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26. Chen, R., Liu, F., & Zhao, Y. (2023). Sovereign wealth funds and cost of debt: Evidence from syndicated loans. Journal of Corporate Finance, 82. [DOI:10.1016/j.jcorpfin.2023.102446.]

27. Danisman, G.O., & Demirel, P. (2019). Bank risk-taking in developed countries: The influence of market power and bank regulations. Journal of International Financial Markets, Institutions and Money, 59: 202-217. [DOI:10.1016/j.intfin.2018.12.007.]

28. Eldredge, C. D. (2019). Capability and need: A framework for understanding why states create sovereign wealth funds. The World Economy, 42(5), 1495–1519.

29. Feng, Y., Zhang, Y., & Wang, Y. (2023). Out-of-sample volatility prediction: Rolling window, expanding window, or both?. Journal of Forecasting, 43(3), 567-582. DOI: [DOI:10.1002/for.3046.]

30. Grira, J. (2020). Back to government ownership: The Sovereign Wealth Funds phenomenon. Finance Research Letters, 34. [DOI:10.1016/j.frl.2019.07.018.]

31. Hill, J. (2007). Efficient tests of long-run causation in trivariate VAR processes with a rolling window study of the money–income relationship. Journal of Applied econometrics, 22(4), 747-765. DOI: [DOI:10.1002/jae.925.]

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44. Https://www.gic.com.sg/how-we-invest/risk-management/.

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51. Https://www.utimco.org/search-results/?search_field=RISK/.

52. Https://www.NDF.ir/.

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54. Jonghyeon Park, R., Xu, S., In, F., & Inyeob Ji, PH. (2019). The long-term impact of sovereign wealth fund investments. Journal of Financial Markets, 45: 115-138. [DOI:10.1016/j.finmar.2018.08.004.]

55. Kapsos, M., Zymler, S., Christofides, N., & Rustem, B. (2014). Optimizing the Omega Ratio using Linear Programming. Journal of Computational Finance, 17 (4), 49–57. DOI: [DOI:10.21314/JCF.2014.283.]

56. Klein, M.J., Gabriela, CH., & Jozef, P. (2023). The Risk Awareness of Sovereign Wealth Funds in Relation to ESG Assets –Do Biggest World Institutional Investors Act Sustainably?. http://dx.doi.org/10.2139/ssrn.4525088.

57. Lopez de Prado, M. (2016). Building Diversified Portfolios that Outperform Out of Sample. The Journal of Portfolio Management. 42 (4), 59–69. DOI: [DOI:10.3905/jpm.2016.42.4.059.]

58. Liu, CH., Yap, N., Yin, CH., & Zhou, S. (2021). The effect of sovereign wealth funds on corporations: Evidence of cash policies in Singapore. Research in International Business and Finance, 56. [DOI:10.1016/j.ribaf.2020.101354.]

59. Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1); 77-91.

60. M. Knill, A., Lee, B.S., & Mauck, N. (2012). Sovereign wealth fund investment and the return-to-risk performance of target firms. Journal of Financial Intermediation, 21(2): 315-340. [DOI:10.1016/j.jfi.2011.10.001.]

61. Mourouzidou-Damtsa, S., Milidonis, A., & Stathopoulos, K. (2019). National culture and bank risk-taking. Journal of Financial Stability, 40: 132-143. [DOI:10.1016/j.jfs.2017.08.007.]

62. Nie, G., Yang, H., Wang, Y., Chen, W., & Yu, J. (2010). Decision support for target country selection of future generation sovereign wealth funds: Hedging the country industry risk. Procedia Computer Science, 1(1): 2499-2507. [DOI:10.1016/j.procs.2010.04.282.]

63. Palit, D., & Prybutok, V.R. (2024). A Study of Hierarchical Risk Parity in Portfolio Construction. Journal of Economic Analysis. 3 (3), 106–125. DOI: [DOI:10.58567/jea03030006.]

64. Roy, A.D. (1952). Safety First and the Holding of Assets. Econometrica, 20, 431–449. https://www.collinsdictionary.com/dictionary/english/risk-taking.

65. Rudiger M. T (1994). What Is Risk Taking Behavior', Advances in Psychology, North-Holland, 107; 1-14. [DOI:10.1016/S0166-4115(08)61295-9.]

66. Rockafellar, R., & Tyrrell, U.S. (2000). Optimization of conditional value-at-risk. Journal of Risk, 2(3), 21–42. DOI: [DOI:10.21314/JOR.2000.038.S2CID854622.]

67. Shapiro, A., Dentcheva, D., & Ruszczyński, A. (2009). Lectures on stochastic programming: Modeling and theory, 9, 1-436. ISBN 978-0-89871-687-0.

68. Simonian, J., & Martirosyan, A. (2022). Sharpe Parity Redux. Journal of Portfolio Management, 48(4), 183. DOI: 10.3905/jpm.2022.1.339.

69. Sohag, K., Hassan, M.K., Kalina, I., & Mariev, O. (2023). The relative response of Russian National Wealth Fund to oil demand, supply and risk shocks. Energy Economics, 123. [DOI:10.1016/j.eneco.2023.106724.]

70. Sattar, H., Iqbal, K., & Kamran, K. (2025). Implementing the Z-score to examine the financial stability of insurance companies in Pakistan. UW Journal of Management Sciences, 9(1). Retrieved from https://www.uwjms.org.pk/index.php/uwjms/article/view/257.

71. Truman, E. M. (2007b). Sovereign wealth funds: The need for greater transparency and accountability (PIIE policy brief no. 07-6). Peterson Institute for International Economics. https://piie.com/publications/policy-briefs/sovereignwealth-funds-need-greater-transparency-andaccountability/.

72. Truman, E. M. (2008). A blueprint for sovereign wealth best practices (PIIE policy brief no. 08-3). Peterson Institute for International Economics. Retrieved from https://piie.com/publications/policy-briefs/blueprintsovereign-wealth-fund-best-practices/.

73. Talebi, A., & Molaei, SH. (2010). Performance investigation and comparison of two evolutionary algorithms in portfolio optimization: Genetic and particle swarm optimization. 2nd IEEE International Conference on Information and Financial Engineering, 430–437. DOI: [DOI:10.1109/icife.2010.5609394.]

74. Yu, J., Xu, B., Yang, H., & Shi, Y. (2010). The strategic asset allocation optimization model of sovereign wealth funds based on maximum CRRA utility & minimum VAR. Procedia Computer Science, 1(1): 2433-2440. [DOI:10.1016/j.procs.2010.04.274.]

75. Zhu, ZH., & Welsch, R.E. (2018). Robust dependence modeling for high-dimensional covariance matrices with financial applications. Ann. Appl. Stat., 12 (2), 1228–1249. DOI: [DOI:10.1214/17-AOAS1087.]

89. Abdelfattah Salem, R. (2025). Assessing the impact of country risk on banks' stability in Egypt: An empirical study using Z-Score analysis. 16(1), 185-229. doi: 10.21608/jces.2025.419245.

90. Adachi-Sato, M., & Vithessonthi, C. (2021). Bank risk-taking and corporate investment: Evidence from the global financial crisis of 2007–2009. Global Finance Journal, 49.

91. Altman, E.I. (2017). Financial distress prediction in an international context: A review and empirical analysis of Altman's Z-Score model. Journal of International Financial Management and Accounting, 28 (2), 131–171. [DOI:10.1111/jifm.1205.]

92. Amar, J., Lecourt, C., & Carpantier, J.F. (2022). GCC sovereign wealth funds: Why do they take control? Journal of International Financial Markets, Institutions and Money, 77. [DOI:10.1016/j.intfin.2021.101494.]

93. Anning, F. (2018). An empirical assessment of the Z-Score test in correlation with bank risk computation. http://dx.doi.org/10.2139/ssrn.3244834.

94. Bahoo, S., Alon, I., Paltrinieri, A. (2020). Sovereign wealth funds: Past, present and future. International Review of Financial Analysis, 67. [DOI:10.1016/j.irfa.2019.101418.]

95. Bahoo, S., Hassan, M. K., Paltrinieri, A., & Khan, A. (2019). A model of the Islamic sovereign wealth fund. Islamic Economic Studies, 27(1), 2–22.

96. Berens, T., Weiß, G., & Ziggel, D. (2018). Estimation window strategies for value-at-risk and expected shortfall forecasting. Journal of Risk, 20(5), 33-82. DOI: 10.21314/JOR.2018.385.

97. Bertoni, H., & Lugo, S. (2014). The effect of sovereign wealth funds on the credit risk of their portfolio companies. Journal of Corporate Finance, 27: 21-35. [DOI:10.1016/j.jcorpfin.2014.04.004.]

98. Boubakri, N., El Ghoul, S., Guedhami, O., & Hossain, M. (2020). Post-privatization state ownership and bank risk-taking: Cross-country evidence. Journal of Corporate Finance, 64. [DOI:10.1016/j.jcorpfin.2020.101625.]

99. Bouvatier, V., Lepetit, L., Rehault, P.N, & Strobel, F. (2018). Bank insolvency risk and Z-score measures: Caveats and best practice. https://unilim.hal.science/hal-01937929.

100. Cai, M., & Chen, ZH. (2019). Does country background risk matter to the strategic asset allocation of sovereign wealth funds? Pacific-Basin Finance Journal, 57. [DOI:10.1016/j.pacfin.2018.10.015.]

101. Chen, R., Liu, F., & Zhao, Y. (2023). Sovereign wealth funds and cost of debt: Evidence from syndicated loans. Journal of Corporate Finance, 82. [DOI:10.1016/j.jcorpfin.2023.102446.]

102. Danisman, G.O., & Demirel, P. (2019). Bank risk-taking in developed countries: The influence of market power and bank regulations. Journal of International Financial Markets, Institutions and Money, 59: 202-217. [DOI:10.1016/j.intfin.2018.12.007.]

103. Eldredge, C. D. (2019). Capability and need: A framework for understanding why states create sovereign wealth funds. The World Economy, 42(5), 1495–1519.

104. Feng, Y., Zhang, Y., & Wang, Y. (2023). Out-of-sample volatility prediction: Rolling window, expanding window, or both? Journal of Forecasting, 43(3), 567-582. DOI: [DOI:10.1002/for.3046.]

105. Grira, J. (2020). Back to government ownership: The sovereign wealth funds phenomenon. Finance Research Letters, 34. [DOI:10.1016/j.frl.2019.07.018.]

106. Hill, J. (2007). Efficient tests of long-run causation in trivariate VAR processes with a rolling window study of the money–income relationship. Journal of Applied econometrics, 22(4), 747-765. DOI: [DOI:10.1002/jae.925.]

107. Hemrajani, P., Muskan Khan, R., & Dhiman, R. (2023). Financial risk tolerance: A review and research agenda. European Management Journal, 41(6), 1119-1133. [DOI:10.1016/j.emj.2023.10.004]

108. Https://www.GlobalSWF.com/Ranking/ .

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110. Https://www.nbim.no/en/the-fund/how-we-invest/risk-management/.

111. Http://www.china-inv.cn/chinainven/Investments/Risk_Management.shtml/.

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113. Http://www.adia.ae/En/Investment/Risks.aspx/.

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116. Https://www.qia.qa/en/how-we-invest/Pages/Investment-Process.aspx/.

117. Https://www.kia.gov.kw/2018/12/19/investment-risk-management-training-program/.

118. Https://www.nwf.co.uk/about-us/governance/risk-management/.

119. Https://www.gic.com.sg/how-we-invest/risk-management/.

120. Https://www.hkma.gov.hk/eng/key-functions/reserves-management/risk-management/.

121. Https://icd.gov.ae/investment-strategy/.

122. Https://www.temasek.com.sg/en/about-us/managing-risk/.

123. Http://www.kic.kr/en/02/05/01.jsp/.

124. Https://www.futurefund.gov.au/investment/how-we-invest/investment-policies/.

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128. Jiang, W., Liu, Y., J. Lobo, G., & Xu, Y. (2019). Deferred cash compensation and risk-taking: Evidence from the Chinese banking industry. Pacific-Basin Finance Journal, 53: 432-448. [DOI:10.1016/j.pacfin.2018.12.005.]

129. Jonghyeon Park, R., Xu, S., In, F., & Inyeob Ji, PH. (2019). The long-term impact of sovereign wealth fund investments. Journal of Financial Markets, 45: 115-138. [DOI:10.1016/j.finmar.2018.08.004.]

130. Kapsos, M., Zymler, S., Christofides, N., & Rustem, B. (2014). Optimizing the Omega Ratio using Linear Programming. Journal of Computational Finance, 17 (4), 49–57. DOI: [DOI:10.21314/JCF.2014.283.]

131. Klein, M.J., Gabriela, CH., & Jozef, P. (2023). The risk awareness of sovereign wealth funds in relation to esg assets – do biggest world institutional investors act sustainably? http://dx.doi.org/10.2139/ssrn.4525088.

132. Lopez de Prado, M. (2016). Building diversified portfolios that outperform out of sample. The Journal of Portfolio Management. 42 (4), 59–69. DOI: [DOI:10.3905/jpm.2016.42.4.059.]

133. Liu, CH., Yap, N., Yin, CH., & Zhou, S. (2021). The effect of sovereign wealth funds on corporations: Evidence of cash policies in Singapore. Research in International Business and Finance, 56. [DOI:10.1016/j.ribaf.2020.101354.]

134. Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1); 77-91.

135. Knill M., Lee A, B.S., & Mauck, N. (2012). Sovereign wealth fund investment and the return-to-risk performance of target firms. Journal of Financial Intermediation, 21(2): 315-340. [DOI:10.1016/j.jfi.2011.10.001.]

136. Mourouzidou-Damtsa, S., Milidonis, A., & Stathopoulos, K. (2019). National culture and bank risk-taking. Journal of Financial Stability, 40: 132-143. [DOI:10.1016/j.jfs.2017.08.007.]

137. Nie, G., Yang, H., Wang, Y., Chen, W., & Yu, J. (2010). Decision support for target country selection of future generation sovereign wealth funds: Hedging the country industry risk. Procedia Computer Science, 1(1): 2499-2507. [DOI:10.1016/j.procs.2010.04.282.]

138. Palit, D. & Prybutok, V.R. (2024). A study of hierarchical risk parity in portfolio construction. Journal of Economic Analysis, 3 (3), 106–125. DOI: [DOI:10.58567/jea03030006.]

139. Roy, A. D. (1952). Safety first and the holding of assets. Econometrica, 20, 431–449. https://www.collinsdictionary.com/dictionary/english/risk-taking.

140. Rudiger, M. T. (1994). What is risk taking behavior', advances in psychology, North-Holland, 107; 1-14. [DOI:10.1016/S0166-4115(08)61295-9.]

141. Rockafellar, R., & Tyrrell, U.S. (2000). Optimization of conditional value-at-risk. Journal of Risk, 2(3), 21–42. DOI: [DOI:10.21314/JOR.2000.038.S2CID854622.]

142. Shapiro, A., Dentcheva, D., & Ruszczyński, A. (2009). Lectures on stochastic programming: Modeling and theory, 9, 1-436. ISBN 978-0-89871-687-0.

143. Simonian, J., & Martirosyan, A. (2022). Sharpe parity redux. Journal of Portfolio Management, 48(4), 183. DOI: 10.3905/jpm.2022.1.339.

144. Sohag, K., Hassan, M.K., Kalina, I., & Mariev, O. (2023). The relative response of Russian National Wealth Fund to oil demand, supply and risk shocks. Energy Economics, 123. [DOI:10.1016/j.eneco.2023.106724.]

145. Sattar, H., Iqbal, K., & Kamran, K. (2025). Implementing the Z-score to examine the financial stability of insurance companies in Pakistan. UW Journal of Management Sciences, 9(1). Retrieved from https://www.uwjms.org.pk/index.php/uwjms/article/view/257.

146. Truman, E. M. (2007b). Sovereign wealth funds: The need for greater transparency and accountability (PIIE policy brief no. 07-6). Peterson Institute for International Economics. https://piie.com/publications/policy-briefs/sovereignwealth-funds-need-greater-transparency-andaccountability/.

147. Truman, E. M. (2008). A blueprint for sovereign wealth best practices (PIIE policy brief no. 08-3). Peterson Institute for International Economics. Retrieved from https://piie.com/publications/policy-briefs/blueprintsovereign-wealth-fund-best-practices/.

148. Talebi, A., & Molaei, SH. (2010). Performance investigation and comparison of two evolutionary algorithms in portfolio optimization: Genetic and particle swarm optimization. 2nd IEEE International Conference on Information and Financial Engineering, 430–437. DOI: [DOI:10.1109/icife.2010.5609394.]

149. Yu, J., Xu, B., Yang, H., & Shi, Y. (2010). The strategic asset allocation optimization model of sovereign wealth funds based on maximum CRRA utility & minimum VAR. Procedia Computer Science, 1(1): 2433-2440. [DOI:10.1016/j.procs.2010.04.274.]

150. Zhu, ZH., & Welsch, R.E. (2018). Robust dependence modeling for high-dimensional covariance matrices with financial applications. Ann. Appl. Stat., 12 (2), 1228–1249. DOI: [DOI:10.1214/17-AOAS1087]