Martin Schmalz

Professor of Finance, Economics, and Real Estate

  • martin.schmalz@sbs.ox.ac.uk

Saïd Business School
University of Oxford
Park End Street


Martin is a Professor of Finance, Economics, and Real Estate at Saïd Business School.

Martin is Chief Economist and Director of the Office of Economic and Risk Analysis at the Public Company Accounting Oversight Board (PCAOB; Washington, DC). He also serves as a Director of the Global Corporate Governance Colloquia (Brussels). 

He is a Research Fellow at the Centre for Economic Policy Research (London) and CESIfo (Münich), and a Research Member with the European Corporate Governance Institute (Brussels). Martin previously served as the NBD Bancorp Assistant Professor in Business Administration, Harry H Jones Research Scholar, and as an Assistant Professor of Finance at the University of Michigan’s Stephen M Ross School of Business and a Faculty Affiliate of the Center on Finance, Law and Policy at the University of Michigan.

To find out more about Martin's work, visit his personal website.


Martin is a financial economist with a particular interest in how finance interacts with other fields of economics, including industrial organisation, labour economics, behavioural economics, monetary economics and micro-economic theory.

Martin has published papers on entrepreneurship, corporate finance and governance, behavioural finance and asset pricing and various studies of the asset management industry. His research on how the ownership structure of firms affects firm behaviour and market outcomes has affected policy-making and antitrust enforcement worldwide.

His research has been published in The Journal of Finance, Journal of Financial Economics, and Review of Financial Studies and has won various awards, including a Brattle Group Distinguished Paper Prize for one of the best papers published in The Journal of Finance in 2017. It has been covered, among others, by The New York Times, The Economist, Wall Street Journal, Financial Times, Bloomberg, The New Yorker, The Atlantic, Forbes, Fortune, Frankfurter Allgemeine Zeitung. 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.

In 2019, Martin received a Jerry S Cohen Memorial Fund Writing Award for his paper titled 'Anticompetitive Effects of Common Ownership' and in 2023 for his paper 'Common Ownership, Competition, and Top Management Incentives'.


Financing payouts(opens in new window)

  • Journal article
  • Journal of Financial and Quantitative Analysis
  • Joan Farre-Mensa,
  • Roni Michaely,
  • Martin Schmalz

(Why) do central banks care about their profits?(opens in new window)

  • Journal article
  • Journal of Finance
  • Igor Goncharov,,
  • Vasso Ioannidou,,
  • Martin Schmalz

Common ownership, competition, and top management incentives(opens in new window)

  • Journal article
  • Journal of Political Economy
  • Miguel Anton,
  • Florian Ederer,
  • Mireia Gine,
  • Martin Schmalz

Common ownership, competition, and top management incentives(opens in new window)

  • Journal article
  • Journal of Political Economy
  • Miguel Antón,
  • Florian Ederer,
  • Mireia Giné,
  • Martin Schmalz

Direct Lending: Evidence from European and US Markets(opens in new window)

  • Journal article
  • The Journal of Alternative Investments
  • Laura Fritsch,
  • Wayne Lim,
  • Alexander Montag,
  • Martin C Schmalz
See more publications


Martin earned a kitchen-table MBA as he grew up in the environment of a German SME. 

He serves as a consultant to UHNWI, family offices, and competition authorities. 


Martin has taught PhD courses in corporate financial theory, the finance core for BBA and EMBA, and won a Teaching Excellence Award for his case-based 'Valuation' elective in Michigan’s daytime MBA curriculum. He now teaches an elective for Oxford’s MBAs, MFEs, and MLFs on Big Data and Machine Learning in Finance. He holds a graduate degree (Dipl-Ing) in mechanical engineering from the Universität Stuttgart (Germany) and a MA and PhD in Economics from Princeton University (USA).

His students have called his teaching style 'socratic.' Notwithstanding the warning, his BBA, MBA and PhD students have nominated him for various teaching excellence awards, some of which he won. Student nominations were also a key part in being included in Poets & Quant's 40 under 40 list.

Further information

Get the latest news and updates from Martin on social media. 


Martin supervises Saïd Business School doctoral students.

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