Martin Oehmke
Professor of Finance | London School of Economics and Political Science
CEPR Research Fellow (Banking and Corporate Finance, Climate Change and the Environment, RPN Sustainable Finance, RPN European Financial Architecture)
FTG president (2021-22) and board member (2016-18, 2021-23)
Director, Financial Intermediation Research Society (FIRS)
Member of the ESRB Advisory Scientific Committee (2019-present)
Associate, Grantham Research Institute on Climate Change and the Environment (2022-present)
ERC Starting Grant TBTF (2016-2022)
Working Papers:
Green Capital Requirements (with Marcus Opp, R&R Journal of Finance) [2021, last updated February 2023]
[working paper] [slides] [ESRB ASC Insight] [video of NBER presentation]
The Tragedy of Complexity (with Adam Zawadowski) [last updated September 2024]
Gradual Arbitrage [2009]
[working paper] [slides]
Publications:
A Theory of Socially Responsible Investment (with Marcus Opp, forthcoming in the Review of Economic Studies) [2019, updated March 2024]
Winner of the EFA 2020 Best Paper Prize in Responsible Finance
[working paper version][published version] [slides] [non-technical summary and video] [FTG Insights summary]
A Theory of Multiperiod Debt Structure (with Chong Huang and Hongda Zhong), 2019, Review of Financial Studies 32(11), 4447-4500
[working paper version] [published version] [slides]
Bank Resolution and the Structure of Global Banks (with Patrick Bolton), 2019, Review of Financial Studies 32(6), 2384-2421
[working paper version] [published version] [internet appendix] [slides] [Harvard Law School Forum Summary] [VoxEU]
The Anatomy of the CDS Market (with Adam Zawadowski), 2017, Review of Financial Studies 30(1), 80-119
[working paper version] [published version] [internet appendix] [slides]
Synthetic or Real? The Equilibrium Effects of Credit Default Swaps on Bond Markets (with Adam Zawadowski), 2015, Review of Financial Studies 28(12), 3303-3337
[working paper version] [published version] [internet appendix] [slides]
Should Derivatives Be Privileged in Bankruptcy? (with Patrick Bolton), 2015, Journal of Finance 70(6), 2353-2394
[working paper version] [published version] [internet appendix] [slides]
Maturity Rationing and Collective Short-Termism (with Konstantin Milbradt), 2015, Journal of Financial Economics 118(3), 553-570
[working paper version] [published version] [slides]
Predatory Short Selling (with Markus K. Brunnermeier), 2014, Review of Finance 18(6), 2153-2195
Winner of the 2015 Pagano-Zechner Award for the best non-investments paper published in the Review of Finance
[working paper version] [published version]
Liquidating Illiquid Collateral, 2014, Journal of Economic Theory 149, 183-210
[working paper version] [published version] [slides]
Strategic Conduct in Credit Derivative Markets (with Patrick Bolton), 2013, International Journal of Industrial Organization 31(5), 652-658
[working paper version] [published version]
Bubbles, Financial Crises, and Systemic Risk (with Markus K. Brunnermeier), 2013, Handbook of the Economics of Finance Volume 2, 1221-1288
[working paper version] [published version]
The Maturity Rat Race (with Markus K. Brunnermeier), 2013, Journal of Finance 68(2), 483-521
Winner of 2013 Brattle Group Distinguished Paper Award
[working paper version] [published version] [slides]
Credit Default Swaps and the Empty Creditor Problem (with Patrick Bolton), 2011, Review of Financial Studies 24(8), 2617-2655
Winner of the Goldman Sachs International Prize for the Best Conference Paper at the 2010 EFA
Summarized in CFA Digest 42(1), February 2012
[working paper version] [published version] [slides]
Non-technical papers:
Complexity in Financial Markets (with Markus K. Brunnermeier)
Policy papers:
Bank Capital Regulation and Climate Change, 2022, ESRB ASC Insight No 3
Prevention and management of a large number of corporate insolvencies (co-chaired with Ralf Jacob), 2021
Preparing for the post-pandemic rise in corporate insolvencies (with Bo Becker), 2021, ESRB ASC Insight No 2Â