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Staatsfonds - neue Akteure an den Finanzmärkten?

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  • Schalast, Christoph
  • Tiemann, Marcel
  • Tuppi, Pascal

Abstract

Sovereign Wealth Funds (SWFs) have become active investors on the financial markets. This working paper meets the increasing thirst for information on the investment activities of Sovereign Wealth Funds, their legal environment and the implications on German stock listed corporations. Thus, this paper examines the history of, and reasons for establishing SWFs. Furthermore, concerns regarding transparency and investment activities of SWFs are discussed. The authors find no evidence for politicaly motivated investments or massive market intervention by SWFs. Furthermore, the authors propose that the newly established Santiago Principles will build up trust in the financial markets. The empirical part of the working paper analyzes the impact of SWFs on German stock listed corporations. Main findings of the survey include that corporations lack information on SWFs and disagree with the planned change of the Außenwirtschaftsgesetz. The Survey's results further indicate that participant corporations have no concerns about SWF investment activities. Only few SWFs were willing to participate in the survey and therefore information from the IMF was utilized to get an overview about the sector. --

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Bibliographic Info

Paper provided by Frankfurt School of Finance and Management in its series Frankfurt School - Working Paper Series with number 114.

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Date of creation: 2009
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Handle: RePEc:zbw:fsfmwp:114

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Keywords: Sovereign wealth funds; Staatsfonds; Außenwirtschaftsgesetz; portfolioanalysis; monetary reserve; investment strategy; foreign exchange; transparency; Santiago principles;

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References

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  1. Bandholz, Harm & Clostermann, Jörg & Seitz, Franz, 2007. "Explaining the US bond yield conundrum," OTH im Dialog: Weidener Diskussionspapiere, University of Applied Sciences Amberg-Weiden (OTH) 2, University of Applied Sciences Amberg-Weiden (OTH).
  2. Edwin M. Truman, 2009. "A Blueprint for Sovereign Wealth Fund Best Practices," Revue d'Économie Financière, Programme National Persée, Programme National Persée, vol. 9(1), pages 429-451.
  3. Aaditya Mattoo & Arvind Subramanian, 2008. "Currency Undervaluation and Sovereign Wealth Funds: A New Role for the World Trade Organization," Working Paper Series, Peterson Institute for International Economics WP08-2, Peterson Institute for International Economics.
  4. Helmut Reisen, 2008. "How to Spend It: Commodity and Non-Commodity Sovereign Wealth Funds," OECD Development Centre Policy Briefs, OECD Publishing 38, OECD Publishing.
  5. Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
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Citations

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Cited by:
  1. Herrmann-Pillath, Carsten, 2010. "Meaning and function in the theory of consumer choice: dual selves in evolving networks," Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management 153, Frankfurt School of Finance and Management.
  2. C. Herrmann-Pillath., 2011. "A Neurolinguistic Approach to Performativity in Economics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
  3. Inklaar, Robert & Koetter, Michael & Noth, Felix, 2012. "Who's afraid of big bad banks? Bank competition, SME, and industry growth," Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management 197, Frankfurt School of Finance and Management.
  4. Herrmann-Pillath, Carsten, 2010. "Rethinking evolution, entropy and economics: A triadic conceptual framework for the maximum entropy principle as applied to the growth of knowledge," Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management 146, Frankfurt School of Finance and Management.
  5. Schäffler, Christian & Schmaltz, Christian, 2009. "Market liquidity: an introduction for practitioners," Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management 131, Frankfurt School of Finance and Management.
  6. Roßbach, Peter & Karlow, Denis, 2011. "The stability of traditional measures of index tracking quality," Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management 164, Frankfurt School of Finance and Management.
  7. Kostka, Genia & Zhou, Jianghua, 2010. "Chinese firms entering China's low-income market: Gaining competitive advantage by partnering governments," Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management 147, Frankfurt School of Finance and Management.
  8. Heidorn, Thomas & Kahlert, Dennis, 2010. "Implied correlations of iTraxx tranches during the financial crisis," Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management 145, Frankfurt School of Finance and Management.
  9. Packham, Natalie & Schlögl, Lutz & Schmidt, Wolfgang M., 2009. "Credit dynamics in a first passage time model with jumps," CPQF Working Paper Series 21, Frankfurt School of Finance and Management, Centre for Practical Quantitative Finance (CPQF).
  10. Grau, Corinna & Moormann, Jürgen, 2013. "Exploring the interrelation between process management and organizational culture: A critical review," Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management 200, Frankfurt School of Finance and Management.
  11. Yu, Xiaofan, 2011. "A spatial interpretation of the persistency of China's provincial inequality," Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management 171, Frankfurt School of Finance and Management.

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