Sovereign Wealth Funds and Financial Stability - An Event Study Analysis

@inproceedings{Hesse2009SovereignWF,
  title={Sovereign Wealth Funds and Financial Stability - An Event Study Analysis},
  author={Heiko Hesse and Tao Sun},
  year={2009}
}
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… CONTINUE READING

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