Zhou Xun's scientific contributions

Publication (1)

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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...


... First, these studies analyzed the determinants of SWF investments in a perspective of the economic and political conditions of target countries. For instance, Megginson et al. (2013), Ciarlone and Miceli (2016), Debarsy et al. (2017), and Amar et al. (2019) show that target countries, which have greater transparency, higher economic development, better investor protection, more developed capital markets, and sharing a similar culture with acquirer countries, attract more SWF investments from abroad. Candelon et al. (2011) found that exchange rate stability is the main determinant when the target country is Europe or the United States. ...