Journal article
Who Is Afraid of BlackRock?
Abstract
Abstract
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 …
Authors
Massa M; Schumacher D; Wang Y
Journal
Review of Financial Studies, Vol. 34, No. 4, pp. 1987–2044
Publisher
Oxford University Press (OUP)
Publication Date
March 24, 2021
DOI
10.1093/rfs/hhaa081
ISSN
0893-9454