John W. and Maude Clarke Professor of Finance
Areas of Expertise
- Collapse of internet stock prices
- Arbitrage and the prices of Dual class shares
- Corporate Finance
- Market Microstructure
- Financial Policy
The Clarke Professor of Finance, Schultz specializes in market microstructure and corporate finance. He is the coauthor of a landmark 1994 study that led to a $1-billion class-action lawsuit against the Nasdaq stock exchange and to major changes in the rules governing share trading on Nasdaq. He received the 1995 Smith-Breeden Prize from the American Finance Association for the groundbreaking study on Nasdaq market makers. The author of some 30 published articles, Schultz also has made numerous academic presentations on regulatory and legal pressures, automated executions, bid-ask spreads, initial public offerings and other issues in the field. 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.