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The purpose of this article is to assess strategies available to recipient states for managing the putative risks posed by sovereign wealth funds (SWFs) in the context of global, liberalized, and capital markets.

The paper employs a game theory analysis in assessing these risks. Four basic scenarios are outlined whereby recipient states may interact with SWFs: “unselfish recipient state – unselfish SWF” (Option 1); “unselfish recipient state – Selfish SWF” (Option 2); “Selfish Recipient State – unselfish SWF” (Option 3); and “Selfish Recipient State – Selfish SWF” (Option 4).

In the light of this analysis, and the balance of risks which the authors perceive recipient states are exposed to in practice, the authors claim that recipient states ought, rationally, to adopt a selfish regulatory strategy irrespective of the strategy which SWFs adopt in practice.

This claim does not deny the importance of voluntary international measures – such as the “Santiago principles” – in the way SWFs are regulated. Rather, it seeks to show that according to a game theory analysis, and an attempted application of that analysis in practice, undue reliance by recipient states on international “soft law” regulatory initiatives to regulate SWF activity (which constitutes the current international consensus) is strategically unwise.

The purpose of this research is to empirically analyze the influence of the financial crisis on the investment behavior of sovereign wealth funds (SWFs).

Using 615 deals from 20 SWFs, a series of research are designed and conducted to compare the SWFs' governance, external environment, investment strategy and financial markets' feedback around the crisis.

The paper finds that the recent financial crisis did not only bring SWFs heavy losses and the pressure to improve its image and governance structure, but also a precious opportunity of a better external environment by easing the nerves of the recipient country's government. Their investment strategies will be more positive, diversified and complementary to their own real economy. The event studies illustrate that financial markets turn to be more effective after the crisis. The market reaction to SWF's investment tends to mitigate speculative trading to a larger extent, which is shown by the lower cumulative abnormal return and turnover volatility.

This paper tries to test the change of SWFs' behavior pro‐ and post‐crisis. It reveals that SWFs have changed their effects on SWF's home country, SWF's host country, the financial market and the real economy after the financial crisis, which is helpful for government and institutions to maintain the stability of the national economy and security market.

The purpose of this paper is to explore and evaluate the main segments of existing empirical literature related to Sovereign Wealth Funds (SWFs) and provide a thorough investigation of their research questions, theoretical frameworks, data selections and research methodologies.

The literature on SWFs has been split into three main streams: qualitative studies with theoretical contributions aiming to conceptualize the phenomenon of SWFs; normative assessments of the optimal asset allocations of SWFs; and empirical works that aim to investigate different perspectives of SWFs. The paper attempts to review the state of existing literature relating to these areas by answering specific questions.

Despite their significant size and potential impact, the literature on SWFs seems to be still in its infancy. The paper collects insights from previous literature, addresses its difficulties and challenges.

The characteristics of the previous empirical literature and the challenges facing this line of research offer an insightful thought for the future research works in this topic.

The paper offers a thorough assessment of the existing empirical research on SWFs and shade some light on the techniques and procedures used.

This paper aims to investigate the idea of building responsible borrowing and lending into sovereign wealth fund (SWF) decision-making. SWFs, which currently manage US$8 trillion in assets, are influential institutional investors, but their role in sovereign debt markets needs to be further explored. In this context, this paper aims to critically assess the linkages and convergences between the Santiago Principles on SWF and the United Nations Conference on Trade and Development (UNCTAD) principles on responsible sovereign lending and borrowing.

This paper draws on legal scholarship, reports, policy papers and other open-source data to explore the role of SWFs in sovereign lending, borrowing and debt restructuring.

Building responsible borrowing and lending into SWF decision-making is feasible and justified on the grounds of both ethics and public duty. It is also justified in financial terms because it would protect SWFs from irresponsible lending and borrowing practices at the micro level while contributing to global financial stability at the macro level.

This is the first comprehensive study to juxtapose two important normative processes, the Santiago Principles and the UNCTAD Principles.

This paper aims to systematically review all available evidence on the implications of sovereign wealth funds (SWFs) for various stakeholders (recipients of sovereign investment, home countries, which incorporate SWFs and the world at large) and offer future research directions.

A systematic literature review (SLR) technique is used to review 102 handpicked articles for the period 2005‐2019.

This review reveals that the literature on the impact of SWFs emerged only during the financial crisis of 2008–2011 and much of it is qualitative in nature. The literature is lopsidedly focused on the impact of SWFs on target firms and there has been a limited empirical investigation of the impact on other stakeholders. There is a lack of consensus in several areas, which calls for additional research. Few areas, which have not been addressed in the literature and can be taken up by future researchers include the impact of SWFs on macroeconomic fundamentals and stock markets of recipient countries, especially emerging economies; implications of SWFs for alternative asset classes; impact on the welfare of citizens and internationalization strategies of home countries; impact on initial public offerings and unlisted corporations; and impact on innovativeness, efficiency and corporate governance practices of target firms.

To the best of the authors’ knowledge, this is the first paper to use the SLR technique to review the literature on SWFs. It considers the impact of SWFs on all stakeholders and covers both qualitative and quantitative literature published over a long period of 2005‐2019. It also systematizes all available evidence on this theme and identifies important research gaps, which may be helpful for academicians, practitioners and policymakers.

The purpose of this paper is to examine the propensity of sovereign wealth funds (SWFs) for shareholder activism and their potential impact on corporate governance.

The study highlights the relationships between SWFs and corporate governance and also applies eight antecedents/determinants of institutional activism to analyze whether SWFs have a predisposition for shareholder activism.

The study only finds two instances of SWF activism. Additionally, it finds that despite their mostly passive investments, SWFs possess a natural tendency toward shareholder activism. Some are more likely to engage in activism than others, however. SWFs with a higher proportion of their assets invested in equities, those with portfolios fully or partially constructed to emulate the broader financial markets through indexing, and those that depend less on external fund managers are the likeliest candidates for activism. The study also finds that the regulatory environment can curb the natural SWF inclination for activist behavior.

Due to the lack of transparency within the SWF universe, this study largely depends on the limited data available for sovereign wealth funds.

Given the growing importance of SWFs, managers, directors, and policymakers must assess SWF activism, its influence on corporate governance, and its implications for public policy deliberations.

This project, to the best of the author's knowledge, is the first study that applies tested financial models to SWFs in order to determine if they have inherent activist tendencies.

The aim of this paper is to promote the utilization and diversification of cashew nuts through its use as a substitute for wheat flour in biscuit production.

Wheat flour was substituted with cashew nut flour (CNF) at levels of 0, 20, 30 and 40 percent in the production of biscuit. The products obtained were subjected to proximate, mineral and sensory analysis.

There was a significant increase in protein and fat contents from 7.75 and 22.11 percent to 12.89 and 32.11 percent, respectively, when CNF increased, whiles carbohydrate decreased from 66.67 to 48.04 percent. A significant increase in magnesium (27.93-97.03 mg/100 g), sodium (198.11-228.02 mg/100 g), phosphorus (55.90-149.00 mg/100 g), potassium (290.40-990.00 mg/100 g), zinc (0.72-2.00 mg/100 g) and iron (0.28-1.00 mg/100 g) was also observed as CNF increased. Sensory analysis revealed that there was no significant difference (p>0.05) between the 20 and 30 percent substituted samples, in terms of overall acceptability. Therefore, wheat flour could be substituted with CNF up to 30 percent in the production of biscuit.

This study was done to ascertain the potential use of CNF as a substitute for wheat flour and a nutrient enrichment in biscuit production, in order to diversify its use; since it still remains an underutilized raw material in Ghana.

This paper aims to introduce a novel concept of a double-wire feed (DWF) to alleviate heat accumulation and improve the cooling rate of the molten pool in gas tungsten arc (GTA)-based additive manufacturing (AM), in which the former wire is fed into the arc and the latter wire is melt by the molten pool.

The microstructure, phase composition and mechanical properties of 308 L stainless steel components built by single-wire feed (SWF) AM and DWF-AM are compared, and the differences are analyzed in detail.

The microstructures for both wire feeding modes include δ and γ phases. Compared with the SWF-AM, the sample fabricated in the DWF-AM exhibits finer microstructure, and the microstructure in the middle region is transformed from columnar grains to cellular grains. Microhardness of the sample produced in the DWF-AM is higher than the SWF-AM. In comparison to the SWF-AM, the tensile strength of the specimen fabricated using the DWF-AM reaches 571 MPa and increases by 16.14%.

This study proposes a novel concept of the DWF-AM to reduce heat accumulation as well as enhance the cooling rate of the molten pool, and improved mechanical properties of the 308 L stainless steel component are obtained.

The purpose of this paper is to critically discuss the participation of sovereign wealth funds (SWFs) in the corporate social responsibility (CSR) programmes. Sovereign wealth funds in emerging economies are often involved in corporate social responsibility. However, the 1 Malaysian Development Berhad (1MDB) scandal illustrates the possible use of SWF as a vehicle for corruption and abuse.

The primary objective is to develop good governance practices of CSR by SWFs that could limit corrupt practices. A case study approach is adopted to investigate the CSR involvement of two SWFs – Norway’s Government Pension Fund Global (GPFG) and Abu Dhabi Fund for Development (ADFD).

The finding shows that SWFs should not be directly involved in CSR. It is proposed that independent Non-government Organisations (NGOs), through a competitive funding model, could serve the CSR purpose of SWFs more effectively and bring socio-economic changes in emerging economies.

The funding model identifies the expected outcomes, priorities and uses of the funds. The funding committee should also be independent of the Board and transparent in its allocations.

Service‐oriented architecture is becoming increasingly important for healthcare delivery as it assures seamless integration internally between various teams and departments, and externally between healthcare organizations and their partners. In order to make healthcare more efficient and effective, we need to understand and evaluate its processes, and one way of achieving that is through process modeling. Modeling healthcare processes within a service‐oriented environment opens up new perspectives and raises challenging questions. The purpose of this paper is to investigate one of these questions, namely the suitability of web service orchestration and choreography, two closely related but fundamentally different methodologies for modeling web service‐based healthcare processes.

The authors use a case‐based approach that first developed a set of 12 features for modeling healthcare processes and then used the features to compare orchestration and choreography for modeling part of the scheduled workflow.

The findings show that neither methodology can, by itself, meet all healthcare modeling requirements in the context of the case study. The appropriate methodology must be selected after consideration of the specific modeling needs. The authors identified usability, capabilities, and evolution as three key considerations to assist with selection of a methodology for healthcare process modeling. Further, sometimes one method will not meet all modeling needs and hence the authors recommend combining the two methodologies in order to harness the benefits of modeling healthcare processes in a service‐oriented environment.

Although literature exists on process modeling of web services for healthcare, there are no criteria describing necessary features for micro‐level modeling, nor is there a comparison of the two leading service composition methodologies within the healthcare context. This paper provides some necessary formalization for process modeling in healthcare.