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Scientists may have found the brain network behind Parkinson’s

A new international study points to a specific brain network as the core driver of Parkinson’s disease. Scientists found that this network becomes overly connected, disrupting not just movement but also thinking and other bodily functions. When researchers targeted it with non-invasive brain stimulation, patients showed much stronger symptom improvement than with conventional stimulation. The discovery could reshape how Parkinson’s is diagnosed and treated.

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Feb 8 • 7:00 AM EST • Science • sciencedaily.com
Physicists push quantum boundaries by turning a superfluid into a supersolid — and back — for the first time

Physicists saw excitons, a type of quasiparticle, undergo a reversible phase transition from superfluid to supersolid for the first time, opening new doors for studying extreme states of matter.

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Feb 8 • 7:00 AM EST • Science • livescience.com
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Cladribine Tablets Reduce Treatment Switches, Outpatient Visits, and Health Care Costs in Multiple Sclerosis | NeurologyLive - Clinical Neurology News and Neurology Expert Insights

A real-world study showed that cladribine tablets were associated with greater treatment persistence and lower health care costs in patients with multiple sclerosis compared with other common therapies.

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Feb 7 • 11:02 AM EST • Health • neurologylive.com
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Teton Science Schools invites 4th-6th graders on a spring break adventure

Campers will travel across Grand Teton National Park on cross-country skis and snowshoes, uncovering how wildlife thrives in winter, how snow impacts our water, and how scientists study these vital ecosystems.

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Feb 6 • 1:00 PM EST • Science • buckrail.com
NASA Study: Non-biologic Processes Don’t Fully Explain Mars Organics

In a new study, researchers say that non-biological sources they considered could not fully account for the abundance of organic compounds in a sample

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Feb 6 • 12:31 PM EST • Science • science.nasa.gov
“Déjà vu”: what scientists have discovered is even stranger! - Futura-Sciences

Human memory still holds many mysteries. While déjà vu is a relatively well known experience, its lesser known counterpart, jamais vu, remains largely unfamiliar to the general public. Yet this intriguing cognitive phenomenon could teach us a great deal about how our brain works. A recent study, published in September...

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Feb 6 • 12:00 PM EST • Science • futura-sciences.com
Even with a Colorado marketplace insurance plan, health care is still too expensive for many

A new study found that people can get the plans, but getting affordable care isn’t a guarantee

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Feb 6 • 11:55 AM EST • Health • cpr.org
Longevity expert shares his daily routine for wellness: I'm 'really intentional' about applying my research to my life

After studying longevity for decades, Matt Kaeberlein says he's applying what he's learned to his own life and habits. Here's his daily routine for wellness.

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Feb 6 • 9:05 AM EST • Health • cnbc.com
The depression symptoms that could increase dementia risk

We don’t experience depression uniformly, and a new study finds that some symptoms may be more strongly linked with developing dementia later in life.

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Feb 6 • 9:00 AM EST • Health • cnn.com
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Fake Research Is Flooding Cancer Science, Study Warns

A large-scale analysis of millions of cancer studies has uncovered patterns suggesting that a significant portion of the literature may not be as reliable as it appears.

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Feb 6 • 8:35 AM EST • Science • scitechdaily.com
NASA selects two Earth science missions for development

NASA has selected two Earth science missions for development, one focused on studying the atmosphere and the other on terrestrial ecosystems and ice.

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Feb 6 • 7:53 AM EST • Science • spacenews.com
Business Students Help Panamanian Entrepreneurs

Northern Michigan University College of Business students participated in a January short-term study-abroad experience in Panama, where they worked alongside rural and Indigenous entrepreneurs to strengthen and grow local businesses.

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Feb 6 • 7:00 AM EST • Business • news.nmu.edu
TrumpRx, the President’s Online Drugstore, Opens for Business

TrumpRx is aimed at helping patients use their own money to buy medicines. But researchers who study drug pricing warned that many patients could pay too much if they use the site.

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Feb 5 • 8:47 PM EST • Business • nytimes.com
Mamdani's NYC health department staffers reportedly studying effects of 'global oppression' on health

New York City Mayor Zohran Mamdani's Department of Health reportedly created a "Global Oppression Working Group" that references Gaza "genocide" as a factor.

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Feb 5 • 8:39 PM EST • Health • foxnews.com
An invisible chemical rain is falling across the planet

A new study reveals that chemicals used to replace ozone-damaging CFCs are now driving a surge in a persistent “forever chemical” worldwide. The pollutant, called trifluoroacetic acid, is falling out of the atmosphere into water, land, and ice, including in remote regions like the Arctic. Even as older chemicals are phased out, their long lifetimes mean pollution is still rising.

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Feb 5 • 7:00 PM EST • Science • sciencedaily.com
New analysis suggests puzzling fossil may have been an unknown life-form

A bizarre fossil called Prototaxites, which was the largest life-form on land 400 million years ago, may have been a completely unknown form of multicellular life, according to a new study.

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Feb 5 • 1:51 PM EST • Science • cnn.com
Pandemic disruptions to health care worsened cancer survival, study suggests

NEW YORK (AP) — During the early years of the COVID-19 pandemic, experts worried that disruptions to cancer diagnosis and treatment would cost lives. A new study suggests they were right.

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Feb 5 • 11:33 AM EST • Health • wtop.com
Pandemic disruptions to health care worsened cancer survival, study suggests

A new study reveals that cancer patients diagnosed during the early COVID-19 pandemic had worse short-term survival rates than a similar group before the pandemic

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Feb 5 • 11:31 AM EST • Health • abcnews.go.com
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Behavioral health IT pilots to focus on data exchange

The Assistant Secretary for Technology Policy/Office of the National Coordinator for Health Information Technology announced the selection of nine pilots as part of the Behavioral Health Information Technology Initiative to help improve behavioral health data exchange across care settings.

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Feb 5 • 10:05 AM EST • Health • aha.org
NIH opens East Palestine Health Research Office to study train disaster

Three years ago, a train derailment spilled hazardous chemicals into the Ohio community.

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Feb 4 • 5:10 PM EST • Health • nih.gov
Next Narrative Africa Fund Partners With Parrot Analytics On First-Of-Its Kind African Entertainment Landscape Study

The Next Narrative Africa Fund (NNAF) has announced it is working with Parrot Analytics on a first-of-its-kind African entertainment landscape study ahead of deciding its inaugural grantees. Launched in late 2024, the Next Narrative Africa Fund (NNAF) is a $40 million commercial content fund paired with a $10M from non-profit Venture Studio and focused on …

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Feb 4 • 2:49 PM EST • Entertainment • deadline.com
'Behemoth star,' previously thought to be dying, is 'rising from the ashes' like a pheonix

A new study suggests that the red supergiant WOH G64, also known as the "behemoth star," has not transitioned into a yellow hypergiant as previous research suggested. This means it is now unlikely to imminently explode in a colossal supernova.

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Feb 4 • 11:56 AM EST • Science • livescience.com
Dad’s Early Bond May Affect a Child’s Health Years Later, Study Finds

By I. Edwards HealthDay ReporterWEDNESDAY, Feb. 4, 2026 (HealthDay News) — For decades, researchers mostly blamed moms when children developed long-term mental or physical health problems. Now, a new study suggests someone else may play a bigger role than once thought: Dad. By age 7, children whose fathers were less attentive to ...

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Feb 4 • 10:55 AM EST • Health • usnews.com
Groundbreaking study finds no evidence that trans athletes are ‘a threat’ to women’s sports

Trans and cis women show similar levels of physical fitness in competition, according to the first meta‑analysis of the published research

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Feb 4 • 10:44 AM EST • Sports • english.elpais.com
Liberal Arts, Conservative Wallets: How College Majors Steer Students’ Politics

Surveys from over 300,000 college-goers show that humanities and social science majors drift left, while those studying business largely stand pat.

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Feb 4 • 9:30 AM EST • Politics • the74million.org
At 82, he’s as fit as a 20-year-old. His body holds clues to healthy aging.

Scientists are studying Juan López García, 82, a world-record-holding ultramarathoner, to learn how we can stay healthy as we age.

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Feb 4 • 6:00 AM EST • Technology • washingtonpost.com
At 82, he’s as fit as a 20-year-old. His body holds clues to healthy aging.

Scientists are studying Juan López García, 82, a world-record-holding ultramarathoner, to learn how we can stay healthy as we age.

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Feb 4 • 6:00 AM EST • Health • washingtonpost.com
Junior scientists face a quandary when starting their own labs: How far to stray from the hive

A new study argues that overlap between advisers and advisees on research topics helps rather than hinders young life scientists.

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Feb 4 • 4:30 AM EST • Science • statnews.com
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Baylor Global Business Expo highlights study abroad, global engagement

The Baylor Hankamer School of Business hosted a Global Business Expo on Tuesday providing students with opportunities to discover international programs at Baylor, meet faculty leaders and enjoy free snacks and prizes.

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Feb 3 • 11:02 PM EST • Business • baylorlariat.com
Asteroid 2024 YR4's collision with the moon could create a flash visible from Earth, study finds

If the building-size asteroid 2024 YR4 crashes into the moon in December 2032, the impact will produce a bright flash that may be visible to the naked eye, a new study finds.

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Feb 3 • 4:41 PM EST • Science • livescience.com
Three years after East Palestine, research must be a commitment, not a moment

Three years after the East Palestine train derailment, a federally funded research program has been launched to study the long-term health impacts of the disaster and to provide evidence-based medi…

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Feb 3 • 2:00 PM EST • Health • thehill.com
NIH Opens East Palestine, Ohio Health Research Office to Study Train Disaster

NIH opened the East Palestine Train Derailment Health Research Program Office to assess and address the long-term health outcomes stemming from the 2023 train derailment in the community.

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Feb 3 • 1:21 PM EST • Health • hhs.gov
Dads' parenting has a bigger impact on kids' health than moms': study
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Feb 3 • 11:11 AM EST • Health • nypost.com
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At science fair, UC Berkeley researchers lobby for $23B bond to offset Trump’s cuts

California scientists left their labs last week to defend their work studying disease treatments, resilience to extreme heat and more

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Feb 3 • 9:00 AM EST • Science • berkeleyside.org
Making science move: Organoids project re-imagines adrenal glands through models and motion

[vc_row][vc_column][vc_column_text css=””] In 2024, University of Georgia Associate Professor Nadja Zeltner received a grant to advance research in human cell generation, including adrenal gland organoids used to study disease. Adrenal gland organoids are tiny, lab-grown versions of your body’s stress response control center—adrenal glands release hormones in response to stress or excitement, regulate energy and … Continue reading “Making science move: Organoids project re-imagines adrenal glands through models and motion”

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Feb 3 • 8:35 AM EST • Science • research.uga.edu
What Happens If Science Finally Explains Consciousness? A New Study Explores the Consequences

Consciousness remains science’s greatest mystery. A new study explores how it arises—and why solving it could reshape existence.

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Feb 3 • 8:07 AM EST • Science • thedebrief.org
Research Finds Interaction With Father, Not Mother, Affects Child Health

A long-term study of 292 families linked fathers’ parenting style to their children’s heart health years later. To researchers’ surprise, no such link was found with mothers.

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Feb 3 • 7:51 AM EST • Health • nytimes.com
University Of Science And Technology, Korea Offers Fully Funded Scholarships

Study In South Korea: Students planning to pursue higher education in South Korea can apply for the UST Scholarship 2026.

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Feb 3 • 6:04 AM EST • Science • ndtv.com
2-month-olds see the world in a more complex way than scientists thought, study suggests

The findings may help doctors and researchers better understand cognitive development in infancy.

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Feb 2 • 1:55 PM EST • Science • bostonglobe.com
Enormous 'mega-blob' under Hawaii is solid rock and iron, not gooey — and it may fuel a hotspot

A new study reveals a detailed look at what lies beneath the Hawaiian hotspot.

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Feb 2 • 11:58 AM EST • Science • livescience.com
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2-month-olds see the world in a more complex way than scientists thought, study suggests

A new study suggests that babies are able to distinguish between the different objects they see around them at 2 months old, which earlier than scientists previously thought.

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Feb 2 • 11:04 AM EST • Science • seattletimes.com
Survey finds prior authorization viewed as greatest hurdle in navigating health care

A KFF survey published today found that people view prior authorization as the biggest challenge beyond costs when navigating the health care system. In terms of issues people viewed as a “major burden,” prior authorization was highest at 32%, followed by understanding their bill or what they owe at 23%.

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Feb 2 • 10:24 AM EST • Health • aha.org
‘Ghost’ providers hinder access to health care for Medicaid patients

New OHSU-led study finds nearly one-third of physicians enrolled in Medicaid don’t actually care for patients.

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Feb 2 • 7:00 AM EST • Health • news.ohsu.edu
Scientists Warn: This “miracle cure” works only by damaging human cells

MMS has long been promoted as a miracle cure, but new research shows it’s essentially a toxic disinfectant. While it can kill bacteria, it only works at levels that also damage human cells and beneficial gut microbes. Scientists warn that homemade MMS mixtures are especially dangerous due to wildly inconsistent dosing. The study calls MMS a clear case where the risks are high—and the benefits are effectively zero.

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Feb 2 • 7:00 AM EST • Science • sciencedaily.com
I've found the 3 TV shows definitely worth your time in February

I spent time studying the TV schedule and here are the top three shows you should watch this month

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Feb 2 • 6:34 AM EST • Entertainment • womanandhome.com
Study Reveals a Turning Point When Men's Heart Attack Risk Accelerates

It's much earlier than women.

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Feb 2 • 6:00 AM EST • Science • sciencealert.com
AI-supported mammography more effective than standard screening, new large-scale study contends

The findings come from Sweden's Mammography Screening with Artificial Intelligence, or MASAI, a randomized clinical trial incorporating over 105,000 women.

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Feb 2 • 5:48 AM EST • Business • radiologybusiness.com
Integration of health check-ups into school and healthcare systems can improve adolescent health in LMICs

Nature Medicine - In low- and middle-income countries (LMICs), adolescents have limited access to healthcare. A study in urban Zimbabwe demonstrated that routine check-up visits integrated within...

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Feb 1 • 7:00 PM EST • Health • nature.com
Do scientists follow the data

Personal feelings about immigration subtly influenced how 71 teams of academics analysed the same figures in a study

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Feb 1 • 2:55 PM EST • Science • thetimes.com
Scientists’ political views change how they interpret identical data

Personal feelings about immigration subtly influenced how 71 teams of academics analysed the same figures in a study

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Feb 1 • 2:55 PM EST • Science • thetimes.com
The Science of “the Giggle”: Why Laboratory Rats Love Being Tickled

If you think laughter and comedy are reserved strictly for humans, you’d be wrong. A study in the late 1990s showed that creatures like rats emit ultrasonic vocalizations while playing with or anticipating the opportunity to play with other rats. To make matters sillier, rats emitted similar vocalizations when they were subjected to manual somatosensory

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Feb 1 • 11:30 AM EST • Science • a-z-animals.com
Scientists finally may know why kidney patients die of heart disease

More than half of people with advanced kidney disease develop cardiovascular problems. A new study finds that diseased kidneys release tiny particles that are toxic to the heart.

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Feb 1 • 5:00 AM EST • Health • washingtonpost.com
Scientists discover how to turn gut bacteria into anti-aging factories

Researchers found that small doses of an antibiotic can coax gut bacteria into producing a life-extending compound. In worms, this led to longer lifespans, while mice showed healthier cholesterol and insulin changes. Because the drug stays in the gut, it avoids toxic side effects. The study points to a new way of promoting health by targeting microbes rather than the body itself.

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Jan 31 • 7:00 PM EST • Science • sciencedaily.com
Researchers pinpoint source of black hole's 3,000-light-year-long jet stream using enhanced telescope network

A new study has connected the famous m87 black hole, the first ever imaged, to its powerful cosmic jet, revealing how it launches particles at near light speed.

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Jan 31 • 6:26 PM EST • Science • foxnews.com
Why The Challenger Disaster Still Matters To Business Leaders Today

Forty years on, the Challenger disaster remains a case study in what happens when organizations fail to allow for dissent and systematically challenge their assumptions.

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Jan 31 • 2:26 PM EST • Business • forbes.com
Lifespan may be 50% heritable, study suggests

A new study suggests that lifespan might be 50% heritable — although for now, it's hard to know if the finding applies across diverse populations.

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Jan 31 • 2:00 PM EST • Science • livescience.com
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Life may have rebounded 'ridiculously fast' after the dinosaur-killing asteroid impact

After the asteroid smashed into Earth around 66 million years ago, it didn't take life that long to rebound, a new study finds.

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Jan 31 • 10:00 AM EST • Science • livescience.com
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Poop pills a 'game-changer' for treating cancer: study
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Jan 31 • 8:00 AM EST • Health • nypost.com
Carbon Dioxide 'Pulses' Clears Toxins From Parkinson's Brains in Recent Study

A tantalizing possibility.

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Jan 31 • 7:00 AM EST • Science • sciencealert.com
A Predictor of a Good Social Life? Your Parents.

A decades-long study suggested that close relationships with family members during teenage years could lead to a rich network of friendships in adulthood.

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Jan 31 • 5:02 AM EST • Health • nytimes.com
Healing Childhood Trauma: What Science Says About Breaking the Cycle

Decades after a landmark study showed the lasting health effects of such trauma, researchers are finding ways to guard against enduring harm.

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Jan 31 • 5:00 AM EST • Health • nytimes.com
One in seven food delivery businesses in England are ‘dark kitchens’, study shows

University researchers say growth of the hidden fast food industry may pose risks to public health

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Jan 30 • 7:01 PM EST • Business • theguardian.com
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January 30, 2026

A flu variant called subclade K emerged too late to be fully covered by this year’s vaccine. But the flu shot can still help protect you. Plus, a new study suggests dogs began to diversify about 11,000 years earlier than we thought. And, in turbulent times, it helps to hear stories of resilience. What can we learn from 3.5 billion-year-old bacteria that eat light?

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Jan 30 • 4:00 PM EST • Science • sciencefriday.com
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New triple-drug treatment stops pancreatic cancer in its tracks, a mouse study finds

By targeting three key growth pathways at once, researchers eliminated pancreatic tumors in multiple mouse models and prevented the cancer from returning, a promising step toward overcoming treatment resistance.

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Jan 30 • 2:30 PM EST • Science • livescience.com
Ferris wheel, Berglund Center, Science Museum; Rasoul requests $600k from General Assembly for study to improve Roanoke

Delegate Sam Rasoul is requesting $600,000 from the General Assembly to evaluate improvement ideas for Roanoke, including a Ferris wheel on Center in the Square. Rasoul emphasizes the importance of creative investment for Roanoke's redevelopment, focusing on feasibility and structural studies.

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Jan 30 • 1:54 PM EST • Science • wsls.com
‘It wasn’t about the scale:’ Austin moms find community, mental health benefits through strength training

A 2024 study shows women who strength train lower their risk of death and see benefits faster than men.

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Jan 30 • 1:14 PM EST • Health • kxan.com
DOD ordered to study mental health impacts among military drone pilots

Studies suggest remote warfare requires a level of intimacy with a prospective strike target that conventional air warfare may not.

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Jan 30 • 12:09 PM EST • Health • militarytimes.com
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Study: Being a night owl could be bad for your health
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Jan 30 • 11:05 AM EST • Health • cbsnews.com
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Oops, Scientists May Have Severely Miscalculated How Many Humans Are on Earth

While most estimates place the current human population at around 8.2 billion, a new study suggests we might be vastly underrepresenting rural areas.

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Jan 30 • 11:02 AM EST • Science • popularmechanics.com
Breathing in wildfire smoke late in pregnancy may increase autism risk, Tulane study shows

What happens when smoke meets pregnancy? A new Tulane study links wildfire smoke exposure late in pregnancy to higher autism risk.

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Jan 30 • 5:00 AM EST • Health • nola.com
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Medical group challenges study on diversity in military healthcare, urges deeper analysis

A group of medical professionals known as Do No Harm is challenging the Frakes Gruber study.

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Jan 29 • 5:00 PM EST • Health • foxbaltimore.com
Night owls may face higher risk of heart disease

Adults — especially women — who stay up late have a worse cardiovascular health score and a higher risk of heart attack or stroke, according to a new study.

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Jan 29 • 2:00 PM EST • Health • cnn.com
The secret to long life? It could be in the genes after all, say scientists

New study into ‘heritability’ shows that 50% of the variation in human lifespan could be down to genetics

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Jan 29 • 2:00 PM EST • Science • theguardian.com
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Monkey Business: Using Genetics to Understanding Decision-Making in Monkeys

Abigail Morris first visited the Peruvian Amazon when she was 6 years old. Now, as a Ph.D. candidate in the Animal Behavior Graduate Group, she has returned to study how seasonal flooding affects the behavior, diet and population genetics of two species of monkey: monk sakis (Pithecia monachus) and large-headed capuchins (Sapajus apella macrocephalus).

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Jan 29 • 12:00 PM EST • Business • biology.ucdavis.edu
New study shows WVU, WVU Health System have huge impact on West Virginia

President Michael T. Benson and Albert L. Wright, Jr. share details from the Tripp Umbach Economic Impact Report.

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Jan 29 • 8:01 AM EST • Health • enews.wvu.edu
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Abortion Pill Safety Decisions by FDA Were Science-Based, New JAMA Study Finds — The Monitor

A new study found the FDA’s abortion pill decisions followed scientific evidence, as misleading claims about the drug’s safety continue to shape public understanding. And Google removed some health AI summaries after a Guardian investigation reported that AI-generated summaries contained false and potentially dangerous health information.

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Jan 29 • 8:00 AM EST • Science • kff.org
Older adults’ driving habits offer window into brain health, cognitive decline

Research Highlights: A study of over 200 adults followed for five years found that greater white matter damage in the brain was linked to decreased driving, fewer trips, repetitive routes and having more driving errors, especially in those who later ...

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Jan 28 • 7:00 PM EST • Health • newsroom.heart.org
Social Sciences in the News: Political Science Professor Omar Wasow

Political Science Professor Omar Wasow authored an op-ed in The New York Times titled "We’re Seeing the Weakness of a Strong State." I study the political consequences of protest and state violence.

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Jan 28 • 12:38 PM EST • Science • ls.berkeley.edu
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Community invited to Terry Schools Science Fair Feb. 3

Terry Schools will host a 7th–12th grade Science Fair on Monday, Feb. 3, from 1 to 3 p.m. in the study hall at Terry High School.

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Jan 28 • 12:24 PM EST • Science • terrytribune.com
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With AlphaGenome, Researchers Are Using A.I. to Decode the Human Blueprint

AlphaGenome is a leap forward in the ability to study the human blueprint. But the fine workings of our DNA are still largely a mystery.

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Jan 28 • 11:00 AM EST • Science • nytimes.com
Disaster Preparedness: How Measurement Science Can Help Your Community

Firsthand experience with natural disasters inspired a NIST researcher to study how communities prepare for — and recover from — disasters.

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Jan 28 • 7:00 AM EST • Science • nist.gov
Night Owls Have Worse Heart Health, Study Finds

By Dennis Thompson HealthDay ReporterWEDNESDAY, Jan. 28, 2026 (HealthDay News) — Do you prefer to stay up late, living it up through the night while everyone else is snoozing away? You might be doing your heart health a disservice, a new study says. Middle-aged and older night owls appear to have ...

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Jan 28 • 6:35 AM EST • Health • usnews.com
Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs

In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)­—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices­—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash

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Jan 28 • 6:00 AM EST • Politics • gjia.georgetown.edu
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