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Sovereign Wealth Funds Briefing - Categorized | Research

The Sovereign Wealth Fund Discount: Evidence From Public Equity Investments

Posted on 26 November 2015

By some measures, SWFs have already been extensively researched. Yet extant empirical research offers incomplete evidence about the impact of Sovereign Wealth Fund investments on the value of publicly traded companies.
Studies that examine SWF investments using event-study techniques (Dewenter, Han, and Malatesta 2010; Kotter and Lel 2011) find positive announcement-period returns. Unfortunately, these results offer little insight into the role of SWFs as investors, as corporate finance research consistently documents positive announcement-period abnormal returns for all types of direct stock purchases by institutional investors………………………………………..Full Article: Source


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