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Title:Staatsfonds - neue Akteure an den Finanzmärkten? PDF Logo
Authors:Schalast, Christoph
Tiemann, Marcel
Tuppi, Pascal
Issue Date:2009
Series/Report no.:Working paper series // Frankfurt School of Finance & Management 114
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.
Subjects:Sovereign wealth funds
Staatsfonds
Außenwirtschaftsgesetz
portfolioanalysis
monetary reserve
investment strategy
foreign exchange
transparency
Santiago principles
JEL:F10
F11
F21
F30
G11
G23
K12
K19
K22
Persistent Identifier of the first edition:urn:nbn:de:101:1-20090420334
Document Type:Working Paper
Appears in Collections:Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management

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