Staatsfonds als Ankerinvestoren: Eine Note zum Einstieg von Aabar bei Daimler

Abstract

AbstractThe group of sovereign wealth funds (SWF) is gaining growing importance in the discussion on corporate governance quality as critical success factor for the longrun performance of exchange listed companies. These institutional investors mostly act as long-term oriented minority block holders (anchor investors) in international capital markets. We show for a specific case how capital market participants evaluate SWF investments in exchange listed companies. From the overall stock price reaction we can conjecture that investors expect from this investment of Aabar a positive impact on the corporate governance. However, there is also the alternative explanation that SWF have superior target selection abilities which allow them to detect undervalued companies in an inefficient capital market.