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date: 19 October 2019

(p. 679) Index

(p. 679) Index

(Tables, figures, and boxes are indicated by an italic t, f, and b following the page number)

Abu Dhabi
aerospace industry, 108–9, 113, 436
Borouge (company), 105, 107
developmental rentier state, 101n6
global development network, 102f
imports of Western defense hardware, 107
joint investment initiatives, 5
knowledge economy agenda, 101
Masdar (company), 99n5
oil export revenues, 18, 101
oil and gas reserves, 101, 603–4
petrochemical industry, 103–7
petrochemicals network, 106f
semiconductor investment, 109–12, 110f
solar photovoltaic industry, 99n5
South–North strategic SWF technology acquisition, 101–14, 102f, 106f, 110f
sovereign bond issue, 285
strategic SWF-led investment, 100–14
technological leapfrogging strategy, 103, 107–8, 113–14
Abu Dhabi: International Petroleum Investment Company (IPIC)
credit risk, 289t, 290
domestic economic development, 617
energy investments, 617
investment statistics, 41t
investment style, 286
labor intensity ranking, 535t
Linaburg-Maduell transparency index rating, 194t
petrochemicals investment, 103–7, 106f
portfolio diversification, 617
sponsorship of Real Madrid Football Club, 519–20
Abu Dhabi Investment Authority (ADIA)
asset holdings, 18, 19t, 304t, 325, 326t
deal size, 537t
funding rules, 283
governance structure, 616
in-house asset management, 45
investment in Citigroup, 220–1
investment statistics, 41t
labor intensity ranking, 535t
Linaburg-Maduell transparency index rating, 194t
long-term value creation, 616
Polity score, 161t
portfolio diversification, 616
real estate divestment, 24
Truman Scoreboard rating, 132t, 154
Abu Dhabi Investment Council
asset holdings, 19t
investment statistics, 41t
labor intensity ranking, 535t
Linaburg-Maduell transparency index rating, 194t
long-term value creation, 616
Polity score, 161t
Abu Dhabi: Mubadala Development Company
asset holdings, 19t, 193t, 304t
credit risk, 288–93, 289t, 291t
deal size, 537t
development network, 102f, 110f
fund characteristics and use of debt, 279t
funding rules, 283
governance and management, 70t
investment statistics, 41t
investment strategy, 76t, 79
(p. 680) labor intensity ranking, 535t
Linaburg-Maduell transparency index rating, 194t
portfolio diversification, 617
real estate investment, 70t, 617
technological leapfrogging strategy, 103, 107–12
Acharya, V., 482
Adler, N., 47
Africa
human rights violations, 11
import of Chinese labor, 11
investment style, 286
management of oil revenues, 21
resource curse, 545
resource-seeking by Gulf SWFs, 6, 11
SWF investment, 45, 544–5
Aguilera, R.V., 465
Alesina, A., 654–5
Algeria, 130
Revenue Regulation Fund, 132t, 326t
Alhashel, B., 465
Al-Kharusi, Q.A., 23, 23n9
alternative investment, 8–9, 11–12, 251–61, 509, 513, 548, 557
endowment model of investment, 26t, 29–31
hedge funds, 9, 196, 232f, 371f, 401t, 416t
Norway model of investment, 26t, 30–1, 45
strategic asset allocation, 254t
Yale model of investment, 26t
Ang, A., 27–8t, 30–1, 303
Angola: Fundo Soberano de Angola, 20t, 21, 133t
Appelbaum, E., 461
Arab Spring, 160, 193
Arestis, P., 490
Aristotle, 481
arms industry and trade, 5–6, 107n11, 174, 213, 221–2, 467
Asia
current account surpluses, 29, 185, 595
developmental states, 101n6, 189, 191
markets, 105, 603, 605, 614, 616–17
SWFs and investment, 190, 237, 463, 533, 559
Asian Development Bank (ADB), 577
Asian financial crisis (1997), 89, 357
Aslanli, K., 137
asset bubbles, 5, 23, 40
assets under management (AUM)
global values, 16–20, 19–20t, 37, 155, 247, 476
investment trends and patterns, 17, 21, 39–45, 231–2, 232f, 247, 255–6, 274
labor intensity and AUM rankings, 286, 534–6, 535t
Sovereign Investment Laboratory (SIL) top SWFs, 17–20, 19–20t
Sovereign Wealth Fund Institute top SWFs, 21, 161t, 162f, 325–30, 326–7t, 374
Australia
aging population, 627, 629
economic growth, 626–7, 632
Foreign Acquisitions and Takeovers Act (1975), 200, 635
Foreign Investment Review Board, 635–6
Future Fund Act (2006), 625, 628–31, 633
GDP growth rate, 626t
outlook on SWF inward investment, 200–1, 635–7
telecommunications sector, 627–8
Telstra (company), 625, 627–9, 631t
Australian Future Fund
asset classes, 644–6t
asset holdings, 19t, 193t, 304t, 326t
Board of Guardians, 624, 630–3, 637–8
creation and development, 151, 217, 624–8, 642–3
(p. 681) divestment from the tobacco industry, 638
ethical investment, 624, 637–9
ethical operation, 624, 639–42
Future Fund Management Agency, 217, 631, 633
governance and management, 624, 628–34
investment portfolio, 630
investment statistics, 41t
fund characteristics and use of debt, 278t
investment managers, 644–6t
labor intensity ranking, 535t
performance results, 630t
political interference, 631–3
Polity score, 161t
sources of capital, 629t
Austria
Borealis (company), 104–5
OMV (company), 104, 617
SWF holdings, 329t
SWF inward investment, 485t, 486
authoritarian regimes, 92, 150, 187–8, 190, 192, 196, 275, 284, 350, 372, 374, 449
Avendaño, R., 34t, 37, 475, 483
Azerbaijan State Oil Fund
asset holdings, 19t, 193t, 327t
fund characteristics and use of debt, 278t
fund governance, 137
investment statistics, 42t
resource funds and Truman Scoreboard rating, 132t
Truman Scoreboard governance ratings, 135f
voice and accountability rating, 136f
Bach, L., 176
Bachher, J.S., 81, 533
Backer, L.C., 212, 468
Bae, K.H., 492
Bagnall, A.E., 134, 257, 276, 281, 667
Bahgat, G., 468
Bahrain, 130, 599, 603
Bahrain: Future Generations Reserve Fund, 131, 133t
Bahrain: Mumtalakat Holding Company
asset holdings, 20t, 193t, 327t
credit risk, 289t
deal size, 42t
fund characteristics and use of debt, 278t, 288–9
governance and management, 69t, 613–14
investment portfolio, 613
investment statistics, 42t
investment strategy, 73t, 77, 79
Linaburg-Maduell transparency index rating, 194t
real estate investment, 69t, 613
Balding, C., 17, 27t, 30, 252
Balin, B.J., 466
Barbary, V., 160
Barberis, N., 303
Baric, M., 463, 466
Barnett, S., 129–30
Bath, V., 635
Batt, R., 461
Bayh, E., 189
Beattie, V., 465
Bebchuk, L., 176
Beck, R., 3, 480
Bekaert, G., 492
Benhabib, S., 209–10
Berlusconi, Silvio, 200
Berman, H.J., 219–20
Bernstein, S., 33t, 39, 238–9, 322n2, 368n2, 372, 479, 487–8
Bertoni, F., 21, 26t, 30, 54, 475, 477, 479–80, 486
biotechnologyinvestment, 5
Blackburn, J., 4
Blanton, S.L., 183
Blundell, R., 481
Blundell-Wignall, A., 17n3
Boardman, A.E., 22–3
Bodie, Z., 26t, 29, 254
Bonato, L., 612
bond markets, see debt capital and financing
Borisova, G., 48t, 53–4, 477
Bortolotti, B., 23–4, 48t, 52–3, 56, 160, 247n1, 371, 479–80
Botswana
natural resource revenues, 125
Pula Fund, 6, 133t, 327t
Braun, R., 236
(p. 682) Brav, A., 176
Brazilian Development Fund, 69t, 73t, 77, 276, 329t
Brewster, C., 462
Brière, M., 26t, 29, 254
Brockman, P., 302–3
Brown, S., 301–2
Brown Weiss, E., 216
Brunei Investment Agency, 19t, 42t, 304t, 326t, 444t
Burnell, P., 160
business systems theory, 10
Butt, S., 5
Calleo, D.P., 643
Calliess, G.P., 208
Campbell, J.Y., 493n7
Canada
Alberta Heritage Savings Trust Fund, 132t, 277, 278t, 326t, 625
avoidance of resource curse, 125, 134
Chinese inward investment in Teck Resources, 96, 383t, 409, 416t, 419, 442
energy and mining sectors, 442
Ontario Teachers’ Pension Plan, 171, 533
Pension Plan Investment Board, 238, 399t
SWF acquisitions, 444t
SWF holdings, 329t
Candelon, B., 35t, 38
Capalbo, F., 166
Capapé, J., 465
capital asset pricing model (CAPM), 300
Cappelen, A., 172–3
Central and Eastern Europe
CEE Stock Exchange Group (CEESEG), 571
collapse of communism, 549, 559, 571
economic liberalization, 547, 549
export-led growth, 555
foreign exchange reserves, 553–4, 556t
geographic region, 549–50
investment analysis and data limitations, 548–9, 558
Norway’s GPFG as leading inward investor, 549, 561–71, 563–2f, 563t, 564–70f
prospects for home country SWF development, 547–8, 550–8, 552t
Russian SWFs, 556–8, 573–90, 575t, 574–5f, 576t, 580t, 581–2f, 583t, 585t, 587–9t
socioeconomic drivers of SWF creation, 551–8, 552t, 556t
SWF inward investment, 558–72, 559–60t
Céspedes, L.F., 659, 660
Chad, 130
Chambers, D., 26t, 31, 466
Chesbrough, H., 82
Chesterman, S., 467
Chhaochharia, V., 6, 36t, 255, 301, 305n7, 322, 462, 492
Chile
Copper Law, 674
copper revenues, 652, 657–8, 661, 665, 668, 671–2, 674–5
corporate governance, 662–4, 665f
counter-cyclical fiscal policy, 651–75
debt-to-GDP ratios, 662f
deficit bias and procyclicality problems, 653–7
economic reform, 669–71
effect of policy on GDP volatility, 668f
exchange rate stability, 668, 669f
fiscal balance and copper price correlation, 661f
Fiscal Responsibility Law (2006), 661–3, 671
investment policy, 664–6
output growth and trade volatility, 660t
proposals for improved fiscal policy, 672–5
structural balance rule, 129, 652–3, 661
SWF accumulation rule, 663f
SWF holdings, 329t
transparency commitment, 666–7
Chile: Economic and Social Stabilization Fund (ESSF), 661–5
accumulation rule, 663f
asset holdings, 193t, 326t
fund characteristics and use of debt, 278t, 673–4
investment policy, 665f
market value, 670f
(p. 683) resource funds and Truman Scoreboard rating, 132t
transparency, 667
Chile: Pension Reserve Fund, 661–5
accumulation rule, 663f
asset holdings, 193t
investment policy, 665f
market value, 670f
transparency, 667
China
authoritarian regime, 350, 374
Communist Party, 189–90, 349, 379
development agenda, 67
domestic banking sector, 190
energy investments, 434, 436, 438t, 439, 442, 444t, 453
export-led growth, 349, 351, 356–7
high-tech private equity investment, 96
investment in Central and Eastern Europe, 559t
oil imports, 605
People’s Bank of China (PBOC), 348–54, 356–9, 363–4, 376t, 379
SAFE Investment Company, 161t, 326t, 374
State Administration of Foreign Exchange (SAFE), 161t, 326t, 348, 350–2, 354, 357–61
World Trade Organization membership, 356
urbanization and industrialization, 409
China–Africa Development Fund, 327t
China Africa Resources (CAF), 73t
China–ASEAN Investment Cooperation Fund, 69t
China Development Bank, 40, 220, 405t, 421t
China Global Investment Tracker, 369, 380, 407
China Investment Corporation (CIC)
asset holdings, 18, 19t, 190, 304t, 326t, 374
capital arbitrage, 352
Central Huijin Investment, 190, 277, 287–8, 354, 358, 362, 376–7t, 378, 420–8, 421–5t
co-investment in Russia, 587–9
collaborative relationships, networks, and indirect control in target firms, 415–20, 416–18t
concerns over China’s global expansion, 153–4, 324
credit risk, 289t
deal size, 537t
development and evolution, 349–59, 351f
direct control rights in target firms, 410–14, 411–12t, 414b
distance from government interference, 348, 375, 378
domestic banking investments, 190–1
domestic political influence, 350, 353–4, 358–9, 361
domestic strategic investments, 6–7
equity holdings, 263, 351f, 352–5
fund characteristics and use of debt, 278t
future challenges, 363–4
governance and organizational structure, 191, 375f, 378
investment in Canadian energy sector, 96, 383t, 409, 416t, 419, 442
investment deals, targets, sectors, and locations (2007–15), 381–407t, 408f, 409
investment principles, 376–7t, 379
investment statistics, 41t
investment in US debt and currency,348–9, 351f, 356–8, 364, 624
joint ventures, targets, sectors, and locations (2007–15), 398–406t
labor intensity ranking, 535t
operational framework, 360–3
origins of wealth, 348–9
Polity score, 161t
portfolio construction and diversification, 349–55, 351f, 360–1, 427b
portfolio firms, 369–70, 379–429
relationship with Chinese government, 276, 353, 359, 376–7t, 378–9
resource-seeking, 436
US–China Exchange-Traded Funds (ETFs), 355, 358–9, 362–3
use of external managers, 355, 361
China National Offshore Oil Corporation (CNOOC), 197–8, 417t
China: National Social Security Fund, 41t, 161t
Choe, H., 309
Chortareas, G., 490
(p. 684) Churchill, Winston, 598
Ciarlone, A., 33t, 38
Clark, G.L., 123, 165, 379, 467, 623–4
climate change, 173, 217, 436, 467, 527, 606
Coglianese, C., 163
Collier, P., 656n2
competitive advantage, 6, 77, 100
Conley, T.G., 481
Costello, P., 627, 632–3, 638–9
Cowling, M., 259
Cox, C., 188–9
Crain, M., 128
crony capitalism, 23, 532
cross-border investment
economic motivations, 40
effects of new investor categories, 462
harmonization of ethical and governance norms, 221, 240–1
host country concerns, 23, 368, 441
impact on markets, 248, 256–8, 266, 372–3
investment strategies, 238–9
knowledge diffusion, 89
mergers and acquisitions, 367
political and macroeconomic factors, 38–9
Croux, C., 477, 514
Cuba, 10, 72t
Cuñat, V., 176
currency exchange rates
appreciation, 125, 440, 665
fixed, 348–9, 351
intervention, 4, 170
movement and volatility, 127–8
stabilization, 553, 665, 667–8
Czech Republic, 549–50, 569–70
SWF holdings, 329t
Daniel, J., 129–30
Davis, J., 129–30
De Bellis, M., 219
De Gregorio, J., 668
de Haan, J., 490
Debarsy, N., 483
debt capital and financing, 4, 274–94
bond market development, 278–80t, 282t, 284–5, 288
bond markets and SWF investment, 21, 55, 274–5, 282, 294, 626–7
democracy and political risk of debt financing, 284
determinants of SWF use of debt, 282–7, 282t
origin of wealth and use of debt, 283
SWF and home country credit risk, 275, 287–92, 289t, 291t
SWF investment style, 286–7
Del Giudice, A., 49t, 53
DeRouen, K.J., 184
developing countries
capital flow to developed countries (Lucas’ paradox), 56
export-led industrialization, 89
GDP growth volatility, 659
‘hot money’ flow, 89, 357
impact of neoliberal globalization, 87–90, 93
infrastructure financing gap, 26t, 32
reserve hoarding, 90
resource curse effects, 125
developmental states, 93, 95, 101, 189, 191
Devlin, J., 128
Dewenter, K. L., 47, 51t, 52–3, 300–1, 305n7, 343, 476
Dimson, E., 26t, 31, 466
divestment, 24, 198, 213, 481, 523–5, 524, 638
Dixon, A.D., 23, 23n9, 81–2, 90, 123, 165, 172, 533
Djankov, S., 333
domestic political risk and SWF governance, 159–79
1MDB and FFG case studies, 167–9
accountability and transparency, 164–7
political and corporate dimensions of legitimacy, 162–4
procedural legitimacy, 164–7
substantive legitimacy, 169–79
SWF political orientations and Polity scores, 160–2, 161t, 162f
DP World, 39, 145–6, 198, 634
Drazen, A., 654–5
Drechsler, I., 482
Drezner, D.W., 8, 468
Dubai
aerospace industry, 108–9, 436
Dubai International Financial Center, 42t
Dubai International Petroleum Investment Company, 19t
Emirates Airlines sponsorship of Real Madrid Football Club, 519–20
Istithmar World, 20t, 42t, 304t
oil revenues, 192, 604
Dubai: Investment Corporation of Dubai (ICD)
asset holdings, 19t
credit risk, 275, 289t
domestic and international investments, 616
fund characteristics and use of debt, 280t, 289
investment statistics, 41t
labor intensity ranking, 535t
Linaburg-Maduell transparency index rating, 194t
Polity score, 161t
Dupor, B., 481
Dyck, A.I.J., 35t, 37
El-Erian, M., 636
emerging market multinationals, 87, 100
emerging markets
attractiveness to SWF investors, 194
co-investment with small and medium-sized enterprises, 250–1
economic growth, 55, 522
energy investment deals, 269
geographical concentration of SWFs, 150, 548
infrastructure investment, 76t
MNE activities, 11, 87, 100
relative lack of transparency and openness, 558
rise of new economic giants, 368
rising demand for energy, 605
specialist investment vehicles, 40
energy investment
diplomatic risk, 447–52, 451t, 452t
effect of bilateral relations, 441–2, 449
empirical analysis, 443–53
energy-poor and energy-rich country comparisons, 434–5, 437–53, 438t, 447t, 450f, 451t, 452t
geopolitical concerns, 436–7
joint initiatives, 5
resource richness and armed conflict, 125, 434
rising investment trend, 433
SWF energy investments, 444t, 446f, 447t, 533
SWF investment and industry performance, 497–8t, 511–12
SWF and private investor comparisons, 440–1, 447t, 449–53, 450f, 451t, 452t
energy resources
emerging market demand, 605
energy efficiency, 418t, 541, 588t, 605
global energy outlook, 604–7
Gulf State oil and gas industry, 596–604
liquefied natural gas (LNG), 171, 417–18t, 439, 579, 601, 603, 604–5
nuclear power, 362n4, 579–80, 599, 605–6, 612
peak oil theory, 608
renewable energy, 418t, 605–6
shale gas and fracking, 548, 553, 555, 572, 597, 601, 606–8
English, P.C., 24
environmental, social, and governance (ESG) issues, 71t, 174, 177–8, 217
Epstein, R., 466, 636
Equatorial Guinea, 9–10, 172
Fund for Future Generations (FFG), 10, 12, 133t, 164, 169
hydrocarbon resource windfall, 10, 169
Nguema family dictatorship, 10
oil and gas revenues, 10
resource curse, 10
Riggs Bank scandal, 10
(p. 686) Etemad, A., 127–8
European co-investment funds, 539–41
European Commission, 199, 264
European Fund for Strategic Investments, 264, 524
European industry and SWF investment analysis
aggregation bias, 481
analysismethodology, 486–93
counter-cyclical investment behavior, 486, 491
data collection, 483–4, 489t
effect of SWF access to capital, 508–9, 513
feedback loop mechanisms, 482
firm-level analysis, 478–80
industry investment performance results, 494–508t, 509–14, 510t
intra-industry and inter-industry spillover effects/externalities, 477, 481–2, 512–13
meso- vs. macro-level analysis, 477
SWF investment statistics, 485t
SWF preference for local markets, 250, 255, 266, 268, 492
target sectors, 486
Fan, J.P.H., 368n3
Faugère, C., 210
Fernandes, N., 49t, 52–3, 301, 346, 480
Ferreira, M., 328, 333
Fidora, M., 3, 480
foreign policy, 182–203
Asian SWFs, 189–92
Australian outlook on SWF inward investment, 200–1
decision-making and SWF management, 183–7
European outlook on SWF inward investment, 195–6
home country issues, 187–96
host country issues, 196–201
international coordination efforts 201–3
international system of allies and adversaries, 185, 189, 441–2
major foreign policy concerns and remedies, 186t
SWF governance and home country political institutions, 188
US outlook on SWF inward investment, 197–8
Fotak, V., 23–4, 48t, 52–4, 56, 247n1, 371, 475–7, 479–80
France
CDC International Capital (CDCIC), 540
defense exports, 108
Fonds Stratégique d’Investissement (FSI), 199
Foreign Direct Investment law (2005), 635
joint investment with Abu Dhabi, 5
nuclear industry, 198
promotion of GCC inward investment, 108
reluctance towards inward foreign direct investment, 199
SWF holdings, 329t
SWF inward investment, 485t, 486
Frankel, J.A., 492, 660
Franken, H., 668
Fu, F., 303, 314
Furfine, C.H., 482
G20 countries, 8, 641
Gabaix, X., 481–2
Gabrieli, S., 482
Gaddafi, Muammar, 299n2
Gagliardi, T., 49t, 53
Gai, P., 482
Gelb, A., 26t, 32
Gelpern, A., 164–6
Generally Accepted Principles and Practices (GAPP), see Santiago Principles
Germany
corporate control model, 5
Foreign Trade Act (1961), 635
Ghahramani, S., 211–12, 218
Ghana, 127, 133t
Gianfrate, G., 49t, 53
Giannetti, M., 46
Gilson, R.J., 256, 373n8
Gine, M., 176
(p. 687) Gnabo, J.Y., 483
Goergen, M., 463, 466
Goetzmann, W., 28t, 30, 301–2
Goldman, A., 169
Goldman, B., 209
Goldman Sachs, 168, 220–1, 284, 413
Gompers, P., 328, 333
Gorter, J., 490
Gottschalg, O., 235
greenhouse gas emissions, 173, 605
Greenspan, Alan, 300n3
Guadalupe, M., 176
guerrilla warfare, 6
Guery, L., 462
Gulf Cooperation Council (GCC), 103, 108, 541, 596
Gulf States and Middle East
alternative energy investment, 79
human rights abuses, 6
investment in US financial services industry, 193
national industrial development, 153
oil and gas reserves and industry, 596–604
oil revenues, 192, 596, 608–9
political legacy of Islam, 192
Polity score, 161t
“preindustrial welfare states”, 192
regional pearl industry, 600–1, 603
resource-seeking, 6, 11
Linaburg-Maduell transparency index rating, 194t
Wahhabist extremism, 6
Haiti, 10
Haldane, A., 482
Hall, R., 492
Halland, H., 26t, 32
Hamermesh, L.A., 410
Han, L., 486
Han, X., 47, 51t, 52–3, 300–1, 305n7, 343, 476
Harding, T., 125
Harris, R.S., 235–6
Harvey, C.R., 492
Hatton, K., 172
Hawley, J., 176
He, F., 7
Heaney, R., 36t, 37–8, 219
hedge funds, 21, 185, 202, 237, 260, 300, 354, 361, 367, 461–2, 476, 478, 610, 630, 636
hedge fund activism, 176, 257
investment by SWFs, 9, 196, 232f, 371f, 401t, 416t
Helleiner, E., 468
Hesse, H., 476
Hodrick, R.J., 303
Holland, K., 48t, 53–4, 477
Hong Kong
Hong Kong Exchange Fund, 274, 278t, 285, 288, 289t
Hong Kong Monetary Authority, 161t, 304t, 326t, 535t
SWF acquisitions, 444t
SWF holdings, 329t
Horvath, M., 481
Hu, Y.W., 17n3
Hua, J.K.C., 48t, 51
Huang, M., 303
Hubbert, Marion King, 608
human rights violations, 6, 11, 174, 178, 211–16, 223, 467
Hungary, 329t, 552t, 554t, 556t, 560t, 569f
Ilahi, N., 128
Ilmanen, A., 26t, 31, 466
India
inward investment from Oman, 614
rising energy demand, 597, 605
SWF holdings, 329t
Zuari Agro Chemicals’ use of child labor, 215–16
Indonesia
energy exports, 445
inward investment from Singapore, 92
joint investment with Qatar, 5
palm oil plantations and deforestation, 528
SWF holdings, 329t
(p. 688) institutional buyout (IBO), 462
intergenerational justice and equity, 172–3, 216–17, 527, 623, 627–8
intergenerational savings
importance of good SWF governance, 10
investment of foreign exchange windfalls, 4
investment of natural resource windfalls, 7, 66, 127, 170–3
long-term SWF policy objectives, 152, 462, 465, 469
intergenerational wealth transfer, 57, 545, 550f, 551, 654
International Covenant on Civil and Political Rights (ICCPR), 211, 214
International Energy Agency (IEA), 597, 605
International Forum of Sovereign Wealth Funds (IFSWF), 8, 146, 154–6, 202, 217, 219, 254, 257, 258t, 281, 666–7
International Monetary Fund (IMF), 8, 124, 129, 243, 358, 524, 608, 636
categorization of SWFs, 66, 252–3, 370
Fiscal Affairs Department, 130, 134
International Monetary and Financial Committee, 201
International Working Group of Sovereign Wealth Funds (IWGSWF), 146, 202, 217
position on capital controls, 318
Special Drawing Rights (SDRs), 583
investment choice
determinants of SWF holdings, 323, 332–5, 334–5t
effect on firm value and performance, 322–5, 372
ownership data, 328–30, 329–30t
ownership and firm value relationship, 323, 325, 336–46, 337–8t, 340–4t
study control variables, 330–2, 331t
investment and firm volatility, 298–319
compensation of risk, 298, 310, 314–15, 480
data statistics, 306–7t
destabilizing events, 299, 301, 315
effect of blockholder ownership, 299n1, 303, 309, 315, 371–2, 476, 479, 487
effect of wealth source, 317–18
idiosyncratic risk, 299n1, 300–3, 309–11, 314–15, 317–18
influence of media attention and reporting, 300, 315, 316t, 318
systematic risk, 300–2, 309, 314
return-to-risk relation, 54, 299–302, 309–14, 311f, 312–13t
role of market development, 317
test results 308–11, 308t, 311f
volatility ratios, 301–2, 305, 309–15, 312–13t, 316t, 318
Iran
Foreign Investment Company, 304t
National Development Fund, 127, 132t, 278t, 283, 612–13
National Oil Company, 598
nuclear program, 599, 612
oil reserves and revenues, 596–600, 612–13
Oil Stabilization Fund, 127, 327t, 612–13
revolution (1979), 599–600
Iraq
Development Fund for Iraq, 194t
invasion of Kuwait (1990), 611
oil reserves, 597, 599
Ireland
Ireland Strategic Investment Fund, 19t, 193t, 540
National Pensions Reserve Fund, 41t, 326t, 404t, 537t, 628
Israel, 329t, 436, 464t, 600
Italy
attitude to inward investment, 199–200
co-investment with Qatar, 540
economic and investment links with Libya, 200, 475–6
Fondo Strategico Italiano (FSI), 524, 540
SWF holdings, 329t
SWF inward investment, 485t
Izquierdo, A., 659
Jacobs, J., 490
Japan
cultivated pearls industry, 601, 603
export-led growth, 349
Fukushima nuclear disaster, 605
Government Employees Pension Fund, 30
liquefied natural gas imports from UAE, 604
SWF holdings, 329t
(p. 689) Jenkinson, T., 235–6
Jessup, P.C., 208
Jiang, J., 303, 314
Jiang, W., 176
Johan, S.A., 33t, 39, 238, 249
Jones, C., 492
Kalinowska-Beszczynska, O., 259
Kalter, E., 26t, 29
Kantor, M. 220
Kapadia, S., 482
Kaplan, S.N., 235–6
Karolyi, G.A., 35t, 37, 46, 50t, 51–2, 322n2
Kaufman, C., 219–20
Kazakhstan
energy investments, 438t
Kazakhstan National Fund, 19t, 132t, 135–6f, 326t
Kazyna (SK), 276, 278t, 288–90, 289t, 535t
SWF acquisitions, 444t
Kegley, C.W., 183
Kerkour, M., 35t, 38
Kern, S., 368n1
Kho, B.C., 309
Kimmitt, R., 170–1, 189
Kirchner, S., 627
Knight, E.R.W., 623–4
Knill, A., 33–4t, 38–9, 49t, 53–4, 186–7, 238, 249, 267, 301, 476, 480, 492
knowledge transfer, 171, 541
Koh, H.H., 209
Korea Investment Corporation
asset holdings, 19t, 286, 304t, 326t
co-investment with Russia’s RDIF, 540
fund characteristics and use of debt, 278t
investment statistics, 41t
labor intensity ranking, 535t
Kose, A., 659
Kotter, J., 8, 50t, 51–2, 301, 305n7, 322, 343, 476, 480
Kramarenko, V., 612
Kreander, N., 465
Kuwait
energy investments, 438t
investment in Central and Eastern Europe, 559t
oil reserves and production, 601
oil revenues, 18n5, 124, 192, 602, 609, 611
political rule, 192–3
SWF acquisitions, 444t
welfare provision, 192–3, 602
Kuwait Investment Authority (KIA)
asset holdings, 18, 19t, 161t, 304t, 326t
compliance with Santiago Principles, 203
corruption scandal, 610
deal size, 537t
fund characteristics and use of debt, 277, 279t
Future Generation Fund, 283, 609–10
General Reserve Fund, 283, 609–10
infrastructure investment in Spain, 532–6, 543
“in-house capabilities” governance approach in Spain, 526f, 532–6
investment statistics, 41t
investment strategy, 610–11
labor intensity ranking, 535t
Linaburg-Maduell transparency index rating, 194t
partnership with Russian Direct Investment Fund, 70t, 540
Polity score, 161t
real estate investment, 610
resource funds and Truman Scoreboard rating, 132t
Wren House Infrastructure (WHI), 532–4
Kuwait Investment Office (KIO), 324, 526f, 532, 609–11
Kuwait Oil Company, 602
Kuwait Petroleum Corporation, 602, 609
La Porta, R., 333
Labbé, F., 668
Laeven, L., 6, 36t, 46, 255, 301, 305n7, 322, 462, 492
Larraîn, F., 668
Latin America, 10, 43f, 101n6, 520–2, 525, 533, 536, 541, 659
Lavelle, K.C., 129, 137
Le Fort, G., 668
(p. 690) Lecourt, C., 35t, 38
Lee B.S., 34t, 38, 49t, 53–4, 186–7, 267, 301, 303, 314, 476, 480, 492
Lehman Brothers, 475, 508, 669
Lel, U., 8, 50t, 51–2, 301, 305n7, 322, 343, 476, 480
Lerner, J., 33t, 39, 238–9, 322n2, 368n2, 372, 479, 487–8
leveraged buyout (LBO), 233, 235–6, 462
Li, L., 36t, 37–8, 219
Liang, B., 301–2
Liao, R.C., 35t, 37, 46, 50t, 51–2, 322n2
liberal market economies (LMEs), 11, 462
Libya, 130, 200, 299n2
energy investments, 438t
Libyan Arab Foreign Investment Company, 304t, 326t
Libyan Investment Authority, 19t, 41t, 132t, 220–1, 475–6
SWF acquisitions, 444t
Lin, C., 47
Linarelli, J., 220
Lind, M., 90
Liu, L.X., 315
Liu, W., 259
Lo, A.W., 493n7
Long, J.B., 481
Lopez-de-Silanes, F., 333
Lugo, S., 21, 26t, 30, 54, 475, 477, 479–80, 486
Lundblad, C.T., 492
Lundblad, T., 468
MacKinlay, A.C., 493n7
McNeil, C.R. 24
McPhail, K., 465
Magkonis, G., 490
Makhlouf, H., 5
Malatesta, P.H., 47, 51t, 52–3, 300–1, 305n7, 343, 476
Malaysia
development agenda, 67
Islamic finance hub, 79
joint investment with Abu Dhabi, 5
Malaysia:1MDB (1Malaysia Development Berhad), 167–9, 275–6, 288–90, 294
credit risk, 289t
fund characteristics and use of debt, 279t, 284
Malaysia: Khazanah Nasional Berhard
asset holdings, 19t, 304t, 326t
credit risk, 289t
deal size, 537t
domestic economic development objective, 67, 79
fund characteristics and use of debt, 279t
governance and management, 68, 70t
investment statistics, 41t
investment strategy, 74t
labor intensity ranking, 535t
role in domestic bond market development, 274, 285
SWF and home country credit risk relationship, 275, 291t
Marinelli, N., 49t, 53
Marler, J.H., 210
Marsh, D., 17n2
Martellini, L., 25, 28t
Matos, P., 328, 333
Mauck, N., 33–4t, 38–9, 49t, 53–4, 186–7, 238, 249, 267, 301, 476, 480, 492
Megginson, W.L., 23–4, 48t, 52–4, 56, 247n1, 371, 475–7, 479–80, 486
Mendoza, E., 659
Merkel, Angela, 474
Merton, R.C., 303
Metrick, A., 328, 333
Metzger, D., 176
Mexico
divestment, 524t
Fund for Stabilization and Development, 123, 127
Oil Revenues Stabilization Fund, 133t
SWF holdings, 330t
Wal-Mart de Mexico (subsidiary), 213, 215, 223
Miceli, V., 33t, 38
Milhau, V., 25, 28t
Milhaupt, C., 256, 373n8
Mintz, A., 184
Miracky, W., 24
Mitchell, J., 607
Mohammed bin Salman, Saudi deputy crown prince, 9
(p. 691) Monk, A.H.B., 23, 23n9, 81–2, 90, 123, 165, 169, 172, 379, 467, 533
Moore, M.A., 22–3
Morgan, G., 460
Morse, A., 35t, 37
Murray, G.C., 259
Murtinu, S., 33t, 39, 48t, 53–4, 479–80, 491
natural resources
depletion, 7, 27t, 30, 127, 145, 150, 439, 656n2
resource endowment, 34t, 37, 45, 79, 437, 448, 453
resource nationalism, 4
resource-seeking, 6, 11, 436
windfalls and windfall effect, 4, 7, 9, 72t, 125, 130, 169, 462, 596, 609
Neal, D., 641
New Zealand Superannuation Fund, 151, 154, 277, 628, 631
asset holdings, 20t, 193t, 304t, 327t
fund characteristics and use of debt, 279t
investment statistics, 42t
Nicaragua, 10
Nigerian Sovereign Investment Authority (NSIA), 20t, 21, 133t, 279t, 281, 291, 545
Nixon, Richard, 600
Norway
aging population, 463
avoidance of resource curse, 123, 125, 129, 134
constitutional monarchy, 195
OECD membership, 201
oil and gas resources, 150, 195, 462, 527
Norway: Government Pension Fund Global (GPFG)
abnormal returns, 48t, 52
accountability and legitimacy, 165, 468, 527
asset holdings, 18, 19t, 193t, 304t, 326t, 460, 463, 526, 561
Council on Ethics, 174n6, 213–16, 240–1, 467, 528, 638
divestment, 24, 638
equity holdings, 195, 233–4, 236, 240, 460, 463, 464t, 529t, 562f, 564f, 566–7f
ethical investment, 11, 176–7, 195, 212–14, 216, 221–4, 460, 466–9, 527–8, 638
exit propensity, 465–7
fund characteristics and use of debt, 279t
funding rules, 283, 463
governance and avoidance of political interference, 373
human resource management (HRM) and stakeholder well-being, 460, 466, 469
in-house asset management, 45, 633
investment in Central and Eastern Europe, 549, 559t, 561–71, 563–2f, 563t, 564–70f
investment restrictions, 6, 463
investment statistics, 41t
investment strategy, 561–3, 563f
investment style, 286
labor intensity ranking, 535t
legal action against Volkswagen, 519
long investment horizon, 236
“name and shame” strategy, 527
“Norway Model” of investing, 26t, 30–1, 45
oil revenues, 195
optimal and actual investment allocation, 25, 26t, 28t, 29–31
organization and management, 462–3
ownership voice and influence, 463, 465–6
Polity score, 161t
promotion of Norwegian values, 11, 463, 465, 468
property holdings in Central and Eastern Europe, 564–6, 569–70f
real estate investment, 9, 30–1, 45, 463, 527, 534, 570
“responsible investment” governance approach in Spain, 520, 523t, 526–32, 528f, 529t, 531t, 543
shareholder activism, 175–7, 212, 465, 527–8, 530–2, 531t
stabilizing role, 462, 469
strategic asset allocation, 562f, 563t, 565f, 568f
substantive legitimacy, 173–8
transparency, 195, 460, 466–8, 569
Truman Scoreboard rating, 132t, 154
use of external managers, 355
Norway: Norges Bank Investment Management (NBIM)
active management and investment performance, 28t, 30
(p. 692) asset holdings, 326t
excluded companies list, 221–4
formal shareholder proposals, 175–6, 175t
resource fund management role, 195, 463, 527
nuclear weapons, 195, 222, 467
O’Sullivan, N., 463, 466
Obama, Barack, 299
offshore investment, 4, 66
oildependency and democratic development, 21n6, 192
oil price volatility
effect on asset value, 16, 18, 21–2, 55, 172
effect on asset allocation policy, 29–30, 44, 55, 242, 544, 608–9, 612–13
Oman
energy investments, 438t
infrastructure investment gap, 541
investment in Central and Eastern Europe, 559t
oil and gas reserves and production, 602–3, 614
societal governance, 134
SWF acquisitions, 444t
Truman Scoreboard ratings, 135f
Oman Investment Fund, 20t, 42t, 194t, 614
Oman State General Reserve Fund
asset holdings, 19t, 327t
deal size, 537t
governance and management, 614
investment statistics, 42t
“learning through co-investment” governance approach, 526f, 539, 541–3
Linaburg-Maduell transparency index rating, 194t
resource funds and Truman Scoreboard rating, 133t
Ossowski, R., 129–30
Oum, T.H., 47
Palestine Investment Fund (PIF), 68, 70t, 74–5t
Palumbo, R., 166
Papua New Guinea, 130, 444t
Parrado, E., 655, 668, 672
Parro, F., 668
pension funds
asset allocation, 40
CalPers fund (USA), 8, 24, 527
characteristics compared with SWFs, 17, 150–2, 253, 325, 371, 478
compensation arrangements, 163
Ontario Teachers’ Pension Plan, 171, 533
prudent person rule, 152
public vs. private value creation, 46
pensions savings and provision, 4, 12, 195, 241, 374, 463, 550f, 627, 661, 664
Perotti, R., 654
petrochemicals industry, 103–7, 106f
Phalippou, L., 234–5
Phelps, N., 92
Pistor, K., 172
Plosser, I.C., 481
Poblete, S., 659
Poland
economic growth, 559
foreign exchange reserves, 553, 554t
shale gas deposits, 548, 553, 555
SWF inward investment, 559, 560t, 569f
Polanyi, K., 11
Pollitt, M., 21n6
portfolio management
allocation decisions, 24–45, 26–8t, 33–6t, 251–61, 254t, 427b, 562f, 576, 582, 583t
financial and macroeconomic factors, 25–9
investment trends and patterns, 17, 21, 33–6t, 39–45, 41–2t, 43f, 45f, 231–2, 232f, 247, 255–6, 274
modern portfolio theory (MPT), 64, 83–4, 147, 152
oil-funded allocation models, 25–30, 26–8t
optimal asset allocation models, 25–9, 26–8t, 253–5
political and macroeconomic factors, 32, 38–9
strategic asset allocation model, 26t, 28t, 30
private equity, 8–9, 39, 45, 64, 196, 461–2
asset classes, 232f, 371f
(p. 693) benefits of direct co-investment, 249–50
co-investment, 249–51, 258–70, 265f, 270f
co-investment case studies (Apis Growth Fund I and McRock Capital), 261–3, 262t
co-investment deals and syndication, 263–5, 264t, 269
co-investment strategies, 259
co-investment and target sectors, 268–8, 268f
direct investment, 231, 237–40, 243, 249, 258–70, 260f, 266t
direct investment models, 249–50, 259, 270f
direct investment strategies, 238–9, 249
indirect investment, 231–6, 243
investment fund horizons, 233, 236, 371
investment fund performance and returns, 234–6
investment fund structure, 233–4
political interference, 240–2
portfolio firm performance and returns, 239–40
strategic asset allocation, 254t
SWF preference for local markets, 250, 255, 266, 268, 492
SWF regulation, 242–3, 370
privatization, 4, 9, 11, 40, 66, 104, 149–50, 283, 372, 567, 627–8
protectionism, 5, 8, 23, 96, 98–9, 300, 345, 478–9
Qatar
budget deficit and sale of SWF, 9
investment in Central and Eastern Europe, 559t
joint investment with Indonesia, 5
oil and gas reserves and production, 600–1
Qatar Airways, 537–8
Qatar Investment Authority (QIA)
asset holdings, 19t, 40, 304t, 326t
deal size, 41t, 537t
diversification function, 611–12
divestment, 24
football sponsorship, 526f, 537–8
investment in Asia, 612
investment statistics, 41t
investment targets, 611
joint investment with IDB Holdings (Israel), 436
labor intensity ranking, 535t
“legitimacyseeking” governance approach in Spain, 519, 522–3, 525t, 526f, 536–9, 542–3
Linaburg-Maduell transparency index rating, 154, 194t
Polity score, 161t
real estate investment, 40, 277, 536–8
resource funds and Truman Scoreboard rating, 132t
trophy assets, 536
Qatar Petroleum, 601
Quack, S., 209
rainy-day funds, 22n8, 544, 611, 628, 637
Ras Al Khaimah Investment Authority, 20t, 42t, 194t, 327t
Raymond, H., 27t, 32, 476
real estate investment
asset allocation trends, 44–5, 45f, 232f, 255–6, 260, 371f, 560t, 562f, 642
co-investment, 265, 269
effect of Brexit, 248
investment yields, 255–6
socially responsible asset class, 256
Spanish housingbubble, 521
US subprime mortgage meltdown, 193
rent-seeking, 22, 166–8, 172
resource funds
Dutch Disease, 66, 124–5, 131, 608, 665
country governance indicators, 132–7, 132–3t, 135f
economic impact, 128
links with societal governance, 129–38
resource curse, 123–31, 134, 137–8, 434
resource richness and armed conflict, 125, 434
resource richness and corruption, 125
types of resource funds, 126–7
windfalls and windfall effect, 4, 7, 9, 72t, 125, 130, 169, 462, 596, 609
Reusens, P., 477, 514
risk management, 84, 128, 149
asset liability management (ALM), 26t, 29
contingent claims analysis (CCA), 26t, 29
(p. 694) credit default swaps (CDS), 49t, 51t, 54, 275, 292–3, 477, 480
diversification strategy, 40, 80, 152, 253, 255, 557
domestic legitimacy of SWFs, 162–3
risk-adjusted return maximizing model, 27t, 30, 32, 40
Roberts, M., 490
Rodriguez, J., 672
Rogoff, K., 654
Romer, D., 492
Romero, R., 659
Rose, A., 466, 636
Rose, P., 53
Rosenau, J.N., 183
Rozanov, A., 22
Russia
budget deficit, 9
co-investment deals, 79
democratic transition, 195
economic outlook, 553, 557
foreign exchange reserves, 553, 554t
intervention in Ukraine, 553, 557
nuclear energy program, 579–80
oil revenues, 195
Russia–China Investment Fund, 404t, 413, 417t, 540, 587t, 589t
Russia: Direct Investment Fund (RDIF), 68, 77–8, 556–7, 585–90, 587t
asset allocation, 586, 587–9t
asset holdings, 586
co-investments, 404t, 417t, 540, 587t, 589t
governance and management, 70t, 79, 590
investment strategy, 74t, 79, 586
Russia: National Welfare/Wealth Fund (NWF), 556–7, 573–80, 575t
asset allocation, 576t
asset holdings, 19t, 326t, 575f
domestic economic development function, 579–80
funding mechanism, 574f
government regulation, 576–80, 578t
investment statistics, 42t
investment strategy, 575–6
resource funds and Truman Scoreboard rating, 132t
stabilization function, 573–4
Russia: Reserve Fund, 556–7, 580–5, 582t
asset allocation, 582, 583t
asset holdings, 19t, 582f
funding mechanism, 581f
government regulation, 583–4
investment strategy, 582
Polity score, 161t
resource funds and Truman Scoreboard rating, 132t
stabilization function, 195–6
Ryan, L.V., 210
Sá, F., 25, 27t
Salakhova, D., 482
Sandell, M. J., 209
Santiago Principles (aka GAPP)
adoption of principles as signal of fund legitimacy, 155, 379
compliance, 129, 202–3
disclosure recommendations, 202, 218, 240
effectiveness, 128, 154, 156
financial orientation, 173–4
focus on accountability, 165–6, 218
focus on transparency, 146, 149, 152, 154, 178, 257, 281, 478–9, 572
GeoEconomica rankings of SWF compliance, 129, 203
governance principles, 218, 667
international coordination efforts, 201–3
international soft law instrument, 218
issues of SWF/host country relationship, 202, 218
lack of sanctions for non-compliance, 129, 202–3
signatories, 8, 135, 379, 614, 666
SWF resistance, 202
Western-based model and norms, 146, 152–3
Santiso, J., 34t, 38, 465, 475, 483, 525
São Tomé and Príncipe: National Oil Account, 20t, 133t
Sarkozy, Nicolas, 199, 635
Saudi Arabia
Aramco (company), 9, 439, 600
(p. 695) declining oil revenues, 9
funding of Islamic extremism, 9
military operation in Yemen, 9
oil reserves and production, 597, 599–600
political corruption, 10
relations with the United States, 600
strategic oil partnership with China, 439
Saudi Arabian Monetary Agency (SAMA), 9, 18, 19t, 161t, 194t, 326t, 535t, 614–15
Saudi Arabian Public Investment Fund (PIF), 7, 9, 327t, 519–20, 615
savings funds, 66, 80, 123–4, 126–7, 130, 153, 171, 608, 625
Scalera, V.G., 33t, 39, 48t, 53–4, 479–80, 491
Schaefer, S., 28t, 30
Schena, P., 26t, 29
Scherer, B., 28t, 29–30
Schnabl, P., 482
Schneider, M., 210
Schoar, A., 33t, 39, 235, 238–9, 322n2, 368n2, 372, 479
Schwarz, C., 301–2
Shabsigh, G., 128
Shariah-compliant investment, 177–8
Sherman, A.E., 315
Shivdasani, A., 5
Shleifer, A., 256, 299, 333
Sibert, A., 654
Siegel, S., 492
Silicon Valley, 96, 109
Singapore, 6, 181, 436, 520
development agenda, 67
developmental state, 189, 191
economic development, 67, 77, 79, 189–90
energy investments, 438t, 445
export-oriented economy, 191
extra-territorial industrial parks, 92
investment in Central and Eastern Europe, 559t
People’s Action Party and the ruling elite, 189–90
relations with Burma (Myanmar), 436
relations with Thailand, 191–2
semiconductor industry, 111–12
SWFacquisitions, 444t, 445
SWF holdings, 330t
Singapore Government Investment Corporation (GIC)
asset holdings, 18, 161t, 304t, 326t
deal size, 537t
investment in Spain, 523t
investment statistics, 41t
labor intensity ranking, 535t
Polity score, 161t
Truman Scoreboard transparency rating, 154
Singapore: Temasek Holdings, 67–8, 283, 534
asset holdings, 18, 19t, 161t, 193t, 304t, 326t
credit risk, 289–93, 289t, 291t
deal size, 537t
energy security, 439
fund characteristics and use of debt, 279t, 281, 289t
governance and management, 71t, 191, 219
investment statistics, 41t
investments and investment strategy, 36–8, 40, 75t, 77, 79–80, 220, 287, 439, 445
labor intensity ranking, 535t
Polity score, 161t
real estate investment, 71t
Smythe, T.I., 24
soft power, 12, 155
Sojli, E., 50t, 52–3
Sørensen, M., 487–8
South Africa
Black Economic Empowerment, 241
Financial Services Board, 68, 71t
Public Investment Corporation (PIC), 4, 12, 68, 71t, 78, 241, 463
Public Investment Fund (PIF), 75t
SWF holdings, 330t
South–North investment, 87–114
Abu Dhabi’s SWF investment-led technology acquisition, 101–14, 102f, 106f, 110f
developmental effectiveness, 112–14
double/quadruple bottom line investment, 87–8, 90, 92–4, 96–100, 112–13
emerging market multinationals, 87, 100
gatekeeping by advanced home states, 92
global semiconductor industry network, 110f
(p. 696) global SWF investment orientation, 91f
inverted mercantilism, 95–6, 97f, 99–100, 108
patient project funding, 95, 97
state-led global alliance capitalism, 92–3
technological leapfrogging, 92, 99–100, 103, 107–8, 113–14
typology by target firm and sector, 97f
venture developmentalism, 96, 97f, 99
vulture developmentalism, 96, 97f, 99–100, 103, 109, 113
white knight investing, 94, 97f, 98, 100, 105, 109
sovereign development funds (SDFs)
goals and strategies, 63–6
governance and management, 67–78, 69–72t
historical development and drivers, 66–7
innovation and investment returns, 65–6, 77, 80–1
investment strategy and performance, 73–6t, 78–85
long-term investors (LTIs), 25, 28t, 63–5, 80
risk of political corruption, 167n5
types and objectives, 82–3, 82f
venture capital, 70t, 73–6t, 78–82
wealth creation function, 80–1
Sovereign Investment Laboratory (SIL) SWF database, 17–20, 19–20t, 39–43, 41–2t, 43f, 45f
Sovereign Wealth Fund Institute (SWFI), 18, 160, 194, 298, 484, 548, 667
top-ranking SWFs, 21, 161t, 162f, 325–30, 326–7t, 374
sovereign wealth funds (SWFs)
abnormal returns, 48–9t, 52, 54–6, 176, 322, 372–3, 480
balancing and stabilization function, 3–4, 7, 241, 301, 462, 475–6, 478–9
commodity/non-commodity distinction, 4, 170, 283, 595
contrarian behavior, 33t, 38, 253, 293, 548
definitionsand categorization, 4–12, 16–18, 66, 252–3, 253t, 370, 436–7
global value estimates, 16–20, 17n2, 19–20t, 37, 155, 231, 247, 298, 326–7t, 367, 476
holdings by country, 329–30t
investment styles, 21, 275, 286–7, 522, 528, 530
investors of last resort, 25, 27t, 32, 293
liquidity function, 5, 24, 31, 170, 248, 275, 285, 479, 508–9, 513–14, 579
long-term investors (LTIs), 25, 28t, 63–5, 80, 248, 256, 315, 333, 479
passive investors, 24, 239, 369, 467, 480, 534, 640
role as diplomatic tool, 4–6, 8, 191, 436, 468
role in global financial ecosystem, 3, 8, 12, 171, 459, 466, 469
trend chasing, 33t, 39, 238–9
wealth appreciation vs. wealth creation, 80
sovereignty deficit, 172
Spain
Bankia (savings bank) divestment, 524t, 526–5, 529t
Barcelona Football Club, 537–8
Corporate Internationalization Fund (FIEM), 327t
economic context and background, 520–3
financial sector reform, 523–5
GDP growth, 521–2
governance typologyof SWF strategic investment, 525–6, 528f
Iberdrola (company), 522–3, 524t, 529t, 531t, 611
Kuwait’s KIA “in-house capabilities” governance approach, 526f, 532–6
major institutional investors in Spain, 523t
multinational enterprise links with Latin America, 521–2
Norway’s GPFG “responsible investment” governance approach, 526–32, 528f, 529t, 531t, 543
Oman’s SGRF “learning through co-investment” governance approach, 526f, 539, 541–3
openness to foreign shareholders, 522–5
Qatar’s QIA “legitimacy seeking” governance approach, 526f, 536–9
real estate bubble and credit crunch, 521
Real Madrid Football Club, 519–20
tourism, 521, 537–8, 541
(p. 697) stabilization funds
asset diversification strategy, 253
avoidance of economic shocks, 4
low use of debt capital, 283–4
mitigating revenue volatility, 22, 253t, 608, 625
risk-averse and short-term outlook, 66, 153
tackling the resource curse, 123–4, 126–7, 130
state capitalism, 87, 231, 368, 374, 459, 538, 596
statism, 5, 11, 188
Stendevad, C.,