Who Is Afraid of BlackRock?

被引：9
|
作者：
Massa, Massimo [1 ]
Schumacher, David [2 ]
Wang, Yan [3 ]
机构：
[1] INSEAD, Fontainebleau, France
[2] McGill Univ, Montreal, PQ, Canada
[3] McMaster Univ, Hamilton, ON, Canada
来源：
REVIEW OF FINANCIAL STUDIES | 2021年 / 34卷 / 04期
关键词：
CROSS-SECTION; EQUILIBRIUM; OWNERSHIP; CONTAGION; CRISES; FLOWS; MODEL;
D O I：
10.1093/rfs/hhaa081
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We exploit the merger between BlackRock and Barclays Global Investors to study how changes in expected ownership concentration affect the investment behavior of funds and the cross-section of stocks worldwide. We find that funds with open-end structures and large exposure to commonly held stocks begin avoiding these stocks following the merger announcement. This leads to a permanent change in the composition of institutional ownership and a negative price and liquidity impact. We confirm these results in a large sample of global asset management mergers. Our findings suggest that market participants behave strategically in response to changes in expected financial fragility.
引用
收藏
页码：1987 / 2044
页数：58
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