Ziel dieser Dissertation ist es, auf Grund der Änderungen der wirtschaftspolitischen Struktur des Wirtschafts-und Finanzsystems, die Ursachen warum in den letzten Jahren manche Schwellenländer Staatsfonds gründen bzw. aufbauen, zu verstehen. Der Ausbreitungsprozess ist eine direkte Folge der massiven Anhäufung von Reserven des letzten Jahrzehnt. Dies konnte man in vielen Schwellenländern, insbesondere bei Ölexporteure und asiatischen Ländern, die groβe Handelsüberschüsse mit den Vereinigten Staaten und andere Entwicklungsländern registrierten, beobachten. Um das Defizit der Handelsbilanz zu decken, haben die Reserven in diesen Ländern einen exzessiven Niveau erreicht. Den Verwaltern dieser Reserven wurde daher die Gelegenheit gegeben höchstmögliche Gewinne zu erzielen. Wichtige, voneinander abhängige Faktoren wurden analisiert, um an dieses Ziel näher zu kommen, wie (i) in den 80er Jahren initiierten wirtschaftlichen und finanziellen Liberalisierungsprozess; (ii) die immer wichtigere Rolle, die die Finanzmärkte in der globalen Ökonomie spielen; (iii) das Hervortreten von wichtigen Schwellenländern; (iv) die wachsende, internationale Missverhältnisse und die daraufhin mögliche Anpassungsmechanismen; und (v) Kapitalanhäufungen, die zum Ausbreitungsprozess von Staatsfonds führten. Es wird darauf hingewiesen, dass die oben erwähnten Faktoren nicht Zielobjekte dieser Dissertation darstellen, jedoch sich als grundlegende Elemente zusammensetzen, um Staatsfonds und Hauptursachen des jetzigen Ausbreitungsprozess im Zusammenhang zu verstehen. Daher ist es wichtig, durch einen generellen Standpunkt, die Geschichte, Ziele, Dimensionen, Wachstumsrate und Auswirkungen der Staatsfonds, zu verstehen. Diese Verständnisse könnten gemeinsam mit einer Zusammenstellung von politischen prinzipien, sowohl für Fonds als auch für Investitionsempfänger, die Öffnung für Auslandskapital erhalten und weltweit finanzielle Stabilität fördern. Ursprünglich am Ende des kalten Krieges erschienen und Resultat der Anpassungen des internationalen Wirtschaftssystems, ist die Verbreitung der Staatsfonds eine relativ innovative und neue Bewegung. Als wissenschaftliches Thema handelt es sich hierbei noch um ein Grenzthema, was weitere Untersuchungen dagegen herausfordernd und relevant macht. / O objetivo desta dissertação é entender, com base nas alterações da estrutura econômica e política do sistema econômico e financeiro internacional, os motivos que levaram alguns países emergentes, a criarem e/ou aprofundarem os fundos soberanos de riqueza nos últimos anos. O processo de proliferação é conseqüência direta da massiva acumulação de reservas que ocorreu na última década. Essa acumulação se deu em muitas economias emergentes, especialmente nos países produtores de petróleo e países asiáticos, que apresentavam grandes superávits comerciais com os EUA e outros países em desenvolvimento. Nesses países, as reservas alcançaram níveis além do necessário para cobrir o balanço de pagamentos, fornecendo uma oportunidade para que os administradores dessas reservas maximizassem os retornos. Assim, de forma a alcançar esse objetivo, foram analisados importantes fatores interdependentes e correlacionados, tais como (i) a liberalização econômica e financeira a partir da década de 1980; (ii) o processo de financeirização da economia mundial; (iii) a emergência de importantes economias em desenvolvimento; (iv) os crescentes desequilíbrios internacionais e, conseqüentemente, os possíveis mecanismos de ajuste; e (v) o acúmulo de capitais que levou ao processo de proliferação dos fundos soberanos de riqueza. Ressalta-se que os fatores acima mencionados não são objeto de análise específica da dissertação, mas constituem elementos essenciais que compõem o contexto para o entendimento próprio dos fundos soberanos e das principais causas do atual processo de proliferação. Dessa forma, fazse necessário entender, sob um ponto de vista mais geral a história, os objetivos, a dimensão, o ritmo de crescimento e as implicações sistêmicas dos fundos soberanos de riqueza. Tal entendimento, juntamente com um conjunto de princípios políticos tanto para esses fundos como para os países receptores desses investimentos, poderia ajudar a preservar a abertura ao capital estrangeiro e promover a estabilidade financeira por todo o mundo. A proliferação dos fundos soberanos de riqueza é um movimento recente e de certa forma inovador, resultante das adaptações do sistema econômico internacional, surgido com o final da Guerra Fria. Isso significa que é um tema cujas reflexões e interpretações ainda não estão totalmente consolidadas, fato que cria tanto obstáculos ao seu estudo apropriado, mas também um desafio de se trabalhar com um tema de fronteira. / This thesis aims at examining, within the framework of the recent changes in the international political and economic systems, the reasons that led some emergent countries to create and/or enlarge their sovereign wealth funds. Such enlarging springs from the massive capital accumulation of the past decade which took place on a number of emerging countries, notably oil exporters and Asian economies - which achieved large trade surplus in their deals with the USA and other developing countries. In these countries, reserves greatly surpassed the amount needed for covering any possibility of trade balance deficit, allowing governments to maximize their returns. In order to examine this scenario, this thesis examines a number of its key, inter-related factors, such as: (i) the process of economic and financial liberalization started in the 80's; (ii) the increasingly important role played by the financial markets in global economy; (iii) the growing international imbalances and some possible mechanisms to fix them; (iv) the capital accumulation process which led to the spreading of sovereign wealth funds. Such factors do not constitute any kind of privileged object of this analysis but are listed as crucial elements to understand sovereign wealth funds and the causes of their sharp increase over the recent years. In fact, understanding these funds could contribute - if coupled with a set of investment policies including investors, as well - to preserve capital flows and stabilize world economy. The proliferation of sovereign wealth funds is a recent, innovative movement, which emerged from the economic adjusts world economy underwent after the Cold War. As an academic theme, it is still a frontier topic, a fact that makes its study more challenging and relevant.

Submitted by Espen Schie (schie.espen@gmail.com) on 2016-10-16T12:10:49Z No. of bitstreams: 1 2015-16_S2-26278-16-Espen_Schie FGV.pdf: 3207969 bytes, checksum: cbdb1bbe909765f1d984b14ff8673810 (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Espen, Unfortunately, your thesis is different from the guidelines that must be the FGV thesis. I will send to you by email the model for you to follow. All work must be done using the standards defined by ABNT or APA (American Psychology Association): http://bibliotecadigital.fgv.br/site/bkab/normalizacao. best. Ana Luiza Holme 37993492 on 2016-10-17T11:50:41Z (GMT) / Submitted by Espen Schie (schie.espen@gmail.com) on 2016-10-19T19:30:04Z No. of bitstreams: 1 2015-16-c334442-Espen_Schie FGV.pdf: 3181725 bytes, checksum: 340993a2fe39d6fd701b7e2e6f30b164 (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Espen, The title of your thesis is different from the oficial document of your examining board. It can't be different, please change to the original title, below: SOVEREIGN WEALTH FUNDS' INVESTMENT IMPACT ON LISTED TARGET FIRMS Also the number of pages should appear only in the introduction but count from the cover. example introductio page 10 Best. Ana Luiza Holme 37993492 on 2016-10-19T19:36:19Z (GMT) / Submitted by Espen Schie (schie.espen@gmail.com) on 2016-10-19T20:43:46Z No. of bitstreams: 1 2015-16-c334442-Espen_Schie FGV.pdf: 3181048 bytes, checksum: bc89d43276d78eef9b4ddfb0ce178087 (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Espen, The title of your thesis is a little bit different from the title send by Nova de Lisboa, it can't be different, because the oficial document from your examining board has to be the same as the post in the Biblioteca Digital. Could you please change to "SOVEREIGN WEALTH FUNDS' INVESTMENT IMPACT ON LISTED TARGET FIRMS" Warm regards. Ana Luiza Holme 37993492 on 2016-10-20T12:29:36Z (GMT) / Submitted by Espen Schie (schie.espen@gmail.com) on 2016-10-21T06:15:53Z No. of bitstreams: 1 2015-16-c334442-Espen_Schie FGV.pdf: 3180995 bytes, checksum: c83f0592de725c5a2798d3968f68831d (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Espen, The title of your thesis is different from the official document from your examining board, it can't be different. and you can't change the title after the examining board. Please change the title to the title below, if the title below is incorrect please let me know by email. Title: SOVEREIGN WEALTH FUNDS' INVESTMENT IMPACT ON LISTED TARGET FIRMS Best. Ana Luiza Holme 37993492 on 2016-10-21T12:33:42Z (GMT) / Submitted by Espen Schie (schie.espen@gmail.com) on 2016-10-21T19:36:52Z No. of bitstreams: 1 2015-16-c334442-Espen_Schie FGV.pdf: 3180826 bytes, checksum: b7715d967a8cc190a4fdc71eb15f0345 (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-10-21T19:47:19Z (GMT) No. of bitstreams: 1 2015-16-c334442-Espen_Schie FGV.pdf: 3180826 bytes, checksum: b7715d967a8cc190a4fdc71eb15f0345 (MD5) / Made available in DSpace on 2016-10-24T10:40:01Z (GMT). No. of bitstreams: 1 2015-16-c334442-Espen_Schie FGV.pdf: 3180826 bytes, checksum: b7715d967a8cc190a4fdc71eb15f0345 (MD5) Previous issue date: 2016-10-29 / This is a study on the share price effect of Sovereign Wealth Funds (SWFs) investment announcements. The study examines the short- and the long-term impact of SWF investments on publicly traded companies, performed with an event study methodology to estimate the abnormal returns of the stock prices of the acquired firms around the dates when the announcements become publicly available. The announcements included in this study were made between 1990 and 2015. First, the results are compared to the level of transparency, as measured by the LTMI Index, to examine how the changes in stock prices react to the event. Then, the study presents six extensions with portfolios for IFSWF membership, SWF funding source, open market transactions and privately negotiated deals, domestic and foreign targets, deal value and acquired target stake. The results of the study provide empirical evidence of short-term significant cumulative abnormal returns and that SWFs with high transparency tend to generate more and positive cumulative abnormal returns, while SWFs with low transparency generate negative cumulative abnormal returns. Moreover, the long-term results suggest negative cumulative abnormal returns, though mostly insignificant, and show a tendency to mean revert. / Este é um estudo sobre o efeito do preço das ações sobre investimentos anúnciados pelos fundos soberanos (SWFs). O estudo examina o impacto a curto e a longo prazo dos investimentos dos fundos soberanos em empresas de capital aberto, através de estudo de evento para estimar os retornos anormais dos preços das ações das empresas adquiridas em torno das datas em que os anúncios são públicos. Os anúncios incluídos neste estudo foram feitos entre 1990 e 2015 sendo que, em primeiro lugar, os resultados são comparados com o nível de transparência, medida pelo índice de LTMI, de forma a analisar possíveis alterações nos preços das ações face ao anúncio. Posteriormente, o estudo apresenta seis extensões: portfólios da IFSWF, fonte de financiamento dos SWFs, com investimentos privados e públicos, investimentos em empresas nacionais e estrangeiras, valor do negócio e percentagem adquirida. Os resultados do estudo fornecem evidência empírica dos retornos anormais acumulados significativos a curto prazo e que, os fundos soberanos com elevada transparência, tendem a gerar maiores retornos anormais acumulados ao passo que os SWFs com menor transparência geram retornos anormais acumulados negativos. Além disso, os resultados a longo prazo sugerem retornos anormais cumulativos negativos, embora na sua maioria insignificantes, apresentando uma tendência da reversão da média.

Submitted by Rodrigo Caparica (rodrigo.caparica@bancoprosper.com.br) on 2010-05-28T18:55:04Z No. of bitstreams: 1 dissertacao_vf.pdf: 421392 bytes, checksum: f5ace49be1acad54a2d1ca7afc9c2b0d (MD5) / Approved for entry into archive by Vitor Souza(vitor.souza@fgv.br) on 2010-05-28T22:10:24Z (GMT) No. of bitstreams: 1 dissertacao_vf.pdf: 421392 bytes, checksum: f5ace49be1acad54a2d1ca7afc9c2b0d (MD5) / Made available in DSpace on 2010-06-01T19:50:24Z (GMT). No. of bitstreams: 1 dissertacao_vf.pdf: 421392 bytes, checksum: f5ace49be1acad54a2d1ca7afc9c2b0d (MD5) Previous issue date: 2010-04-12 / This paper is a survey of the literature on Sovereign Wealth Funds, highlighting topics such as their origins, objectives, impacts of their investments, transparency and performance of this government instruments in the recent global financial crisis. It also examines the creation of the Brazilian¥s Sovereign Wealth Fund seeking to highlight their pros and cons. We emphasize the need to observe consistent surpluses in the Current Account to justify the creation of these instruments. The mere existence of substantial amounts of international reserves does not serve as a prerogative for its creation. The sustainability and volatility of the sources of foreign exchange should be examined. Still, we emphasize that the Sovereign Wealth Funds are government investment vehicles which relevance in the financial market does not justify the fears that can cause relevant imbalances, despite the criticism and questions about the lack of transparency in disclosing information about their investments. / Este trabalho faz uma resenha da literatura sobre Fundos Soberanos, destacando tópicos como suas origens, objetivos, impactos de seus investimentos, transparência e atuação destes instrumentos governamentais na recente crise financeira global. Analisa ainda a criação do Fundo Soberano Brasileiro buscando ressaltar seus prós e contras. Ressaltamos a necessidade de se observar superávits consistentes em Conta Corrente no Balanço de Pagamentos para justificar a constituição destes instrumentos. A simples existência de elevados volumes de reservas internacionais não serve como prerrogativa para sua criação, devendo-se analisar a sustentabilidade e volatilidade das fontes das divisas. Ainda, destacamos que os Fundos Soberanos são veículos de investimentos governamentais cuja relevância no mercado financeiro não justifica os temores que possam causar desequilíbrios relevantes, apesar das críticas e questionamentos em relação à falta de transparência na divulgação de informações acerca de seus investimentos.

Ziel dieser Dissertation ist es, auf Grund der Änderungen der wirtschaftspolitischen Struktur des Wirtschafts-und Finanzsystems, die Ursachen warum in den letzten Jahren manche Schwellenländer Staatsfonds gründen bzw. aufbauen, zu verstehen. Der Ausbreitungsprozess ist eine direkte Folge der massiven Anhäufung von Reserven des letzten Jahrzehnt. Dies konnte man in vielen Schwellenländern, insbesondere bei Ölexporteure und asiatischen Ländern, die groβe Handelsüberschüsse mit den Vereinigten Staaten und andere Entwicklungsländern registrierten, beobachten. Um das Defizit der Handelsbilanz zu decken, haben die Reserven in diesen Ländern einen exzessiven Niveau erreicht. Den Verwaltern dieser Reserven wurde daher die Gelegenheit gegeben höchstmögliche Gewinne zu erzielen. Wichtige, voneinander abhängige Faktoren wurden analisiert, um an dieses Ziel näher zu kommen, wie (i) in den 80er Jahren initiierten wirtschaftlichen und finanziellen Liberalisierungsprozess; (ii) die immer wichtigere Rolle, die die Finanzmärkte in der globalen Ökonomie spielen; (iii) das Hervortreten von wichtigen Schwellenländern; (iv) die wachsende, internationale Missverhältnisse und die daraufhin mögliche Anpassungsmechanismen; und (v) Kapitalanhäufungen, die zum Ausbreitungsprozess von Staatsfonds führten. Es wird darauf hingewiesen, dass die oben erwähnten Faktoren nicht Zielobjekte dieser Dissertation darstellen, jedoch sich als grundlegende Elemente zusammensetzen, um Staatsfonds und Hauptursachen des jetzigen Ausbreitungsprozess im Zusammenhang zu verstehen. Daher ist es wichtig, durch einen generellen Standpunkt, die Geschichte, Ziele, Dimensionen, Wachstumsrate und Auswirkungen der Staatsfonds, zu verstehen. Diese Verständnisse könnten gemeinsam mit einer Zusammenstellung von politischen prinzipien, sowohl für Fonds als auch für Investitionsempfänger, die Öffnung für Auslandskapital erhalten und weltweit finanzielle Stabilität fördern. Ursprünglich am Ende des kalten Krieges erschienen und Resultat der Anpassungen des internationalen Wirtschaftssystems, ist die Verbreitung der Staatsfonds eine relativ innovative und neue Bewegung. Als wissenschaftliches Thema handelt es sich hierbei noch um ein Grenzthema, was weitere Untersuchungen dagegen herausfordernd und relevant macht. / O objetivo desta dissertação é entender, com base nas alterações da estrutura econômica e política do sistema econômico e financeiro internacional, os motivos que levaram alguns países emergentes, a criarem e/ou aprofundarem os fundos soberanos de riqueza nos últimos anos. O processo de proliferação é conseqüência direta da massiva acumulação de reservas que ocorreu na última década. Essa acumulação se deu em muitas economias emergentes, especialmente nos países produtores de petróleo e países asiáticos, que apresentavam grandes superávits comerciais com os EUA e outros países em desenvolvimento. Nesses países, as reservas alcançaram níveis além do necessário para cobrir o balanço de pagamentos, fornecendo uma oportunidade para que os administradores dessas reservas maximizassem os retornos. Assim, de forma a alcançar esse objetivo, foram analisados importantes fatores interdependentes e correlacionados, tais como (i) a liberalização econômica e financeira a partir da década de 1980; (ii) o processo de financeirização da economia mundial; (iii) a emergência de importantes economias em desenvolvimento; (iv) os crescentes desequilíbrios internacionais e, conseqüentemente, os possíveis mecanismos de ajuste; e (v) o acúmulo de capitais que levou ao processo de proliferação dos fundos soberanos de riqueza. Ressalta-se que os fatores acima mencionados não são objeto de análise específica da dissertação, mas constituem elementos essenciais que compõem o contexto para o entendimento próprio dos fundos soberanos e das principais causas do atual processo de proliferação. Dessa forma, fazse necessário entender, sob um ponto de vista mais geral a história, os objetivos, a dimensão, o ritmo de crescimento e as implicações sistêmicas dos fundos soberanos de riqueza. Tal entendimento, juntamente com um conjunto de princípios políticos tanto para esses fundos como para os países receptores desses investimentos, poderia ajudar a preservar a abertura ao capital estrangeiro e promover a estabilidade financeira por todo o mundo. A proliferação dos fundos soberanos de riqueza é um movimento recente e de certa forma inovador, resultante das adaptações do sistema econômico internacional, surgido com o final da Guerra Fria. Isso significa que é um tema cujas reflexões e interpretações ainda não estão totalmente consolidadas, fato que cria tanto obstáculos ao seu estudo apropriado, mas também um desafio de se trabalhar com um tema de fronteira. / This thesis aims at examining, within the framework of the recent changes in the international political and economic systems, the reasons that led some emergent countries to create and/or enlarge their sovereign wealth funds. Such enlarging springs from the massive capital accumulation of the past decade which took place on a number of emerging countries, notably oil exporters and Asian economies - which achieved large trade surplus in their deals with the USA and other developing countries. In these countries, reserves greatly surpassed the amount needed for covering any possibility of trade balance deficit, allowing governments to maximize their returns. In order to examine this scenario, this thesis examines a number of its key, inter-related factors, such as: (i) the process of economic and financial liberalization started in the 80's; (ii) the increasingly important role played by the financial markets in global economy; (iii) the growing international imbalances and some possible mechanisms to fix them; (iv) the capital accumulation process which led to the spreading of sovereign wealth funds. Such factors do not constitute any kind of privileged object of this analysis but are listed as crucial elements to understand sovereign wealth funds and the causes of their sharp increase over the recent years. In fact, understanding these funds could contribute - if coupled with a set of investment policies including investors, as well - to preserve capital flows and stabilize world economy. The proliferation of sovereign wealth funds is a recent, innovative movement, which emerged from the economic adjusts world economy underwent after the Cold War. As an academic theme, it is still a frontier topic, a fact that makes its study more challenging and relevant.

Ziel dieser Dissertation ist es, auf Grund der Änderungen der wirtschaftspolitischen Struktur des Wirtschafts-und Finanzsystems, die Ursachen warum in den letzten Jahren manche Schwellenländer Staatsfonds gründen bzw. aufbauen, zu verstehen. Der Ausbreitungsprozess ist eine direkte Folge der massiven Anhäufung von Reserven des letzten Jahrzehnt. Dies konnte man in vielen Schwellenländern, insbesondere bei Ölexporteure und asiatischen Ländern, die groβe Handelsüberschüsse mit den Vereinigten Staaten und andere Entwicklungsländern registrierten, beobachten. Um das Defizit der Handelsbilanz zu decken, haben die Reserven in diesen Ländern einen exzessiven Niveau erreicht. Den Verwaltern dieser Reserven wurde daher die Gelegenheit gegeben höchstmögliche Gewinne zu erzielen. Wichtige, voneinander abhängige Faktoren wurden analisiert, um an dieses Ziel näher zu kommen, wie (i) in den 80er Jahren initiierten wirtschaftlichen und finanziellen Liberalisierungsprozess; (ii) die immer wichtigere Rolle, die die Finanzmärkte in der globalen Ökonomie spielen; (iii) das Hervortreten von wichtigen Schwellenländern; (iv) die wachsende, internationale Missverhältnisse und die daraufhin mögliche Anpassungsmechanismen; und (v) Kapitalanhäufungen, die zum Ausbreitungsprozess von Staatsfonds führten. Es wird darauf hingewiesen, dass die oben erwähnten Faktoren nicht Zielobjekte dieser Dissertation darstellen, jedoch sich als grundlegende Elemente zusammensetzen, um Staatsfonds und Hauptursachen des jetzigen Ausbreitungsprozess im Zusammenhang zu verstehen. Daher ist es wichtig, durch einen generellen Standpunkt, die Geschichte, Ziele, Dimensionen, Wachstumsrate und Auswirkungen der Staatsfonds, zu verstehen. Diese Verständnisse könnten gemeinsam mit einer Zusammenstellung von politischen prinzipien, sowohl für Fonds als auch für Investitionsempfänger, die Öffnung für Auslandskapital erhalten und weltweit finanzielle Stabilität fördern. Ursprünglich am Ende des kalten Krieges erschienen und Resultat der Anpassungen des internationalen Wirtschaftssystems, ist die Verbreitung der Staatsfonds eine relativ innovative und neue Bewegung. Als wissenschaftliches Thema handelt es sich hierbei noch um ein Grenzthema, was weitere Untersuchungen dagegen herausfordernd und relevant macht. / O objetivo desta dissertação é entender, com base nas alterações da estrutura econômica e política do sistema econômico e financeiro internacional, os motivos que levaram alguns países emergentes, a criarem e/ou aprofundarem os fundos soberanos de riqueza nos últimos anos. O processo de proliferação é conseqüência direta da massiva acumulação de reservas que ocorreu na última década. Essa acumulação se deu em muitas economias emergentes, especialmente nos países produtores de petróleo e países asiáticos, que apresentavam grandes superávits comerciais com os EUA e outros países em desenvolvimento. Nesses países, as reservas alcançaram níveis além do necessário para cobrir o balanço de pagamentos, fornecendo uma oportunidade para que os administradores dessas reservas maximizassem os retornos. Assim, de forma a alcançar esse objetivo, foram analisados importantes fatores interdependentes e correlacionados, tais como (i) a liberalização econômica e financeira a partir da década de 1980; (ii) o processo de financeirização da economia mundial; (iii) a emergência de importantes economias em desenvolvimento; (iv) os crescentes desequilíbrios internacionais e, conseqüentemente, os possíveis mecanismos de ajuste; e (v) o acúmulo de capitais que levou ao processo de proliferação dos fundos soberanos de riqueza. Ressalta-se que os fatores acima mencionados não são objeto de análise específica da dissertação, mas constituem elementos essenciais que compõem o contexto para o entendimento próprio dos fundos soberanos e das principais causas do atual processo de proliferação. Dessa forma, fazse necessário entender, sob um ponto de vista mais geral a história, os objetivos, a dimensão, o ritmo de crescimento e as implicações sistêmicas dos fundos soberanos de riqueza. Tal entendimento, juntamente com um conjunto de princípios políticos tanto para esses fundos como para os países receptores desses investimentos, poderia ajudar a preservar a abertura ao capital estrangeiro e promover a estabilidade financeira por todo o mundo. A proliferação dos fundos soberanos de riqueza é um movimento recente e de certa forma inovador, resultante das adaptações do sistema econômico internacional, surgido com o final da Guerra Fria. Isso significa que é um tema cujas reflexões e interpretações ainda não estão totalmente consolidadas, fato que cria tanto obstáculos ao seu estudo apropriado, mas também um desafio de se trabalhar com um tema de fronteira. / This thesis aims at examining, within the framework of the recent changes in the international political and economic systems, the reasons that led some emergent countries to create and/or enlarge their sovereign wealth funds. Such enlarging springs from the massive capital accumulation of the past decade which took place on a number of emerging countries, notably oil exporters and Asian economies - which achieved large trade surplus in their deals with the USA and other developing countries. In these countries, reserves greatly surpassed the amount needed for covering any possibility of trade balance deficit, allowing governments to maximize their returns. In order to examine this scenario, this thesis examines a number of its key, inter-related factors, such as: (i) the process of economic and financial liberalization started in the 80's; (ii) the increasingly important role played by the financial markets in global economy; (iii) the growing international imbalances and some possible mechanisms to fix them; (iv) the capital accumulation process which led to the spreading of sovereign wealth funds. Such factors do not constitute any kind of privileged object of this analysis but are listed as crucial elements to understand sovereign wealth funds and the causes of their sharp increase over the recent years. In fact, understanding these funds could contribute - if coupled with a set of investment policies including investors, as well - to preserve capital flows and stabilize world economy. The proliferation of sovereign wealth funds is a recent, innovative movement, which emerged from the economic adjusts world economy underwent after the Cold War. As an academic theme, it is still a frontier topic, a fact that makes its study more challenging and relevant.

Over the past five years, Sovereign Wealth Funds (SWFs) have become a prominent phenomenon in contemporary capitalism. Described as government investment vehicles that invest state wealth in financial markets, the majority of the world's 60-plus funds have been established since the year 2000. Despite extensive treatments of SWFs' geopolitical and international significance, ethical and domestic level analyses are sparse. In response, this thesis interrogates three key normative questions raised by the funds for the domestic citizen-state relationship: (1) How (and by whom) should sovereign funds be managed? (2) How should sovereign wealth be invested? (3) How should the earnings of sovereign fund investment be distributed? In answering these questions, this thesis aims to dispel ambiguity over the ownership status of sovereign funds, evident in popular and academic discourse and within communities that establish these entities. For this task, it draws on recently revived fiduciary theory of the citizen-state relationship to argue that the rightful owner of these funds is the citizenry - not states or governments who enjoy physical and legal possession of SWFs. It goes on to examine the implications of this fiduciary state conception of SWF ownership, asking how citizen-owners should enjoy control over and benefit from the distinct constituent parts of their SWF property: the institution of the fund, the underlying sovereign wealth and the financial returns earned on the investment of its assets. The model of citizen ownership defended demands substantially increased popular control over SWF management and the investment of sovereign wealth, as well as direct benefit rights for citizen-owners to fund income through individualised distribution of investment returns. Examination of existing practice among SWFs demonstrates that this normative ideal is far, although not impossibly distant from current institutional practice.

This thesis aims at determining the theoretical and empirical consequences of the consideration of socially responsible indicators in the traditional portfolio selection. The first chapter studies the significance of the mean-variance efficiency loss of a sovereign bond portfolio when introducing a constraint on the average socially responsible ratings of the governments. By using a sample of developed sovereign bonds on the period 1995-2008, we show that it is possible to increase sensibly the average socially responsible rating without significantly losing in terms of diversification. The second chapter proposes a theoretical analysis of the impact on the efficient frontier of a constraint on the socially responsible ratings of the portfolio. We highlight that different cases may arise depending on the correlation between the expected returns and the socially responsible ratings and on the investor’s risk aversion. Lastly, as the issue of the efficiency of socially responsible portfolios is a central point in the financial literature, the last chapter proposes a new mean-variance efficiency test in the realistic case where there is no available risk-free asset. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

This thesis compares Norway, Botswana and Venezuela and their sovereign wealth funds. The first two countries are referred to as exceptions to the theory of the resource curse, which explains the phenomenon that shows that countries with a high dependence on income from the export of natural resources have a slower rate of economic, political and institutional development. On the contrary, Venezuela (although it was considered an exception in the past) is severely affected by this phenomenon and thus serves as a negative example in this thesis. The thesis focuses on state sovereign wealth funds and examines whether and under what conditions these funds have an effect on reversing the resource curse. Based on the theoretical part, five key characteristics are identified that the fund must meet in order to function against the negative manifestations of the curse of natural resources - (1) offsetting the effects of volatility, (2) diversifying the economy, (3) budgetary policy, (4) controlling the allocation of expenditure, (5) transparency of funds. Based on these characteristics, it is possible to observe that the Norwegian sovereign wealth fund works best from selected funds as a defense against the resource curse, followed by the Botswana fund and third by the Venezuelan fund. Norway and Botswana...

Les enjeux présentés par la puissance financière des fonds souverains et les réactions politiques des pays d’accueil appellent naturellement à s’interroger sur la façon dont la fiscalité appréhende ces questions. La réponse nécessite de se placer tant sur le plan du droit interne français que sur celui de la fiscalité internationale. La présente étude procède à une analyse comparée de la fiscalité directe applicable aux fonds souverains en France et aux Etats-Unis. Cette analyse se poursuit à travers l’examen de conventions fiscales conclues par la France mais aussi par des Etats étrangers détenteurs de fonds souverains. La question de l’application des conventions fiscales aux fonds souverains est évoquée à travers l’exposé des modèles de conventions fiscales de l’OCDE et des Etats-Unis. Le statut fiscal des fonds souverains est confronté à celui des apporteurs de capitaux privés au regard de la distorsion de concurrence fiscale entre investisseurs. En l’absence de dispositions législatives précises, de doctrine administrative et de jurisprudence, ces travaux sont principalement fondés sur une interprétation des faits et du droit positif. Les solutions proposées tentent de remédier aux problématiques ainsi dégagées. / The growing number of investments made by sovereign wealth funds and the reactions of host countries has raised questions regarding the tax treatment of those public financial entities. Answering these questions implies to analyze the tax legislation on both a national and international level. In this respect this paper compares the direct taxation of sovereign wealth funds investments in France and in the United States. It is then followed by an analysis of some tax treaties signed by France as well as tax treaties signed by countries owning sovereign wealth funds. Questions related to the application of tax treaties to sovereign wealth funds are examined through the presentation of the OECD model tax convention and the United States income model tax convention. We then compare the tax status of sovereign wealth funds and private investors regarding tax competition and portfolio choices. We will see through the lack of tax regulations, guidance and the absence of court decision that this study is mainly based on an interpretation of the facts and the law as a consequence. The solutions provided in this paper aim at clarifying the issues we have identified. Hopefully this will raise further interrogations and will be followed by other studies.

Em um contexto de demandas sociais tendencialmente crescentes, uma das alternativas para o aumento da arrecadação de receitas pelo Estado reside no manejo de aplicações financeiras. Os investimentos financeiros estatais, a rigor, já acontecem, mas nem sempre o objetivo claro e explícito de obtenção de resultados financeiramente interessantes e, eventualmente ou mesmo por isso , sob gestão economicamente ineficiente. Às vezes, até se enxerga o foco na obtenção de rendimentos relevantes na ação estatal, mas sem uma disciplina específica, o que pode abrir espaço a uma gestão de ativos desqualificada ou mesmo fraudulenta, com sérios prejuízos aos cofres públicos e, em situações extremas, ampliação ainda maior das despesas públicas. O objetivo desta tese, portanto, é reconhecer que nem sempre o Estado atua na economia com propósito interventivo e que, na qualidade de investidor institucional vale dizer, de ente que tem o dever de proceder aos investimentos e às aplicações financeiras que digam com as melhores práticas de administração dos ativos públicos , precisa atuar sob o jugo de normas jurídicas claras, que permitam ao Estado ampliar suas receitas dentro de limites razoáveis de exposição a risco financeiro e disponibilizem aos órgãos de fiscalização e controle da Administração Pública as ferramentas necessárias para, também quanto a esse aspecto, aferir a eficiência da ação estatal. Para tanto, têm-se como pressupostos o anacronismo da resistência cultural às aplicações financeiras dos entes da Administração Pública e a noção de que quaisquer ferramentas de obtenção de receitas pelo Estado estão sujeitas a algum grau de risco. Com base nas bem-sucedidas experiências nacionais e internacionais, será possível concluir, ao final, que é admissível, do ponto de vista constitucional e legal, a ação do Estado como investidor nos mercados financeiro e de capitais e que é viável a formulação de parâmetros gerais para a disciplina jurídica do Estado investidor. / In a context of growing social demands, financial investments become one of the alternatives for the State to increase its revenues. State investments, as a matter of fact, already do happen, but not always with the clear and explicit objective of obtaining financially interesting earnings, often due economically inefficient management. Sometimes it is possible to see in government investments some focus on obtaining relevant income, but not under a specific regulation, which can lead to an unqualified or even fraudulent management that may cause serious damage to the exchequer and, in extreme situations, expansion of the government spending. Hence the intent of this thesis is to acknowledge that the State does not always act in the economy with regulatory purposes and that, as an institutional investor i.e., an organization which has the duty of making financial investments in accordance to the best practices in public asset management , it must be framed by clear legal rules, which should allow the State to maximize its revenues within reasonable limits of financial risk exposure and the oversight and control agencies to assess the State efficiency and compliance. It is assumed that the cultural resistance to state financial investments is anachronistic as well as every state means of obtaining revenues is subject to some level of financial risk. Based on well succeeded experiences in Brazil and abroad, it will be possible to conclude, in the end, that it is constitutionally and legally admissible that the State acts as an investor in financial and stock markets and that it is possible to suggest some standards on legal regulation for this issue.