Massimo Massa

INSEAD - Finance

Professor of Finance

Boulevard de Constance

F-77305 Fontainebleau Cedex

France

SCHOLARLY PAPERS

111

DOWNLOADS
Rank 225

SSRN RANKINGS

Top 225

in Total Papers Downloads

49,215

CITATIONS
Rank 534

SSRN RANKINGS

Top 534

in Total Papers Citations

912

Scholarly Papers (111)

1.

Behavioral Factors in Mutual Fund Flows

Yale ICF Working Paper No. 00-14
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 6,284 (686)
Citation 35

Abstract:

Daily Momentum And Contrarian Behavior Of Index Fund Investors

AFA 2001 New Orleans; EFA 0088; Yale ICF & Yale SOM Working Paper No. ICF - 99-13
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 2,625 (3,392)
Citation 55

Abstract:

Daily Momentum and Contrarian Behavior of Index Fund Investors

NBER Working Paper No. w7567
Number of pages: 49 Posted: 09 Jul 2000
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
Downloads 88 (243,076)
Citation 55

Abstract:

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 2,659 (3,317)
Citation 22

Abstract:

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 (553,797)
Citation 22

Abstract:

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

Abstract:

G23, G32, G34

4.

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 2,647 (3,143)
Citation 19

Abstract:

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

5.
Downloads 2,590 ( 3,546)
Citation 64

Index Funds and Stock Market Growth

Yale School of Management IFC Working Paper
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 2,528 (3,614)
Citation 64

Abstract:

Index Funds and Stock Market Growth

NBER Working Paper No. w7033
Number of pages: 50 Posted: 11 Sep 2000
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
Downloads 62 (298,623)
Citation 64

Abstract:

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

Yale ICF Working Paper No. 03-01
Number of pages: 38 Posted: 25 Feb 2003
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
Downloads 1,676 (7,405)
Citation 15

Abstract:

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

NBER Working Paper No. w9499
Number of pages: 38 Posted: 18 Feb 2003
Massimo Massa and William N. Goetzmann
INSEAD - Finance and Yale School of Management - International Center for Finance
Downloads 50 (332,402)
Citation 15

Abstract:

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 1,515 (8,707)
Citation 22

Abstract:

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:

8.
Downloads 1,277 ( 11,739)

Who Is Afraid of BlackRock?

INSEAD Working Paper No. 2015/60/FIN
Number of pages: 74 Posted: 09 Aug 2015 Last Revised: 29 May 2016
Massimo Massa, David Schumacher and Yan Wang
INSEAD - Finance, McGill University and Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM)
Downloads 1,276 (11,506)

Abstract:

Strategic Interactions, Asset Management Merger, Liquidity, Limits to Arbitrage

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 Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM)
Downloads 1 (572,403)

Abstract:

Asset Management Merger, Limits to Arbitrage, liquidity, Strategic Interactions

9.

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

Yale ICF Working Paper No. 00-55
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 1,262 (11,777)
Citation 3

Abstract:

Learning, Asset Pricing, Market Confidence, Behavioral Finance

10.

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 1,146 (13,641)
Citation 1

Abstract:

11.

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

EFA 2001 Barcelona Meetings
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 1,076 (15,143)
Citation 15

Abstract:

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 P. Matos
INSEAD - Finance, Nova School of Business and Economics and University of Virginia - Darden School of Business
Downloads 841 (21,772)
Citation 30

Abstract:

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 P. Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 196 (127,859)
Citation 30

Abstract:

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 P. Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business

Abstract:

G15, G23, G34

13.
Downloads 842 ( 22,100)
Citation 12

Mutual Funds and the Market for Liquidity

EFA 2005 Moscow Meetings Paper
Number of pages: 47 Posted: 09 Apr 2005
Ludovic Phalippou and Massimo Massa
University of Oxford - Said Business School and INSEAD - Finance
Downloads 814 (22,850)
Citation 12

Abstract:

Mutual funds, liquidity

Mutual Funds and the Market for Liquidity

CEPR Discussion Paper No. 4818
Number of pages: 46 Posted: 08 Apr 2005
Ludovic Phalippou and Massimo Massa
University of Oxford - Said Business School and INSEAD - Finance
Downloads 28 (415,294)
Citation 12

Abstract:

Mutual funds, liquidity

14.

Shareholder Investment Horizons and the Market for Corporate Control

Journal of Financial Economics, Forthcoming
Number of pages: 33 Posted: 27 Aug 2004
Jose-Miguel Gaspar, Massimo Massa and Pedro P. Matos
ESSEC Business School, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 802 (16,711)
Citation 98

Abstract:

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

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 664 (30,980)

Abstract:

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

16.

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

Yale ICF Working Paper No. 00-28
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 630 (32,396)
Citation 1

Abstract:

Index Funds, Heterogeneity of Beliefs, Learning

17.

Is Learning a Dimension of Risk?

EFA 2002 Berlin Meetings Presented Paper
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 611 (33,971)
Citation 7

Abstract:

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

18.

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, University of New South Wales (UNSW) - School of Banking and Finance and Tsinghua University - PBC School of Finance
Downloads 599 (19,906)

Abstract:

short-selling, earning manipulation, international finance, governance

19.

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 Nanyang Technological University (NTU)
Downloads 599 (33,011)

Abstract:

organizational structure, hierarchy, proximity investment, herding, performance

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

AFA 2005 Philadelphia Meetings; EFA 2004 Maastricht Meetings Paper No. 4238
Number of pages: 39 Posted: 18 Jun 2004
Jose-Miguel Gaspar, Massimo Massa and Pedro P. Matos
ESSEC Business School, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 548 (39,435)
Citation 91

Abstract:

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

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

CEPR Discussion Paper No. 4788
Number of pages: 42 Posted: 29 Mar 2005
Jose-Miguel Gaspar, Massimo Massa and Pedro P. Matos
ESSEC Business School, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 25 (430,883)
Citation 91

Abstract:

IPO, mutual funds

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

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

Abstract:

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 438 (52,418)
Citation 20

Abstract:

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 105 (215,484)
Citation 20

Abstract:

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
Alberto Manconi, Massimo Massa and Ayako Yasuda
Bocconi University - Department of Finance, INSEAD - Finance and University of California, Davis - Graduate School of Management
Downloads 27 (420,275)
Citation 20

Abstract:

Shareholder Diversification and the Decision to Go Public

EFA 2005 Moscow Meetings Paper
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 565 (37,879)
Citation 11

Abstract:

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

Abstract:

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

Abstract:

G120, G140, G240, G320

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 564 (37,963)
Citation 19

Abstract:

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

Abstract:

G23, G30, G32

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

INSEAD Working Paper No. 2013/39/FIN
Number of pages: 63 Posted: 26 Feb 2013 Last Revised: 06 Apr 2016
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 515 (42,750)

Abstract:

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 (572,403)

Abstract:

banks, Distress, ETFs, shadow banking, Subsidization

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 Nanyang Technological University (NTU)
Downloads 304 (80,721)
Citation 7

Abstract:

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 Nanyang Technological University (NTU)
Downloads 201 (124,809)
Citation 7

Abstract:

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 469 (48,133)
Citation 6

Abstract:

Can Buybacks be a Product of Shorter Shareholder Horizons?

CEPR Discussion Paper No. 4813
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 (410,584)
Citation 6

Abstract:

Payout policy, repurchases, institutional investors, investment horizon, short-termism, shareholder heterogeneity, investor catering

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 480 (46,730)

Abstract:

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

Abstract:

short-selling

28.
Downloads 453 ( 50,830)
Citation 1

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 P. Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 415 (56,034)
Citation 1

Abstract:

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 P. Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 37 (376,622)
Citation 1

Abstract:

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 P. Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 1 (572,403)
Citation 1

Abstract:

Fund flows, Limits to Arbitrage, Mutual funds, Performance, Risk Taking

29.

Mimicking Repurchases

EFA 2005 Moscow Meetings Paper
Number of pages: 50 Posted: 26 Feb 2005
Massimo Massa, Zahid Rehman and Theo Vermaelen
INSEAD - Finance, BlackRock and INSEAD - Finance
Downloads 445 (49,883)
Citation 20

Abstract:

Payout policy, repurchases, product market competition, signaling

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 414 (56,202)

Abstract:

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
Downloads 0

Abstract:

Blogs, Competition, Information provision, Social media

31.

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

AFA 2002 Atlanta Meetings
Number of pages: 66 Posted: 18 Dec 2001
Massimo Massa and Francesco Drudi
INSEAD - Finance and European Central Bank (ECB)
Downloads 414 (54,950)
Citation 2

Abstract:

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

32.

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 406 (55,102)
Citation 1

Abstract:

alliances, corporate governance, abnormal return and profitability

33.

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 P. Matos
Nova School of Business and Economics, INSEAD - Finance and University of Virginia - Darden School of Business
Downloads 403 (48,808)
Citation 7

Abstract:

Payout policy, Institutional investors, Dividend clienteles, Transaction costs

34.
Downloads 396 ( 59,918)
Citation 4

Portfolio Diversification and City Agglomeration

Yale ICF Working Paper No. 04-18; AFA 2004 San Diego Meetings
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 350 (68,684)
Citation 4

Abstract:

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
INSEAD - Finance, Yale School of Management - International Center for Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 46 (344,900)
Citation 4

Abstract:

35.

Price Manipulation in Parallel Markets with Different Transparency

Number of pages: 66 Posted: 20 Mar 2002
Massimo Massa
INSEAD - Finance
Downloads 378 (62,564)

Abstract:

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

36.

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 368 (60,108)
Citation 10

Abstract:

Portfolio choice, home bias, style investing

37.

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 319 (73,714)
Citation 26

Abstract:

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

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 University of New South Wales (UNSW) - School of Banking and Finance
Downloads 166 (149,054)

Abstract:

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
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), University of New South Wales (UNSW) - School of Banking and Finance and Tsinghua University - PBC School of Finance
Downloads 130 (183,229)

Abstract:

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

39.
Downloads 296 ( 83,745)
Citation 13

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 275 (90,479)
Citation 13

Abstract:

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

Limits of Arbitrage and Corporate Financial Policy

CEPR Discussion Paper No. 4829
Number of pages: 48 Posted: 13 Apr 2005
Massimo Massa, Urs Peyer and Zhenxu Tong
INSEAD - Finance, INSEAD - Finance and INSEAD - Finance
Downloads 21 (453,593)
Citation 13

Abstract:

Corporate financial policies, limits of arbitrage, market timing

40.

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, University of New South Wales (UNSW) - School of Banking and Finance and Tsinghua University - PBC School of Finance
Downloads 269 (58,454)

Abstract:

short selling, international finance, corporate governance, equity incentives

41.

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 266 (91,711)

Abstract:

Executive Compensation, Corporate Governance

42.

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 Nanyang Technological University (NTU)
Downloads 265 (88,480)
Citation 7

Abstract:

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

43.

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 259 (90,611)

Abstract:

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

44.

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 Nanyang Technological University (NTU)
Downloads 244 (74,220)

Abstract:

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

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 Nanyang Technological University (NTU)
Downloads 127 (186,677)

Abstract:

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
Nanyang Technological University (NTU) and INSEAD - Finance
Downloads 115 (201,504)

Abstract:

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 153 (160,089)

Abstract:

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 78 (262,190)

Abstract:

governance, semi-public information, mutual funds, liquidity

47.

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 229 (98,568)
Citation 35

Abstract:

Conflict of interest, mutual funds, banks

48.

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
Nanyang Technological University (NTU) and INSEAD - Finance
Downloads 225 (111,578)

Abstract:

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

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

EFA 2005 Moscow Meetings Paper
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 208 (120,743)
Citation 3

Abstract:

Portfolio choice, education, individual investors, herding

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

CEPR Discussion Paper No. 4815
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 (482,546)
Citation 3

Abstract:

Portfolio choice, social interaction, education, asset pricing

50.

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 220 (81,834)

Abstract:

Short selling, Disposition effect, Behavioral Finance

51.

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 210 (106,879)

Abstract:

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
University of New South Wales (UNSW), INSEAD - Finance and McGill University
Downloads 200 (125,445)
Citation 1

Abstract:

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
University of New South Wales (UNSW), INSEAD - Finance and McGill University

Abstract:

Mutual funds, Performance, Subcontracting, International Markets

53.

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 193 (59,390)

Abstract:

Short Selling, Insider Trading, Informed Trader, Market Efficiency

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

INSEAD Working Paper No. 2014/38/FIN, Paris December 2015 Finance Meeting EUROFIDAI - AFFI, Finance Down Under 2016 Building on the Best from the Cellars of Finance
Number of pages: 57 Posted: 09 Apr 2014 Last Revised: 03 Oct 2015
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 185 (135,090)

Abstract:

collusion, leniency laws, firm boundaries, M&A

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 1 (572,403)

Abstract:

cartels, Collusion, firm boundaries, leniency laws, M&A

55.

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 179 (133,093)
Citation 2

Abstract:

Portfolio choice, education, individual investors, herding

56.

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 178 (131,822)
Citation 2

Abstract:

Stock market participation, crowding out, pension reform

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 Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 173 (143,629)

Abstract:

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)
Downloads 0

Abstract:

International Investments, Mutual Funds, Performance, Trust

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

INSEAD Working Paper No. 2017/17/FIN
Number of pages: 56 Posted: 30 May 2016 Last Revised: 15 Feb 2017
Zhe Li, Massimo Massa, Nianhang Xu and Hong Zhang
Renmin University of China, INSEAD - Finance, School of Business, Renmin University of China and Tsinghua University - PBC School of Finance
Downloads 167 (149,054)

Abstract:

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
Renmin University of China, INSEAD - Finance, School of Business, Renmin University of China and Tsinghua University - PBC School of Finance
Downloads 0

Abstract:

Alcohol, Culture, Earnings management, Geographic shocks

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

INSEAD Working Paper No. 2016/86/FIN, Asian Finance Association (AsianFA) 2017 Conference
Number of pages: 44 Posted: 10 Nov 2016 Last Revised: 24 Jan 2017
Jennifer (Jie) LI, Massimo Massa and Hong Zhang
INSEAD, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 163 (151,498)

Abstract:

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 (553,797)

Abstract:

Mutual funds, The Disposition Effect, Trust

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 163 (151,498)

Abstract:

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
Downloads 0

Abstract:

Managerial skills, mutual funds, short-sale constraint.

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 123 (191,408)

Abstract:

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 38 (372,820)

Abstract:

International Bond Issues, International Bondownership, Investor Recognition Hypothesis

62.

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 Nanyang Technological University (NTU)
Downloads 150 (153,005)

Abstract:

conglomerate discount, financial constraints, Tobin’s Q

63.

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 Nanyang Technological University (NTU)
Downloads 132 (180,449)
Citation 7

Abstract:

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

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, INSEAD - Finance and INSEAD - Finance
Downloads 113 (204,145)
Citation 8

Abstract:

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

CEPR Discussion Paper No. 4862
Number of pages: 33 Posted: 13 May 2005
Harald Hau, Massimo Massa and Joel Peress
University of Geneva - Geneva Finance Research Institute, INSEAD - Finance and INSEAD - Finance
Downloads 17 (476,880)
Citation 8

Abstract:

Event study, exchange rates, global equity index funds, limits of arbitrage

65.

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 119 (183,784)
Citation 1

Abstract:

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

66.

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 Nanyang Technological University (NTU)
Downloads 119 (195,593)
Citation 2

Abstract:

67.

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 London School of Economics & Political Science (LSE)
Downloads 116 (150,565)

Abstract:

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

68.

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 and Tsinghua University - PBC School of Finance
Downloads 109 (170,233)

Abstract:

mutual fund, currency risk, portfolio management

69.

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 105 (201,953)

Abstract:

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

70.

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 Nanyang Technological University (NTU)
Downloads 99 (210,001)
Citation 2

Abstract:

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

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-Universiteit Gent - Department of Accountancy and Corporate Finance, INSEAD - Finance and London School of Economics & Political Science (LSE)
Downloads 95 (231,149)

Abstract:

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
London School of Economics & Political Science (LSE), INSEAD - Finance, Ghent University-Universiteit Gent - Department of Accountancy and Corporate Finance and INSEAD - Finance
Downloads 0

Abstract:

liquidity of rights, rights issue, seasoned equity offer

72.

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 London School of Economics & Political Science (LSE)
Downloads 93 (165,443)

Abstract:

rights issue, seasoned equity offering, liquidity of rights

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 89 (241,324)

Abstract:

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
Downloads 0

Abstract:

Performance, Private Equity, Relationship

74.

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
University of New South Wales (UNSW) and INSEAD - Finance
Downloads 89 (199,334)

Abstract:

short-sale constraints, institutional investors, stock overvaluation

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 83 (191,874)

Abstract:

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

76.

Excess Autocorrelation and Mutual Fund Performance

AFA 2014 Philadelphia Meetings Paper
Number of pages: 41 Posted: 13 Mar 2013 Last Revised: 15 Jan 2017
Xi Dong and Massimo Massa
CUNY Baruch College and INSEAD - Finance
Downloads 81 (215,829)
Citation 1

Abstract:

Autocorrelation, Mutual Fund Performance, Alpha, Skill

77.

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 79 (193,125)
Citation 19

Abstract:

crisis transmission, securitized bonds, corporate bonds, liquidity channel

78.

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 67 (152,225)

Abstract:

corporate bonds; credit risk, institutional ownership; learning

79.

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
Nanyang Technological University (NTU) and INSEAD - Finance
Downloads 67 (283,222)

Abstract:

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

80.

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 Nanyang Technological University (NTU)
Downloads 67 (274,307)

Abstract:

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

81.

Dispersion of Opinion and Stock Returns

CEPR Discussion Paper No. 4819
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 (312,837)
Citation 12

Abstract:

Dispersion of opinion, asset prices, volatility

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 Nanyang Technological University (NTU)
Downloads 43 (354,988)

Abstract:

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
Downloads 0

Abstract:

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

83.
Downloads 43 (348,465)
Citation 94

Hedging, Familiarity and Portfolio Choice

CEPR Discussion Paper No. 4789
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 (354,988)
Citation 94

Abstract:

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

Abstract:

84.

Idiosyncratic Volatility and Product Market Competition

CEPR Discussion Paper No. 4812
Number of pages: 29 Posted: 08 Apr 2005
Jose-Miguel Gaspar and Massimo Massa
ESSEC Business School and INSEAD - Finance
Downloads 42 (351,684)
Citation 38

Abstract:

Idiosyncratic volatility, competition, market powers, uncertainty

85.

Much Ado About Nothing: Is the Market Affected by Political Bias?

Number of pages: 36 Posted: 06 Dec 2016
Mancy Luo, Alberto Manconi and Massimo Massa
Tilburg University, Bocconi University - Department of Finance and INSEAD - Finance
Downloads 36 (368,687)

Abstract:

Media and Financial Markets, Political Bias

86.

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 36 (330,037)

Abstract:

home bias, industry concentration, foreign portfolio investment

87.

Portfolio Diversification, Proximity Investment and City Agglomeration

CEPR Discussion Paper No. 4786
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
Downloads 36 (372,226)
Citation 4

Abstract:

Portfolio choice, under-diversification, proximity investment, professional specialization, city agglomeration

88.

Monetary Policy Uncertainty and the Stock Market

CEPR Discussion Paper No. 4828
Number of pages: 48 Posted: 13 Apr 2005
Massimo Massa and Alberto Locarno
INSEAD - Finance and Bank of Italy
Downloads 32 (387,523)
Citation 1

Abstract:

Monetary policy uncertainty, asset pricing, learning risk, risk factors

89.

Shareholder Diversification and IPOs

CEPR Discussion Paper No. 4820
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
Downloads 31 (391,516)
Citation 2

Abstract:

IPO, diversification, underpricing

90.

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

CEPR Discussion Paper No. 4814
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
Downloads 28 (400,090)
Citation 15

Abstract:

Disposition effect, asset prices, volatility

91.

Mutual Fund Competition and Stock Market Liquidity

CEPR Discussion Paper No. 4787
Number of pages: 55 Posted: 08 Mar 2005
Massimo Massa
INSEAD - Finance
Downloads 27 (408,969)
Citation 2

Abstract:

Mutual funds, stock liquidity, financial intermediation

92.

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, University of New South Wales (UNSW) and INSEAD - Finance
Downloads 26 (327,085)

Abstract:

Short selling, Information, Liquidity

93.

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

CEPR Discussion Paper No. 4785
Number of pages: 50 Posted: 08 Mar 2005
Massimo Massa and Jose-Miguel Gaspar
INSEAD - Finance and ESSEC Business School
Downloads 24 (423,524)
Citation 16

Abstract:

Local ownership, corporate governance, liquidity, monitoring, mutual funds, private ownership

94.

Information Barriers in Global Markets: Evidence from International Subcontracting Relationships

INSEAD Working Paper No. 2015/56/FIN
Number of pages: 61 Posted: 20 Jul 2015 Last Revised: 17 Aug 2015
Massimo Massa and David Schumacher
INSEAD - Finance and McGill University
Downloads 16 (307,507)

Abstract:

Mutual funds, Outsourcing, International Markets, Information Barriers

95.

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
Downloads 1 (534,741)

Abstract:

bank-affiliation, fire sales, global asset managers, international crisis, international liquidity., transmission

96.

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
Downloads 1 (544,132)

Abstract:

Information, Institutional Trading, Stock Price Reaction, Textual Analysis

97.

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
Downloads 1 (544,132)

Abstract:

Corporate Bonds, Information Asymmetry, Loan Trading

98.

Behavioral Bias in Haze: Evidence from Air Pollution and the Disposition Effect in China

Number of pages: 39 Posted: 28 Jun 2017
INSEAD, INSEAD - Finance, Tsinghua University - PBC School of Finance and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 0 (268,032)

Abstract:

Air Pollution, The Disposition Effect, Mutual Funds

99.

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
Downloads 0 (519,041)

Abstract:

bargaining power, Business Groups, M&As, value of control

100.

Corporate Bond Guarantees and the Value of Financial Flexibility

INSEAD Working Paper No. 2016/72/FIN
Number of pages: 34 Posted: 10 Oct 2016 Last Revised: 07 Nov 2016
Michela Altieri, Alberto Manconi and Massimo Massa
Goethe University Frankfurt - Research Center SAFE, Bocconi University - Department of Finance and INSEAD - Finance
Downloads 0 (261,743)

Abstract:

bond returns; bond guarantees; subsidiary firms; financial flexibility

101.

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
University of Hong Kong, Singapore Management University - School of Accountancy, INSEAD - Finance and Tsinghua University - PBC School of Finance
Downloads 0 (534,741)

Abstract:

family firms, innovation, innovation strategies, under-diversification

102.

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
University of New South Wales (UNSW), INSEAD - Finance and INSEAD - Finance
Downloads 0 (544,132)

Abstract:

103.

Why Do Short Sellers Like Qualitative News?

FRB International Finance Discussion Paper No. 1149
Number of pages: 59 Posted: 06 Nov 2015
Board of Governors of the Federal Reserve System, University of New South Wales (UNSW) and INSEAD - Finance
Downloads 0 (186,055)

Abstract:

104.

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

FRB International Finance Discussion Paper No. 1147
Number of pages: 54 Posted: 04 Nov 2015
Bastian von Beschwitz and Massimo Massa
Board of Governors of the Federal Reserve System and INSEAD - Finance
Downloads 0 (234,485)

Abstract:

Short selling, Disposition effect, Behavioral finance

105.

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
Downloads 0 (558,014)

Abstract:

Behavioral Finance, Disposition effect, Short selling

106.

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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Abstract:

International Markets, Market Integration, Mutual funds, Outsourcing

107.

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
University of Hong Kong, Singapore Management University - School of Accountancy, INSEAD - Finance and Tsinghua University - PBC School of Finance
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Abstract:

Family firms, innovation, intangible investment

108.

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

Abstract:

109.

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

Abstract:

Organizational structure, Capital structure, Pecking order

110.

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

Abstract:

Payout policy, mutual funds, catering

111.

Behavioral Biases and Portfolio Choice

EFA 2003 Annual Conference Paper No. 717
Posted: 26 Jul 2003
Massimo Massa and Andrei Simonov
INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management

Abstract:

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

Other Papers (1)

Total Downloads: 52    Citations: 11
1.

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
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Citation 11

Abstract:

IPO, diversification, underpricing