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Christopher Schwarz
  • Title: Associate Professor, Finance
  • Office Phone: 949.824.0936
  • Office Location: SB2 329
  • Email:
  • Key Research/Interest Areas:
    • Hedge Funds
    • Mutual Funds
    • Investments
    • Regulation and Money Management
  • Education:
    • PhD University of Massachusetts, Amherst
    • BS, Babson College

Professor Schwarz’s research focuses on the management, disclosure, and operational risk of the investment fund industry. He has analyzed whether mandatory disclosure is necessary for operational risk information to disseminate through the marketplace. He has also studied how operational risk affects the performance and survival probabilities of hedge funds. Some of his other work examines the impact of team-management on extreme bets in the mutual fund industry, the value of third party due diligence reports, and the ability to detect fraud through reported returns. Professor Schwarz’s research has been accepted for publication in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Financial and Quantitative Analysis and included in testimony before the U.S. Congress House Financial Services Committee.


  • “Are Hedge Fund Managers Systematically Misreporting? Or Not?” with Philippe Jorion, 2013, Journal of Financial Economics, 111, 311-327.
  • “The Strategic Listing Decisions of Hedge Funds,” with Philippe Jorion, 2013, Journal of Financial and Quantitative Analysis, forthcoming.
  • Decision Making and Risk Aversion in the Cash Cab,” with Richard Bliss and Mark Potter, 2012, Journal of Economic Behavior & Organization, 84, 163 – 173.
  • Mutual Fund Tournaments: The Sorting Bias and New Evidence,” 2012, Review of Financial Studies, 25, 913 – 936.
  • Trust and Delegation,” with Stephen J. Brown, William Goetzmann and Bing Liang, 2012, Journal of Financial Economics, 103, 221 – 234 (lead article).
  • Tax Equalization in Mutual Funds,” with Steve Gill, Journal of the American Tax Association, 2011, forthcoming.
  • Estimating Operational Risk for Hedge Funds: The ω-score,” with Stephen J. Brown, William Goetzmann and Bing Liang, 2009, Financial Analyst Journal 65, 43—53. (Graham and Dodd Award for Best Paper)
  • Mandatory Disclosure and Operational Risk: Evidence from Hedge Fund Registration,” with Stephen J. Brown, William Goetzmann and Bing Liang, 2008, Journal of Finance 63, 2785—2815.
  • Performance Characteristics of Individual vs. Team Managed Mutual Funds,” with Richard Bliss and Mark Potter, 2008, Journal of Portfolio Management 34, 110—119. 
  • The Progeny of CAPM,” with Sanjay Nawalkha, 2004, Journal of Investment Management, 2, 1522—1540.
  • “L(2,1)-labelings of the Cartesian products of two cycles,” with Denise Troxell, 2006, Discrete Applied Mathematics, 154, 1522—1540.





  • “Utility of Disclosure in Highly Regulated Environments,” with Stephen J. Brown, William Goetzmann and Bing Liang.
  • “Resolving Uncertainty: The Case of Mutual Funds,” with Zheng Sun.