TY  - JOUR
AU  - Mitchell,Olivia S.
AU  - Piggott,John
AU  - Kumru,Cagri
TI  - Managing Public Investment Funds: Best Practices and New Challenges
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 14078
PY  - 2008
Y2  - June 2008
UR  - http://www.nber.org/papers/w14078
L1  - http://www.nber.org/papers/w14078.pdf
N1  - Author contact info:
Olivia S. Mitchell
Dept of Insurance & Risk Management
University of Pennsylvania, Wharton School
3620 Locust Walk, St 3000 SH-DH
Philadelphia, PA 19104-6302
Tel: 215-898-0424
Fax: 215/898-0310
E-Mail: mitchelo@wharton.upenn.edu

John Piggott
School of Economics
University of New South Wales
Sydney 2052, Australia
E-Mail: j.piggott@unsw.edu.au

Cagri Kumru
Department of Economics
Australian Business School
University of New South Wales
Sydney, Australia 2052
E-Mail: cs.kumru@unsw.edu.au
AB  - Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and similarities. We review previous studies on ways to better secure prudent and economically sound public fund management practices in these funds, as well as how to evaluate their governance and investment policies and how to better protect the assets from political interference. Drawing from the pension and corporate finance literature, we also link their management to governance practices and country-specific characteristics, and contrast those with empirical findings on linkages with corporate governance.
ER  -