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Sovereign Wealth Funds and Long-Term Investing$
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Joseph Stiglitz, Patrick Bolton, and Frederic Samama

Print publication date: 2011

Print ISBN-13: 9780231158633

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231158633.001.0001

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PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 14 October 2019



Sovereign Wealth Funds and Long-Term Investing

Pierre-André Chiappori

Columbia University Press

This chapter introduces the theme of the panel entitled “Benchmarking and Performance Standards,” by pointing to the conceptual challenges in defining appropriate benchmarks for SWFs. First on the list is the basic purpose: Why does a government wish to establish an SWF? Second, how do existing SWFs operate, how effective are their organizations, and how successful are they at achieving their stated objectives? Third, what is the optimal size of an SWF—in particular, is more than one SWF needed if the assets under management are very large? Once these issues are considered, it is possible to assess benchmark and performance standards designed specifically for SWFs, including the length of period to be used as a baseline for measuring an SWF's performance, and the investment guidelines that will direct an SWF's asset holdings toward investments that advance the long-term welfare of citizens.

Keywords:   objectives, sovereign wealth funds, SWF, benchmarks, long-term investment

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