G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11471
DP11471 Who is afraid of BlackRock?
Massimo Massa
发表日期2016-08-29
出版年2016
语种英语
摘要We use the merger of BlackRock with Barclays Global Investors to study how changes in ownership concentration affect the investment behavior of financial institutions and the cross-section of stocks worldwide. We find that other institutions begin avoiding stocks that experience a merger-related increase in ownership concentration. As a result, affected stocks experience a permanent and negative price, liquidity and volatility impact. We confirm these effects in a large sample of asset management mergers over a ten year period. The interpretation that institutions strategically avoid stocks with an elevated risk of future fragility enjoys the strongest support in the data.
主题Financial Economics
关键词Strategic interactions Asset management merger Liquidity Limits to arbitrage
URLhttps://cepr.org/publications/dp11471
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/540285
推荐引用方式
GB/T 7714
Massimo Massa. DP11471 Who is afraid of BlackRock?. 2016.
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