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This paper analyzes the finances of Egypt's listed firms and the performance of the Egyptian stock exchange during the period 2003-07/08. Egyptian companies can be clearly divided into a top tier and a second tier. Egypt's top tier of listed firms tends to finance themselves mainly from operating cash flows, trade credits, and other short-term borrowing. This raises questions as to whether recent performance could have been even better had these firms done more in the way of long-term financing and long-term investment. This issue is even starker for a large second tier of much smaller firms. Regarding the stock market, the analysis finds that the Egyptian Exchange has experienced extraordinary market capitalization growth fueled by strong price increases. Market activity has been increasing as well, but reached expected levels only recently. Despite strong improvement, however, many companies remain illiquid. In its ability to raise capital, Egypt seems to do well, but privatizations and relatively low gross fixed capital formation might distort this picture.

Access to Finance --- Banks & Banking Reform --- Capital formation --- Capital market --- Capital market development --- Cash flows --- Debt Markets --- Economic Theory & Research --- Emerging Markets --- Finance --- Finance and Financial Sector Development --- Finances --- Financial performance --- Financial systems --- Fixed capital --- International bank --- Long-term investment --- Macroeconomics and Economic Growth --- Market capitalization --- Private Sector Development --- Short-term borrowing --- Stock --- Stock exchange --- Stock market --- Stock markets --- Trade credits --- Transaction --- Transaction costs

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The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects. Sovereign Wealth Funds maps the global footprints of these financial institutions, examining their governance and investment management, and issues of domestic and international legitimacy. Through a variety of case studies--from the China Investment Corporation to the funds of several Gulf states--the authors show that the forces propelling the adoption and development of sovereign wealth funds vary by country. The authors also show that many of these investment institutions have identifiable commonalities of form and function that match the core institutions of Western financial markets. The authors suggest that the international legitimacy of sovereign wealth funds is based on the degree to which their design and governance match Western expectations about investment management. Undercutting commonplace assumptions about the emerging world of the twenty-first century, the authors demonstrate that even small countries with large and globally oriented sovereign wealth funds are likely to play a significant role in international relations. Sovereign Wealth Funds considers how such financial organizations have altered not only the face of finance, but also the international geopolitical landscape.

Investments, Foreign --- Sovereign wealth funds --- Sovereign wealth funds. --- Capital exports --- Capital imports --- FDI (Foreign direct investment) --- Foreign direct investment --- Foreign investment --- Foreign investments --- International investment --- Offshore investments --- Outward investments --- Capital movements --- Investments --- Funds, Sovereign wealth --- SWFs (Sovereign wealth funds) --- Investment of public funds --- Law and legislation. --- Law and legislation --- Asian financial crisis. --- Australia. --- China Investment Corporation. --- Dutch disease. --- East Asia. --- Future Fund. --- Generally Accepted Principles and Practices. --- Government Pension Fund-Global. --- Government of Singapore Investment Corporation. --- Gulf states. --- Middle East. --- Norway. --- Santiago Principles. --- Western interests. --- capitalism. --- capitalist development. --- domestic politics. --- economic geography. --- ethical policy. --- finance. --- financial crisis. --- financial institutions. --- financial markets. --- financialization. --- geopolitics. --- global finance. --- global financial system. --- governance. --- international political economy. --- international relations. --- investment decision making. --- investment ethics. --- investment management. --- investment practice. --- investment. --- long-term investment. --- nation-states. --- political economy. --- political temptation. --- resource revenue management. --- sovereign wealth funds. --- sovereignty. --- state-owned enterprises. --- state. --- trust. --- typology.