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Martin Schmalz @martincschmalz.bsky.social · 3d

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.

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Martin Schmalz @martincschmalz.bsky.social · 14d

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?

Martin Schmalz @martincschmalz.bsky.social · 15d

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

Martin Schmalz @martincschmalz.bsky.social · 16d

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

Martin Schmalz @martincschmalz.bsky.social · 27d

What are the competitive effects of having a common auditor?

ht to Francine McKenna

Martin Schmalz @martincschmalz.bsky.social · Aug 27

Harald's research suggests that simple nudges may create spillover effects into other energy behaviors. But which behaviors and why? 🤔
Spotify: open.spotify.com/episode/2x13...
YouTube: youtu.be/xAX5XlFUeOc
#RealEstate #Sustainability #BehavioralEconomics 2/2

Martin Schmalz @martincschmalz.bsky.social · Aug 27

🧵 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➡️

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Martin Schmalz @martincschmalz.bsky.social · Aug 22

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?...

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

Martin Schmalz @martincschmalz.bsky.social · Aug 21

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...

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

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Martin Schmalz @martincschmalz.bsky.social · Aug 20

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...

Martin Schmalz @martincschmalz.bsky.social · Aug 17

Note: MLex reports BlackRock cites a "Harvard study" across 52 industries over 24 years, showing "no evidence that common ownership has an anticompetitive impact on prices" - but it appears to be this CCMR report: capmktsreg.org/wp-content/u...
Mlex article: www.mlex.com/mlex/article...
8/8

Martin Schmalz @martincschmalz.bsky.social · Aug 17

BlackRock spokesperson tells MLex the case is based on "absurd theory that coal companies conspired with their shareholders to reduce coal production," claiming "forced divestment" would raise energy prices
7/8➡️

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Martin Schmalz @martincschmalz.bsky.social · Aug 17

Research context: Ederer's new study (accepted by Review of Economic Studies) estimates common ownership "raises aggregate profits by $1.133 trillion...but lowers consumer surplus by $2.399 trillion" in 2021
6/8➡️

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Martin Schmalz @martincschmalz.bsky.social · Aug 17

Economist Florian Ederer tells MLex that while "the common ownership theory here has been used to get some political leverage," the case also addresses a "legitimate and widespread problem" across the US economy
5/8➡️

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Martin Schmalz @martincschmalz.bsky.social · Aug 17

MLex reports DOJ lawyer David Lawrence argued in court that protecting consumers from "harmful asset management strategies" is "critically necessary." DOJ and FTC leadership "cheered" the ruling.
4/8➡️

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Martin Schmalz @martincschmalz.bsky.social · Aug 17

According to MLex, the judge found that joining Net Zero Asset Managers and Climate Action 100+ "plausibly" provides ability to influence coal companies - rejecting defendants' arguments these were just trade associations
3/8➡️

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Martin Schmalz @martincschmalz.bsky.social · Aug 17

MLex reports Judge Kernodle called this "a close call" but ruled the case can proceed. The Republican state attorneys general allege these firms used 24-34% ownership of major coal companies to reduce competition.
2/8➡️

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Martin Schmalz @martincschmalz.bsky.social · Aug 17

🧵 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➡️

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Martin Schmalz @martincschmalz.bsky.social · Aug 9

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?...

Martin Schmalz @martincschmalz.bsky.social · Aug 4

Martin Schmalz @martincschmalz.bsky.social · Aug 2

The antitrust suit against the Big 3 asset managers for raising consumer prices is going ahead www.reuters.com/sustainabili...

Martin Schmalz @martincschmalz.bsky.social · Jul 24

Original article: www.ft.com/content/9aab... 6/6

Martin Schmalz @martincschmalz.bsky.social · Jul 24

The lack of knowledge what economics actually teaches seems like the main problem with most critiques of modern economics. Strange that the @financialtimes.com would publish this. 5/6 ➡️

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Martin Schmalz @martincschmalz.bsky.social · Jul 24

viewfromoxford.com/yoga-for-eco... Don't get me wrong: there are entry barriers to the profession: mostly, math skills. Those are necessary to even understand what economics does teach, and thus be able to criticize the discipline. 4/6 ➡️

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Martin Schmalz @martincschmalz.bsky.social · Jul 24

shouldn't maximize their own value. I -- on paper rather part of the establishment -- have even written that thinking like an economist causes unhappiness -- hardly advertisement to outsiders to emulate this kind of thinking, except in specific circumstances. 3/6 ➡️

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