Showing 1 - 10 of 54
We study the relation between state ownership and cash holdings in China’s share-issue privatized firms from 2000 to 2012. We find that the level of cash holdings increases as state ownership declines. For the average firm in our sample, a 10 percentage-point decline in state ownership leads...
Persistent link: https://www.econbiz.de/10011077992
We study the relation between state ownership and cash holdings in China's share-issue privatized firms from 1993 to 2007. We find that the level of cash holdings declines as state ownership increases. This negative relation is attributable to the soft-budget constraint (SBC) inherent in state...
Persistent link: https://www.econbiz.de/10013115833
We review and bridge the literature on the internationalization of state-owned firms and sovereign wealth funds to provide a novel understanding of how governments’ nonbusiness objectives affect foreign investments. We explain how governments as foreign investors behave differently from...
Persistent link: https://www.econbiz.de/10013294864
We study the relation between state ownership and cash holdings in China's share-issue privatized firms from 2000 to 2012. We find that the level of cash holdings increases as state ownership declines. For the average firm in our sample, a 10 percentage-point decline in state ownership leads to...
Persistent link: https://www.econbiz.de/10013031410
We examine 802 investments by 33 Sovereign Wealth Funds (SWFs) in publicly traded companies between May 1985 and November 2009, and find that SWFs tend to invest in large, levered, profitable growth firms, usually headquartered in an OECD country. Announcements of SWF investments yield...
Persistent link: https://www.econbiz.de/10010279496
This paper examines the financial and operating performance of 31 national telecommunication companies in 25 countries that were fully or partially privatised through public share offering between October 1981 and November 1998. Using conventional pre- versus post-privatisation comparisons, we...
Persistent link: https://www.econbiz.de/10011608788
This study describes the newly created Monitor-FEEM Sovereign Wealth Fund Database and discusses the investment patterns and performance of 1,216 individual investments, worth over $357 billion, made by 35 sovereign wealth funds (SWFs) between January 1986 and September 2008. Approximately half...
Persistent link: https://www.econbiz.de/10005012141
This paper addresses the difficulties of accurately defining a SWF, discusses the evolution of the original SWFs from stabilization to wealth funds, and examines how SWFs are organized and funded. We also detail the key measures developed to assess the operational and informational transparency...
Persistent link: https://www.econbiz.de/10013040131
Sovereign Wealth Funds (SWFs) represent a new form of investment organizational structure and have grown to over $5.7 trillion assets under management by February 2016, making them a financial force potentially worth reckoning with in international financial markets. This article starts with a...
Persistent link: https://www.econbiz.de/10012984961
Defined as a single industrial sector, the global production, distribution and consumption of energy is the world’s largest in terms of annual capital investment (US$1.83 trillion in 2019) and the second largest nonfinancial industry in terms of sales revenue ($4.51 trillion). Over 100 million...
Persistent link: https://www.econbiz.de/10013219479