The study described in this Note compared the pre- and post-privatization performance of 61 companies in 18 countries and 32 industries. These companies were sold to the public through a share issue and thus their comparable pre- and post-issue financial and accounting data could be obtained...

Using a sample of 1,018 Sovereign Wealth Fund (SWF) equity investments in publicly traded firms and a control sample of 5,975 transactions by private-sector financial institutions over 1980-2012, we find that announcement-period abnormal returns of SWF investments are positive, but lower than...