Sovereign Wealth Funds: the Norwegian Experience

Mehmet Caner and Thomas Grennes

No 20, Working Paper Series from North Carolina State University, Department of Economics

Abstract: Sovereign wealth funds have rapidly become significant international institutions. The performance of funds varies substantially across countries, but comprehensive and systematic analyses of funds have been hampered by the lack of transparency of most funds. The relative transparency of the Norway Fund allows us to do an econometric analysis of the Fund’s performance. The record resembles that of a mutual fund that has taken on greater risk over time. There is no evidence that the Fund has disrupted foreign financial markets more than mutual funds do. There remains a question as to whether the Fund and its Finance Ministry have been effective agents for the Norwegian citizens whose assets they are managing.

Keywords: benchmark portfolio; Norway; momentum; risk (search for similar items in EconPapers)
JEL-codes: F21 F30 F33 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2008-11
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Journal Article: Sovereign Wealth Funds: The Norwegian Experience (2010)
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