The impact of sovereign wealth funds (SWFs) on target firms' performance is unclear. Previous empirical studies find conflicting evidence, with some documenting a positive and others finding negative performance. In contrast to previous researchers, we include in the sample both listed unlisted targets reconsider classification political influence SWF managerial decisions, observing identity CE...

Purpose Until recently, the Gulf Cooperation Council (GCC) region, whose members consist of Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Oman and Bahrain, has not significantly focused on green transition. Specifically, wind energy development made minimal progress relative to that other regions. Design/methodology/approach The abundance cheap fossil fuels in region incentivized renewable...

This paper provides, and empirically estimates, a structural model of sovereign default risk on external debt. The sovereign endogenously determines its level of foreign debt and default policy. Consistent with default crisis episodes, the sovereign and its lenders bargain at default over a reduction of the debt service. The potential for debt restructuring o¤ers the sovereign greater incentive...

This paper investigates the relation between mutual fund flows and the real economy. The findings of this paper support the theory that the positive co-movement of flows into equity funds and stock market returns is explained by a common response to macroeconomic news. Variables that predict the real economy as well as the equity premium – in particular dividend-price ratio, default spread, rel...

Housing and pension wealth are shown to be important determinants of personal sector consumption and retirement behaviour in the UK. Housing and state pension wealth have a positive effect on consumption, while private pension wealth promotes greater savings. Greater private defined benefit pension wealth encourages earlier retirement, while greater defined contribution pension wealth has the e...