The Sovereign Wealth Fund Discount: Evidence from Public Equity Investments
研究发现主权财富基金投资上市公司时，公告期异常回报为正但低于可比私人投资，且目标公司随后三年资产回报率和销售增长率下降，政治影响是折价的重要原因。
We document 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. Further, SWF investment targets suffer from declining return on assets and sales growth over the following three years. Our results are robust to controls for target and deal characteristics and are not driven by SWF target selection criteria. Larger discounts are associated with SWFs taking seats on boards of directors and with SWFs under strict government control acquiring greater stakes, supporting the hypothesis that political influence negatively affects firm value and performance.