Photo of Krista Schwarz

Krista Schwarz

Assistant Professor of Finance

Cynthia and Bennett Golub Endowed Faculty Scholar Award

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

    The objective of this course is to give you a broad understanding of the framework and evolution of U.S. capital markets, the instruments that are traded, the mechanisms that facilitate their trading and issuance, and the motivations of issuers and investors across different asset classes. The course will highlight the problems that capital market participants are seeking to solve, which you can use in your post-Wharton careers to evaluate future market innovations. We will consider design, issuance, and pricing of financial instruments, the arbitrage strategies which keep their prices in-line with one another,and the associated economic and financial stability issues. We will draw from events in the aftermath of the recent financial crisis, which illustrate financing innovations and associated risks, as well as policy responses that can change the nature of these markets.

  • FNCE738 - Capital Markets

    The objective of this course is to give you a broad understanding of the instruments traded in modern financial markets, the mechanisms that facilitate their trading and issuance, as well as, the motivations of issuers and investors across different asset classes. The course will balance functional and institutional perspectives by highlighting the problems capital markets participants are seeking to solve, as well as, the existing assets and markets which have arisen to accomplish these goals. We will consider design, issuance, and pricing of financial instruments, the arbitrage strategies which keep their prices in-line with one another,and the associated economic and financial stability issues. The course is taught in lecture format, and illustrates key concepts by drawing on a collection of case studies and visits from industry experts.