The Rise of Sovereign Wealth Funds: Definition, Organization, and Governance

26 Pages Posted: 17 Dec 2014

See all articles by Bernardo Bortolotti

Bernardo Bortolotti

Bocconi University; University of Turin

Veljko Fotak

State of New York (SUNY) at Buffalo; Bocconi University - BAFFI Center on International Markets, Money, and Regulation

William L. Megginson

University of Oklahoma

Date Written: December 2014

Abstract

This paper addresses the difficulties of accurately defining a SWF, discusses the evolution of the original SWFs from stabilization to wealth funds, and examines how SWFs are organized and funded. We also detail the key measures developed to assess the operational and informational transparency and institutional quality of different fund by comparing the organizational structures, corporate governance systems, and investment patterns observed for SWFs with those documented empirically for other internationally active institutional investors.

Keywords: Sovereign wealth funds, International financial markets, Government policy and regulation

JEL Classification: G32, G15, G38

Suggested Citation

Bortolotti, Bernardo and Fotak, Veljko and Megginson, William L., The Rise of Sovereign Wealth Funds: Definition, Organization, and Governance (December 2014). Baffi Center Research Paper No. 2014-163. Available at SSRN: https://ssrn.com/abstract=2538977 or http://dx.doi.org/10.2139/ssrn.2538977

Bernardo Bortolotti (Contact Author)

Bocconi University ( email )

Via Sarfatti 25
Milan, MI 20136
Italy

University of Turin

Via Po 53
Torino, Turin - Piedmont 10100
Italy

Veljko Fotak

State of New York (SUNY) at Buffalo ( email )

School of Management, University at Buffalo
236 Jacobs Management Center
Buffalo, NY 14260
United States
+1 716-645-1541 (Phone)

Bocconi University - BAFFI Center on International Markets, Money, and Regulation ( email )

Milano, 20136
Italy

William L. Megginson

University of Oklahoma ( email )

307 W Brooks, 205A Adams Hall
Norman, OK 73019
United States
(405) 325-2058 (Phone)
(405) 325-1957 (Fax)

HOME PAGE: http://faculty-staff.ou.edu/M/William.L.Megginson-

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