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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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Panel Summary

Panel Summary

(p.139) Panel Summary
Sovereign Wealth Funds and Long-Term Investing
Patrick Bolton, Frederic Samama, Joseph E. Stiglitz
Columbia University Press

This chapter briefly summarizes the discussion of panel on long-term investing. It discusses how sovereign wealth funds (SWFs) are seen as possessing longer time horizons, yet SWFs often engage in short-term investments. From another perspective, the importance of long-term investors is widely acknowledged, yet incentives that promote commitment to lengthy investment time frames are scarce. For some, a method of incentivizing long-term investors is loyalty shares, or L-shares, an instrument analogous to stock options for long-term investors. Another solution is to distribute power within a corporation according to holding horizons so that long-term investors have more power to decide the firm's actions. Still, for SWFs, size remains a constraint. Some investment strategies that make sense in theory are not scalable for SWFs.

Keywords:   long-term investments, sovereign wealth funds, SWF, loyalty shares

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