Managing Public Investment Funds: Best Practices and New Challenges

51 Pages Posted: 12 Jun 2008 Last revised: 27 Jun 2008

See all articles by Olivia S. Mitchell

Olivia S. Mitchell

University of Pennsylvania - The Wharton School; National Bureau of Economic Research (NBER)

John Piggott

University of New South Wales (UNSW) - Australian School of Business, School of Economics

Cagri S. Kumru

Australian National University (ANU)

Date Written: June 2008

Abstract

Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and similarities. We review previous studies on ways to better secure prudent and economically sound public fund management practices in these funds, as well as how to evaluate their governance and investment policies and how to better protect the assets from political interference. Drawing from the pension and corporate finance literature, we also link their management to governance practices and country-specific characteristics, and contrast those with empirical findings on linkages with corporate governance.

Suggested Citation

Mitchell, Olivia S. and Piggott, John and Kumru, Cagri S., Managing Public Investment Funds: Best Practices and New Challenges (June 2008). NBER Working Paper No. w14078. Available at SSRN: https://ssrn.com/abstract=1143989

Olivia S. Mitchell (Contact Author)

University of Pennsylvania - The Wharton School ( email )

Philadelphia, PA 19104-6365
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

John Piggott

University of New South Wales (UNSW) - Australian School of Business, School of Economics ( email )

High Street
Sydney, NSW 2052
Australia

Cagri S. Kumru

Australian National University (ANU) ( email )

Canberra, Australian Capital Territory 2601
Australia

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