Foreign Direct Investment Driven by the Sovereign Wealth Funds and its Impact on the Market Value of the Acquired Companies

Informace o vysokoškolské kvalifikační práci

Název práce:
Foreign Direct Investment Driven by the Sovereign Wealth Funds and its Impact on the Market Value of the Acquired Companies
Autor práce:
Martínek, Stanislav
Typ práce:
Disertační práce / info:eu-repo/semantics/doctoralThesis
Vedoucí práce:
Taušer, Josef
Osoba oponující práci:
Sato, Alexej; Tůma, Zdeněk
Jazyk práce:
English
Abstrakt:
The sheer value of the capital allocated in the Sovereign Wealth Funds (SWF), its continuous growth, and its potential to impact global financial markets with direct political and economic consequences sharply contrast with the scarce information on the funds’ financial performance, investment strategies, and overall strategic intentions. This palpable knowledge gap represents the primary motivation behind the research endeavor, whose results are presented in this thesis.Based on an originally collected dataset comprised of the SWFs cross-border investment transactions, we designed a comparative research model to investigate sovereign wealth funds’ long-term impact on the market value of targeted companies. The results signal that the initial positive impact of SWFs on investee performance disappears and the investees tend to underperform the market average in the long run. Next, we employ a comparative analysis of sovereign funds’ real rates of return, and the theoretical returns achievable on assets accumulated in international reserves. The results show that, from 2007 to 2017, sovereign funds’ returns outperformed the theoretical returns of international reserves by almost two percentage points.The last chapter takes the form of a case study that focuses on the influential role SWFs play in supporting national champions in strategic industries. We confirm the unique advantages provided by this model. Despite its economic and political potential, this model involves major risks, especially in times of economic recession, when a substantial government fiscal deficit can have a devastating impact on a whole industry and simultaneously lead to severe damage to the international relationships.
Klíčová slova:
Sovereign Wealth Funds; Cross-border Investment; Impact Analysis; International Reserve; Financial Economics

Informace o studiu

Studijní program a Studijní obor:
Mezinárodní ekonomické vztahy/Mezinárodní obchod
Typ studijního programu:
Doktorský studijní program
Jméno přidělované hodnosti:
Ph.D.
Instituce přidělující hodnost:
University of Economics, Prague
Název fakulty:
Faculty of International Relations
Název katedry:
Department of International Trade
Instituce archivující a zpřístupňující VŠKP:
University of Economics, Prague

Informace o odevzdání a obhajobě

Datum zadání práce:
30. 11. 2015
Datum podání práce:
12. 9. 2019
Datum obhajoby:
07.11.2019

Soubory ke stažení

Hlavní práce:
55362_mars06.pdf [9,06 MB]
Veřejná příloha:
19289_mars06.pdf [438,49 kB]
Oponentura:
64187_sato.pdf [225,92 kB]
Oponentura:
64188_Tůma.pdf [269,07 kB]

Údaje ze systému InSIS

Identifikátor:
https://insis.vse.cz/zp/55362/podrobnosti