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Staatsfonds - neue Akteure an den Finanzmärkten?

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

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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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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  1. Reisen, Helmut, 2008. "How to spend it: Commodity and non-commodity sovereign wealth funds," Research Notes 28, Deutsche Bank Research.
  2. Edwin M. Truman, 2008. "A Blueprint for Sovereign Wealth Fund Best Practices," Policy Briefs PB08-3, Peterson Institute for International Economics.
  3. Harm Bandholz & Jorg Clostermann & Franz Seitz, 2009. "Explaining the US bond yield conundrum," Applied Financial Economics, Taylor & Francis Journals, vol. 19(7), pages 539-550.
  4. Mattoo, Aaditya & Subramanian, Arvind, 2008. "Currency undervaluation and sovereign wealth funds : a new role for the World Trade Organization," Policy Research Working Paper Series 4668, The World Bank.
  5. Kotter, Jason & Lel, Ugur, 2011. "Friends or foes? Target selection decisions of sovereign wealth funds and their consequences," Journal of Financial Economics, Elsevier, vol. 101(2), pages 360-381, August.
  6. 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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