Jeanne Amar

• PhD in Finance
• Associate Professor at EDHEC Business School

In this paper, we provide a better understanding of what drives sovereign wealth funds (SWFs) to improve their governance. Using the most recent SWF governance scoreboard from Maire et al. (2021), we estimate a fractional response model to determine whether SWF governance disclosure norms are driven by the search for internal or external legitimacy...

Climate transparency through firms' disclosures is often considered a prerequisite for the redirection of investments toward low-carbon economy. In order to provide effective incentives to improve this transparency, it is therefore crucial to identify its drivers. In this paper, we investigate the determinants of two stages of climate transparency:...

In this paper, we investigate the determinants of equity shares purchased by Sovereign Wealth Funds (SWFs). Based on the literature of cross-border acquisitions and entry mode choice theory, we shed light on the real drivers of these state-owned funds when they buy small or large stakes in cross-border target firms. Using an original dataset of SWF...

Climate change is introducing more risks and uncertainties into the economy and the financial system, but information failures limit the understanding of its financial impact on companies. To create the necessary conditions for transparency regarding these risks, the Financial Stability Board (FSB) has set up an international working group, the Tas...

In this paper, we investigate what are the drivers of cross-border equity acquisitions made by Sovereign Wealth Funds (SWFs) of the Gulf Cooperation Council (GCC) countries. GCC SWFs are considered as relatively opaque investors and strongly politicized, raising some concerns for perceived political and security risks. Using both Logit and ordered...

Despite a broad consensus that infrastructure is essential for economic development, invest-ment in infrastructure is far below what is needed, even in developed countries. One of the main reasons is that it is difficult to assess with certainty the medium- and long-term budgetary impacts (expenditure and revenue) generated by a project, as this as...

As climate change introduces more risks and uncertainties into the economy and the financial system, information failures limit the understanding of its financial impact on companies. In order to create the necessary conditions for transparency regarding these risks, the Financial Stability Board has set up an international working group, the Task...

In this paper we examine the investment strategy of sovereign wealth funds (SWFs) of the Gulf Cooperation Council (GCC) countries. GCC SWFs are considered as relatively opaque investors and strongly politicized, raising some concerns for perceived political and security risks. We investigate what are the drivers of majority cross-border equity acqu...

The paper deals with the important financial policy issue of the decision for a country to establish a sovereign wealth fund (SWF). Using a large-scale database, we analyze the economic, political and institutional factors that should be considered in such a decision. In particular, we test if the emergence of SWFs and more specifically of a specif...

If Sovereign Wealth Funds (SWFs) are not new, their number and their financial power have grown sharply since the beginning of the 2000’s, which raise concerns, particularly among de- veloped countries. Are SWFs’ motives comparable to other institutional investors’ ? May SWFs investments destabilize financial markets or, on the contrary, do they ha...

We examine in this paper the complex decision-making processes that lead to investment location choice of Sovereign Wealth Funds (SWFs). Using a two-tiered dynamic Tobit panel model, we find that country-level factors do not have the same impact on the investment decision and the amount to invest and that SWFs tend to invest more frequently and wit...

The aim of the paper is to shed light on the question of why a country decides to set up a Sovereign Wealth Fund (SWF). Despite the recent financial crisis, 43 SWFs have been created between 2005 and 2014. In particular, we test if the emergence of these new recent funds can be explained by the following economic, political and institutional factor...