Fundos soberanos: força crescente no mercado de capitais

Abstract

The objective of this study is to verify the presence of increase in brazilian companies’ values invested by Sovereign Wealth Funds. Initially, we explored the origins, fundaments and utility of sovereign wealth funds in their governments and societies, and presented chronologically the development and changes in the SWF industry in the period of the database: 2000 and 2016. The data consist of 98,010 investments in 374 companies from 2000 to 2016 period. After identifying companies invested by SWF, the sample was reduced to 45 investments in 42 companies from 16 sectors of the economy. The presence of sovereign wealth funds in Brazil is frequent in the all researched period. The sovereign wealth funds regarding the identified investments in the period are from Kuwait, Qatar, Norway, China, Singapore Canada and the United Arab Emirates. Most of the investment operations were conducted by the Singapore funds, followed by Norway (the world's largest sovereign fund). Under descriptive statistics and econometric models, we verified the existence of increased value and superior operating performance in companies with the presence of SWF investments. In the Tobin Q and Market-to-Book, we found higher company values reaching 12% and 13% respectively.