Extant research finds that announcement-period abnormal returns of sovereign wealth fund (SWF) equity investments in publicly traded firms are positive but lower than those of comparable private investments. We investigate the determinants of this “SWF discount” and mitigating mechanisms. We...

Commodity (primarily oil) funds are facing today the most severe adverse shock of their history. The COVID-19 pandemic has accelerated the crisis in oil-rich nations, already hit by low oil prices and declining hydrocarbon revenues. Governments of all stripes are tapping sovereign wealth and...