Krista Schwarz is a faculty member of The Wharton School at the University of Pennsylvania and is a faculty affiliate of the Wharton Public Policy Initiative. She received her Ph.D. in Finance and Economics from Columbia University. Krista worked on the open market desk at the Federal Reserve Bank of New York from 1999 to 2005, transacting in repo, bond, and foreign exchange markets. She has also worked in the International Finance Research Division of the Federal Reserve Board, the World Bank in Washington D.C., the European Commission in Luxembourg, and the Economics Bureau of the U.S. Embassy in Berlin. Her research focuses on identifying how different risks affect asset prices and how these risks are related to investors’ trades. It shows that the effect of market liquidity, liquidity risk (the covariance of asset market liquidity with returns) and private information are key to accurately interpreting asset price movements. A better understanding of the drivers of prices can in turn help investors and policymakers devise effective strategies.
Ph.D. in Finance, Columbia University, New York, NY, 2010; M.A., Johns Hopkins University, School for Advanced International Studies, (SAIS), Washington, D.C.; B.A., Trinity College, Hartford, CT.
Assistant Professor of Finance
David Musto, Gregory Nini, Krista Schwarz (2015). Notes on Bonds: Liquidity at all Costs in the Great Recession.
Krista Schwarz (2014). Mind the Gap: Disentangling Credit and Liquidity in Risk Spreads. Working Paper.
Krista Schwarz (2012). Are Speculators Informed?, Journal of Futures Markets, 32(1), 1-23.
Andrew Ang, Jun Liu, Krtista Schwarz (2010). Using Stocks or Portfolios in Tests of Factor Models. Working Paper.