We examine the relation between international institutional ownership and payout policy using a comprehensive data set of equity holdings from 37 countries over the years 2000-2007. We find that foreign institutional ownership is negatively associated with the likelihood that a firm pays...

We study how organizational complexity affects capital structure and firm value. We measure organizational complexity as the number of layers in the firm's subsidiary structure, and focus on a sample of US firms over the period 1998-2006. We argue that organizational complexity makes the firm...

We study outsourcing relationships among international asset management firms. We find that in companies that manage both outsourced and inhouse funds, inhouse funds outperform outsourced funds by 0.85% annually (57% of the expense ratio). We attribute this result to preferential treatment of...

We study international outsourcing in the asset management industry. We argue that subcontractor management companies use the funds they manage on behalf of third parties to subsidize their own inhouse funds. On average, inhouse funds outperform the outsourced funds by 7.5 basis points per...

We study the link between information barriers in global markets and the organizational form of asset management. Fund families outsource funds in which they are at an informational disadvantage to generate performance. Using a structural model of self-selection, we endogenize the outsourcing...

We study the decisions of international asset managers to outsource portfolio management of their funds and we link these decisions to market integration. Using a structural model of selfselection, we endogenize the decision to outsource in a comprehensive sample of international mutual funds...

We study the role of institutional investors in cross-border mergers and acquisitions (Mamp;A). We find that foreign institutional ownership is positively associated with the intensity of cross-border Mamp;A activity worldwide. Foreign institutional ownership increases the probability that a...

We study the role of institutional investors in cross-border mergers and acquisitions (M&As). We find that foreign institutional ownership is positively associated with the intensity of cross-border M&A activity worldwide. Foreign institutional ownership increases the probability that a merger...

We study how product market competition affects the firm's ownership by international and domestic investors and its stock performance. We argue that in the presence of local bias domestic investors tilt their portfolios towards domestic stocks that offer lower exposure to country-specific...

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 a large exposure to commonly-held...