TY - JOUR
T1 - FOREIGN BIAS of SOVEREIGN WEALTH FUND and SPATIAL SPILLOVER EFFECTS
AU - Zhang, Hongxia
AU - Kim, Heeho
N1 - Publisher Copyright:
© 2019 World Scientific Publishing Company.
PY - 2019/3/1
Y1 - 2019/3/1
N2 - This study explores a foreign bias model to examine if the degree of foreign bias of sovereign wealth fund depends on the spatial spillover effects of cultural distances. Using the spatial panel data of foreign investment by sovereign wealth fund in 2008-2014, we empirically test (1) whether the relationships between return, risk and foreign bias of sovereign wealth fund are statistically significant and (2) whether this relationship depends on the spatial spillover effects of cultural distances. The evidence strongly supports our hypotheses across six target countries (Australia, Canada, China, Germany, the United Kingdom and the United States).
AB - This study explores a foreign bias model to examine if the degree of foreign bias of sovereign wealth fund depends on the spatial spillover effects of cultural distances. Using the spatial panel data of foreign investment by sovereign wealth fund in 2008-2014, we empirically test (1) whether the relationships between return, risk and foreign bias of sovereign wealth fund are statistically significant and (2) whether this relationship depends on the spatial spillover effects of cultural distances. The evidence strongly supports our hypotheses across six target countries (Australia, Canada, China, Germany, the United Kingdom and the United States).
KW - foreign bias
KW - risk
KW - Sovereign wealth fund
KW - spatial spillover effects
UR - http://www.scopus.com/inward/record.url?scp=85038380925&partnerID=8YFLogxK
U2 - 10.1142/S021759081747004X
DO - 10.1142/S021759081747004X
M3 - Article
AN - SCOPUS:85038380925
SN - 0217-5908
VL - 64
SP - 377
EP - 397
JO - Singapore Economic Review
JF - Singapore Economic Review
IS - 2
ER -