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David H. Malmquist

Senior Financial Economist
Policy Analysis Division

(202) 649-5502

David Malmquist is a senior financial economist in the Policy Analysis Division at the Office of the Comptroller of the Currency (OCC).

Prior to Joining the OCC in 2011, Dr. Malmquist was with the Office of Thrift Supervision (OTS), where he had served as Director of Research and Director of Risk Management. Prior to joining the OTS in 1991, he was with the Securities & Exchange Commission (SEC) where he served as Associate Chief Economist, Acting Chief Economist, and Deputy Chief Economist. Prior to his tenure at the SEC, he was an economist at the Bureau of Labor Statistics from 1974 to 1982. Concurrent with his position at the OTS Dr. Malmquist was on the faculty of the Robert H. Smith School of Business, University of Maryland at College Park, where he taught banking and financial institutions, and is presently serving there in that same capacity. He has also served as a reviewer for Journal of Financial Services Research, Financial Review, Journal of Economics and Business, American Economic Review, and the National Science Foundation.

Dr. Malmquist earned his Ph.D. from the City University of New York in 1978. He is a member of the American Finance Association, the Financial Management Association, the American Economic Association, and the Royal Economic Society.

Dr. Malmquist’s research interests are financial institutions, corporate finance, financial markets, and capital structure.

  1. “Derivatives and Risk: the Case of Thrifts” Journal of Risk (1999), with Arthur M. B. Hogan.
  2. “Barriers to Depository Use of Derivatives,” Journal of Multinational Financial Management, with Arthur M. B. Hogan (1999).
  3. “The Economics of Low Income Mortgage Lending,” Journal of Financial Services Research, 2, with Fred Phillips-Patrick and Clifford Rossi (1997).
  4. "Efficient Contracting and the Choice of Accounting Method in the Oil and Gas Industry," Journal of Accounting and Economics 12 (1990).
  5. "The Effects of Substantial Open Market Purchases in Hostile Tender Offers," Columbia Business Law Review No. 2 (1988), with M. Ryngaert and J. Netter.
  6. "A Discussion of Auditor Liability and Information Disclosure," Journal of Accounting Auditing and Finance 3 (1988).
  7. "Recent Productivity Trends in the U.S. and Japan," in Productivity Growth and U.S. Competitiveness, W.J. Baumol and K. McLennan, eds. (New York: Oxford University Press, 1985), with J.R. Norsworthy.
  8. "Input Measurement and Productivity Growth in Japanese and U.S. Manufacturing," American Economic Review 73 (1983), with J.R. Norsworthy.
  1. “Leverage and the Weighted-Average Cost of Capital for U.S. Banks”(current working paper) see:
  2. "The Post-Offering Price Performance of Closed-End Funds," SEC Staff Study (1989), with K. Weiss and K. Lehn.
  3. "Trading Structures and Transactions Efficiency: A Comparison of Options Trading on the American Stock Exchange and the Chicago Board Options Exchange," SEC Staff Study (1987), with R. Neal, K. Lehn, and J. Netter.
  4. "Potential Competition and Actual Competition in the Options Market," SEC Staff Study (1986), with R. Neal and G. Jarrell.
  5. "The Effects of the SEC's Full Cost Ruling and Write-Downs on the Stock Prices of Oil and Gas Firms," SEC Staff Study Report (1986).
  6. "The Impact of Extending the Proration Period: A Study of a Rule Change Affecting Partial Tender Offers," SEC Staff Paper (1984)
  7. "The Bendix/Martin Marietta Takeover Contest," SEC Staff Paper.