along with sanctions mechanisms for non-compliers?
Are we sure we want to debate this before having concluded authors should disclose their direct and indirect *funding* sources, along with sanctions mechanisms for non-compliers?
September 24, 2025 at 3:34 PM
Lots of discussion about disclosing genAI contributions in research.
Are we sure we want to debate this before having concluded authors should disclose their direct and indirect *funding* sources, along with sanctions mechanisms for non-compliers?
Are we sure we want to debate this before having concluded authors should disclose their direct and indirect *funding* sources, along with sanctions mechanisms for non-compliers?
ICYMI Sen Blumenthal's report on KPMG's auditing of various banks is titled "This industry is a joke". That's not Blumenberg's personal opinion but a quote ***from an auditor***, from internal communications.
www.hsgac.senate.gov/wp-content/u...
www.hsgac.senate.gov/wp-content/u...
www.hsgac.senate.gov
September 23, 2025 at 3:49 PM
ICYMI Sen Blumenthal's report on KPMG's auditing of various banks is titled "This industry is a joke". That's not Blumenberg's personal opinion but a quote ***from an auditor***, from internal communications.
www.hsgac.senate.gov/wp-content/u...
www.hsgac.senate.gov/wp-content/u...
I'm old enough to remember that when I presented our paper on the effect of political pressures on central banks on inflation almost ten years ago, the establishment told me not to worry about the U.S. Fed, because professionalism of their staff.
onlinelibrary.wiley.com/doi/abs/10.1...
onlinelibrary.wiley.com/doi/abs/10.1...
onlinelibrary.wiley.com
September 22, 2025 at 3:21 PM
I'm old enough to remember that when I presented our paper on the effect of political pressures on central banks on inflation almost ten years ago, the establishment told me not to worry about the U.S. Fed, because professionalism of their staff.
onlinelibrary.wiley.com/doi/abs/10.1...
onlinelibrary.wiley.com/doi/abs/10.1...
What are the competitive effects of having a common auditor?
ht to Francine McKenna
ht to Francine McKenna
September 12, 2025 at 7:30 AM
What are the competitive effects of having a common auditor?
ht to Francine McKenna
ht to Francine McKenna
🧵 Ep4 of The Property Pod: Would you expect that informing tenants about hot water usage could lead to much broader savings?
University of Zurich economist Harald Mayr (@haraldmayr.com) explores behavioral interventions in energy conservation.
1/2➡️
University of Zurich economist Harald Mayr (@haraldmayr.com) explores behavioral interventions in energy conservation.
1/2➡️
August 27, 2025 at 3:34 PM
🧵 Ep4 of The Property Pod: Would you expect that informing tenants about hot water usage could lead to much broader savings?
University of Zurich economist Harald Mayr (@haraldmayr.com) explores behavioral interventions in energy conservation.
1/2➡️
University of Zurich economist Harald Mayr (@haraldmayr.com) explores behavioral interventions in energy conservation.
1/2➡️
I kid you not. The German news, after lamenting the unfavorable outcome of the tariff negotiations.
"But maybe there is a consolation: other countries like India and Switzerland got punished with even higher tariffs."
youtu.be/0bdA3Vvb-S4?...
"But maybe there is a consolation: other countries like India and Switzerland got punished with even higher tariffs."
youtu.be/0bdA3Vvb-S4?...
tagesschau 20:00 Uhr, 21.08.2025
Die 20-Uhr-Ausgabe der tagesschau im Livestream und früher auf Abruf: https://ardmediathek.de/tagesschau und https://tagesschau.de
Themen der tagesschau-Sendung:
00:00 Guten Abend
00:21…
youtu.be
August 22, 2025 at 7:30 AM
I kid you not. The German news, after lamenting the unfavorable outcome of the tariff negotiations.
"But maybe there is a consolation: other countries like India and Switzerland got punished with even higher tariffs."
youtu.be/0bdA3Vvb-S4?...
"But maybe there is a consolation: other countries like India and Switzerland got punished with even higher tariffs."
youtu.be/0bdA3Vvb-S4?...
That's why you come to Oxford, not Harvard. I've said for many years that mainstream economists are wrong in claiming #Bitcoin had no fundamental value.
Academic economists tend to confound what they think is socially useful with what is factually true.
x.com/krogoff/stat...
Academic economists tend to confound what they think is socially useful with what is factually true.
x.com/krogoff/stat...
Kenneth S Rogoff (@krogoff) on X
Almost a decade ago I was the Harvard economist that said that bitcoin was more likely to be worth $100 than 100k. What did I miss? I was far too optimistic about the US coming to its senses about sensible...
x.com
August 21, 2025 at 3:57 PM
That's why you come to Oxford, not Harvard. I've said for many years that mainstream economists are wrong in claiming #Bitcoin had no fundamental value.
Academic economists tend to confound what they think is socially useful with what is factually true.
x.com/krogoff/stat...
Academic economists tend to confound what they think is socially useful with what is factually true.
x.com/krogoff/stat...
I haven't read the paper, but it seems fair to say the common ownership literature has quite powerful enemies by now. capmktsreg.org/wp-content/u...
August 20, 2025 at 7:15 AM
I haven't read the paper, but it seems fair to say the common ownership literature has quite powerful enemies by now. capmktsreg.org/wp-content/u...
🧵 MLex reports that the "first of its kind" antitrust case against BlackRock, Vanguard & State Street alleging coordination through climate initiatives survived a motion to dismiss and will proceed.
1/8➡️
1/8➡️
August 17, 2025 at 6:41 PM
🧵 MLex reports that the "first of its kind" antitrust case against BlackRock, Vanguard & State Street alleging coordination through climate initiatives survived a motion to dismiss and will proceed.
1/8➡️
1/8➡️
Congratulations to Inga Heiland and the Review of Corporate Finance Studies for publishing this first-rate paper on common ownership in public AND PRIVATE firms watermark.silverchair.com/cfaf017.pdf?...
August 9, 2025 at 9:58 AM
Congratulations to Inga Heiland and the Review of Corporate Finance Studies for publishing this first-rate paper on common ownership in public AND PRIVATE firms watermark.silverchair.com/cfaf017.pdf?...
The antitrust suit against the Big 3 asset managers for raising consumer prices is going ahead www.reuters.com/sustainabili...
August 2, 2025 at 1:29 PM
The antitrust suit against the Big 3 asset managers for raising consumer prices is going ahead www.reuters.com/sustainabili...
🧵 "How economics teaching became the Aeroflot of ideas" -- great title by Ha-Joon Chang. But the content? We supposedly teach "variations of the failed theme of efficient markets", that the system is "fundamentally fair, rational, and efficient" and folks should 1/6 ➡️
July 24, 2025 at 6:03 PM
🧵 "How economics teaching became the Aeroflot of ideas" -- great title by Ha-Joon Chang. But the content? We supposedly teach "variations of the failed theme of efficient markets", that the system is "fundamentally fair, rational, and efficient" and folks should 1/6 ➡️
Are you, or do you have, a PhD student who plans to be on the market this fall and works on a topic related to real estate?
We're attempting to create a top-notch opportunity for you here.
www.linkedin.com/posts/uzh-df...
Please spread the word.
We're attempting to create a top-notch opportunity for you here.
www.linkedin.com/posts/uzh-df...
Please spread the word.
July 22, 2025 at 8:56 PM
Are you, or do you have, a PhD student who plans to be on the market this fall and works on a topic related to real estate?
We're attempting to create a top-notch opportunity for you here.
www.linkedin.com/posts/uzh-df...
Please spread the word.
We're attempting to create a top-notch opportunity for you here.
www.linkedin.com/posts/uzh-df...
Please spread the word.
One reason it can be depressing to be an academic is when politics trumps policy. We know since 25+ years ago that having private prisons is mostly a bad idea. scholar.harvard.edu/files/shleif...
FT now gives attention to the issue
ig.ft.com/us-immigrati...
Stock markets anticipated it.
FT now gives attention to the issue
ig.ft.com/us-immigrati...
Stock markets anticipated it.
July 18, 2025 at 7:30 AM
One reason it can be depressing to be an academic is when politics trumps policy. We know since 25+ years ago that having private prisons is mostly a bad idea. scholar.harvard.edu/files/shleif...
FT now gives attention to the issue
ig.ft.com/us-immigrati...
Stock markets anticipated it.
FT now gives attention to the issue
ig.ft.com/us-immigrati...
Stock markets anticipated it.