| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7014 |
| DP7014 What Explains Fertility? Evidence from Italian Pension Reforms | |
| Vincenzo Galasso; Francesco Billari | |
| 发表日期 | 2008-10-17 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Sovereign wealth funds have emerged as an important investor of global equity, attracting growing attention. Despite concerns that sovereign wealth fund investments may serve political objectives and be in conflict with national interests, little is known about the investment objectives and performance of sovereign wealth funds. We collect new data on foreign equity investments by sovereign wealth funds. We find that sovereign wealth funds largely invest to diversify away from industries at home but that they do so predominantly in countries that share the same culture, suggesting their investment rules are not entirely driven by profit maximizing objectives. Share prices of firms respond favorably when sovereign investment funds acquire stakes, in part because these investments often take place when firms are in financial distress. However, the long-run performance of equity investments by sovereign wealth funds tends to be poor, consistent with imperfect portfolio diversification and poor corporate governance. |
| 主题 | Financial Economics |
| 关键词 | Asset allocation Corporate governance Sovereign wealth funds |
| URL | https://cepr.org/publications/dp7014 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535831 |
| 推荐引用方式 GB/T 7714 | Vincenzo Galasso,Francesco Billari. DP7014 What Explains Fertility? Evidence from Italian Pension Reforms. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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