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Sovereign wealth fund and financial crisis : a shifting paradigm
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Fei, Yiwen, Xu, Xichi and Ding, Rong (2013) Sovereign wealth fund and financial crisis : a shifting paradigm. China Finance Review International, 3 (1). pp. 42-60. doi:10.1108/20441391311290776 ISSN 2044-1398.
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Official URL: http://dx.doi.org/10.1108/20441391311290776
Abstract
Purpose:
The purpose of this research is to empirically analyze the influence of the financial crisis on the investment behavior of sovereign wealth funds (SWFs).
Design/methodology/approach:
Using 615 deals from 20 SWFs, a series of research are designed and conducted to compare the SWFs' governance, external environment, investment strategy and financial markets' feedback around the crisis.
Findings:
The paper finds that the recent financial crisis did not only bring SWFs heavy losses and the pressure to improve its image and governance structure, but also a precious opportunity of a better external environment by easing the nerves of the recipient country's government. Their investment strategies will be more positive, diversified and complementary to their own real economy. The event studies illustrate that financial markets turn to be more effective after the crisis. The market reaction to SWF's investment tends to mitigate speculative trading to a larger extent, which is shown by the lower cumulative abnormal return and turnover volatility.
Originality/value:
This paper tries to test the change of SWFs' behavior pro‐ and post‐crisis. It reveals that SWFs have changed their effects on SWF's home country, SWF's host country, the financial market and the real economy after the financial crisis, which is helpful for government and institutions to maintain the stability of the national economy and security market.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HJ Public Finance | ||||
| Divisions: | Faculty of Social Sciences > Warwick Business School > Accounting Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Sovereign wealth funds, Global Financial Crisis, 2008-2009 | ||||
| Journal or Publication Title: | China Finance Review International | ||||
| Publisher: | Emerald Group Publishing Limited | ||||
| ISSN: | 2044-1398 | ||||
| Official Date: | 2013 | ||||
| Dates: |
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| Volume: | 3 | ||||
| Number: | 1 | ||||
| Number of Pages: | 19 | ||||
| Page Range: | pp. 42-60 | ||||
| DOI: | 10.1108/20441391311290776 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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