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Who Is Afraid of BlackRock?
Massa, Massimo - 2020
concentration affect the investment behavior of funds and the cross-section of stocks worldwide. We find that funds with open …
Persistent link: https://www.econbiz.de/10012856106
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Foreign Sentiment
Ben-Rephael, Azi - 2020
We construct a direct measure of U.S. based foreign sentiment using flow shifts between U.S. and international mutual funds. Foreign sentiment predicts return reversals in international markets, while local sentiments predict reversals in local markets. Exploring this segmentation, we find that...
Persistent link: https://www.econbiz.de/10012845714
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Saving Long-Term Investment from Short-Termism : The Surprising Role of Short Selling
Massa, Massimo - 2015
threat of short selling increases long-term (i.e., R&D) investment. An instrumental variable approach and the use of several … promotes long-term investment: improved price efficiency, enhanced disciplining impact, and a more positive feedback effect … it enhances the firm's future growth, performance, and innovation output through encouraging long-term investment …
Persistent link: https://www.econbiz.de/10013028270
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Saving Long-Term Investment from Short-Termism : The Surprising Role of Short Selling
Massa, Massimo - 2015
threat of short selling increases long-term (i.e., R&D) investment. An instrumental variable approach and the use of several … promotes long-term investment: improved price efficiency, enhanced disciplining impact, and a more positive feedback effect … it enhances the firm's future growth, performance, and innovation output through encouraging long-term investment …
Persistent link: https://www.econbiz.de/10013029057
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Why Do Parent Companies Guarantee Their Subsidiaries’ Bonds? The Dark Side of Separate Legal Liability
Altieri, Michela - 2019
Parent guarantees to subsidiary bond issues can circumvent restrictive covenants on parent debt, and transfer wealth from bond- to equity-holders or maximize parent managers' private benefits. We find that parent firms expecting stringent covenants on their own debt more likely guarantee...
Persistent link: https://www.econbiz.de/10012902805
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On the Dynamics of Corporate Bond Ownership
Massa, Massimo - 2016
We examine the dynamic ownership structure of corporate bonds after initial issuance. We find that as bonds “season”, the market learns more about them. This learning leads to less concentrated bond ownership over time. Specifically, learning induces a shift in bond ownership from more...
Persistent link: https://www.econbiz.de/10013006063
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Dynamic Excess Autocorrelation and Mutual Fund Performance
Dong, Xi - 2020
Positive return correlation signals slowly-diffusing information. Short sell-constrained institutions are mainly informed in their buy trades. Building on these facts, we identify informed investors ex ante by focusing on mutual funds. We propose a measure of the dynamic excess autocorrelation...
Persistent link: https://www.econbiz.de/10012857094
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Corporate Bond Complexity
Kim, Gi H.; Massa, Massimo - 2022
We study how a firm’s bond structure affects the pricing of its bonds and its base of bond investors. We define bond complexity as the tangle of contractual terms of all outstanding bonds of a firm, and find that it increases bond yield spreads. Specifically, a 1-standard deviation higher...
Persistent link: https://www.econbiz.de/10013406236
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Is Hard and Soft Information Substitutable? Evidence from Lockdown
Bai, Jennie; Massa, Massimo - 2021
switch to hard information, and its implication on fund performance. We show that lockdown reduces fund investment in … affects strategies relying on them such as proximity investment …
Persistent link: https://www.econbiz.de/10013226122
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Strategic trading as a response to short sellers
Di Maggio, Marco; Franzoni, Francesco; Massa, Massimo; … - 2019 - This version: April, 2019
We study empirically whether short selling deters the incorporation of positive information. We find a sizeable reduction of positive information impounding before earnings announcements for stocks more exposed to short selling. The price pressure from short selling cannot explain this effect....
Persistent link: https://www.econbiz.de/10012003269