Abstract
This study focuses on a major global issue: the rise of sovereign wealth funds (SWFs). Using the largest data set of their holdings to date, we document a large SWF premium of more than 15% of firm value. Using data from 2002 through 2007 that includes SWF holdings in 8,000 firms in 58 countries, we find that firms with higher ownership by SWFs have higher firm valuations and better operating performance. Additionally, they tend not to invest heavily in firms in high-tech industries or those operating in areas involving intensive research and development.
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