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...

Sovereign Wealth Funds (SWFs) manage investment portfolios on behalf of governments that own the portfolios. We analyze the impact of SWF investments on the values of the companies in which they invest and provide evidence consistent with the tradeoff between the monitoring and lobbying benefits...

We present empirical evidence on the relative profitability, leverage, and labor intensity of government-owned and privately-owned firms. Cross-sectional analysis of a sample of very large firms indicates that those owned by governments are significantly less profitable than those held...

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 block holders. The data show significant positive (negative) returns...