15 Mar '11, 7pm

Temasek and GIC – Much better investors than Singaporeans?

SWFs where politicians are involved have a much greater likelihood of investing at home than those where external managers are involved. At the same time, SWFs with external managers tend to invest in lower P/E industries, which see an increase in the P/E ratios in the year after the investment. By way of contrast, funds with politicians involved invest in higher P/E industries, which have a negative valuation change in the year after the investment. Taken as a whole, our results lend support to the idea that high levels of home investments by SWFs, particularly those with the active involvement of political leaders, are associated with trend chasing and worse performance. This could be an outcome of less sophisticated decision structures within these funds or outright distortions in the investment process due to political or agency problems. This interpretation is also su...

Full article: http://www.temasekreview.com/2011/03/16/temasek-and-gic-m...

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