User profiles for Massimo Massa
massimo massaProfessor of Finance, INSEAD Verified email at insead.edu Cited by 12021 |
Favoritism in mutual fund families? Evidence on strategic cross‐fund subsidization
We investigate whether mutual fund families strategically transfer performance across member
funds to favor those more likely to increase overall family profits. We find that “high family …
funds to favor those more likely to increase overall family profits. We find that “high family …
Shareholder investment horizons and the market for corporate control
This paper investigates how the investment horizon of a firm's institutional shareholders
impacts the market for corporate control. We find that target firms with short-term shareholders …
impacts the market for corporate control. We find that target firms with short-term shareholders …
Hedging, familiarity and portfolio choice
We exploit the restrictions of intertemporal portfolio choice in the presence of nonfinancial
income risk to test hedging using the information contained in the actual portfolio of the investor…
income risk to test hedging using the information contained in the actual portfolio of the investor…
Shareholders at the gate? Institutional investors and cross-border mergers and acquisitions
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-…
We find that foreign institutional ownership is positively associated with the intensity of cross-…
The role of institutional investors in propagating the crisis of 2007–2008
Using novel data on investors' bond portfolios, we study the contagion of the crisis from
securitized bonds to corporate bonds. When securitized bonds became “toxic” in August 2007, …
securitized bonds to corporate bonds. When securitized bonds became “toxic” in August 2007, …
Supply uncertainty of the bond investor base and the leverage of the firm
We examine the effect of the bond capital supply uncertainty of institutional investors (eg,
mutual bond funds and insurance companies) on the leverage of the firm using a novel data set…
mutual bond funds and insurance companies) on the leverage of the firm using a novel data set…
How do family strategies affect fund performance? When performance-maximization is not the only game in town
M Massa - Journal of Financial Economics, 2003 - Elsevier
This is a first attempt to study how the structure of the industry affects mutual fund behavior. I
show that industry structure matters; the mutual fund families employ strategies that rely on …
show that industry structure matters; the mutual fund families employ strategies that rely on …
Idiosyncratic volatility and product market competition
We investigate the link between a firm’s competitive environment and the idiosyncratic
volatility of its stock returns. We find that firms enjoying high market power, or established in …
volatility of its stock returns. We find that firms enjoying high market power, or established in …
The invisible hand of short selling: Does short selling discipline earnings management?
We hypothesize that short selling has a disciplining role vis-ŕ-vis firm managers that forces
them to reduce earnings management. Using firm-level short-selling data for thirty-three …
them to reduce earnings management. Using firm-level short-selling data for thirty-three …
Information flows within financial conglomerates: Evidence from the banks–mutual funds relation
M Massa, Z Rehman - Journal of Financial Economics, 2008 - Elsevier
We study how information flows within financial conglomerates by analyzing the relations
between mutual funds and banks that belong to the same financial group. We investigate the …
between mutual funds and banks that belong to the same financial group. We investigate the …