Martin C. Schmalz

Chief Economist and Director

Office of Economic and Risk Analysis

Dr. Martin C. Schmalz is the PCAOB’s Chief Economist and the Director of its Office of Economic and Risk Analysis (OERA). In this role, Dr. Schmalz is responsible for advising and assisting the Board by conducting independent, data-driven economic and risk analyses to inform its oversight activities, including inspections, investigations, rulemaking, and standard setting.

Prior to joining the PCAOB, Dr. Schmalz was a tenured Professor of Finance and Economics at the University of Oxford, Saïd Business School, serving as the Academic Area Head for the Finance, Accounting, Managerial Science, and Economics faculty group. Additionally, he was a Research Affiliate with the Centre for Economic Policy Research in London and CESIfo in Munich, as well as a Research Member with the European Corporate Governance Institute in Brussels. 

Dr. Schmalz previously served as the NBD Bancorp Assistant Professor in Business Administration, Harry H. Jones Research Scholar, and as an Assistant Professor of Finance at the University of Michigan’s Stephen M. Ross School of Business. He was also a Faculty Affiliate of the Center on Finance, Law and Policy at the University of Michigan.

Dr. Schmalz holds a graduate degree (Dipl.-Ing.) in mechanical engineering from the Universität Stuttgart, in Stuttgart, Germany, and a Ph.D. in economics from Princeton University.