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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: 19 October 2019

Building Long-Term Strategies for Investment of Sovereign Wealth

Building Long-Term Strategies for Investment of Sovereign Wealth

Chapter:
(p.135) Building Long-Term Strategies for Investment of Sovereign Wealth
Source:
Sovereign Wealth Funds and Long-Term Investing
Author(s):

Martin Skancke

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231158633.003.0030

This chapter discusses the importance of integrating sovereign wealth funds (SWFs) with macroeconomic policies, based on the experience of Norway. Underlying Norway's SWF investment strategy is a belief in a high level of financial market efficiency, from which it logically follows that the pursuit of adequate risk-adjusted short-run returns is consistent with long-run wealth preservation. The main question then for Norway's fund is which systematic risks it is willing to be exposed to and to what extent. Still, as a large equity-holder in many corporations with otherwise dispersed ownership, Norway is in a different position from other shareholders and may find it worthwhile to make a long-term investment in the form of monitoring of management and shareholder activism.

Keywords:   sovereign wealth funds, SWF, macroeconomic policy, Norway, risk management, investment strategy, long-term investment

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