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Dewenter, K.L., Han, X. and Malatesta, P.H. (2010) Firm Values and Sovereign Wealth Fund Investments. Journal of Financial Economics, 98, 256-278.
https://doi.org/10.1016/j.jfineco.2010.05.006

has been cited by the following article:

• TITLE: Resource Richness, Absorptive Capacity, and the Ownership of Domestic Sovereign Wealth Funds in the U.S.

  AUTHORS: Franklin G. Mixon Jr., Kamal P. Upadhyaya

  KEYWORDS: Domestic Sovereign Wealth Funds, Public Finance, Financial Economics

  JOURNAL NAME: Journal of Mathematical Finance, Vol.16 No.2, March 16, 2026

  ABSTRACT: The United States government’s recent decision to establish a sovereign wealth fund has boosted interest in these vehicles in the U.S. and beyond, even though several U.S. states have maintained domestic sovereign wealth funds for decades. This study offers the first examination of why some U.S. states currently possess sovereign wealth funds while others do not. In doing so, we find high-income and resource-rich states are more likely than their lower-income and resource-poorer counterparts to currently possess a sovereign wealth fund. Additionally, state spending on K-12 education is negatively related to the likelihood the state currently owns a sovereign wealth fund, perhaps owing to their limited absorptive capacities relative to the scale of their resource revenues.