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.

中文翻译：

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谁害怕贝莱德？

摘要

我们利用贝莱德（BlackRock）与巴克莱全球投资者（Barclays Global Investors）的合并来研究预期所有权集中度的变化如何影响基金的投资行为以及全球股票的横截面。我们发现，在合并公告之后，具有开放式结构和大量持有的普通股票的基金开始回避这些股票。这导致机构所有权结构的永久变化，并对价格和流动性造成负面影响。我们在全球资产管理合并的大量样本中证实了这些结果。我们的发现表明，市场参与者在应对预期财务脆弱性变化方面具有战略性行为。