25.11.2015 - The Sovereign Wealth Fund Discount: Evidence From Public Equity Investments
Among state-owned investors, sovereign wealth funds (SWFs) play an especially prominent role, with investable assets estimated at over $4 trillion and growing faster than any other institutional investor group. The rapid rise of SWFs begs a question: can state-sponsored funds, such as SWFs, ever act as objective, commercially driven long-term global investors, managing their nation’s wealth as investment fiduciaries of their citizens? Our paper addresses this issue by studying the impact of SWF investment on firm value...............................................Full Article: Source
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