scholarly journals Sovereign Wealth Fund Investment Patterns and Performance

2010 ◽  
Author(s):  
Bernardo Bortolotti ◽  
Veljko Fotak ◽  
William Miracky ◽  
William L. Megginson
Keyword(s):  
Sovereign Wealth Fund ◽  
And Performance ◽  
Fund Investment ◽  
Investment Patterns

Sovereign wealth fund investment and the return-to-risk performance of target firms

2012 ◽  
Vol 21 (2) ◽  
pp. 315-340 ◽  
Author(s):  
April M. Knill ◽  
Bong Soo Lee ◽  
Nathan Mauck
Keyword(s):  
Sovereign Wealth Fund ◽  
Target Firms ◽  
Fund Investment

The Causal Effects of Proximity on Investment: Evidence from Flight Introductions

2019 ◽  
Vol 55 (6) ◽  
pp. 1978-2004 ◽  
Author(s):  
Jesse Ellis ◽  
Leonardo Madureira ◽  
Shane Underwood
Keyword(s):  
Mutual Funds ◽  
Fixed Effects ◽  
Investment Decisions ◽  
Relevant Information ◽  
Causal Effects ◽  
Superior Performance ◽  
Firm Level ◽  
Exogenous Shock ◽  
And Performance ◽  
Fund Investment

We use the introduction of direct flights as an exogenous shock to the travel time between mutual funds and firms to estimate the causal effects of proximity on fund investment decisions and performance. We find that a fund invests significantly more in firms that become more proximate following the introduction of direct flights and that these more proximate investments exhibit superior performance. Our findings are robust to including a variety of fixed effects and potential confounders such as firm-level shocks, fund-level shocks, and time trends. Collectively, our results indicate that proximity enhances investors’ ability to acquire value-relevant information about firms.

scholarly journals Sovereign wealth fund investment decisions: Temasek Holdings

2011 ◽  
Vol 36 (1) ◽  
pp. 109-120 ◽  
Author(s):  
Richard Heaney ◽  
Larry Li ◽  
Vicar Valencia
Keyword(s):  
Investment Decisions ◽  
Sovereign Wealth Fund ◽  
Fund Investment

Sovereign Wealth Fund Investment and Firm Volatility

2017 ◽  
Author(s):  
April Knill ◽  
Nathan Mauck
Keyword(s):  
Idiosyncratic Risk ◽  
Investment Horizon ◽  
Popular Press ◽  
Sovereign Wealth Funds ◽  
Sovereign Wealth Fund ◽  
Target Firms ◽  
Fund Investment ◽  
The Relationship ◽  
Target Markets

The popular press and politicians have expressed concerns regarding the potential destabilizing force of sovereign wealth funds (SWFs). This chapter addresses these concerns by presenting results from the literature on the volatility and compensation of risk of SWF target firms and target markets. SWF investments (sales) are associated with a reduction (increase) in the compensation of risk for a three-year (five-year) term. Firm volatility decomposition suggests that it is mainly idiosyncratic risk that drives these impacts. The chapter reviews evidence and data that show the relationship between SWF investment and firm volatility depends on the investment horizon examined. It explains that the evidence is consistent with the view that the relationship between SWF investment and firm volatility is mainly attributable to idiosyncratic risk.

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