The Investment Strategies of Sovereign Wealth Funds

@inproceedings{Bernstein2009TheIS,
  title={The Investment Strategies of Sovereign Wealth Funds},
  author={Shai Bernstein and Josh Lerner and Antoinette Schoar},
  year={2009}
}
Sovereign wealth funds have complex objective functions and governance structures where return maximization and strategic political considerations may conflict. SWFs with greater involvement of political leaders in fund management are more likely to support domestic firms and invest in segments and markets with higher P/E levels, especially in their domestic investments. But these investments see a subsequent reversal in P/E levels suggesting that the funds engage in poor market timing. The… CONTINUE READING

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