Sovereign Wealth Funds and Financial Stability-An Event Study Analysis:
This paper examines financial stability issues that arise from the increased presence of sovereign wealth funds (SWFs) in global financial markets by assessing whether and how stock markets react to the announcements of investments and divestments to firms by SWFs using an event study approach. Base...
Gespeichert in:
1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2009
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Schriftenreihe: | IMF Working Papers
Working Paper No. 09/239 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | This paper examines financial stability issues that arise from the increased presence of sovereign wealth funds (SWFs) in global financial markets by assessing whether and how stock markets react to the announcements of investments and divestments to firms by SWFs using an event study approach. Based on 166 publicly traceable events collected on investments and divestments by major SWFs during the period from 1990 to 2009, the paper evaluates the short-term financial impact of SWFs on selected public equity markets in which they invest. The impact is analyzed on different sectors (financial and nonfinancial), actions (buy and sell), market types (developed and emerging markets), and level of corporate governance (high and low score). Results, based on these 166 events, show that there was no significant destabilizing effect of SWFs on equity markets, which is consistent with anecdotal evidence |
Beschreibung: | 1 Online-Ressource (17 p) |
ISBN: | 1451873867 9781451873863 |
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index_date | 2024-07-03T20:13:26Z |
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publisher | International Monetary Fund |
record_format | marc |
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spelling | Hesse, Heiko Verfasser aut Sovereign Wealth Funds and Financial Stability-An Event Study Analysis Hesse, Heiko Washington, D.C International Monetary Fund 2009 1 Online-Ressource (17 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/239 This paper examines financial stability issues that arise from the increased presence of sovereign wealth funds (SWFs) in global financial markets by assessing whether and how stock markets react to the announcements of investments and divestments to firms by SWFs using an event study approach. Based on 166 publicly traceable events collected on investments and divestments by major SWFs during the period from 1990 to 2009, the paper evaluates the short-term financial impact of SWFs on selected public equity markets in which they invest. The impact is analyzed on different sectors (financial and nonfinancial), actions (buy and sell), market types (developed and emerging markets), and level of corporate governance (high and low score). Results, based on these 166 events, show that there was no significant destabilizing effect of SWFs on equity markets, which is consistent with anecdotal evidence Online-Ausg Sun, Tao Sonstige oth http://elibrary.imf.org/view/IMF001/10529-9781451873863/10529-9781451873863/10529-9781451873863.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Hesse, Heiko Sovereign Wealth Funds and Financial Stability-An Event Study Analysis |
title | Sovereign Wealth Funds and Financial Stability-An Event Study Analysis |
title_auth | Sovereign Wealth Funds and Financial Stability-An Event Study Analysis |
title_exact_search | Sovereign Wealth Funds and Financial Stability-An Event Study Analysis |
title_exact_search_txtP | Sovereign Wealth Funds and Financial Stability-An Event Study Analysis |
title_full | Sovereign Wealth Funds and Financial Stability-An Event Study Analysis Hesse, Heiko |
title_fullStr | Sovereign Wealth Funds and Financial Stability-An Event Study Analysis Hesse, Heiko |
title_full_unstemmed | Sovereign Wealth Funds and Financial Stability-An Event Study Analysis Hesse, Heiko |
title_short | Sovereign Wealth Funds and Financial Stability-An Event Study Analysis |
title_sort | sovereign wealth funds and financial stability an event study analysis |
url | http://elibrary.imf.org/view/IMF001/10529-9781451873863/10529-9781451873863/10529-9781451873863.xml |
work_keys_str_mv | AT hesseheiko sovereignwealthfundsandfinancialstabilityaneventstudyanalysis AT suntao sovereignwealthfundsandfinancialstabilityaneventstudyanalysis |