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150128 ||| eng |
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|a 9781451873863
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|a Hesse, Heiko
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|a Sovereign Wealth Funds and Financial Stability—An Event Study Analysis
|c Heiko Hesse, Tao Sun
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2009
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| 300 |
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|a 17 pages
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| 651 |
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4 |
|a Singapore
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| 653 |
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|a Stock exchanges
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| 653 |
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|a Finance
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| 653 |
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|a Corporate Finance and Governance: Government Policy and Regulation
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| 653 |
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|a Financial sector stability
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| 653 |
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|a Industries: Financial Services
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| 653 |
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|a General Financial Markets: Government Policy and Regulation
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Corporate governance; role & responsibilities of boards & directors
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| 653 |
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|a Emerging and frontier financial markets
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| 653 |
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|a Stock markets
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| 653 |
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|a Financial Institutions and Services: General
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| 653 |
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|a Corporate Governance
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| 653 |
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|a Financial services industry
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| 653 |
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|a Corporate governance
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| 653 |
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|a Finance: General
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| 653 |
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|a Financial sector
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| 700 |
1 |
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|a Sun, Tao
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451873863.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2009/239/001.2009.issue-239-en.xml?cid=23370-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a 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
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