20.08.2008 - Federal Reserve Board discussion paper on SWF investment, transparency and passivity
The Federal Reserve Board has published a discussion paper (also available as a PDF) on SWF investment, transparency and passivity. The abstract states that, “Overall, our findings suggest that SWF investments convey a positive signal to market participants about the target firm, increased SWF transparency is enjoyed by both the SWF and existing shareholders, and SWFs are passive investors.” Full discussion paper: Source