Paul Schultz
John W. and Maude Clarke Professor of Finance
Finance
574-631-3338
260 Mendoza College of Business
- Biography
- Background
- Publications
- Presentations
Paul H. Schultz is the John W. and Maude Clarke Professor of Finance at the University of Notre Dame. He received his B.A. from Macalester College, and his M.B.A. and Ph.D. in Finance and Economics from the University of Chicago. His expertise is in corporate finance and market microstructure. His recent research interests include the collapse of internet stock prices, arbitrage and the prices of dual class shares, and the ability of mutual funds to pick stocks.
Schultz’s paper, “Options and the Bubble,” co-authored with Robert Battalio, was named as one of eight finalists for the 2006 Smith Breeden Award, given by the Journal of Finance. He had previously won the Smith Breeden Award for his paper, “Why Do Nasdaq Market Makers Avoid Odd-Eighth Quotes,” co-authored with Bill Christie. He has also received several outstanding teaching awards, as well as grants and fellowships, including the Morgan Stanley Equity Market Microstructure Research Grant in 2004.
Paul is the director of the Center for the Study of Financial Regulation.
Education
BA, Macalester College
MBA, University of Chicago
Ph D, University of Chicago
Areas of Expertise
Corporate Finance
Market Microstructure
Editorial Boards
Advisory Editor
Review of Finance
January, 2010
Review of Finance
January, 2010
Associate Editor
Journal of Financial and Quantitative Analysis
2003
Journal of Financial and Quantitative Analysis
2003
"Transparency and dealer networks: Evidencefrom the initiation of post-trade reporting in the mortgage backed security market", (With Zhaogang Song), Journal of Financial Economics, 131, 2019
"Liquidity in a Market for Unique Assets: Specified Pool and TBA Trading in the Mortgage Backed Securities Market", (With Pengjie Gao, Zhaogang Song), Journal of Finance, 2017
"The Shifting Foundations of Financial Regulation", Journal of Law and Public Policy, 10, 2015 - Accepted (awaiting publication)
"Perspectives on Dodd-Frank and Finance", MIT Press, 2014
"Market Declines: What is Accomplished by Banning Short-Selling?", (With Robert Battalio, Hamid Mehran), Federal Reserve Bank of New York Current Issues in Economics and Finance, 18, 2012
"A Simple Way to Estimate Bid-Ask Spreads from Daily High and Low Prices", (With Shane Corwin, ), Journal of Finance, 67, 2012
"Mispricing of Dual-Class Shares: Profit Opportunities, Arbitrage, and Trading", (With Sophie Shive), Journal of Financial Economics, 98, 2010 - Accepted (awaiting publication)
"Rational Cross-Sectional Differences in Market Efficiency: Evidence from Mutual Funds", Journal of Financial and Quantitative Analysis, 45, 2010 - Accepted (awaiting publication)
"Downward Sloping Demand Curves, the Supply of Shares, and the Collapse of Internet Stock Prices", (With ), Journal of Finance, 63, 2008 - Accepted (awaiting publication)
"Options and the Bubble", (With Robert Battalio), Journal of Finance, 61, 2006
"Liquidity: Urban Versus Rural Stocks", (With Tim Loughran), Journal of Financial Economics, 78, 2005
"The Role of IPO Underwriting Syndicates: Pricing, Information Production, and Aftermarket Liquidity", (With Shane Corwin), Journal of Finance, 60, 2005
"Weather, Stock Returns, and the Impact of Localized Trading Behavior", (With Tim Loughran), Journal of Financial and Quantitative Analysis, 39, 2004
"Regulatory and Legal Pressures and the Costs of Nasdaq Trading", The Review of Financial Studies, 13, 2000
"Momentum, Market Frictions, and the Sources of Portfolio Return Autocorrelations", Purdue University,
"Introducing Transparency to the Market for Agency Mortgage Backed Securities: Winners and Losers", University of Mississippi, 2017
"Inventory Management by Corporate Bond Dealers and the Impact of Recent Regulation on Bond Market Liquidity", Rice University, 2016
"Liquidity in a Market for Unique Assets: Specified Pool and TBA Trading in the Mortgage Backed Securities Marke", University of Illinois at Chicago, 2015
"Liquidity in a Market for Unique Assets: Specified Pool and TBA Trading in the Mortgage Backed Securities Marke", Vienna Graduate School of Finance, 2015
"Liquidity in a Market for Unique Assets: Specified Pool and TBA Trading in the Mortgage Backed Securities Market", Southern Methodist University, 2015
"The Market for New Issues of Municipal Bonds: The Roles of Limited Transparency and Limited Access to Retail Investors", Vanderbilt University, 2011
"The Market for New Issues of Municipal Bonds: The Roles of Transparency and Limited Access to Retail Investors", University of Utah, 2011
"Options and the Bubble", American Finance Association Conference, 2006
"Options and the Bubble", Morgan Stanley Equity Trading Conference, 2005
"Options and the Bubble", University of North Carolina, 2005
"Options and the Bubble", European Finance Association Meeting, 2004
"The Role of IPO Underwriting Syndicates: Pricing, Information Production, and Aftermarket Liquidity", Dartmouth College, 2003
"Dissemination of Information: Urban versus Rural Stock Return Patterns", Southern Methodist University, 2003
"The Role of IPO Underwriting Syndicates: Pricing, Information Production, and Aftermarket Liquidity", New York Stock Exchange Entrepreneurial Finance Conference, 2003
"Who Makes Markets"
"Corporate Bond Trading Costs and Practices: A Peek Behind the Curtain"
"Regulatory and Legal Pressures and the Costs of Nasdaq Trading"
"The Effect of Nasdaq Market Reform on Trading Costs and Depths"
"The Trading Profits of SOES Bandits"