{"title":"主权财富基金投资的空间依赖性","authors":"Nicolas Debarsy, J. Gnabo, Malik Kerkour","doi":"10.2139/ssrn.2711354","DOIUrl":null,"url":null,"abstract":"The aim of this paper is to identify the driving forces of Sovereign wealth funds' investments. For this, we develop an original econometric framework that quantifies the role of spatial dependence in the location of investments, and uses the Inverse Hyperbolic Sine transformation of the dependent variable in a spatial panel model context. This transformation copes with two features of net flows, namely an highly skewed distribution and the presence of zero and negative values. Using a large-scale database, we provide evidence of negative spatial dependence, investments in one country being on average at the expense of its neighbors.","PeriodicalId":417524,"journal":{"name":"FEN: Other International Corporate Finance (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2016-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Spatial Dependence in Sovereign Wealth Funds' Investments\",\"authors\":\"Nicolas Debarsy, J. Gnabo, Malik Kerkour\",\"doi\":\"10.2139/ssrn.2711354\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The aim of this paper is to identify the driving forces of Sovereign wealth funds' investments. For this, we develop an original econometric framework that quantifies the role of spatial dependence in the location of investments, and uses the Inverse Hyperbolic Sine transformation of the dependent variable in a spatial panel model context. This transformation copes with two features of net flows, namely an highly skewed distribution and the presence of zero and negative values. Using a large-scale database, we provide evidence of negative spatial dependence, investments in one country being on average at the expense of its neighbors.\",\"PeriodicalId\":417524,\"journal\":{\"name\":\"FEN: Other International Corporate Finance (Topic)\",\"volume\":\"8 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2016-01-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"FEN: Other International Corporate Finance (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2711354\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"FEN: Other International Corporate Finance (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2711354","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Spatial Dependence in Sovereign Wealth Funds' Investments
The aim of this paper is to identify the driving forces of Sovereign wealth funds' investments. For this, we develop an original econometric framework that quantifies the role of spatial dependence in the location of investments, and uses the Inverse Hyperbolic Sine transformation of the dependent variable in a spatial panel model context. This transformation copes with two features of net flows, namely an highly skewed distribution and the presence of zero and negative values. Using a large-scale database, we provide evidence of negative spatial dependence, investments in one country being on average at the expense of its neighbors.
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