Photo of Krista Schwarz

Krista Schwarz

Assistant Professor of Finance

Research Interests: empirical asset pricing, funding markets, market liquidity, market microstructure, money and banking

Links: Personal Website, CV

Contact Information

Email: kschwarz@wharton.upenn.edu
Office: (215) 898-6087

Overview

Education

Ph.D. in Finance, Columbia University, New York, NY, 2010

M.A., Johns Hopkins University, SAIS (School for Advanced International Studies), Washington, D.C.

B.A., Trinity College, Hartford, CT.

Academic Positions Held

Wharton Finance Department Faculty: 2009-present.

Other Positions

Federal Reserve Bank of New York, Domestic Repo and Money Market Desk, New York, NY (2003-2005).

Federal Reserve Board, International Finance Research Division, Washington, DC. (Fall 2003).

Federal Reserve Bank of New York, Foreign Exchange & Invesments Desk, New York, NY (1999-2003). 

The World Bank, MIGA (Mulilateral Investment Guarantee Association), Washington, D.C. (Summer 1999).

The European Commission, ECFIN (Directorate General for Financial Affairs), Luxembourg City, Luxembourg (1998-1999).

U.S. State Department, Economics Bureau, U.S. Embassy, Berlin, Germany (Summer 1998).

Research


  • David Musto, Gregory Nini, Krista Schwarz (Working), Notes on Bonds: Liquidity at all Costs in the Great Recession.  Abstract  Related Materials
  • Krista Schwarz (Working), Mind the Gap: Disentangling Credit and Liquidity in Risk Spreads.  Abstract
  • Krista Schwarz (2012), Are Speculators Informed?, Journal of Futures Markets, 32 (1), 1 - 23.  Abstract
  • Andrew Ang, Jun Liu, Krista Schwarz (Working), Using Stocks or Portfolios in Tests of Factor Models.  Abstract

In The News

Courses

Previous

  • FNCE238 - Capital Markets - Formerly Funding Investments

    This course examines the available corporate securities that firms can use to finance investment. The course will focus on: (1) the design of these securities (Why do bonds have embedded options? What is the role of preferred stock?); (2) the issuing process for these securities (What do investment banks do? Is the underwriting process important for the cost of capital?); (3) the pricing of these securities (How are credit risk in bonds and loans priced?) The securities covered include corporate and junk bonds, bank loans, common and preferred equity, commercial paper, securitization, as well as some recent innovations. Other topics include: the role of embedded options in corporate bonds; the role of bank and loan covenants; the function of bond rating agencies; exchange offers; prepackaged bankruptcies; bankruptcy in Chapter 11; workouts; debtor-in-possession financing; and pricing credit risk. The course is designed to be complementary to Advanced Corporate Finance and Fixed Income Securities.

  • FNCE738 - Capital Markets - formerly Funding Investments

    This course examines the available corporate securities that firms can use to finance investment. The course will focus on: (1) the design of these securities (Why do bonds have embedded options? What is the role of preferred stock?); (2) the issuing process for these securities (What do investment banks do? Is the underwriting process important for the cost of capital?); (3) the pricing of these securities (How are credit risk in bonds and loans priced?) The securities covered include corporate and junk bonds, bank loans, common and preferred equity, commercial paper, securitization, as well as some recent innovations. Other topics include the role of embedded options in corporate bonds; the role of bank and loan covenants; the function of bond rating agencies; exchange offers; prepackaged bankruptcies; bankruptcy Chapter 11; workouts; debtor-in-possession financing; and pricing credit risk. The course is designed to be complementary to Advanced Corporate Finance and Fixed Income Securities.