03950ntm a22005297i 4500 000620545 CZ-PrVSE 20191109194908.0 m d cr n|||||||||| 191109s2019 xr fsbm 000 0 eng d NEZPRACOVANÝ IMPORT ABA006 cze ABA006 ABA006 rda Martínek, Stanislav ISIS:122289 dis Vývoj přímých zahraničních investic státních investičních fondů a jejich dopad na tržní hodnotu dotčených společností eng Foreign Direct Investment Driven by the Sovereign Wealth Funds and its Impact on the Market Value of the Acquired Companies / Stanislav Martínek 2019 ?? stran : digital, PDF soubor Vedoucí práce: Josef Taušer Disertační práce (Ph.D.)—Vysoká škola ekonomická v Praze. Fakulta mezinárodních vztahů, 2019 Obsahuje bibliografii Textový (vysokoškolská kvalifikační práce) Rok obhajoby 2019 The sheer value of the capital allocated in the Sovereign Wealth Funds (SWF), its continuous growth, and its potential to impact global financial markets with direct political and economic consequences sharply contrast with the scarce information on the funds’ financial performance, investment strategies, and overall strategic intentions. This palpable knowledge gap represents the primary motivation behind the research endeavor, whose results are presented in this thesis.Based on an originally collected dataset comprised of the SWFs cross-border investment transactions, we designed a comparative research model to investigate sovereign wealth funds’ long-term impact on the market value of targeted companies. The results signal that the initial positive impact of SWFs on investee performance disappears and the investees tend to underperform the market average in the long run. Next, we employ a comparative analysis of sovereign funds’ real rates of return, and the theoretical returns achievable on assets accumulated in international reserves. The results show that, from 2007 to 2017, sovereign funds’ returns outperformed the theoretical returns of international reserves by almost two percentage points.The last chapter takes the form of a case study that focuses on the influential role SWFs play in supporting national champions in strategic industries. We confirm the unique advantages provided by this model. Despite its economic and political potential, this model involves major risks, especially in times of economic recession, when a substantial government fiscal deficit can have a devastating impact on a whole industry and simultaneously lead to severe damage to the international relationships. Způsob přístupu: Internet mezinárodní obchod [obor disert. práce] disertace fd132024 czenas dissertations eczenas Sovereign Wealth Funds Cross-border Investment Impact Analysis International Reserve Financial Economics Taušer, Josef ola20040322002 ths Sato, Alexej, 1952- xx0007856 opn Vysoká škola ekonomická v Praze. Fakulta mezinárodních vztahů kn20010709400 dgg https://insis.vse.cz/zp/55362/podrobnosti VŠKP v InSIS https://insis.vse.cz/zp/55362 Hlavní práce https://insis.vse.cz/zp/55362/posudek/oponent/64187 Oponentura https://insis.vse.cz/zp/55362/posudek/oponent/64188 Oponentura https://insis.vse.cz/zp/55362/priloha/19289 Přiloha k práci https://insis.vse.cz/zp/55362/podrobnosti dc:identifier NEPOSILAT VSKP vse55362 191108 55362