John W. and Maude Clarke Professor of Finance
Endowed PositionJohn W. and Maude Clarke Professor of Finance
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.
Areas of Expertise
BA, Macalester College
MBA, University of Chicago
Ph D, University of Chicago
"The Shifting Foundations of Financial Regulation", to appear in Journal of Law and Public Policy.
"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), to appear in Journal of Financial Economics, 98, 2010.
"Rational Cross-Sectional Differences in Market Efficiency: Evidence from Mutual Funds", to appear in Journal of Financial and Quantitative Analysis, 45, 2010.
"Downward Sloping Demand Curves, the Supply of Shares, and the Collapse of Internet Stock Prices", (with ), to appear in Journal of Finance, 63, 2008.
"Options and the Bubble", (with Robert Battalio), Journal of Finance, 61, 2006.
"Regulatory and Legal Pressures and the Costs of Nasdaq Trading", The Review of Financial Studies, 13, 2000.
Purdue University, "Momentum, Market Frictions, and the Sources of Portfolio Return Autocorrelations" ( ).
University of Mississippi, "Introducing Transparency to the Market for Agency Mortgage Backed Securities: Winners and Losers" (September 29, 2017).
Rice University, "Inventory Management by Corporate Bond Dealers and the Impact of Recent Regulation on Bond Market Liquidity" (November 4, 2016).
University of Illinois at Chicago, "Liquidity in a Market for Unique Assets: Specified Pool and TBA Trading in the Mortgage Backed Securities Marke" (December 4, 2015).
Vienna Graduate School of Finance, "Liquidity in a Market for Unique Assets: Specified Pool and TBA Trading in the Mortgage Backed Securities Marke" (November 5, 2015).
Southern Methodist University, "Liquidity in a Market for Unique Assets: Specified Pool and TBA Trading in the Mortgage Backed Securities Market" (September 2015).
Vanderbilt University, "The Market for New Issues of Municipal Bonds: The Roles of Limited Transparency and Limited Access to Retail Investors" (November 4, 2011).
University of Utah, "The Market for New Issues of Municipal Bonds: The Roles of Transparency and Limited Access to Retail Investors" (October 2011).
American Finance Association Conference, "Options and the Bubble" (January 2006).
Morgan Stanley Equity Trading Conference, "Options and the Bubble" ( 2005).
University of North Carolina, "Options and the Bubble" ( 2005).
European Finance Association Meeting, "Options and the Bubble" ( 2004).
Dartmouth College, "The Role of IPO Underwriting Syndicates: Pricing, Information Production, and Aftermarket Liquidity" ( 2003).
Southern Methodist University, "Dissemination of Information: Urban versus Rural Stock Return Patterns" ( 2003).
New York Stock Exchange Entrepreneurial Finance Conference, "The Role of IPO Underwriting Syndicates: Pricing, Information Production, and Aftermarket Liquidity" (January 2003).
, "Who Makes Markets" ( 2001).
, "Corporate Bond Trading Costs and Practices: A Peek Behind the Curtain" ( 1999).
, "Regulatory and Legal Pressures and the Costs of Nasdaq Trading" ( 1999).
, "The Effect of Nasdaq Market Reform on Trading Costs and Depths" ( 1998).
, "The Trading Profits of SOES Bandits" ( 1998).