My author page on SSRN
“Ownership Disclosure and Ownership Structure: Investors’ Response to Lower Reporting Thresholds”
The study investigates which investors adjust their holdings around the introduction of lower reporting thresholds for ownership disclosures. I work with a dataset that includes both publicly disclosed and undisclosed holdings. I exploit segment-specific rules in the stock market that provide variation in disclosure regimes. Mutual funds and, to a lesser extent, banks decrease while non-financial corporations increase their holdings. I then examine in greater detail whether the reduction in mutual funds’ holdings is consistent with the avoidance of reporting thresholds. In the public disclosures, mutual funds concentrate their holdings just below the initial threshold. They also seem to react gradually over time, supporting a response to stricter enforcement. Finally, I study liquidity consequences. The reduction in mutual funds’ holdings appears to weaken the previously documented positive relation between disclosure and stock liquidity. The findings suggest that changes in ownership disclosure can induce changes in ownership structure.
“Accounting Comparability in Mutual Funds’ Portfolios”
The study examines whether accounting comparability matters for mutual funds’ portfolio decisions. I measure accounting comparability at the holding level by assessing similarities with portfolio peers, explicitly adopting an investor perspective. Methodologically, I follow De Franco, Kothari and Verdi , extended with a cash flow-based model. I first show that comparability is high and varies predictably with the type of mutual funds. For the same firm, comparability is higher in mutual fund than in analyst portfolios, which I derive from analysts’ coverage decisions. Likewise, it is higher in portfolios of active funds. I then provide evidence consistent with comparability arising from the selection of already comparable firms. For the same portfolio, a firm is more likely to be included if it is more comparable to portfolio peers. For the firm that is included, comparability increases until and around inclusion, but not subsequently. The findings are in line with accounting comparability reducing portfolio management costs.
“Temporary Migration within Multinational Corporations: Evidence from the Accounting Industry” (with Ulf Brüggemann and Joachim Gassen)
This research note examines the determinants of temporary migration within multinational corporations. We examine a comprehensive dataset on international assignments within a large accounting firm. Our analysis yields two findings that are new to the literature. First, we document that country-level factors established in prior studies on long-term migration (e.g., economic ties or cultural proximity between home and host country) are also associated with migration decisions in our setting. Second, we provide some evidence that regulatory variation across countries at the occupational level (e.g., differences in accounting standards) reduces the extent of temporary migration within multinational corporations.