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date: 15 October 2019

(p. xxi) List of Tables

(p. xxi) List of Tables

  1. 2.1 Sovereign Wealth Funds in the Sovereign Investment Laboratory SWF Transaction Database 19

  2. 2.2 Summary of Empirical, Theoretical, and Normative Studies of How Sovereign Wealth Funds Should Select Asset Classes in Which to Invest 26

  3. 2.3 Summary of Empirical Studies of Sovereign Wealth Funds’ Geographic and Industrial Investment Patterns 33

  4. 2.4 Investment Statistics for the Sovereign Wealth Funds in the Sovereign Investment Laboratory’s SWF Database 41

  5. 2.5 Summary of Empirical Studies Examining Impact of Sovereign Wealth Fund Equity Investments on Target Firm Financial Performance 48

  6. 3.1 Governance and Management 69

  7. 3.2 Investment Strategy 73

  8. 5.1 Resource Funds and Governance in Resource-Rich Countries (2013 Data) 132

  9. 7. 1 Political Orientation of Sovereign Wealth Fund sponsor countries of the 15 Largest Funds in the Sovereign Wealth Fund Institute 161

  10. 7. 2 Norges Bank Investment Management Formal Shareholder Proposals (2010–14) 175

  11. 8.1 Major Foreign Policy Concerns Associated with Investment by Foreign Sovereign Wealth Funds 186

  12. 8.2 Sovereign Wealth Funds Receiving a Ten on the Linaburg-Maduell Transparency Index 193

  13. 8.3 Sovereign Wealth Funds in the Middle East Ratings by the Linaburg-Maduell Transparency Index 194

  14. 11.1 Categories of Sovereign Wealth Funds 253

  15. 11.2 Alternative Tilt of Sovereign Wealth Funds in their Strategic Asset Allocation 254

  16. 11.3 Sovereign Wealth Funds and Transparency Scores 258

  17. 11.4 Two Examples of Deals 262

  18. 11.5 Public Private Equity Deals 264

  19. 11.6 Regional Characteristics of Government Private Equity Deals 266

  20. (p. xxii) 12.1 Sovereign Wealth Funds’ Characteristics and Use of Debt 278

  21. 12.2 Differences between Sovereign Wealth Funds Allowed to and Restrained from Using Debt 282

  22. 12.3 Outstanding Debt and Credit Risk Levered Sovereign Wealth Funds 289

  23. 12.4 Credit Risk Relationship between a Sovereign Wealth Fund and its Government 291

  24. 13.1 Funds in Sample 304

  25. 13.2 Data Characteristics 306

  26. 13.3 Difference in Means Tests 308

  27. 13.4 Volatility Ratios 312

  28. 13.5 Volatility Ratios for Sub-Samples 316

  29. 14.1 The World of Sovereign Wealth Funds 326

  30. 14.2 Descriptive Statistics of the Sovereitn Wealth Fund Ownership Variables 328

  31. 14.3 Sovereign Wealth Fund Holdings by Country 329

  32. 14.4 Descriptive Statistics of Control Variables 331

  33. 14.5 Determinants of Sovereign Wealth Fund Holdings 334

  34. 14.6 Sovereign Wealth Fund Ownership and Firm Value 337

  35. 14.7 Sovereign Wealth Fund Ownership and Firm Value (Excluding Norway and New Zealand) 340

  36. 14.8 Sovereign Wealth Fund Ownership and Firm Value: The Role of Transparency 342

  37. 14.9 Sovereign Wealth Fund Ownership and Firm Value: Foreign and Domestic Holdings 343

  38. 16.1 Investment Principles of the China Investment Corporation and its Subsidiaries 376

  39. 16.2 Major China Investment Corporation Investments (2007–15) 381

  40. 16.3 Major China Investment Corporation-Invested Joint Ventures (2007–15) 398

  41. 16.4 Major China Investment Corporation Investments into Fund Vehicles (2007–15) 400

  42. 16.5 Geography of the China Investment Corporation’s Investments (N=97) 407

  43. 16.6 Overview of the China Investment Corporation’s Ownership and Direct Control Rights in its Non-Fund and Non-JV Investments (N=61) 411

  44. 16.7 The China Investment Corporation’s Board Representation vis-à-vis its Relative Ownership in Target Firms (N=25) 412

  45. 16.8 Examples of Long-Term China Investment Corporation–Target Collaborative Relationship 416

  46. (p. xxiii) 16.9 Huijin’s Direct Investments 421

  47. 17.1 Categorization of Sovereign Wealth Fund Countries 438

  48. 17.2 Number of Deals Acquired by Sovereign Wealth Funds during 1981–2012 444

  49. 17.3 Summary Statistics of Energy Investments 447

  50. 17. 4 The Logit Estimates of the Likelihood of Energy Investments 451

  51. 17. 5 Robustness Checks 452

  52. 18.1 NGPFG’s Largest 20 Equity Holdings in Terms of Ownership Stake (% of Firm Equity) and Market Value (Millions of Kroner) as at December 31, 2015 464

  53. 19.1 Descriptive Statistics on the Sovereign Wealth Fund Investments 485

  54. 19.2 Data Description 489

  55. 19.3a Sovereign Wealth Funds’ Investment and Industry Performance 494

  56. 19.3b Sovereign Wealth Funds’ Investment and Industry Performance 497

  57. 19.3c Sovereign Wealth Funds’ Investment and Industry Performance 500

  58. 19.3d Sovereign Wealth Funds’ Investment and Industry Performance 503

  59. 19.3e Sovereign Wealth Funds’ Investment and Industry Performance 506

  60. 19.4 Bravais-Person Correlations Matrix 510

  61. 20.1 Selected Institutional Investors in the Spanish IBEX-35 523

  62. 20.2 Bankia: The Divestment Process Attracts Foreign Interest 524

  63. 20.3 Top Ten Equity Holdings in Spain by the Government Pension Fund Global 529

  64. 20.4 Top Ten Largest Equity Stages of the Government Pension Fund Global by Voting Rights in Spain 529

  65. 20.5 Government Pension Fund Global Decisions during Annual General Meetings in Spanish Companies 531

  66. 20.6 Ranking of Sovereign Wealth Funds by Labor Intensity 535

  67. 20.7 Most Aggressive Deal Hunters by Transaction Average Value 537

  68. 21.1 Selected Socioeconomic Drivers of Sovereign Wealth Fund Creation in Central and Eastern European Economies (2013–15) 552

  69. 21.2 Reserves of Foreign Exchange and Gold (in Current US$) and Global Ranks Held by Central and Eastern European Economies as at December 31, 2014 554

  70. 21.3 Selected Socioeconomic Drivers of Sovereign Wealth Fund Maintenance in Central and Eastern European Economies (2013–15) 556

  71. (p. xxiv) 21.4 Geographical Breakdown of Sovereign Wealth Fund Investments in Central and Eastern Europe by Acquirer Country as at September 30, 2014 559

  72. 21.5 Geographical Breakdown of Sovereign Wealth Fund Investments in Central and Eastern Europe by Target Country as at September 30, 2014 560

  73. 21.6 Industrial Breakdown of Sovereign Wealth Fund Target Investments—Globally and in Central and Eeastern Europe (Excluding Investments in T-bonds) 560

  74. 21.7 Norwegian Government Pension Fund Global’s Strategic and Actual Cross-Asset Benchmarking as at September 30, 2015 563

  75. 23.1 Annual Real GDP Growth Rate (%) 626

  76. 23.2 Sources of Capital of Australia’s Future Fund 629

  77. 23.3 Australia’s Future Fund Annual Performance Results 630

  78. 24.1 Output Growth and Terms of Trade Volatility 660

  79. A21.1.1 Limits of the Fund’s Exposure to Various Financial Asset Classes under Russian Budget, Government, and Financial Ministry Rules as at January 1, 2016 576

  80. A21.3.1 The Fund’s Investment Portfolio Composition as at February 1, 2016 587