Weekend Reading

Ashby Monk

I just came across quite an interesting paper by G. Andrew Karolyi and Rose C. Liao. It’s called, “What is Different about Government-Controlled Acquirers in Cross-Border Acquisitions?”

The authors offer a comprehensive survey of government-led, cross-border acquisitions extending back two decades. Their objective is to understand the motives for and consequences of 5,317 failed and completed cross-border acquisitions by government controlled acquirers.

The paper has some interesting insights about SWFs:

“Among those deals involving government-controlled acquirers, we do find important differences involving sovereign wealth funds (SWFs). SWF-led acquisitions are less likely to fail, they are more likely to pursue acquirers that are larger in total assets and with fewer financial constraints, and the market reactions to SWF-led acquisitions, while positive, are statistically and economically much smaller.”

Get it here or here.

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This website is a project of Professor Gordon L. Clark and Dr. Ashby Monk of the School of Geography and the Environment at the University of Oxford. Their research on sovereign wealth funds is funded by the Leverhulme Trust and The Rotman International Centre for Pension Management.

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