Martin C. Schmalz

University of Oxford - Finance

United States

CEPR

London

United Kingdom

CESifo

Poschinger Str. 5

Munich, DE-81679

Germany

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

  • University of Oxford - Finance

  • CEPR

  • CESifo

  • European Corporate Governance Institute (ECGI)

SCHOLARLY PAPERS

37

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46,676

SSRN CITATIONS
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402

CROSSREF CITATIONS

324

Scholarly Papers (37)

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1.

Anticompetitive Effects of Common Ownership

Journal of Finance, 73(4), 2018
Number of pages: 79 Posted: 22 Apr 2014 Last Revised: 13 May 2018
José Azar, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, University of Oxford - Finance and Charles River Associates (CRA)
Downloads 14,656 (283)
Citation 50

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

2.

Payout Policy

Downloads 3,174 ( 905)
Citation 76

Payout Policy

Ross School of Business Paper No. 1227
Number of pages: 119 Posted: 25 Feb 2014 Last Revised: 19 Nov 2016
Joan Farre-Mensa, Roni Michaely and Martin C. Schmalz
University of Illinois at Chicago - Department of Finance, The University of Hong Kong and University of Oxford - Finance
Downloads 3,174 (4,305)
Citation 18

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Payout Policy; Survey; Dividends; Share Repurchases

Payout Policy

Annual Review of Financial Economics, Vol. 6, pp. 75-134, 2014
Posted: 25 Nov 2014
Joan Farre-Mensa, Roni Michaely and Martin C. Schmalz
University of Illinois at Chicago - Department of Finance, The University of Hong Kong and University of Oxford - Finance

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3.

Common Ownership, Competition, and Top Management Incentives

Downloads 6,014 ( 1,455)
Citation 42

Common Ownership, Competition, and Top Management Incentives

Ross School of Business Paper No. 1328, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 511/2017
Number of pages: 106 Posted: 03 Jul 2016 Last Revised: 29 Apr 2021
Miguel Anton, Florian Ederer, Mireia Gine and Martin C. Schmalz
University of Navarra, IESE Business School, Yale School of Management, IESE Business School, University of Navarra and University of Oxford - Finance
Downloads 5,744 (1,546)
Citation 48

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Common ownership, competition, managerial incentives, productivity, corporate governance, antitrust

Common Ownership, Competition, and Top Management Incentives

CESifo Working Paper Series No. 6178
Number of pages: 86 Posted: 14 Oct 2020
Miguel Anton, Florian Ederer, Mireia Gine and Martin C. Schmalz
University of Navarra, IESE Business School, Yale School of Management, IESE Business School, University of Navarra and University of Oxford - Finance
Downloads 266 (139,753)

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common ownership, competition, CEO pay, management incentives, governance

Common Ownership, Competition, and Top Management Incentives

CEPR Discussion Paper No. DP12674
Number of pages: 56 Posted: 05 Feb 2018 Last Revised: 11 Jun 2018
Miguel Anton, Florian Ederer, Mireia Gine and Martin C. Schmalz
University of Navarra, IESE Business School, Yale School of Management, IESE Business School, University of Navarra and University of Oxford - Finance
Downloads 4 (773,404)
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CEO pay, Common ownership, Competition, corporate governance, management incentives

4.

Ultimate Ownership and Bank Competition

Number of pages: 87 Posted: 03 Jan 2016 Last Revised: 08 May 2019
José Azar, Sahil Raina and Martin C. Schmalz
University of Navarra, IESE Business School, Alberta School of Business, University of Alberta and University of Oxford - Finance
Downloads 4,936 (2,024)
Citation 84

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market, Bank Competition

5.

Financing Payouts

Ross School of Business Paper No. 1263
Number of pages: 78 Posted: 09 Dec 2014 Last Revised: 12 Dec 2020
Joan Farre-Mensa, Roni Michaely and Martin C. Schmalz
University of Illinois at Chicago - Department of Finance, The University of Hong Kong and University of Oxford - Finance
Downloads 2,663 (5,889)
Citation 18

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Payout policy, financing decisions, debt issues, capital structure, cash management.

6.

Common-Ownership Concentration and Corporate Conduct

Downloads 2,203 ( 8,037)
Citation 26

Common-Ownership Concentration and Corporate Conduct

Annual Review of Financial Economics, Vol. 10, December 2018, CESifo Working Paper Series No. 6908
Number of pages: 40 Posted: 05 Oct 2017 Last Revised: 18 May 2018
Martin C. Schmalz
University of Oxford - Finance
Downloads 2,202 (7,897)
Citation 1

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ownership, control, network, industry concentration, antitrust, objective of the firm, shareholder unanimity

Common Ownership Concentration and Corporate Conduct

CEPR Discussion Paper No. DP12598
Number of pages: 34 Posted: 22 Jan 2018
Martin C. Schmalz
University of Oxford - Finance
Downloads 1 (806,699)
Citation 20
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Antitrust, control, industry concentration, network, objective of the firm, ownership, shareholder unanimity

Common-Ownership Concentration and Corporate Conduct

Annual Review of Financial Economics, Vol. 10, pp. 413-448, 2018
Posted: 08 Nov 2018
Martin C. Schmalz
University of Oxford - Finance

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7.

Unionization, Cash, and Leverage

Downloads 1,191 ( 21,189)
Citation 6

Unionization, Cash, and Leverage

Ross School of Business Paper No. 1215
Number of pages: 46 Posted: 20 Apr 2013 Last Revised: 19 Nov 2016
Martin C. Schmalz
University of Oxford - Finance
Downloads 1,189 (20,888)
Citation 8

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Capital Structure, Cash, Risk Management, Labor Adjustment Costs, Unionization, Regression Discontinuity

Unionization, Cash, and Leverage

CEPR Discussion Paper No. DP12595
Number of pages: 49 Posted: 22 Jan 2018
Martin C. Schmalz
University of Oxford - Finance
Downloads 2 (793,392)
Citation 1
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Capital Structure, cash, Labor Adjustment Costs, Regression Discontinuity, Risk management, Unionization

8.

Innovation: The Bright Side of Common Ownership?

Number of pages: 44 Posted: 16 Jan 2018 Last Revised: 25 May 2021
Miguel Anton, Florian Ederer, Mireia Gine and Martin C. Schmalz
University of Navarra, IESE Business School, Yale School of Management, IESE Business School, University of Navarra and University of Oxford - Finance
Downloads 1,069 (24,847)
Citation 12

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common ownership, competition, innovation, R&D

9.

Can Changes in the Cost of Carry Explain the Dynamics of Corporate 'Cash' Holdings?

Review of Financial Studies, April 2016, Ross School of Business Working Paper No. 1216
Number of pages: 55 Posted: 14 Dec 2013 Last Revised: 30 Sep 2017
José Azar, Jean-François Kagy and Martin C. Schmalz
University of Navarra, IESE Business School, Cornerstone Research and University of Oxford - Finance
Downloads 1,025 (26,403)
Citation 26

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corporate cash, cash hoarding, money demand

10.

Fund Flows and Market States

Review of Financial Studies, 2017, DOI:10.1093/rfs/hhx015
Number of pages: 82 Posted: 13 May 2013 Last Revised: 19 Jun 2017
Francesco A. Franzoni and Martin C. Schmalz
USI Lugano and University of Oxford - Finance
Downloads 995 (27,569)
Citation 15

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Bayesian learning, parameter uncertainty, mutual funds, flow-performance, Kalman filter, beta

11.

(Why) Do Central Banks Care about Their Profits?

Downloads 965 ( 28,785)
Citation 8

(Why) Do Central Banks Care about Their Profits?

Number of pages: 75 Posted: 05 Jun 2017 Last Revised: 10 Jul 2020
Igor Goncharov, Vasso Ioannidou and Martin C. Schmalz
Lancaster University - Department of Accounting and Finance, The Business School (formerly Cass) and University of Oxford - Finance
Downloads 891 (31,836)
Citation 10

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Central Banks, Profitability, Non-Traditional Central Banking, Monetary Stability

(Why) Do Central Banks Care About Their Profits?

CESifo Working Paper Series No. 6546
Number of pages: 63 Posted: 24 Jul 2017
Igor Goncharov, Vasso Ioannidou and Martin C. Schmalz
Lancaster University - Department of Accounting and Finance, The Business School (formerly Cass) and University of Oxford - Finance
Downloads 74 (387,311)

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central banks, profitability, non-traditional central banking, monetary stability

12.

Reply to: 'Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry'

Number of pages: 12 Posted: 10 May 2018
José Azar, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, University of Oxford - Finance and Charles River Associates (CRA)
Downloads 809 (36,780)
Citation 6

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

13.

The Competitive Effects of Common Ownership: Economic Foundations and Empirical Evidence: Reply

Number of pages: 8 Posted: 30 Sep 2017 Last Revised: 27 Sep 2018
José Azar, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, University of Oxford - Finance and Charles River Associates (CRA)
Downloads 791 (38,048)
Citation 16

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

14.

Anxiety in the Face of Risk

FRB of New York Staff Report No. 610
Number of pages: 35 Posted: 03 Apr 2013 Last Revised: 28 Oct 2015
Thomas M. Eisenbach and Martin C. Schmalz
Federal Reserve Banks - Federal Reserve Bank of New York and University of Oxford - Finance
Downloads 693 (45,434)
Citation 14

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risk premia, insurance, term structure, dynamic inconsistency

15.

Revealing Downturns

Downloads 665 ( 48,015)
Citation 3

Revealing Downturns

Number of pages: 51 Posted: 17 Nov 2012 Last Revised: 16 Jan 2018
Martin C. Schmalz and Sergey Zhuk
University of Oxford - Finance and Russian Presidential Academy of National Economy and Public Administration (RANEPA)
Downloads 609 (53,220)
Citation 3

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Learning, Asymmetry, Business Cycle, Earnings Response

Revealing Downturns

CESifo Working Paper Series No. 6879
Number of pages: 53 Posted: 03 Apr 2018
Martin C. Schmalz and Sergey Zhuk
University of Oxford - Finance and Russian Presidential Academy of National Economy and Public Administration (RANEPA)
Downloads 56 (448,621)

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financial economics, finance

16.

Common Ownership and Competition: Facts, Misconceptions, and What to Do About It - Background paper for OECD Hearing on Common Ownership by Institutional Investors and Its Impact on Competition

DAF/COMP/WD(2017)93
Number of pages: 16 Posted: 25 May 2018
Martin C. Schmalz
University of Oxford - Finance
Downloads 652 (49,234)
Citation 5

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

17.

Horizon-Dependent Risk Aversion and the Timing and Pricing of Uncertainty

FRB of New York Staff Report No. 703
Number of pages: 100 Posted: 09 Dec 2014 Last Revised: 01 Sep 2019
Marianne Andries, Thomas M. Eisenbach and Martin C. Schmalz
University of Toulouse 1 - Toulouse School of Economics (TSE), Federal Reserve Banks - Federal Reserve Bank of New York and University of Oxford - Finance
Downloads 621 (52,493)
Citation 18

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risk aversion, early resolution, term structure, volatility risk

18.

Housing Collateral and Entrepreneurship

Downloads 568 ( 58,742)
Citation 64

Housing Collateral and Entrepreneurship

Journal of Finance, Forthcoming
Number of pages: 36 Posted: 22 Dec 2014 Last Revised: 20 Nov 2015
Martin C. Schmalz, David Alexandre Sraer and David Thesmar
University of Oxford - Finance, University of California, Berkeley and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 527 (63,817)
Citation 1

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Collateral; Entrepreneurship; Real estate

Housing Collateral and Entrepreneurship

NBER Working Paper No. w19680
Number of pages: 44 Posted: 28 Nov 2013 Last Revised: 11 Apr 2021
Martin C. Schmalz, David Alexandre Sraer and David Thesmar
University of Oxford - Finance, University of California, Berkeley and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 41 (513,397)
Citation 32

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19.

Anxiety and Pro-cyclical Risk Taking with Bayesian Agents

FRB of New York Staff Report No. 711
Number of pages: 37 Posted: 21 Feb 2015 Last Revised: 23 Jan 2019
Thomas M. Eisenbach and Martin C. Schmalz
Federal Reserve Banks - Federal Reserve Bank of New York and University of Oxford - Finance
Downloads 515 (66,385)
Citation 2

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overconfidence, dynamic inconsistency, biases, deception, risk taking

20.

Why Common Ownership Creates Antitrust Risks

CPI Antitrust Chronicle June 2017
Number of pages: 8 Posted: 20 Jun 2017
José Azar, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, University of Oxford - Finance and Charles River Associates (CRA)
Downloads 485 (71,542)

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Competition, Ownership, Pricing, Antitrust, Governance, Product Market

21.

Pooling and Tranching under Belief Disagreement

Downloads 373 ( 97,442)

Pooling and Tranching under Belief Disagreement

Number of pages: 49 Posted: 06 Jun 2015 Last Revised: 10 Jul 2019
Juan Ortner and Martin C. Schmalz
Boston University and University of Oxford - Finance
Downloads 328 (111,876)

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Disagreement, Security Design, Optimism, Overconfidence, Pooling, Tranching, Behavioral Finance

Disagreement and Optimal Security Design

CESifo Working Paper Series No. 6906
Number of pages: 49 Posted: 20 Apr 2018
Juan Ortner and Martin C. Schmalz
Boston University and University of Oxford - Finance
Downloads 45 (494,468)

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disagreement, security design, optimism, overconfidence, pooling, behavioral finance

22.

Recent Studies on Common Ownership, Firm Behavior, and Market Outcomes

Martin C. Schmalz, Recent studies on common ownership, firm behavior, and market outcomes, Antitrust Bulletin 66 (1), 2021
Number of pages: 56 Posted: 12 Feb 2021
Martin C. Schmalz
University of Oxford - Finance
Downloads 346 (106,021)
Citation 2

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ownership, control, industry concentration, antitrust, competition, managerial incentives, corporate governance

23.

Internet Appendix for: 'Anticompetitive Effects of Common Ownership'

Journal of Finance, Vol. 73, No. 4, 2018
Number of pages: 25 Posted: 23 May 2018
José Azar, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, University of Oxford - Finance and Charles River Associates (CRA)
Downloads 337 (109,226)
Citation 1

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

24.

The Term Structure of the Price of Variance Risk

FRB of New York Staff Report No. 736
Number of pages: 34 Posted: 07 Aug 2015
Marianne Andries, Thomas M. Eisenbach, Martin C. Schmalz and Yichuan Wang
University of Toulouse 1 - Toulouse School of Economics (TSE), Federal Reserve Banks - Federal Reserve Bank of New York, University of Oxford - Finance and University of Michigan at Ann Arbor
Downloads 328 (112,576)
Citation 6

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volatility risk, option returns, straddle, term structure

25.

Research on the Competitive Consequences of Common Ownership: A Methodological Critique

Number of pages: 12 Posted: 11 Jan 2021
José Azar, Martin C. Schmalz and Isabel Tecu
University of Navarra, IESE Business School, University of Oxford - Finance and Charles River Associates (CRA)
Downloads 164 (219,798)
Citation 1

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Competition, Ownership, Diversification, Pricing, Antitrust, Governance, Product Market

26.

Inequality and Market Concentration, when Shareholding is More Skewed than Consumption

CAMA Working Paper No. 62/2018
Number of pages: 17 Posted: 14 Dec 2018
Joshua Gans, Andrew Leigh, Martin C. Schmalz and Adam Triggs
University of Toronto - Rotman School of Management, Australian House of Representatives Parliament House, University of Oxford - Finance and Australian National University (ANU) - Crawford School of Public Policy
Downloads 129 (266,685)

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Monopoly, market power, inequality

27.

Common Ownership Theories, Governance ‘Mechanisms’ & Policy (Presentation Slides)

Number of pages: 30 Posted: 02 Dec 2019
Martin C. Schmalz
University of Oxford - Finance
Downloads 122 (278,055)

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ownership, control, network, industry concentration, antitrust, objective of the firm, shareholder unanimity

28.

Empirical Studies of Common Ownership-Effects on Product Markets & Innovation (Presentation Slides)

Number of pages: 17 Posted: 27 Nov 2019
Martin C. Schmalz
University of Oxford - Finance
Downloads 68 (401,037)

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ownership, control, network, industry concentration, antitrust, objective of the firm, shareholder unanimity

29.

Inequality and Market Concentration, When Shareholding is More Skewed than Consumption

Number of pages: 15 Posted: 02 Jan 2019
Joshua S. Gans, Andrew Leigh, Martin C. Schmalz and Adam Triggs
University of Toronto - Rotman School of Management, Australian House of Representatives Parliament House, University of Oxford - Finance and Australian National University (ANU) - Crawford School of Public Policy
Downloads 30 (558,402)

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monopoly, market power, inequality

30.

Inequality and Market Concentration, When Shareholding is More Skewed than Consumption

CESifo Working Paper No. 7402
Number of pages: 17 Posted: 21 Feb 2019
Joshua S. Gans, Andrew Leigh, Martin C. Schmalz and Adam Triggs
University of Toronto - Rotman School of Management, Australian House of Representatives Parliament House, University of Oxford - Finance and Australian National University (ANU)
Downloads 26 (582,516)

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monopoly, market power, inequality

31.

Inequality and Market Concentration, When Shareholding is More Skewed than Consumption

NBER Working Paper No. w25395
Number of pages: 16 Posted: 26 Dec 2018 Last Revised: 23 May 2021
Joshua S. Gans, Andrew Leigh, Martin C. Schmalz and Adam Triggs
University of Toronto - Rotman School of Management, Australian House of Representatives Parliament House, University of Oxford - Finance and Australian National University (ANU)
Downloads 25 (588,819)
Citation 1

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32.

Online Appendix to 'Revealing Downturns'

Number of pages: 29 Posted: 07 Jul 2017 Last Revised: 19 May 2018
Martin C. Schmalz and Sergey Zhuk
University of Oxford - Finance and Russian Presidential Academy of National Economy and Public Administration (RANEPA)
Downloads 24 (595,416)

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33.

Inequality and Market Concentration, When Shareholding is More Skewed than Consumption

IZA Discussion Paper No. 12034
Number of pages: 17 Posted: 23 Jan 2019
Joshua S. Gans, Andrew Leigh, Martin C. Schmalz and Adam Triggs
University of Toronto - Rotman School of Management, Australian House of Representatives Parliament House, University of Oxford - Finance and Australian National University (ANU)
Downloads 13 (672,402)
Citation 1

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monopoly, market power, inequality

34.

Disagreement and Security Design

CEPR Discussion Paper No. DP12596
Number of pages: 50 Posted: 22 Jan 2018
Juan Ortner and Martin C. Schmalz
Boston University and University of Oxford - Finance
Downloads 1 (770,996)
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behavioral finance, disagreement, Optimism, overconfidence, pooling, security design, tranching

35.

Relative Performance Provisions and Competitive Incentives

Posted: 30 Oct 2018
Martin C. Schmalz
University of Oxford - Finance

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compensation, incentives, common ownership, competition, relative performance, antitrust

36.

Common Ownership and Fiduciary Duty

Posted: 08 Oct 2018
Martin C. Schmalz
University of Oxford - Finance

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fiduciary duty, diversification, profit maximization, shareholder value

37.

Revealing Downturns

CEPR Discussion Paper No. DP12597
Number of pages: 54 Posted: 22 Jan 2018
Martin C. Schmalz and Sergey Zhuk
University of Oxford - Finance and Russian Presidential Academy of National Economy and Public Administration (RANEPA)
Downloads 0 (787,981)
Citation 2
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Asymmetry, Bayesian Learning, Business cycle, Earnings Response