Lukas M Schmid

Working Papers

• The Risks of Safe Assets, with Yang Liu and Amir Yaron
• Q: Risk, Rents, or Growth?, with Alexandre Corhay and Howard Kung
• Credit Market Equivalents and the Valuation of Private Firms, with Niklas Huether and Roberto Steri
• Marking to Market Corporate Debt, with Lorenzo Bretscher, Peter Feldhuetter, and Andrew Kane, ASU Sonoran Jacob Gold & Associates Best Paper Prize 2021
• Institutional Corporate Bond Pricing, with Lorenzo Bretscher, Ishita Sen, and Varun Sharma
• Government Debt Management and Inflation with Real and Nominal Bonds, with Vytautas Valaitis and Alessandro Villa
• Passive Demand and Active Supply: Evidence from Maturity-Mandated Corporate Bond Funds, with Lorenzo Bretscher and Tiange Ye

Publications

• Levered Returns, with Joao Gomes, Journal of Finance, 2010, Smith-Breeden Award for best asset pricing paper in the Journal of Finance
• The Market Price of Fiscal Uncertainty, with Max Croce and Thien Nguyen, Journal of Monetary Economics, 2012, Lead article
• Fiscal Policies and Asset Prices, with Max Croce, Howard Kung and Thien Nguyen, Review of Financial Studies, 2012, Lead article
• Investment-Based Corporate Bond Pricing, with Lars-Alexander Kuehn, Journal of Finance, 2014, Napa Finance 2012 Best Paper Award
• Innovation, Growth and Asset Prices, with Howard Kung, Journal of Finance, 2015
• Sticky Leverage, with Joao Gomes and Urban Jermann, American Economic Review, 2016
• Interest Rate Risk Management in Uncertain Times, with Lorenzo Bretscher and Andrea Vedolin, Review of Financial Studies, 2018
• Dynamic Corporate Liquidity, with Boris Nikolov and Roberto Steri, Journal of Financial Economics, 2019
• Government Debt and the Returns to Innovation, with Max Croce, Thien Nguyen and Steven Raymond, Journal of Financial Economics, 2019
• A Macrofinance View of US Sovereign CDS Premiums, with Mikhail Chernov and Andres Schneider, Journal of Finance, 2020, Warga Best Fixed Income Paper Award, SFS Cavalcade 2016
• Competition, Markups and Predictable Returns, with Alexandre Corhay and Howard Kung, Review of Financial Studies, 2020
• The Sources of Financing Constraints, with Boris Nikolov and Roberto Steri, Journal of Financial Economics, 2021
• Equilibrium Asset Pricing with Leverage and Default, with Joao Gomes, Journal of Finance, 2021, Jacobs Levy Equity Management Center Research Prize 201
• Benchmark Interest Rates when the Government is Risky, with Patrick Augustin, Mikhail Chernov, and Dongho Song, Journal of Financial Economics, 2021
• Risk-adjusted Capital Allocation and Misallocation, with Joel David and David Zeke, Journal of Financial Economics, 2022, Editor's Choice article, NASDAQ Award for Best Paper on Asset Pricing, WFA 2018
• The Term Structure of CIP Violations, with Patrick Augustin, Mikhail Chernov, and Dongho Song, poster, Journal of Finance, forthcoming

Education

• PhD HEC Lausanne - The Faculty of Business and Economics of the University of Lausanne (2002 — 2007)
• Diplom ETH Zürich (1996 — 2001)

Companies

• Professor of Finance University of Southern California - Marshall School of Business (2020)
• Associate Professor Duke University, Fuqua School of Business (2012 — 2020)
• Assistant Professor Duke University, Fuqua School of Business (2008 — 2012)
• Visiting Scholar The Wharton School (2005 — 2008)