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Sovereign Wealth Funds have been subject to ever-increasing concerns and little scientific analysis. As a consequence of their recent gain in prominence, significant worries have been expressed as Sovereign Wealth Funds, being large state-owned institutional investors, may eventually take investment decisions driven more by political and/or other objectives than by pure economic considerations. We investigate their investment decision drivers and rationale to invest and we provide a data-supported analysis of what really drives their investments. The study is based on a widely-recognized and…mehr

Produktbeschreibung
Sovereign Wealth Funds have been subject to ever-increasing concerns and little scientific analysis. As a consequence of their recent gain in prominence, significant worries have been expressed as Sovereign Wealth Funds, being large state-owned institutional investors, may eventually take investment decisions driven more by political and/or other objectives than by pure economic considerations. We investigate their investment decision drivers and rationale to invest and we provide a data-supported analysis of what really drives their investments. The study is based on a widely-recognized and proven econometric model, adapted where necessary in order to take into account Sovereign Wealth Funds peculiarities and some accepted critics. The sample analyzed covers more than 300 companies invested in the last 30 years and domiciled in 29 countries. The model allows us to extract the drivers which lie behind targets public equity returns. The drivers have been defined in terms of eithereconomic justifiable or other-than-economic news. Based on the ex-post results, we infer what is likely to drive sovereign investments. Results are twofold.
Autorenporträt
Simone Marino (1990, Italy) holds an MSc in Finance (2013) and an BSc in Economics and Finance (2011) cum laude from "Bocconi" University in Milan. Sicialian, international banker, he has acquired significant experience in econometrics and global financial derivatives markets working for major Asset Management companies and global Investment Banks.