Sovereign Wealth Funds’ Investments and Corporate Bondholders

Q4 Economics, Econometrics and Finance Journal of Private Equity Pub Date : 2018-05-31 DOI:10.3905/jpe.2018.21.3.014
G. Bulgarelli, Gianfranco Gianfrate
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引用次数: 2

Abstract

The authors investigate the impact of Sovereign Wealth Funds’ (SWFs) investments on the target firm’s bondholders. Their sample comprises 166 deals carried out during the period 2000–2016. They find that when SWFs invest in target companies, a reduction of the perceived credit risk follows and the value of the debt for existing bondholders rises. The market reaction for traded bonds appears to be positively associated with the level of transparency of the fund and to the rating of targets’ bonds. Overall, these results support the view that SWFs have a “certification role” for bondholders and determine a consistent increase in the value of invested firms that accrue to both shareholders and bondholders.
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主权财富基金的投资和公司债券持有人
作者研究了主权财富基金(SWFs)投资对目标公司债券持有人的影响。他们的样本包括2000年至2016年期间进行的166笔交易。他们发现,当主权财富基金投资于目标公司时,感知到的信用风险随之降低,现有债券持有人的债务价值随之上升。市场对交易债券的反应似乎与基金的透明度水平和目标债券的评级呈正相关。总的来说,这些结果支持了这样一种观点,即主权财富基金对债券持有人具有“认证作用”,并决定了被投资公司的价值持续增长,这对股东和债券持有人都是有益的。
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来源期刊
Journal of Private Equity
Journal of Private Equity BUSINESS, FINANCE-
CiteScore
0.40
自引率
0.00%
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0
期刊介绍: The Journal of Private Equity (JPE) gives you in-depth analysis of today"s most innovative strategies and techniques in private equity and venture capital. It shows you the what, how and why of successful deals with detailed explanations, probing analysis, and real-life case studies—and shows you how to immediately apply them to your own deals.
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