Massimo Massa

INSEAD - Finance

Professor of Finance

Boulevard de Constance

F-77305 Fontainebleau Cedex

France

SCHOLARLY PAPERS

127

DOWNLOADS
Rank 384

SSRN RANKINGS

Top 384

in Total Papers Downloads

57,746

SSRN CITATIONS
Rank 659

SSRN RANKINGS

Top 659

in Total Papers Citations

637

CROSSREF CITATIONS

970

Scholarly Papers (127)

1.

Behavioral Factors in Mutual Fund Flows

Number of pages: 42 Posted: 02 Mar 2000
INSEAD - Finance, Yale School of Management - International Center for Finance and Yale School of Management - International Center for Finance
Downloads 6,919 (1,156)
Citation 34

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2.

Why so Many Mutual Funds? Mutual Fund Families, Market Segmentation and Financial Performance

Number of pages: 36 Posted: 15 Sep 2000
Massimo Massa
INSEAD - Finance
Downloads 2,984 (4,956)
Citation 27

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Mutual Funds, Financial Intermediation, Market Structure, Discrete Choice and Performance

3.
Downloads 2,970 ( 4,990)
Citation 5

Who Is Afraid of BlackRock?

INSEAD Working Paper No. 2015/60/FIN
Number of pages: 121 Posted: 09 Aug 2015 Last Revised: 28 May 2020
Massimo Massa, David Schumacher and Yan Wang
INSEAD - Finance, McGill University and McMaster University
Downloads 2,967 (4,911)
Citation 5

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Financial Fragility, Strategic Interactions, Asset Management Mergers

Who is Afraid of Blackrock?

CEPR Discussion Paper No. DP11471
Number of pages: 77 Posted: 06 Sep 2016
Massimo Massa, David Schumacher and Yan Wang
INSEAD - Finance, McGill University and McMaster University
Downloads 3 (790,101)
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Asset Management Merger, Limits to Arbitrage, liquidity, Strategic Interactions

Daily Momentum and Contrarian Behavior of Index Fund Investors

Number of pages: 49 Posted: 13 Jan 2000
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
Downloads 2,721 (5,678)
Citation 3

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Daily Momentum and Contrarian Behavior of Index Fund Investors

NBER Working Paper No. w7567
Number of pages: 49 Posted: 09 Jul 2000 Last Revised: 07 Mar 2021
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
Downloads 102 (320,320)
Citation 11

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Investment Banks as Insiders and the Market for Corporate Control

EFA 2007 Ljubljana Meetings Paper, AFA 2008 New Orleans Meetings Paper
Number of pages: 48 Posted: 01 Mar 2007 Last Revised: 09 Jun 2008
Andriy Bodnaruk, Massimo Massa and Andrei Simonov
University of Illinois at Chicago, INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 2,742 (5,613)
Citation 4

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inside trading, risk arbitrage, mergers and acquisitions

Investment Banks as Insiders and the Market for Corporate Control

CEPR Discussion Paper No. DP6953
Number of pages: 50 Posted: 02 Dec 2008
Andriy Bodnaruk, Massimo Massa and Andrei Simonov
University of Illinois at Chicago, INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 3 (790,101)
Citation 9
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insider trading, mergers and acquisitions, risk arbitrage

Investment Banks as Insiders and the Market for Corporate Control

The Review of Financial Studies, Vol. 22, Issue 12, pp. 4989-5026, 2009
Posted: 24 Nov 2009
Andriy Bodnaruk, Massimo Massa and Andrei Simonov
University of Illinois at Chicago, INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management

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G23, G32, G34

6.
Downloads 2,684 ( 5,920)
Citation 11

Index Funds and Stock Market Growth

Number of pages: 44 Posted: 20 Sep 1998
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
Downloads 2,609 (6,078)
Citation 12

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Index Funds and Stock Market Growth

NBER Working Paper No. w7033
Number of pages: 50 Posted: 11 Sep 2000 Last Revised: 12 Oct 2010
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
Downloads 75 (388,289)

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Mutual Funds and Bubbles: The Surprising Role of Contractual Incentives

Number of pages: 66 Posted: 25 Jul 2005
Massimo Massa, Nishant Dass and Rajdeep Patgiri
INSEAD - Finance, Georgia Institute of Technology - Scheller College of Business and BlackRock, Inc
Downloads 1,554 (14,014)
Citation 11

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Bubbles, mutual funds, compensation, herding, agency

Mutual Funds and Bubbles: The Surprising Role of Contractual Incentives

The Review of Financial Studies, Vol. 21, Issue 1, pp. 51-99, 2008
Posted: 26 Jun 2008
Nishant Dass, Massimo Massa and Rajdeep Patgiri
Georgia Institute of Technology - Scheller College of Business, INSEAD - Finance and BlackRock, Inc

Abstract:

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8.

Dispersion of Opinion and Stock Returns: Evidence from Index Fund Investors

Number of pages: 37 Posted: 01 Oct 2001
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
Downloads 1,297 (18,872)
Citation 1

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Learning, Asset Pricing, Market Confidence, Behavioral Finance

9.

The Invisible Hand of Short Selling: Does Short Selling Discipline Earnings Management?

Review of Financial Studies, Forthcoming, INSEAD Working Paper No. 2012/93/FIN, Asian Finance Association (AsFA) 2013 Conference
Number of pages: 91 Posted: 06 Aug 2012 Last Revised: 02 Oct 2015
Massimo Massa, Bohui Zhang and Hong Zhang
INSEAD - Finance, The Chinese University of Hong Kong, Shenzhen and Tsinghua University - PBC School of Finance
Downloads 1,265 (19,597)
Citation 22

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short-selling, earning manipulation, international finance, governance

10.

Shareholder Investment Horizons and the Market for Corporate Control

Number of pages: 33 Posted: 27 Aug 2004
Jose-Miguel Gaspar, Massimo Massa and Pedro Matos
ESSEC Business School, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 1,203 (21,149)
Citation 49

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Investment horizon, mergers and acquisitions, shareholder heterogeneity, institutional investors, short termism

11.

Experimentation in Financial Markets

Number of pages: 36 Posted: 04 Nov 1999 Last Revised: 02 Sep 2008
Massimo Massa and Andrei Simonov
INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 1,172 (21,993)
Citation 1

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Shareholders at the Gate? Institutional Investors and Cross-Border Mergers and Acquisitions

EFA 2007 Ljubljana Meetings Paper
Number of pages: 54 Posted: 25 Mar 2008 Last Revised: 29 Jan 2009
Massimo Massa, Miguel A. Ferreira and Pedro Matos
INSEAD - Finance, Nova School of Business and Economics and University of Virginia - Darden School of Business
Downloads 919 (30,815)
Citation 2

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Institutional investors, Mergers and acquisitions, Financial integration

Shareholders at the Gate? Institutional Investors and Cross-Border Mergers and Acquisitions

Review of Financial Studies, Forthcoming, Marshall School of Business Working Paper No. FBE 28-09
Number of pages: 60 Posted: 01 Jul 2009 Last Revised: 09 Sep 2009
Miguel A. Ferreira, Massimo Massa and Pedro Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 215 (174,270)
Citation 7

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Institutional investors, Mergers and acquisitions, Financial integration

Shareholders at the Gate? Institutional Investors and Cross-Border Mergers and Acquisitions

The Review of Financial Studies, Vol. 23, Issue 2, pp. 601-644, 2009
Posted: 01 Feb 2010
Miguel A. Ferreira, Massimo Massa and Pedro Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business

Abstract:

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G15, G23, G34

13.

Reputation and Dealers' Trading. A Microstructure Analysis of the Treasury Bond Market

Number of pages: 58 Posted: 16 Dec 1999
Massimo Massa and Andrei Simonov
INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 1,111 (23,791)
Citation 4

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14.
Downloads 928 ( 30,881)
Citation 6

Mutual Funds and the Market for Liquidity

Number of pages: 47 Posted: 09 Apr 2005
Ludovic Phalippou and Massimo Massa
University of Oxford - Said Business School and INSEAD - Finance
Downloads 900 (31,767)
Citation 8

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Mutual funds, liquidity

Mutual Funds and the Market for Liquidity

Number of pages: 46 Posted: 08 Apr 2005
Ludovic Phalippou and Massimo Massa
University of Oxford - Said Business School and INSEAD - Finance
Downloads 28 (591,890)
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Mutual funds, liquidity

15.

First to 'Read' the News: News Analytics and High Frequency Trading

Paris December 2015 Finance Meeting EUROFIDAI - AFFI
Number of pages: 58 Posted: 18 Nov 2013 Last Revised: 28 Oct 2015
Board of Governors of the Federal Reserve System, University of Pennsylvania - Wharton School and INSEAD - Finance
Downloads 833 (35,807)
Citation 6

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Liquidity, Stock Price Reaction, News Analytics, Information, High Frequency Trading

The Unexpected Activeness of Passive Investors: A Worldwide Analysis of ETFs

The Review of Asset Pricing Studies, Vol. 9, No. 2, 2019
Number of pages: 90 Posted: 26 Feb 2013 Last Revised: 23 Feb 2021
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 726 (42,596)
Citation 2

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ETFs, Subsidization, Banks, Shadow Banking, Distress

The Unexpected Activeness of Passive Investors: A World-Wide Analysis of ETFs

CEPR Discussion Paper No. DP11988
Number of pages: 53 Posted: 25 Apr 2017
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 1 (814,249)
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banks, Distress, ETFs, shadow banking, Subsidization

17.

The Effects of Organizational Structure on Bond Investing: Do Bond Investors Behave like Banks?

Number of pages: 55 Posted: 15 Jan 2009 Last Revised: 04 Sep 2014
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 685 (46,723)

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organizational structure, hierarchy, proximity investment, herding, performance

18.

Heterogeneity of Trade and Stock Returns. Evidence from Index Fund Investors

Number of pages: 37 Posted: 09 Feb 2001
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
Downloads 675 (47,662)
Citation 3

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Index Funds, Heterogeneity of Beliefs, Learning

Favoritism in Mutual Fund Families? Evidence on Strategic Cross-Fund Subsidization

Number of pages: 39 Posted: 18 Jun 2004
Jose-Miguel Gaspar, Massimo Massa and Pedro Matos
ESSEC Business School, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 626 (51,955)
Citation 62

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mutual funds, mutual fund families, family strategies, cross-trading, subsidization

Favoritism in Mutual Fund Families? Evidence on Strategic Cross-Fund Subsidization

Number of pages: 42 Posted: 29 Mar 2005
Jose-Miguel Gaspar, Massimo Massa and Pedro Matos
ESSEC Business School, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 25 (612,479)
Citation 5
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IPO, mutual funds

Favoritism in Mutual Fund Families? Evidence on Strategic Cross-Fund Subsidization

Posted: 26 Oct 2004
Massimo Massa, Pedro Matos and Jose-Miguel Gaspar
INSEAD - Finance, University of Virginia - Darden School of Business and ESSEC Business School

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mutual funds, mutual fund families, family strategies, cross-trading, subsidization

The Role of Institutional Investors in Propagating the Crisis of 2007-2008

UC Davis Graduate School of Management Research Paper No. 04-10
Number of pages: 53 Posted: 15 Aug 2009 Last Revised: 01 Dec 2010
Alberto Manconi, Massimo Massa and Ayako Yasuda
Bocconi University - Department of Finance, INSEAD - Finance and University of California, Davis - Graduate School of Management
Downloads 502 (68,656)
Citation 3

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crisis transmission, securitized debt, corporate bonds

The Behavior of Intoxicated Investors: The Role of Institutional Investors in Propagating the Crisis of 2007-2008

Number of pages: 78 Posted: 17 Aug 2010
Alberto Manconi, Massimo Massa and Ayako Yasuda
Bocconi University - Department of Finance, INSEAD - Finance and University of California, Davis - Graduate School of Management
Downloads 111 (301,894)
Citation 30

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crisis transmission, securitized debt, corporate bonds

The Behavior of Intoxicated Investors: The Role of Institutional Investors in Propagating the Crisis of 2007-2008

NBER Working Paper No. w16191
Number of pages: 55 Posted: 19 Jul 2010 Last Revised: 29 Mar 2021
Alberto Manconi, Massimo Massa and Ayako Yasuda
Bocconi University - Department of Finance, INSEAD - Finance and University of California, Davis - Graduate School of Management
Downloads 36 (544,291)

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21.

Air Pollution, Behavioral Bias, and the Disposition Effect in China

PBCSF-NIFR Research Paper
Number of pages: 78 Posted: 28 Jun 2017 Last Revised: 29 Oct 2020
INSEAD, INSEAD - Finance, Tsinghua University - PBC School of Finance and The University of Hong Kong - Faculty of Business and Economics
Downloads 648 (50,253)
Citation 8

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Air Pollution, The Disposition Effect, Mutual Funds

Short Selling Meets Hedge Fund 13F: An Anatomy of Informed Demand

Asian Finance Association (AsianFA) 2015 Conference Paper, PBCSF-NIFR Research Paper No. 15-01, INSEAD Working Paper No. 2015/12/FIN
Number of pages: 31 Posted: 03 Feb 2015 Last Revised: 19 Feb 2016
Yawen Jiao, Massimo Massa and Hong Zhang
University of California, Riverside, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 641 (50,306)
Citation 2

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short selling, hedge funds, 13F, informed demand, hedging

Short Selling Meets Hedge Fund 13F: An Anatomy of Informed Demand

CEPR Discussion Paper No. DP10471
Number of pages: 33 Posted: 16 Mar 2015
Yawen Jiao, Massimo Massa and Hong Zhang
University of California, Riverside, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 0
Citation 6
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short-selling

23.

Is Learning a Dimension of Risk?

Number of pages: 59 Posted: 04 Mar 2002
Massimo Massa and Andrei Simonov
INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 636 (51,501)
Citation 3

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conditional asset pricing, time-varying risk factors, learning uncertainty, filtering, trading volume

Incentives and Mutual Fund Performance: Higher Performance or Just Higher Risk Taking?

EFA 2007 Ljubljana Meetings Paper
Number of pages: 47 Posted: 17 Mar 2006
Massimo Massa and Rajdeep Patgiri
INSEAD - Finance and BlackRock, Inc
Downloads 626 (51,955)
Citation 13

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mutual fund, incentive, risk taking, performance, persistence

Incentives and Mutual Fund Performance: Higher Performance or Just Higher Risk Taking?

The Review of Financial Studies, Vol. 22, Issue 5, pp. 1777-1815, 2009
Posted: 13 Apr 2009
Massimo Massa and Rajdeep Patgiri
INSEAD - Finance and BlackRock, Inc

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G23, G30, G32

Shareholder Diversification and the Decision to Go Public

Number of pages: 47 Posted: 04 Dec 2004
University of Illinois at Chicago, INSEAD - Finance, Hebrew University of Jerusalem - Department of Economics and Michigan State University - Eli Broad Graduate School of Management
Downloads 596 (55,347)
Citation 9

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IPO, diversification, underpricing

Shareholder Diversification and the Decision to Go Public

Review of Financial Studies, 2007
Posted: 07 Dec 2006
INSEAD - Finance, University of Illinois at Chicago, Hebrew University of Jerusalem - Department of Economics and Michigan State University - Eli Broad Graduate School of Management

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IPO, diversification, underpricing

Shareholder Diversification and the Decision to Go Public

The Review of Financial Studies, Vol. 21, Issue 6, pp. 2779-2824, 2008
Posted: 15 Dec 2008
University of Illinois at Chicago, Hebrew University of Jerusalem - Department of Economics, INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management

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G120, G140, G240, G320

26.

Competition of the Informed: Does the Presence of Short Sellers Affect Insider Selling?

Journal of Financial Economics (JFE), Forthcoming, INSEAD Working Paper No. 2014/63/FIN
Number of pages: 51 Posted: 10 Dec 2014 Last Revised: 11 Dec 2014
Massimo Massa, Wenlan Qian, Weibiao Xu and Hong Zhang
INSEAD - Finance, National University of Singapore - NUS Business School, National University of Singapore (NUS) and Tsinghua University - PBC School of Finance
Downloads 561 (60,408)
Citation 9

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Short Selling, Insider Trading, Informed Trader, Market Efficiency

27.

The Unintended Consequences of Investing for the Long Run: Evidence from Target Date Funds

Number of pages: 73 Posted: 30 Nov 2020 Last Revised: 07 May 2021
Massimo Massa, Rabih Moussawi and Andrei Simonov
INSEAD - Finance, Villanova University - Department of Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 554 (61,387)

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Mutual Funds, Target-Date Funds, Retirement Savings, Mutual Funds Families, Open Architecture, Flow-Performance

28.

Dividend Clienteles Around the World: Evidence from Institutional Holdings

Marshall School of Business Working Paper No. FBE 35-09
Number of pages: 54 Posted: 13 Aug 2009 Last Revised: 28 Jun 2010
Miguel A. Ferreira, Massimo Massa and Pedro Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 552 (61,662)
Citation 10

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Payout policy, Institutional investors, Dividend clienteles, Transaction costs

29.

Governance Through Threat: Does Short Selling Improve Internal Governance?

INSEAD Working Paper No. 2013/83/FIN
Number of pages: 60 Posted: 10 Jul 2013
Massimo Massa, Bohui Zhang and Hong Zhang
INSEAD - Finance, The Chinese University of Hong Kong, Shenzhen and Tsinghua University - PBC School of Finance
Downloads 549 (62,080)
Citation 3

Abstract:

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short selling, international finance, corporate governance, equity incentives

30.
Downloads 548 ( 62,222)
Citation 3

Investor-Stock Decoupling in Mutual Funds

AFA 2013 San Diego Meetings Paper, Marshall School of Business Working Paper No. FBE 07-10
Number of pages: 57 Posted: 16 Mar 2010 Last Revised: 27 Sep 2016
Miguel A. Ferreira, Massimo Massa and Pedro Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 436 (81,499)
Citation 2

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Mutual funds, Performance, Fund flows, Risk taking, Limits of arbitrage

Investor-Stock Decoupling in Mutual Funds

Management Science, Forthcoming, Darden Business School Working Paper No. 2844387, INSEAD Working Paper No. 2016/71/FIN
Number of pages: 57 Posted: 28 Sep 2016 Last Revised: 18 Dec 2016
Miguel A. Ferreira, Massimo Massa and Pedro Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 69 (406,944)

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Mutual Funds, Performance, Fund Flows, Risk Taking, Limits to Arbitrage

Investor-Stock Decoupling in Mutual Funds

Management Science Forthcoming, Darden Business School Working Paper No. 3151441
Number of pages: 57 Posted: 02 Apr 2018
Miguel A. Ferreira, Massimo Massa and Pedro Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 42 (513,624)

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Mutual funds, Performance, Fund flows, Risk taking, Limits to arbitrage

Investor-Stock Decoupling in Mutual Funds

CEPR Discussion Paper No. DP11476
Number of pages: 58 Posted: 06 Sep 2016
Miguel A. Ferreira, Massimo Massa and Pedro Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 1 (814,249)
Citation 1
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Fund flows, Limits to Arbitrage, Mutual funds, Performance, Risk Taking

Investment Horizon of the Bond Investor Base and the Leverage of the Firm

AFA 2009 San Francisco Meetings Paper
Number of pages: 54 Posted: 25 Mar 2008 Last Revised: 12 Oct 2010
Massimo Massa, Ayako Yasuda and Lei Zhang
INSEAD - Finance, University of California, Davis - Graduate School of Management and City University of Hong Kong
Downloads 334 (110,913)
Citation 4

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institutional investors; corporate bonds; investment horizon; corporate finance; capital structure; leverage; clientele; investor base

Investment Horizon of the Bond Investor Base and the Leverage of the Firm

INSEAD Business School Research Paper No. 2007/57/FIN/ACGRD
Number of pages: 54 Posted: 18 Oct 2007 Last Revised: 12 Oct 2010
Massimo Massa, Ayako Yasuda and Lei Zhang
INSEAD - Finance, University of California, Davis - Graduate School of Management and City University of Hong Kong
Downloads 208 (179,832)
Citation 4

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institutional investors; corporate bonds; investment horizon; corporate finance; capital structure; leverage; clientele; investor base

Can Buybacks Be a Product of Shorter Shareholder Horizons?

AFA 2005 Philadelphia Meetings Paper, EFA 2005 Moscow Meetings Paper
Number of pages: 35 Posted: 16 Jan 2005
BlackRock, Inc, INSEAD - Finance, ESSEC Business School, University of Virginia - Darden School of Business and BlackRock
Downloads 503 (68,486)
Citation 2

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Can Buybacks Be a Product of Shorter Shareholder Horizons?

Number of pages: 38 Posted: 08 Apr 2005
ESSEC Business School, INSEAD - Finance, University of Virginia - Darden School of Business, BlackRock, Inc and BlackRock
Downloads 29 (585,297)
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Payout policy, repurchases, institutional investors, investment horizon, short-termism, shareholder heterogeneity, investor catering

33.

Mimicking Repurchases

Number of pages: 50 Posted: 26 Feb 2005
Massimo Massa, Zahid Rehman and Theo Vermaelen
INSEAD - Finance, BlackRock and INSEAD - Finance
Downloads 490 (71,500)
Citation 18

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Payout policy, repurchases, product market competition, signaling

Saving Long-Term Investment from Short-Termism: The Surprising Role of Short Selling

INSEAD Working Paper No. 2015/11/FIN
Number of pages: 42 Posted: 03 Feb 2015 Last Revised: 07 Feb 2015
Massimo Massa, Fei Wu, Bohui Zhang and Hong Zhang
INSEAD - Finance, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF), The Chinese University of Hong Kong, Shenzhen and Tsinghua University - PBC School of Finance
Downloads 267 (140,808)
Citation 1

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Short selling, Long-term Investment, R&D, International Finance

Saving Long-Term Investment from Short-Termism: The Surprising Role of Short Selling

INSEAD Working Paper No. 2015/11/FIN, Asian Finance Association (AsianFA) 2015 Conference Paper
Number of pages: 42 Posted: 14 Feb 2015
Massimo Massa, Fei Wu, Hong Zhang and Bohui Zhang
INSEAD - Finance, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF), Tsinghua University - PBC School of Finance and The Chinese University of Hong Kong, Shenzhen
Downloads 206 (181,444)
Citation 1

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Short selling, Long-term Investment, R&D, International Finance

Guru Dreams and Competition: An Anatomy of the Economics of Blogs

INSEAD Working Paper No. 2014/59/FIN, Asian Finance Association (AsianFA) 2015 Conference Paper
Number of pages: 35 Posted: 06 Nov 2014 Last Revised: 14 Feb 2015
Yi Dong, Massimo Massa and Hong Zhang
Shanghai University of Finance and Economics, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 461 (76,280)
Citation 1

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Blogs, Social media, Information provision, Competition

Guru Dreams and Competition: An Anatomy of the Economics of Blogs

CEPR Discussion Paper No. DP10470
Number of pages: 34 Posted: 09 Mar 2015
Massimo Massa, Hong Zhang and Yi Dong
INSEAD - Finance, Tsinghua University - PBC School of Finance and Shanghai University of Finance and Economics
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Blogs, Competition, Information provision, Social media

36.

Alliances and Corporate Governance

AFA 2011 Denver Meetings Paper
Number of pages: 51 Posted: 16 Nov 2009 Last Revised: 01 Feb 2014
Andriy Bodnaruk, Massimo Massa and Andrei Simonov
University of Illinois at Chicago, INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 455 (78,228)
Citation 6

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alliances, corporate governance, abnormal return and profitability

37.

Asymmetric Information and Trading Strategies: Testing Behavior on the Primary and Secondary T-Bond Markets Around Auction Days

Number of pages: 66 Posted: 18 Dec 2001
Massimo Massa and Francesco Drudi
INSEAD - Finance and European Central Bank (ECB)
Downloads 450 (79,260)
Citation 3

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Parallel markets, strategic behavior, empirical microstructure, interdealer-trading, information

38.

CDS and the Liquidity Provision in the Bond Market

INSEAD Working Paper No. 2012/114/FIN
Number of pages: 46 Posted: 21 Oct 2012 Last Revised: 10 Dec 2012
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 430 (83,621)
Citation 10

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CDS, bond liquidity, yield spreads, fire sales, crisis

39.

Portfolio Choice and Menu Exposure

EFA 2006 Zurich Meetings
Number of pages: 36 Posted: 09 Mar 2006
Massimo Massa, Anders Karlsson and Andrei Simonov
INSEAD - Finance, Stockholm University - Department of Corporate Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 427 (84,318)
Citation 4

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Portfolio choice, home bias, style investing

40.
Downloads 417 ( 86,652)
Citation 1

Portfolio Diversification and City Agglomeration

Number of pages: 41 Posted: 16 Dec 2003
INSEAD - Finance, Yale School of Management - International Center for Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 362 (101,225)
Citation 1

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Portfolio choice, under-diversification, proximity investment, knowledge spillover, city agglomeration

Portfolio Diversification and City Agglomeration

NBER Working Paper No. w10343
Number of pages: 48 Posted: 16 Mar 2004 Last Revised: 07 Apr 2021
INSEAD - Finance, Yale School of Management - International Center for Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 55 (457,153)

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41.

Price Manipulation in Parallel Markets with Different Transparency

Number of pages: 66 Posted: 20 Mar 2002
Massimo Massa
INSEAD - Finance
Downloads 395 (92,252)
Citation 1

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Parallel markets, strategic behavior, empirical microstructure, interdealer-trading, information

The Impact of Sin Culture: Evidence from Earnings Management and Alcohol Consumption in China

INSEAD Working Paper No. 2017/17/FIN, PBCSF-NIFR Research Paper
Number of pages: 56 Posted: 30 May 2016 Last Revised: 29 Oct 2020
Zhe Li, Massimo Massa, Nianhang Xu and Hong Zhang
Central University of Finance and Economics, INSEAD - Finance, Renmin University of China - School of Business and Tsinghua University - PBC School of Finance
Downloads 384 (94,538)
Citation 3

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Culture, Earnings management, Alcohol, Geographic shocks

The Impact of Sin Culture: Evidence from Earning Management and Alcohol Consumption in China

CEPR Discussion Paper No. DP11475
Number of pages: 68 Posted: 06 Sep 2016
Zhe Li, Massimo Massa, Nianhang Xu and Hong Zhang
Central University of Finance and Economics, INSEAD - Finance, Renmin University of China - School of Business and Tsinghua University - PBC School of Finance
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Alcohol, Culture, Earnings management, Geographic shocks

43.

The Spillover Effects of Hurricane Katrina on Corporate Bonds and the Choice between Bank and Bond Financing

AFA 2012 Chicago Meetings Paper
Number of pages: 58 Posted: 11 Mar 2011 Last Revised: 08 Feb 2012
Lei Zhang and Massimo Massa
City University of Hong Kong and INSEAD - Finance
Downloads 361 (102,304)
Citation 1

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Hurricane Katrina, property insurance, bond ownership, bond abnormal return, bank/bond financing, debt maturity

44.

Blinded by Perception? The Stock Market’s Reaction to a Perceived Political Bias in the News

Number of pages: 66 Posted: 06 Dec 2016 Last Revised: 19 Oct 2020
Mancy Luo, Alberto Manconi and Massimo Massa
Erasmus University, Bocconi University - Department of Finance and INSEAD - Finance
Downloads 358 (103,295)

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Political bias; Media and financial markets; news analytics.

45.

Biased Shorts: Stock Market Implications of Short Sellers’ Disposition Effect

Number of pages: 32 Posted: 02 Nov 2013
Bastian von Beschwitz and Massimo Massa
Board of Governors of the Federal Reserve System and INSEAD - Finance
Downloads 354 (104,609)
Citation 1

Abstract:

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Short selling, Disposition effect, Behavioral Finance

46.

When Should Firms Share Credit with Employees? Evidence from Anonymously Managed Mutual Funds

AFA 2007 Chicago Meetings, EFA 2006 Zurich Meetings
Number of pages: 45 Posted: 19 Mar 2006 Last Revised: 03 Apr 2009
Massimo Massa, Jonathan Reuter and Eric Zitzewitz
INSEAD - Finance, Boston College - Department of Finance and Dartmouth College
Downloads 354 (104,609)
Citation 13

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Mutual Funds, Team Management, Anonymous, Incentives, Hold up, Bargaining, Returns, Flows, Return Gap, Dilution

47.
Downloads 352 (105,212)
Citation 20

Limits of Arbitrage and Corporate Financial Policy

Number of pages: 50 Posted: 10 May 2005
Massimo Massa, Urs Peyer and Zhenxu Tong
INSEAD - Finance, INSEAD - Finance and INSEAD - Finance
Downloads 331 (111,999)
Citation 30

Abstract:

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Limits of arbitrage, S&P 500, market timing, capital structure

Limits of Arbitrage and Corporate Financial Policy

Number of pages: 48 Posted: 13 Apr 2005
Massimo Massa, Urs Peyer and Zhenxu Tong
INSEAD - Finance, INSEAD - Finance and INSEAD - Finance
Downloads 21 (641,920)
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Corporate financial policies, limits of arbitrage, market timing

Strategic Trading As a Response to Short Sellers

Swiss Finance Institute Research Paper No. 19-23
Number of pages: 78 Posted: 05 Apr 2019 Last Revised: 18 Feb 2021
Harvard Business School, USI Lugano, INSEAD - Finance and USI Lugano
Downloads 333 (111,270)

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Short selling, Informed trading, Strategic traders, Institutional investors, Market efficiency

Strategic Trading as a Response to Short Sellers

CEPR Discussion Paper No. DP13812
Number of pages: 60 Posted: 30 Jul 2019
Harvard Business School, USI Lugano, INSEAD - Finance and USI Lugano
Downloads 1 (814,249)
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Informed trading, institutional investors, Market Efficiency, Short selling, Strategic traders

The Effects of Global Leniency Programs on Margins and Mergers

INSEAD Working Paper No. 2017/75/FIN, Finance Down Under 2016 Building on the Best from the Cellars of Finance, Paris December 2015 Finance Meeting EUROFIDAI - AFFI
Number of pages: 65 Posted: 09 Apr 2014 Last Revised: 16 May 2019
Ailin Dong, Massimo Massa and Alminas Zaldokas
Hong Kong University of Science & Technology (HKUST) - Department of Finance, INSEAD - Finance and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 306 (121,924)
Citation 10

Abstract:

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collusion, leniency laws, margins, mergers

Busted! Now What? Effects of Cartel Enforcement on Firm Value and Corporate Policies

CEPR Discussion Paper No. DP11470
Number of pages: 67 Posted: 06 Sep 2016
Ailin Dong, Massimo Massa and Alminas Zaldokas
Hong Kong University of Science & Technology (HKUST) - Department of Finance, INSEAD - Finance and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 2 (800,938)
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cartels, Collusion, firm boundaries, leniency laws, M&A

50.

Cosmetic Mergers: The Effect of Style Investing on the Market for Corporate Control

AFFI/EUROFIDAI, Paris December 2007 Finance International Meeting AFFI - EUROFIDAI
Number of pages: 46 Posted: 27 Feb 2007
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 302 (124,355)
Citation 3

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mergers and acquisitions, popularity, style investing, short-termism, mutual funds, dumb money

51.

The Dark Side of Bank-Firm Relationships: The (Market) Liquidity Impact of Bank Lending

Number of pages: 42 Posted: 15 Mar 2006
Massimo Massa and Nishant Dass
INSEAD - Finance and Georgia Institute of Technology - Scheller College of Business
Downloads 301 (124,794)

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banks, geography, liquidity, monitoring, private information, relationship lending

Investing in Low-Trust Countries: Trust in the Global Mutual Fund Industry

Asian Finance Association (AsianFA) 2015 Conference Paper
Number of pages: 76 Posted: 21 Jan 2015
Massimo Massa, Chengwei Wang, Hong Zhang and Jian Zhang
INSEAD - Finance, SKK GSB, Tsinghua University - PBC School of Finance and The University of Hong Kong - Faculty of Business and Economics
Downloads 291 (128,582)
Citation 7

Abstract:

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Trust, International Investments, Mutual Funds, Performance

Investing in Low-Trust Countries: Trust in the Global Mutual Fund Industry

CEPR Discussion Paper No. DP10472
Number of pages: 43 Posted: 09 Mar 2015
Massimo Massa, Chengwei Wang, Hong Zhang and Colin Zhang
INSEAD - Finance, SKK GSB, Tsinghua University - PBC School of Finance and National University of Singapore (NUS)
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International Investments, Mutual Funds, Performance, Trust

53.

Information Flows within Financial Conglomerates: Evidence from the Banks-Mutual Funds Relationship

Journal of Financial Economics (JFE), Vol. 89, No. 2, 2008
Number of pages: 40 Posted: 16 Aug 2005 Last Revised: 13 Sep 2010
Massimo Massa and Zahid Rehman
INSEAD - Finance and BlackRock
Downloads 290 (129,790)
Citation 16

Abstract:

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Conflict of interest, mutual funds, banks

54.

Why Do CEOS Increase Their Equity-Based Compensation? Because They Have to

AFA 2007 Chicago Meetings Paper
Number of pages: 42 Posted: 15 Mar 2006
Nishant Dass, Massimo Massa and Urs Peyer
Georgia Institute of Technology - Scheller College of Business, INSEAD - Finance and INSEAD - Finance
Downloads 287 (131,208)
Citation 1

Abstract:

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Executive Compensation, Corporate Governance

Investor Horizon Clientele and IPO Underpricing

Number of pages: 50 Posted: 16 Sep 2009 Last Revised: 03 Sep 2014
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 151 (239,876)

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institutional investors, investor horizon clientele, proximity investing, short-term investor fraction, IPOs, Amihud illiquidity, underpricing

Investor Horizon Clientele and IPO Underpricing

Number of pages: 56 Posted: 17 Mar 2012
Lei Zhang and Massimo Massa
City University of Hong Kong and INSEAD - Finance
Downloads 132 (265,808)

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institutional investors, investor horizon clientele, proximity investing, local short-term demand, IPOs, Amihud illiquidity, underpricing

Mutual Funds and Information Diffusion: The Role of Country-Level Governance

Tinbergen Institute Discussion Paper 14-079/IV/DSF76, Review of Financial Studies 2014, issue 27: page 3343-3387
Number of pages: 55 Posted: 04 Jul 2014 Last Revised: 26 Oct 2014
Melissa Lin, Massimo Massa and Hong Zhang
Erasmus University Rotterdam, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 174 (211,277)

Abstract:

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Mutual Funds, Information Diffusion, Country-Level Governance, Semi-public Information, Liquidity

Mutual Funds and Information Diffusion: The Role of Country-Level Governance

Forthcoming, The Review of Financial Studies
Number of pages: 53 Posted: 19 Aug 2011 Last Revised: 12 Sep 2014
Melissa Lin, Massimo Massa and Hong Zhang
Erasmus University Rotterdam, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 95 (335,634)

Abstract:

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governance, semi-public information, mutual funds, liquidity

57.

Contrarian Hedge Funds and Momentum Mutual Funds

Number of pages: 37 Posted: 15 Mar 2012
Massimo Massa, Andrei Simonov and Shan Yan
INSEAD - Finance, Michigan State University - Eli Broad Graduate School of Management and Michigan State University - The Eli Broad College of Business and The Eli Broad Graduate School of Management
Downloads 267 (141,452)
Citation 1

Abstract:

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Culture vs. Bias: Can Social Trust Mitigate the Disposition Effect?

INSEAD Working Paper No. 2016/86/FIN, Asian Finance Association (AsianFA) 2017 Conference, PBCSF-NIFR Research Paper
Number of pages: 44 Posted: 10 Nov 2016 Last Revised: 29 Oct 2020
Jennifer (Jie) LI, Massimo Massa and Hong Zhang
INSEAD, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 257 (146,407)
Citation 3

Abstract:

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Trust, The Disposition Effect, Mutual Funds

Culture vs. Bias: Can Social Trust Mitigate the Disposition Effect?

CEPR Discussion Paper No. DP11474
Number of pages: 50 Posted: 06 Sep 2016
Jennifer (Jie) LI, Massimo Massa and Hong Zhang
INSEAD, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 3 (790,101)
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Mutual funds, The Disposition Effect, Trust

History Versus Geography: The Role of College Interaction in Portfolio Choice and Stock Market Prices

Number of pages: 48 Posted: 09 Apr 2005
Massimo Massa and Andrei Simonov
INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 238 (157,855)
Citation 10

Abstract:

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Portfolio choice, education, individual investors, herding

History Versus Geography: The Role of College Interaction in Portfolio Choice and Stock Market Prices

Number of pages: 48 Posted: 08 Apr 2005
Massimo Massa and Andrei Simonov
INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 16 (680,652)
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Portfolio choice, social interaction, education, asset pricing

60.

On the Dynamics of Corporate Bond Ownership

Number of pages: 67 Posted: 14 Aug 2014 Last Revised: 09 May 2016
Massimo Massa, Hong Zhang and Weina Zhang
INSEAD - Finance, Tsinghua University - PBC School of Finance and Department of Finance, National University of Singapore
Downloads 251 (150,415)

Abstract:

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corporate bonds; credit risk, institutional ownership; learning

Outsourcing in the International Mutual Fund Industry: An Equilibrium View

Journal of Finance, Forthcoming, Paris December 2011 Finance Meeting EUROFIDAI - AFFI
Number of pages: 85 Posted: 13 Oct 2011 Last Revised: 08 Oct 2014
Oleg Chuprinin, Massimo Massa and David Schumacher
UNSW, INSEAD - Finance and McGill University
Downloads 246 (152,888)
Citation 8

Abstract:

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Mutual Funds, Performance, Outsourcing, International Markets

Happy Losers: Subcontracting in International Asset Management

Posted: 18 Mar 2011 Last Revised: 10 Mar 2014
Oleg Chuprinin, Massimo Massa and David Schumacher
UNSW, INSEAD - Finance and McGill University

Abstract:

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Mutual funds, Performance, Subcontracting, International Markets

62.

The Role of Institutional Investors in Propagating the Crisis of 2007-2008

Journal of Financial Economics (JFE), Vol. 104, No. 3, 2012
Number of pages: 59 Posted: 20 Mar 2013
Alberto Manconi, Massimo Massa and Ayako Yasuda
Bocconi University - Department of Finance, INSEAD - Finance and University of California, Davis - Graduate School of Management
Downloads 214 (175,305)
Citation 1

Abstract:

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crisis transmission, securitized bonds, corporate bonds, liquidity channel

63.

Why Do Parent Companies Guarantee Their Subsidiaries’ Bonds? The Dark Side of Separate Legal Liability

INSEAD Working Paper No. 2016/72/FIN
Number of pages: 49 Posted: 10 Oct 2016 Last Revised: 22 Feb 2019
Michela Altieri, Alberto Manconi and Massimo Massa
LUISS Guido Carli, Bocconi University - Department of Finance and INSEAD - Finance
Downloads 209 (179,305)

Abstract:

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bond returns; bond guarantees; subsidiary firms; financial flexibility

64.

Rights Offerings, Trading, and Regulation: A Global Perspective

INSEAD Working Paper No. 2013/120/FIN
Number of pages: 45 Posted: 17 Oct 2013
Massimo Massa, Theo Vermaelen and Moqi Groen-Xu
INSEAD - Finance, INSEAD - Finance and Queen Mary University of London
Downloads 207 (180,833)
Citation 6

Abstract:

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rights issue, seasoned equity offering, liquidity of rights

65.

The Value of (Stock) Liquidity in the M&A Market

Number of pages: 61 Posted: 18 Mar 2010 Last Revised: 12 Apr 2013
Massimo Massa and Moqi Groen-Xu
INSEAD - Finance and Queen Mary University of London
Downloads 207 (180,833)

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Mergers and Acquisitions, Liquidity, Choice between Private and Public Acquirers

66.

Stock Market Participation and Pension Reform

Number of pages: 28 Posted: 30 Aug 2006
Massimo Massa, Anders Karlsson and Andrei Simonov
INSEAD - Finance, Stockholm University - Department of Corporate Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 203 (184,133)

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Stock market participation, crowding out, pension reform

Short-Sale Constraints and the Pricing of Managerial Skills

INSEAD Working Paper No. 2012/92/FIN
Number of pages: 65 Posted: 07 Aug 2012 Last Revised: 14 Aug 2015
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 200 (186,600)
Citation 2

Abstract:

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Managerial skills, mutual funds, short-sale constraint

Short-Sale Constraints and the Pricing of Managerial Skills

CEPR Discussion Paper No. DP10447
Number of pages: 51 Posted: 02 Mar 2015
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
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Managerial skills, mutual funds, short-sale constraint.

68.

Do Bubbles Have a Birthdate? The Role of College Interaction in Portfolio Choice

Number of pages: 50 Posted: 21 Mar 2005
Massimo Massa and Andrei Simonov
INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 197 (189,307)
Citation 3

Abstract:

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Portfolio choice, education, individual investors, herding

Investor Base and Corporate Borrowing: Evidence from International Bonds

Journal of International Economics, Forthcoming
Number of pages: 42 Posted: 12 Mar 2010 Last Revised: 15 Dec 2013
Massimo Massa and Alminas Zaldokas
INSEAD - Finance and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 149 (241,208)

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international bond issues, international bondownership, investor recognition hypothesis

Investor Base and Corporate Borrowing: Evidence from International Bonds

Number of pages: 17 Posted: 22 Jan 2011 Last Revised: 14 Feb 2014
Massimo Massa and Alminas Zaldokas
INSEAD - Finance and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 46 (494,774)

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International Bond Issues, International Bondownership, Investor Recognition Hypothesis

70.

First to \&Quot;Read\&Quot; the News: New Analytics and Algorithmic Trading

International Finance Discussion Paper No. 1233
Number of pages: 67 Posted: 06 Aug 2018 Last Revised: 29 Apr 2020
Board of Governors of the Federal Reserve System, University of Pennsylvania - Wharton School and INSEAD - Finance
Downloads 193 (192,816)

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71.
Downloads 193 (192,816)
Citation 5

Choices in Equity Finance: A Global Perspective

INSEAD Working Paper No. 2016/22/FIN
Number of pages: 57 Posted: 02 Apr 2016
INSEAD - Finance, Ghent University - Department of Accountancy and Corporate Finance, INSEAD - Finance and Queen Mary University of London
Downloads 193 (192,740)
Citation 7

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Rights Issue, Seasoned Equity Offer, Liquidity of Rights

Choices in Equity Finance a Global Perspective

CEPR Discussion Paper No. DP11987
Number of pages: 61 Posted: 25 Apr 2017
Queen Mary University of London, INSEAD - Finance, Ghent University - Department of Accountancy and Corporate Finance and INSEAD - Finance
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liquidity of rights, rights issue, seasoned equity offer

72.

Supply Uncertainty of the Bond Investor Base and the Leverage of the Firm

Journal of Financial Economics 110, 185–214.
Number of pages: 61 Posted: 06 Mar 2013 Last Revised: 11 Jan 2015
Massimo Massa, Ayako Yasuda and Lei Zhang
INSEAD - Finance, University of California, Davis - Graduate School of Management and City University of Hong Kong
Downloads 189 (196,476)
Citation 2

Abstract:

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institutional investors, corporate bonds, capital supply uncertainty, corporate finance, capital structure, leverage, clientele, investor base

73.

Conglomerate Discount and Financial Constraints: A Novel View to an Old Puzzle

Number of pages: 48 Posted: 10 Mar 2010
Andriy Bodnaruk, Massimo Massa and Lei Zhang
University of Illinois at Chicago, INSEAD - Finance and City University of Hong Kong
Downloads 182 (203,142)

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conglomerate discount, financial constraints, Tobin’s Q

74.

Benchmarking and Currency Risk

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 44 Posted: 15 Mar 2012 Last Revised: 31 Oct 2014
Massimo Massa, Yanbo Wang and Hong Zhang
INSEAD - Finance, Sungkyunkwan University (SKK) Graduate School of Business and Tsinghua University - PBC School of Finance
Downloads 172 (213,288)

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mutual fund, currency risk, portfolio management

75.

Information Transfers among Coowned Firms

AFA 2012 Chicago Meetings Paper
Number of pages: 39 Posted: 20 Mar 2011 Last Revised: 27 Apr 2015
Massimo Massa and Alminas Zaldokas
INSEAD - Finance and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 172 (213,288)

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information disclosure and transfer, blocks, cost of debt, comovement, bad news, market transparency

76.

Why Do Short Sellers Like Qualitative News?

International Finance Discussion Paper No. 1149
Number of pages: 59 Posted: 06 Nov 2015 Last Revised: 03 Dec 2015
Board of Governors of the Federal Reserve System, UNSW and INSEAD - Finance
Downloads 151 (237,974)
Citation 1

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77.

Biased Shorts: Short Sellers’ Disposition Effect and Limits to Arbitrage

International Finance Discussion Paper No. 1147
Number of pages: 54 Posted: 04 Nov 2015 Last Revised: 09 Nov 2015
Bastian von Beschwitz and Massimo Massa
Board of Governors of the Federal Reserve System and INSEAD - Finance
Downloads 148 (241,964)

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Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change

Number of pages: 49 Posted: 16 Mar 2006 Last Revised: 17 Mar 2009
Harald Hau, Massimo Massa and Joel Peress
University of Geneva - Geneva Finance Research Institute (GFRI), INSEAD - Finance and INSEAD - Finance
Downloads 131 (267,322)
Citation 18

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Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change

Number of pages: 33 Posted: 13 May 2005
Harald Hau, Massimo Massa and Joel Peress
University of Geneva - Geneva Finance Research Institute (GFRI), INSEAD - Finance and INSEAD - Finance
Downloads 17 (672,775)
Citation 2
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Event study, exchange rates, global equity index funds, limits of arbitrage

79.

Do Small Shareholders Count?

Number of pages: 48 Posted: 15 Jun 2010
Eugene Kandel, Massimo Massa and Andrei Simonov
Hebrew University of Jerusalem - Department of Economics, INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 145 (246,052)
Citation 5

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shareholder heterogeneity, firm value, corporate finance, and managerial decision making

80.

Foreign Sentiment

Baruch College Zicklin School of Business Research Paper No. 2020-01-01
Number of pages: 94 Posted: 23 Dec 2019 Last Revised: 11 Jun 2021
Azi Ben-Rephael, Xi Dong, Massimo Massa and Changyun Zhou
Rutgers Business School - Rutgers University, City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance, INSEAD - Finance and Baruch College / City University of New York
Downloads 141 (251,629)

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sentiment, foreign sentiment, news, flow shifts, international markets

81.

To Lend or Not to Lend: The Effect of Equity Lenders’ Preferences on the Shorting Market and Asset Prices

FIRN Research Paper, Forthcoming, INSEAD Working Paper No. 2013/10/FIN
Number of pages: 40 Posted: 06 Dec 2012 Last Revised: 21 Jan 2013
Oleg Chuprinin and Massimo Massa
UNSW and INSEAD - Finance
Downloads 139 (254,524)
Citation 3

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short-sale constraints, institutional investors, stock overvaluation

82.

Catering with Multiple Maturities

Number of pages: 49 Posted: 16 Mar 2010 Last Revised: 26 Oct 2015
Nishant Dass and Massimo Massa
Georgia Institute of Technology - Scheller College of Business and INSEAD - Finance
Downloads 128 (270,996)

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Bonds, Catering, Debt Maturity Structure, Bond Yields and Spreads, Financial Institutions

83.

Stocks, Bonds and Debt Imbalance: The Role of Relative Availability of Bond and Bank Financing

Number of pages: 63 Posted: 15 Jan 2009
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 125 (275,892)

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84.

Information Barriers in Global Markets: Evidence from International Subcontracting Relationships

INSEAD Working Paper No. 2015/56/FIN
Number of pages: 81 Posted: 20 Jul 2015 Last Revised: 16 Feb 2019
Massimo Massa and David Schumacher
INSEAD - Finance and McGill University
Downloads 123 (279,202)

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Mutual funds, Outsourcing, International Markets, Information Barriers

85.

The Role of Relative Availability of Bond and Bank Financing: A Measure of Debt Inflexibility

Number of pages: 49 Posted: 10 Mar 2010
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 120 (284,361)

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debt inflexibility, capital structure, external financing, cash flow sensitivity, dividend payout

Are LPs Funds of Funds? Relationship Building in the Private Equity Industry

INSEAD Working Paper No. 2014/57/FIN
Number of pages: 45 Posted: 25 Oct 2014
Massimo Massa, Hong Zhang and Xiaolan Zhou
INSEAD - Finance, Tsinghua University - PBC School of Finance and Shanghai University of Finance and Economics - School of Economics
Downloads 105 (313,975)

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Private Equity, Relationship, Performance

Are LPs Funds of Funds? Relationship Building in the Private Equity Industry

CEPR Discussion Paper No. DP10448
Number of pages: 44 Posted: 02 Mar 2015
Massimo Massa, Hong Zhang and Xiaolan Zhou
INSEAD - Finance, Tsinghua University - PBC School of Finance and Shanghai University of Finance and Economics - School of Economics
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Performance, Private Equity, Relationship

87.

Catering Through Globalization: Cross-border Expansion and Misallocation in the Global Mutual Fund Industry

PBCSF-NIFR Research Paper
Number of pages: 97 Posted: 25 Apr 2018 Last Revised: 29 Oct 2020
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 93 (337,643)

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Globalization, Cross-Border Capital Flows, Mutual Funds, Skills, Market Efficiency

88.

Securities Lending and Corporate Financing: Evidence from Bond Issuance

Georgetown McDonough School of Business Research Paper No. 3695947, PBCSF-NIFR Research Paper
Number of pages: 36 Posted: 02 Oct 2020
Jennie Bai, Massimo Massa and Hong Zhang
Georgetown University - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 87 (351,977)

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securities lending, institutional investors, cost of capital, bond issuance, bond pricing

89.

Fire-sales and Information Advantage: When Bank-Affiliation Helps

Number of pages: 46 Posted: 02 Jul 2012 Last Revised: 30 Nov 2012
Lei Zhang and Massimo Massa
City University of Hong Kong and INSEAD - Finance
Downloads 81 (367,495)

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fire sales, crisis, bank-affiliation, foreign ownership, liquidity

90.

Credit Advantage and Firm Structure: The Benefits of a Separate Corporate Veil

Number of pages: 34 Posted: 15 Mar 2011 Last Revised: 14 Mar 2012
Andriy Bodnaruk, Massimo Massa and Lei Zhang
University of Illinois at Chicago, INSEAD - Finance and City University of Hong Kong
Downloads 81 (367,495)

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separate legal liability, subsidiary based firm, credit advantage, agglomeration, M&As

91.

The Bright Side of Financial Fragility

Number of pages: 64 Posted: 08 Jan 2021
Massimo Massa, David Schumacher and Yan Wang
INSEAD - Finance, McGill University and McMaster University
Downloads 78 (375,588)

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Financial Fragility, Liquidity, Share Repurchases, Corporate Investment.

92.

The Boundaries of Law: Can US Private Enforcement Discipline Foreign Firms?

PBCSF-NIFR Research Paper
Number of pages: 49 Posted: 07 Apr 2020 Last Revised: 29 Oct 2020
Massimo Massa, Xiaoqiao Wang, Bohui Zhang and Hong Zhang
INSEAD - Finance, The Chinese University of Hong Kong, Shenzhen, The Chinese University of Hong Kong, Shenzhen and Tsinghua University - PBC School of Finance
Downloads 72 (392,843)

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Lawsuits; Governance; Valuation; Corporate Financial Policy

93.

Political Affinity and Mutual Fund Voting Schizophrenia

Number of pages: 52 Posted: 19 Jan 2021 Last Revised: 27 Jan 2021
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 71 (395,841)

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ideology, political affinity, mutual fund voting, contentious proposals, voting divergence

94.

Trading on Fluffy News: The Effect of Information Tangibility on Short Sellers’ Behavior

Number of pages: 42 Posted: 18 Mar 2012 Last Revised: 27 May 2013
Board of Governors of the Federal Reserve System, UNSW and INSEAD - Finance
Downloads 71 (395,841)
Citation 2

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Short selling, Information, Liquidity

95.

Is Hard and Soft Information Substitutable? Evidence from Lockdown

Georgetown McDonough School of Business Research Paper No. 3843782, 2021/29/FIN
Number of pages: 43 Posted: 11 May 2021 Last Revised: 28 May 2021
Jennie Bai and Massimo Massa
Georgetown University - Department of Finance and INSEAD - Finance
Downloads 67 (408,376)

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mutual funds; soft information; COVID-19; proximity investing

96.

Industry Concentration and Foreign Investment

Number of pages: 52 Posted: 02 Nov 2013
Andriy Bodnaruk and Massimo Massa
University of Illinois at Chicago and INSEAD - Finance
Downloads 66 (411,623)

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home bias, industry concentration, foreign portfolio investment

Tax Evasion and Managerial Incentives: Evidence from the FATCA and Offshore Mutual Funds

PBCSF-NIFR Research Paper
Number of pages: 67 Posted: 31 Aug 2020 Last Revised: 28 Jun 2021
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 65 (420,229)

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tax evasion; FATCA; mutual funds; managerial incentives; market efficiency

Tax Evasion and Market Efficiency: Evidence from the FACTA and Offshore Mutual Funds

CEPR Discussion Paper No. DP15747
Number of pages: 46 Posted: 11 Feb 2021
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
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Disposition Matters: Volume, Volatility and Price Impact of a Behavioral Bias

NBER Working Paper No. w9499
Number of pages: 38 Posted: 18 Feb 2003 Last Revised: 17 Jun 2021
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
Downloads 64 (423,666)
Citation 4

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Disposition Matters: Volume, Volatility and Price Impact of a Behavioral Bias

Yale ICF Working Paper No. 03-01, https://doi.org/10.3905/jpm.2008.701622
Posted: 21 May 2019
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance

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Bank Credit Tightening, Debt Market Frictions and Corporate Yield Spreads

Number of pages: 53 Posted: 05 Sep 2014
Massimo Massa and Lei Zhang
INSEAD - Finance and City University of Hong Kong
Downloads 60 (438,089)

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bank credit tightening, debt inflexibility, lending standards, bond yield spreads, debt and equity correlation

Bank Credit Tightening, Debt Market Frictions and Corporate Yield Spreads

CEPR Discussion Paper No. DP10537
Number of pages: 56 Posted: 13 Apr 2015
Massimo Massa and Lei Zhang
INSEAD - Finance and Antai College of Economics and Management, Shanghai Jiao Tong University
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bank credit tightening, bond yield spreads, debt and equity correlation, debt inflexibility, lending standards

100.

Dispersion of Opinion and Stock Returns

Number of pages: 41 Posted: 08 Apr 2005
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
Downloads 55 (450,013)
Citation 5
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Dispersion of opinion, asset prices, volatility

Financial Globalization vs. Income Inequality: The Surprising Role of Delegated Portfolio Flows in Taming the Top 1%

PBCSF-NIFR Research Paper
Number of pages: 61 Posted: 31 Aug 2020 Last Revised: 02 Aug 2021
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 46 (494,774)

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Financial Globalization, Income Inequality, Delegated Portfolio Management, Mutual Funds

Financial Globalization vs. Income Inequality: The Surprising Role of Delegated Portfolio Flows in Taming the Top 1%

CEPR Discussion Paper No. DP15745
Number of pages: 54 Posted: 11 Feb 2021
Si Cheng, Massimo Massa and Hong Zhang
Chinese University of Hong Kong - Department of Finance, INSEAD - Finance and Tsinghua University - PBC School of Finance
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102.

Dynamic Excess Autocorrelation and Mutual Fund Performance

AFA 2014 Philadelphia Meetings Paper
Number of pages: 86 Posted: 13 Mar 2013 Last Revised: 31 Mar 2020
Xi Dong and Massimo Massa
City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance and INSEAD - Finance
Downloads 46 (485,688)
Citation 5

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Mutual Fund Performance, Serial Correlation, Informed Traders

Hedging, Familiarity and Portfolio Choice

Number of pages: 55 Posted: 29 Mar 2005
Massimo Massa and Andrei Simonov
INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 43 (508,845)
Citation 34
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Asset pricing, portfolio decision, hedging

Hedging, Familiarity and Portfolio Choice

The Review of Financial Studies, Vol. 19, Issue 2, pp. 633-685, 2006
Posted: 29 Feb 2008
Massimo Massa and Andrei Simonov
INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management

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104.

Idiosyncratic Volatility and Product Market Competition

Number of pages: 29 Posted: 08 Apr 2005
Jose-Miguel Gaspar and Massimo Massa
ESSEC Business School and INSEAD - Finance
Downloads 42 (503,347)
Citation 13
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Idiosyncratic volatility, competition, market powers, uncertainty

105.

Informed Trading and Co-Illiquidity

Number of pages: 61 Posted: 19 Apr 2021
INSEAD - Finance, York University, Schulich School of Business and Copenhagen Business School
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Short-sales constraints, liquidity, commonality, informed trading

106.

Portfolio Diversification, Proximity Investment and City Agglomeration

Number of pages: 47 Posted: 08 Mar 2005
INSEAD - Finance, Yale School of Management - International Center for Finance and Michigan State University - Eli Broad Graduate School of Management
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Portfolio choice, under-diversification, proximity investment, professional specialization, city agglomeration

107.

Monetary Policy Uncertainty and the Stock Market

Number of pages: 48 Posted: 13 Apr 2005
Massimo Massa and Alberto Locarno
INSEAD - Finance and Bank of Italy
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Monetary policy uncertainty, asset pricing, learning risk, risk factors

108.

Shareholder Diversification and Ipos

Number of pages: 43 Posted: 13 Apr 2005
University of Illinois at Chicago, INSEAD - Finance, Hebrew University of Jerusalem - Department of Economics and Michigan State University - Eli Broad Graduate School of Management
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IPO, diversification, underpricing

109.

Disposition Matters: Volume, Volatility and Price Impact of Behavioral Bias

Number of pages: 51 Posted: 08 Apr 2005
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
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Disposition effect, asset prices, volatility

110.

Mutual Fund Competition and Stock Market Liquidity

Number of pages: 55 Posted: 08 Mar 2005
Massimo Massa
INSEAD - Finance
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Mutual funds, stock liquidity, financial intermediation

International Asset Pricing with Strategic Business Groups

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 60 Posted: 15 Jul 2021
Massimo Massa, James O'Donovan and Hong Zhang
INSEAD - Finance, City University of Hong Kong (CityUHK) and Tsinghua University - PBC School of Finance
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International Asset Pricing, Business groups, Centrality, Co-movement.

International Asset Pricing with Strategic Business Groups

CEPR Discussion Paper No. DP15746
Number of pages: 53 Posted: 11 Feb 2021 Last Revised: 15 Mar 2021
Massimo Massa, James O'Donovan and Hong Zhang
INSEAD - Finance, City University of Hong Kong (CityUHK) and Tsinghua University - PBC School of Finance
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112.

Local Ownership as Private Information: Evidence on the Monitoring-Liquidity Trade-Off

Number of pages: 50 Posted: 08 Mar 2005
Massimo Massa and Jose-Miguel Gaspar
INSEAD - Finance and ESSEC Business School
Downloads 24 (601,467)
Citation 6
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Local ownership, corporate governance, liquidity, monitoring, mutual funds, private ownership

113.

Mergers and Acquisitions and the Value of Control

CEPR Discussion Paper No. DP11986
Number of pages: 49 Posted: 25 Apr 2017
Gur Aminadav, Massimo Massa, Hong Zhang and Weikang Zhu
London Business School, INSEAD - Finance, Tsinghua University - PBC School of Finance and PBC School of Finance
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bargaining power, Business Groups, M&As, value of control

114.

When is Good News Not Good News? Opening Up the Black Box of Innovation for Family Firms

CEPR Discussion Paper No. DP11472
Number of pages: 66 Posted: 06 Sep 2016
Po-Hsuan Hsu, Sterling Huang, Massimo Massa and Hong Zhang
National Tsing Hua University - Department of Quantitative Finance, Singapore Management University - School of Accountancy, INSEAD - Finance and Tsinghua University - PBC School of Finance
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family firms, innovation, innovation strategies, under-diversification

115.

Fire Sales and Information Advantage: When Informed Investor Helps

CEPR Discussion Paper No. DP10536
Number of pages: 50 Posted: 13 Apr 2015
Massimo Massa and Lei Zhang
INSEAD - Finance and Antai College of Economics and Management, Shanghai Jiao Tong University
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bank-affiliation, fire sales, global asset managers, international crisis, international liquidity., transmission

116.

Does Corporate Hedging Attract Foreign Institutional Investors? Evidence from International Firms

Journal of International Business Studies, Vol. 49, Issue 5, 2018
Number of pages: 28 Posted: 13 Jun 2018
Massimo Massa and Lei Zhang
INSEAD - Finance and The University of Hong Kong - School of Economics and Finance
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Citation 4
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hedging, foreign exchange hedging, interest rate hedging, foreign ownership, international institutional investors

117.

Adjusting to the Information Environment: News Tangibility and Mutual Fund Performance

CEPR Discussion Paper No. DP11473
Number of pages: 46 Posted: 06 Sep 2016
Oleg Chuprinin, Sérgio Gaspar and Massimo Massa
UNSW, Independent and INSEAD - Finance
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Citation 2
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118.

First to 'Read' the News: News Analytics and Institutional Trading

CEPR Discussion Paper No. DP10534
Number of pages: 67 Posted: 13 Apr 2015
Board of Governors of the Federal Reserve System, University of Pennsylvania - Wharton School and INSEAD - Finance
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Information, Institutional Trading, Stock Price Reaction, Textual Analysis

119.

Insider Trading in the Bond Market: Evidence from Loan Sale Events

CEPR Discussion Paper No. DP10446
Number of pages: 52 Posted: 02 Mar 2015
Massimo Massa and Daniel Schmidt
INSEAD - Finance and HEC Paris - Finance Department
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Corporate Bonds, Information Asymmetry, Loan Trading

120.

Is Hard and Soft Information Substitutable? Evidence from the Lockdowns

CEPR Discussion Paper No. DP15744
Number of pages: 35 Posted: 11 Feb 2021
Jennie Bai and Massimo Massa
Georgetown University - Department of Finance and INSEAD - Finance
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121.

Biased Shorts: Stock Market Implications of Short Sellers' Disposition Effect

CEPR Discussion Paper No. DP10535
Number of pages: 34 Posted: 13 Apr 2015
Massimo Massa and Bastian von Beschwitz
INSEAD - Finance and Board of Governors of the Federal Reserve System
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Behavioral Finance, Disposition effect, Short selling

122.

Subcontracting in International Asset Management: New Evidence on Market Integration

CEPR Discussion Paper No. DP10465
Number of pages: 53 Posted: 09 Mar 2015
Massimo Massa and David Schumacher
INSEAD - Finance and McGill University
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International Markets, Market Integration, Mutual funds, Outsourcing

123.

The New Lyrics of the Old Folks: The Role of Family Ownership in Corporate Innovation

CEPR Discussion Paper No. DP10445
Number of pages: 72 Posted: 02 Mar 2015
Po-Hsuan Hsu, Sterling Huang, Massimo Massa and Hong Zhang
National Tsing Hua University - Department of Quantitative Finance, Singapore Management University - School of Accountancy, INSEAD - Finance and Tsinghua University - PBC School of Finance
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Family firms, innovation, intangible investment

124.

The Advantage of Multiple Maturity Borrowing

Posted: 01 Aug 2009
Nishant Dass and Massimo Massa
Georgia Institute of Technology - Scheller College of Business and INSEAD - Finance

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125.

Modigliani and Miller Meet Chandler: Organizational Complexity, Capital Structure, and Firm Value

Posted: 15 Mar 2009 Last Revised: 07 Oct 2011
Alberto Manconi and Massimo Massa
Bocconi University - Department of Finance and INSEAD - Finance

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Organizational structure, Capital structure, Pecking order

126.

A Servant to Many Masters: Competing Shareholder Preferences and Limits to Catering

EFA 2009 Bergen Meetings Paper, AFA 2010 Atlanta Meetings Paper
Posted: 17 Mar 2008 Last Revised: 09 Oct 2011
Massimo Massa and Alberto Manconi
INSEAD - Finance and Bocconi University - Department of Finance

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Payout policy, mutual funds, catering

127.

Behavioral Biases and Portfolio Choice

Posted: 26 Jul 2003
Massimo Massa and Andrei Simonov
INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management

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Behavioral finance, portfolio investment, loss aversion, familiarity bias, information

Other Papers (1)

Total Downloads: 72
1.

Shareholder Diversification and the Decision to Go Public

Number of pages: 47 Posted: 22 Mar 2005
University of Illinois at Chicago, INSEAD - Finance, Hebrew University of Jerusalem - Department of Economics and Michigan State University - Eli Broad Graduate School of Management
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IPO, diversification, underpricing