The Investment Strategies of Sovereign Wealth Funds
研究了主权财富基金的投资策略，发现政治领导人直接参与管理会导致策略偏向短期经济目标而非长期回报最大化，并探讨了透明度、规模效应等挑战及应对思路。
Sovereign wealth funds have emerged as major investors in corporate and real resources worldwide. After an overview of their magnitude, we consider the institutional arrangements under which many of the sovereign wealth funds operate. We focus on a specific set of agency problems that is of first-order importance for these funds: that is, the direct involvement of political leaders in the management process. We show that sovereign wealth funds with greater involvement of political leaders in fund management are associated with investment strategies that seem to favor short-term economic policy goals in their respective countries at the expense of longer-term maximization of returns. Sovereign wealth funds face several other issues, like how best to cope with demands for transparency, which can allow others to copy their investment strategies, and how to address the problems that arise with sheer size, like the difficulties of scaling up investment strategies that only work with a smaller value of assets under investment. In the conclusion, we discuss how various approaches cultivated by effective institutional investors worldwide—from investing in the best people to pioneering new asset classes to compartmentalizing investment activities—may provide clues as to how sovereign wealth funds might address these issues.