The Investment Attractiveness of Companies Listed on the Warsaw Stock Exchange to Sovereign Wealth Funds

Dariusz Urban ()
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Dariusz Urban: Faculty of Management, Department of Finance and Strategic Management, University of Lodz, Poland

Acta Oeconomica, 2016, vol. 66, issue 2, 333-350

Abstract: The aim of this study is to shed some light on the factors determining the investment decisions of Sovereign Wealth Funds. Using the financial data from companies listed on the Warsaw Stock Exchange, the author employs a logit model to analyse the probability that firms are targeted for investment by the Norwegian Sovereign Wealth Fund. These findings suggest that not only the growth of earnings per share increases the probability of such investment, but that also a company whose shares have been bought by the Government Pension Fund Global has, on average, a higher level of earnings per share than companies not targeted by the Fund. This study contributes to a deeper understanding of the investment activities of the world’s largest Sovereign Wealth Fund.

Keywords: Sovereign Wealth Fund; target selection; regression analysis; Warsaw Stock Exchange (search for similar items in EconPapers)
JEL-codes: C01 F21 G11 (search for similar items in EconPapers)
Date: 2016
Note: The author would like to thank Paweł Baranowski, Błażej Socha, and Wojciech Kariozen for their helpful suggestions and constructive comments on the initial drafts of the paper. The author is solely responsible for any errors and omissions.
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Citations: View citations in EconPapers (3)

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