Firm values and sovereign wealth fund investments

• 成果类型: Article
• 署名作者: Dewenter, Kathryn L.; Han, Xi; Malatesta, Paul H.
• 署名单位: University of Washington; University of Washington Seattle; Tsinghua University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2010.05.006
• 发表日期: 2010
• 页码: 256-278
• 关键词: Sovereign wealth funds; BLOCKHOLDERS; Firm value

摘要

We analyze the impact of sovereign wealth fund (SWF) investments on firm values and provide evidence consistent with the tradeoff between the monitoring and lobbying benefits versus tunneling and expropriation costs of SWFs as blockholders. The data show significant positive (negative) returns to announcements of SWF investments (divestments). The returns are non-monotonic, first rising (falling) and then falling (rising) with the share sought (sold) for investments (divestments). Moreover, we find that SWFs are often active investors. Slightly more than half of the target firms experience one or more events indicative of SWF monitoring activity or influence. (C) 2010 Elsevier B.V. All rights reserved.