Who Is Afraid of BlackRock?
利用贝莱德与巴克莱全球投资者合并事件，研究预期所有权集中度变化如何影响基金投资行为和全球股票横截面，发现开放式基金开始回避共同持股多的股票，导致机构持股结构永久改变及价格流动性负面冲击。
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 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.