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Bortolotti, Bernardo; Fotak, Veljko; Megginson, William; Miracky, William. |
This study describes the newly created Monitor-FEEM Sovereign Wealth Fund Database and discusses the investment patterns and performance of 1,216 individual investments, worth over $357 billion, made by 35 sovereign wealth funds (SWFs) between January 1986 and September 2008. Approximately half of the investments we document occur after June 2005, reflecting a recent surge of SWF activity. We document large SWF investments in listed and unlisted equity, real estate, and private equity funds, with the bulk of investments being targeted in cross-border acquisitions of sizeable but non-controlling stakes in operating companies and commercial properties. The average (median) SWF investment is a $441 million ($55 million) acquisition of a 42.3% (26.2%) stake in... |
Tipo: Working or Discussion Paper |
Palavras-chave: Sovereign Wealth Funds; International Financial Markets; Government Policy and Regulation; Financial Economics; G32; G15; G38. |
Ano: 2009 |
URL: http://purl.umn.edu/50407 |
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