In this paper, we look at the effect of the financial crisis from an angle overlooked to date in the finance literature by investigating composition effects arising from the financial crisis. A composition effect is a change in the market risk of a sector that is caused not by a direct change in...

The scope of privatization -- Why do countries privatize? -- How do countries privatize? -- Empirical evidence on privatization's effectiveness in non-transition economies -- Empirical evidence on privatization in transition economies -- The structure and investment performance of privatization...

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...