Paul Schultz

John W. and Maude Clarke Professor of Finance

Finance

Biography

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.

Background

Education

BA, Macalester College
MBA, University of Chicago
Ph D, University of Chicago

Expertise

Corporate Finance
Market Microstructure

Editorial Boards

Other, Review of Finance (2010)
Associate Editor, Journal of Financial and Quantitative Analysis (2003)

Publications

Transparency and dealer networks: Evidence from the initiation of post-trade reporting in the mortgage backed security market

Paul Schultz
Zhaogang Song

Journal of Financial Economics

2019

Liquidity in a Market for Unique Assets: Specified Pool and To-Be-Announced Trading in the Mortgage-Backed Securities Market

Pengjie Gao
Paul Schultz
Zhaogang Song

Journal of Finance

2017

Perspectives on Dodd-Frank and Finance

Paul Schultz

MIT Press

2014

Market Declines: What is Accomplished by Banning Short-Selling?

Robert Battalio
Hamid Mehran
Paul Schultz

Federal Reserve Bank of New York Current Issues in Economics and Finance

2012

A Simple Way to Estimate Bid-Ask Spreads from Daily High and Low Prices

Shane Corwin
Paul Schultz

Journal of Finance

2012

View All Publications

Presentations

Momentum, Market Frictions, and the Sources of Portfolio Return Autocorrelations, Purdue University (2026)
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 (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)

Related News & Stories

campus aerial shot featuring main building and basilica

Faculty Research

Nine business faculty ranked as top researchers

The Stanford/Elsevier global Top 2% Scientists List for 2025 provides a transparent and standardized assessment of scientific impact by compiling a comprehensive database of the world’s top-cited researchers.

More with Paul Schultz