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January 30, 2010 | History

Friends or foes? 1 edition

Friends or foes?
Jason Kotter

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Friends or foes?
the stock price impact of sovereign wealth fund investments and the price of keeping secrets
Jason Kotter and Ugur Lel.

Published 2008 by Federal Reserve Board in Washington, D.C .
Written in English.

About the Book

"This paper examines the stock price impact of 163 announcements of Sovereign Wealth Fund (SWF) investments. We document an average positive risk-adjusted return of 2.1 percent for target firms during two days surrounding SWF acquisition announcements. The announcement effect is both statistically and economically significant. A multivariate analysis shows that the degree of transparency of SWF activities is an important determinant of the market reaction, and both the SWF and the existing shareholders of the target firm benefit from improved SWF disclosure. In addition, target firms' profitability, growth, and governance do not change significantly in the three-year period following the SWF investment relative to a control sample. These results are robust to a battery of tests. Overall, our findings suggest that SWF investments convey a positive signal to market participants about the target firm, increased SWF transparency is enjoyed by both the SWF and existing shareholders, and SWFs are passive investors"--Federal Reserve Board web site.

Edition Notes

Title from PDF file as viewed on 6/18/2009.

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.

Series
International finance discussion papers -- no. 940, International finance discussion papers (Online) -- no. 940.

Classifications

Library of Congress
HG3879

The Physical Object

Format
Electronic resource

ID Numbers

Open Library
OL23557755M
LC Control Number
2009656110

History Created December 11, 2009 · 2 revisions Download catalog record: RDF / JSON

January 30, 2010 Edited by WorkBot add more information to works
December 11, 2009 Created by WorkBot add works page