Who Is Afraid of BlackRock?

• 成果类型: Article
• 署名作者: Massa, Massimo; Schumacher, David; Wang, Yan
• 署名单位: INSEAD Business School; McGill University; McMaster University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhaa081
• 发表日期: 2021
• 页码: 1987
• 关键词: cross-section; equilibrium; OWNERSHIP; contagion; crises; FLOWS; MODEL

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.