My author page on SSRN
“Ownership Disclosure, Ownership Structure and Stock Liquidity”
I examine the impact of stricter ownership disclosure rules on ownership structure and stock liquidity. The analysis relies on privately reported holdings and a stock market with a disclosure regime in only one segment. Consistent with prior research, I show that mutual funds decrease their holdings when the initial disclosure threshold is lowered. Extending prior research, I further show that non-financial corporations increase their holdings and thus replace mutual funds. This shift in ownership structure weakens the positive relation between disclosure and liquidity, suggesting that mandatory ownership disclosure can be costly not only for disclosing but also for non-disclosing investors.
“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.