Michael Schwert

Research Interests:

• debt capital markets, credit risk, financial intermediation, corporate finance

Education

• Doctor of Philosophy (PhD) Stanford University Graduate School of Business (2011 — 2016)
• Bachelor of Science (BS) Duke University (2005 — 2009)

Awards and Honors

• Marshall Blume Prize in Financial Research, 2018
• AQR Top Finance Graduate Award, 2016

Refereed Publications

• Cordell, Larry, Michael Roberts, and Michael Schwert, 2021, CLO Performance, Journal of Finance, forthcoming.
• Korteweg, Arthur, Michael Schwert, and Ilya Strebulaev, 2022, Proactive Capital Structure Adjustments: Evidence from Corporate Filings, Journal of Financial and Quantitative Analysis 57, 31-66.
• Lim, Jongha, Michael Schwert, and Michael Weisbach, 2021, The Economics of PIPEs, Journal of Financial Intermediation 45, 100832.
• Schwert, Michael, 2020, Does Borrowing from Banks Cost More than Borrowing from the Market? Journal of Finance 75(2), 905-947.
• Schwert, Michael, 2018, Bank Capital and Lending Relationships, Journal of Finance 73(2), 787-830.
• Schwert, Michael, 2017, Municipal Bond Liquidity and Default Risk, Journal of Finance 72(4), 1683-1722.

Working Papers

Goldsmith-Pinkham, Paul, Matthew Gustafson, Ryan Lewis, and Michael Schwert, 2022, Sea
Level Rise Exposure and Municipal Bond Yields. (R&R, Review of Financial Studies)

Aiello, Darren, Asaf Bernstein, Mahyar Kargar, Ryan Lewis, and Michael Schwert, 2022, The Perceived Value of Pension Funding: Evidence from Border House Prices. (Under Review)

van Binsbergen, Jules, and Michael Schwert, 2022, Duration-Based Valuation of Corporate Bonds.

van Binsbergen, Jules, Liang Ma, and Michael Schwert, 2022, The Factor Multiverse: The Role of Interest Rates in Factor Discovery.

Roberts, Michael, and Michael Schwert, 2022, Interest Rates and the Design of Financial Contracts.

Lewis, Ryan, and Michael Schwert, 2021, The Effects of Transparency on OTC Market-Making.

Schwert, Michael, and Ilya Strebulaev, 2014, Capital Structure and Systematic Risk.