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‘Behind the Blue’: Lindsay Ragsdale on growing pediatric health care and supporting Project ADAM
In this episode of “Behind the Blue,” Lindsay Ragsdale, chief medical officer of Golisano Children’s at UK, discusses her career at the university, the role of palliative care, the growth of the children’s hospital and her own son’s experience as a pediatric cardiology patient. As a “Woman of Impact” nominee for the American Heart Association’s current fundraising campaign, she also highlights how AHA helps fund an important initiative overseen by a Golisano team — Project ADAM in Kentucky.
Actor Michael Keaton to be honored as Man of the Year by Harvard's Hasty Pudding theater group
Actor Michael Keaton is set to be honored as the 2026 Man of the Year by Harvard University’s Hasty Pudding Theatricals. Keaton will receive his Pudding Pot award at a celebratory roast Friday....
CMU Athletics Hosts National Girls & Women in Sports Brunch - Central Michigan University Athletics
MOUNT PLEASANT, Mich. —Central Michigan Athletics hosted its first-ever National Girls & Women in Sports Brunch on Sunday morning at Soaring Eagle Casino & R...
PVAMU’s Tondra L. Moore recognized nationally for leadership in health, assessment
PRAIRIE VIEW, Texas (Feb. 5, 2026) – January proved to be a milestone month for Dr. Tondra L. Moore, executive director for Health Services and clinical associate professor in Prairie View A&M University’s School of Public and Allied Health. Through national publications, conference leadership, and multiple prestigious awards, Dr. Moore’s work elevated not only her […]
Sisters In Science: How One UMBC Lab Kindled A Family Tradition Of Discovery - UMBC: University Of Maryland, Baltimore County
On the fourth floor of UMBC’s Meyerhoff Chemistry Building, where students are hard at work exploring the intricacies of RNA molecules that may hold the...
Ballad Health: 300+ patients treated after carbon monoxide leak at Milligan University
ELIZABETHTON, Tenn. (WJHL) — Ballad Health said in a Thursday update that its hospitals have seen more than 300 patients related to a carbon monoxide leak at Milligan University. The leak was disco…
Politics Professor Speaks in the Great Hall at the Library of Congress
Brian Alexander, associate professor of politics at Washington and Lee University, participated in a moderated discussion at the John W. Kluge Center’s Member Dinner held Jan. 14 in the Great Hall …
UAH set to hold third annual Business of Space Conference
The University of Alabama in Huntsville (UAH) will hold the third annual Business of Space Conference on March 1 to 3.
Frozen on the Ice: The Brain Science Behind Perfect Olympic Timing
Research from Carnegie Mellon University helps explain why that split-second pause happens and how the brain controls it, offering insight not only into elite athletic performance, but also how people make everyday decisions when the outcome isn’t clear.
DePaul University Athletics Renews and Expands Partnership with NIKE and BSN Sports
CHICAGO – DePaul Athletics announced the renewal and expansion of its partnership with NIKE and BSN SPORTS through a new multi-year agreement that advances D...
As Olympic athletes prepare to compete, politics will also be at play
On the Boston Globe's Rhode Island Report podcast, Salve Regina University’s Erin Redihan talks about Russia’s ban, the history of doping, the presence of ICE, and Lindsey Vonn.
Science at the Winter Olympics
Three University of Minnesota experts reveal hidden scientific aspects of winter Olympic sports—and the art of staying warm.
WPS announces top-scoring projects at WHS Science and Engineering Fair
This year’s WPS Science & Engineering Fair was one of the largest in recent memory, with over 100 judges, 350 students, and 228 projects. The projects that will move on to regionals have yet to be determined at this time, but Westfield will be bringing up to 17 projects to the regional fair, which will take place on March 6th at Western New England University.
Education, Entertainment Makes for Successful Second Annual Kids Day Game
Last Thursday, Valparaiso University and Valpo Athletics welcomed 500 fifth-graders from Valparaiso Community Schools to campus for the second annual women's basketball Kids Day game.
Student Health Center at University of Nevada, Reno
The Student Health Center provides convenient, high-quality care — medical, mental health, nutrition, and sports medicine — for student well-being.
Public health officials take steps to limit measles spread in Dane Co.
MADISON — Public Health Madison Dane County confirmed Monday that a University of Wisconsin-Madison student was infected with measles, marking the county's first confirmed case since 2024.
Curiosity Blog, Sols 4788-4797: Welcome Back from Conjunction
Written by Alex Innanen, Atmospheric Scientist at York University, Toronto
Pitt researcher studies lingering health impacts from East Palestine train derailment
University of Pittsburgh researcher Juliane Beier is a leading authority on how colorless, sweet-smelling vinyl chloride can cause cancer and worsen liver disease. Her expertise meant she feared the worst when vinyl chloride vapors — the result of a controversial vent-and-burn operation by first responders — began billowing from derailed
UChicago Welcomes Illinois Mathematics and Science Academy to Hyde Park Labs - Polsky Center for Entrepreneurship and Innovation
New presence in the UChicago Science Incubator expands opportunities for high school STEM students and supports the South Side innovation ecosystem The Polsky Center for Entrepreneurship and Innovation at the University of Chicago announced today that the Illinois Mathematics and Science Academy (IMSA) will establish its first Chicago-based office at Hyde Park Labs, located within
Louisville officially names Ivey and Ellis co-defensive coordinators
From U of L: University of Louisville football assistant coaches Mark Ivey and Steve Ellis have been named Co-Defensive Coordinators, head coach Jeff Brohm announced. Ivey and Ellis will share defensive coordinator responsibilities, with Ivey leading the defensive line and Ellis overseeing the secondary. Ivey has coached the Cardinals’ linebackers since being retained when Brohm was hired prior to the 2023 […]
Families leave lasting contribution to medical science with body donations
Augusta University receives between 70 to 80 body donations every year and provides support for educational activities and interdisciplinary research throughout its colleges.
Oklahoma legislators to join STEM panel at Oklahoma State Science and Engineering Fair
Oklahoma legislators to join STEM panel at Oklahoma State Science and Engineering Fair. The 68th annual Oklahoma State Science and Engineering Fair will be hosted at Oklahoma State University in Stillwater on Friday, March 27.
Norman moving forward with $1 billion entertainment district after Oklahoma Supreme Court decision
A proposed $1 billion entertainment district that would house a new University of Oklahoma arena will move forward following a ruling from the Oklahoma Supreme Court.
Supreme Court clears way for Norman entertainment district, OU arena without public vote
The Oklahoma Supreme Court ruled Tuesday the City of Norman can move forward with a controversial tax-increment financing plan for a massive entertainment district and new University of Oklahoma ba…
How Universities and States Are Increasing Surveillance of Professors
Scrutiny of university classrooms is being formalized, with new laws requiring professors to post syllabuses and tip lines for students to complain.
Selected UK students invited to take 2026 Health and Wellness Kentucky Survey
Select University of Kentucky students will soon see an email inviting them to take part in the 2026 Health and Wellness Kentucky (HAWK) Student Assessment — a short, anonymous statewide survey designed to better understand student health and well-being.
Cory Houston Elevated to Director of Olympic Sports Performance - University of Houston Athletics
Cory Houston , who has spent more than three years working with the Houston Baseball and Women's Golf programs as its Coordinator of Sports Performance, was ...
Trump, Changing Course, Throws Harvard Deal Talks Into Chaos
In the latest example of his mercurial negotiating style, President Trump went from dropping his ask for a $200 million fine to demanding $1 billion from the university.
Measles outbreak linked to a Florida university, as cases keep rising in the U.S.
Ave Maria University near Naples has at least 12 cases.
Laura Smith | College of Business Advising
Laura Smith is an advisor in the College of Business at the University of Nevada, Reno.
Bellevue University Online Data Science Ranked #3
Bellevue University earned the No. 3 spot for its online Bachelor of Science in Data Science program in TechGuide’s 2026 Best Online Bachelor’s in Data Science Programs rankings.The ranking marks a significant rise from last year, when the program placed No. 11. The move reflects continued development of the program and sustained academic pe...
The Review of Politics is pleased to welcome Thom Brooks to our editorial advisory board.
Professor Brooks serves as Principal of Collingwood College and holds a personal Chair in Law, Ethics and Government at Durham University, whe...
The Dwarf (1978) and the Politics of Knowledge in Cold War South Korea
The Dwarf (1978) and the Politics of Knowledge in Cold War South Korea SpeakerHeeJin Lee University of PittsburghTuesday • February 3 • 4 p.m. UCI Humanities Gateway 1010
Perspectives on Politics: Gendered Perceptions of Legislative Influence -
Gendered Perceptions of Legislative Influence By Jaclyn Kaslovsky, Washington University, Tabitha Koch, Rice University, and Michael P. Olson, Washington University Women legislators face a variety of gendered barriers both outside and inside the legislature. Yet, [...]
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”
Getting the right message to the right caregiver saves health system millions
At HIMSS26, a clinical informatics leader from the University of Maryland Medical System will describe how the organization's EHR-linked, rule-based technology helps ensure clinical notes get to the providers who need to see them.
Baseball slotted third in USA Today Sports preseason poll - University of Texas Athletics
Texas tabbed consensus preseason top-10 team.
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.
Mizzou Athletics, Missouri Orthopedic Institute, MU Health Care Form Advanced Medical Partnership to Care for Student-Athletes - University of Missouri Athletics
COLUMBIA, Mo. – Mizzou Athletics, Missouri Orthopedic Institute, and MU Health Care have announced a landmark collaboration that will significantly enhance m...
University of Pittsburgh grappling with weeks-long delays for imaging results
UPMC, Pennsylvania’s largest hospital system, is reportedly grappling with radiologist shortages, which are forcing the organization to priortize urgent imaging orders in some cases.
Business Leadership Week 2026 at Texas State University
Business Leadership Week will explore leadership, innovation, entrepreneurship and ethics through workshops, panel discussions, engaging sessions and networking opportunities.
Lindsey Hendrickson | College of Business Advising
Lindsey Hendrickson is an academic advisor in the College of Business at the University of Nevada, Reno.
UIL Realignment 2026: Here are the biggest moves for Texas high school sports
Monday was Realignment Day for high school sports in Texas as the University Interscholastic League released its list of division compositions that will govern matchups for the next two years.
Mays Honors Outstanding Doctoral Alumni in Award Ceremony - Mays Business School News
Texas A&M University’s Mays Business School recognized Dr. Michael Drake as the recipient of the Mays Outstanding Doctoral Alumni Award during a special event on January 30 that included a reception and a research discussion highlighting Drake’s scholarly contributions and career impact. The Mays
Spots still available for University of Lynchburg business expo on Feb. 27
Locally-owned businesses and organizations can still register for the University of Lynchburg’s third annual business expo, Building Communities Through Partnerships, to be held on Friday, Feb. 27.
Vanderbilt Health acquires Tennova’s Clarksville hospital and related physician clinics from Community Health Systems
Leaders with Vanderbilt Health announced today completion of the acquisition of Tennova Healthcare-Clarksville Hospital and freestanding emergency room Tennova ER-Sango, along with the hospital’s related businesses, including physician clinics and outpatient services, from Community Health Systems Inc. (CHS). Vanderbilt Health has held a 20% minority interest in these operations since 2021. Under Vanderbilt Health’s ownership, the 270-bed hospital will be named Vanderbilt Clarksville Hospital (VCH) while the freestanding Sango ER will be named Vanderbilt Emergency Sango. Also joining the Vanderbilt Health system through the acquisition are physician practice locations in Clarksville, Dover, Pleasant View and Tiny Town offering, depending on location, orthopaedics, primary care, wound care, digestive health, urology and surgical services. Acquisition of the hospital and its related physician practices expands Vanderbilt Health’s ability to serve patients across the region, supporting its ability to provide high-quality care in more convenient, community settings that are also more cost-effective. “We are thrilled to welcome Vanderbilt Clarksville Hospital into our health system. Providing exceptional care close to home is invaluable, and we are eager to serve the citizens of Clarksville and Montgomery County by expanding the hospital’s programs and services,” said Jeff Balser, MD, PhD, President and CEO of Vanderbilt Health and Dean of Vanderbilt University School of Medicine. This acquisition marks Vanderbilt Health’s fourth regional hospital expansion, further strengthening its presence across Middle Tennessee beyond its already extensive inpatient and ambulatory services in Nashville. VCH joins Vanderbilt Health’s network of regional medical centers that now include Vanderbilt Wilson County Hospital in Lebanon, Vanderbilt Tullahoma-Harton Hospital in Coffee County, and Vanderbilt Bedford Hospital in Shelbyville. With a strong record of growth and investment in people, programs and services for its regional hospitals, residents of Clarksville, Montgomery County and the surrounding region can expect that Vanderbilt Health will bring a host of adult and pediatric services to the area. Initial plans for VCH over the upcoming year include increased staffing for the hospital’s emergency services, including the addition of pediatric emergency medicine specialists with Monroe Carell Jr. Children’s Hospital at Vanderbilt, along with increased surgical specialty offerings. Longer term, physicians and staff will be recruited to bring a broader array of adult and pediatric specialty services to the community. “I am delighted to welcome the physicians, nurses and staff of Vanderbilt Clarksville Hospital into the Vanderbilt Health family and look forward to working closely with the hospital’s medical staff and members of the local health care community to ensure we excel at meeting their needs as caregivers as we pursue the goal of improving the health and wellbeing of the patients we serve,” said Jane Freedman, MD, Deputy Chief Executive Officer and Chief Health System Officer for Vanderbilt Health. Currently, VCH employs approximately 1,100 staff and more than 30 physicians. Through this acquisition Vanderbilt Health has committed to hire substantially all current employees who are in good standing. Services already established by Vanderbilt Health at VCH include an OB-GYN hospitalist program, an array of oncology services provided by a multidisciplinary team with Vanderbilt-Ingram Cancer Center, and neonatal care in the hospital’s Level II Neonatal Intensive Care Unit provided by specialists with Monroe Carell. VCH has been designated as an Accredited Chest Pain Center and a Wound Care Center of Distinction and has earned the Gold Seal of Approval from The Joint Commission. More information about Vanderbilt Clarksville Hospital is available at: vanderbilthealth.com/hospital/vanderbilt-clarksville-hospital
Finding purpose in public health
With support from the Hawkeye Experience Grant, University of Iowa public health student Aden Baldridge gained hands-on experience in South Africa that has played a key role in his education and career goals.
An Attacking Mindset - Kansas State University Athletics
During his first full weekend in Manhattan, Mekhi Mason fought through windchills of 16 degrees below zero. One day, he struggled to navigate his car through...
A happy merger of science and the arts is happening again at Florida State University
The Festival of the Creative Arts aims to explore the many ways the two disciplines intersect and interact.
The Master’s University Grad Published in International Science Journal
Claire Burke
University of Washington astronomers discover a record-breaking asteroid
Astronomers at the University of Washington recently discovered a record-breaking asteroid using early images from the new Vera C. Rubin Observatory in Chile.
ENTERTAINMENT: Singer pays tribute to ‘Divas’; conductor comes ‘home’
Singer CeCe Teneal takes audiences on a musical journey through 50 years of chart-topping hits, “from the powerhouse anthems of Aretha Franklin and Tina Turner to the disco grooves of Donna Summer and the pop perfection of Whitney Houston,” in “Divas of Soul,” 7:30 p.m. Tuesday at the Center for Humanities and Arts Theatre, University of Arkansas-Pulaski Technical College.
Lynchburg Falls To Randolph-Macon, 68-58
The University of Lynchburg women's basketball team battled back-and-forth against Randolph-Macon, but ultimately fell short, 68-58, on Saturday afternoon in Turner Gymnasium.
'Bama State Downs Bethune-Cookman to Claim Fourth Straight Win
MONTGOMERY, Ala. | Shamya Reid scored a game-high 19 points to lead three players in double figures as Alabama State University women's basketball pulled away for a 78-60 victory over Bethune-Cookman on Saturday at the Dunn-Oliver Acadome.
2026 heart health faculty experts list
February is American Heart Month. The University of South Carolina is home to many faculty members who are available to offer their expertise in cardio care and research.
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
New OU athletics director committed to pursuing entertainment district in Norman
Incoming University of Oklahoma Athletic Director Roger Denny reaffirmed the university’s commitment to building an entertainment district in University North Park during an introductory press conference Wednesday.
UNT Health Fort Worth launches institute focused on the science of the senses
Researchers at the University of North Texas Health Fort Worth want to unpack how the brain pulls off those sensory feats through a new research center.
UNT Health Fort Worth launches institute focused on the science of the senses
Researchers at the University of North Texas Health Fort Worth want to unpack how the brain pulls off those sensory feats through a new research center.
Black History Month at Hofstra Showcases Art, Politics, Culture, and Business
Black History Month, and every month, is an opportunity to educate, listen, and lift one another. Hofstra University offers a comprehensive selection of events, covering the arts, politics, history, and culture. Our Unfinished Revolution(s)Hofstra University Museum of ArtOpening reception, Th
Sport management practicum gives UMaine students executive-level experience
When Colby Winship enrolled in the Sport Management Practicum at the University of Maine, he knew he was entering a course designed to operate like the professional world. After all, practicum experiences at the Maine Business School are built to move beyond lectures and case studies. This semester, that meant…
Tech Tidbits: Spring Sports Coaches Preview Seasons
Spring has felt like a distant dream around here this week due to the stubborn snow and ice surrounding us, but the beginning of the baseball, softball, tennis and golf seasons at Arkansas Tech University has arrived nonetheless. Members of the ATU Green and Gold booster organization gathered at The…
Midwestern University Appoints One Health Initiative Coordinators
Dr. Karen Gruszynski and Dr. Tiffany Hughes chosen to educate the MWU community on the benefits of One Health
901Women and Tiger Women’s Athletics to Celebrate National Girls and Women in Sports Day - University of Memphis Athletics
MEMPHIS, Tenn. – The Memphis Athletic Department and 901Women will celebrate National Girls and Women in Sports Day with its women's programs and staff membe...
Alabama Athletics Kicks Off National Girls and Women in Sports Celebration with CTF Campaign
TUSCALOOSA, Ala. – The University of Alabama Athletics Department will celebrate the 40 th annual National Girls and Women in Sports Day with a recognition t...
Expert Comment: Computers can help us to do science, but they can’t
Dr Heloise Stevance, Schmidt AI in Science Fellow in Oxford University’s Physics Department, is a computational astrophysicist developing intelligent recommendation systems for sky surveys. In this
U.S. News recognizes Loyola's online Master of Science in Data Science
Loyola University Maryland’s Master of Science in Data Science was named one of the “Best Online Master’s in Info Tech Programs for 2026" by U.S. News & World Report, ranking No. 34 out of 106 universities chosen for the list. Loyola rose 17 spots after ranking No. 51 last year.
Pitt launches $25M biomedical institute to bring space science from orbit to the operating room
The University of Pittsburgh officially launched a $25 million biomedical institute Thursday aimed at bridging human health on Earth and in space. The Trivedi Institute for Space and Global Biomedicine is one of the first dedicated institutes focused on applying insights from spaceflight to improve human health on Earth, according to Pitt.
‘We’ll stay in the fight’: New OU athletic director committed to Rock Creek Entertainment District
The hiring of Roger Denny as OU’s next athletic director may signal the university’s plans to prioritize the advancement of the Rock Creek entertainment district.
Construction set to begin on new science center for UTampa
The University of Tampa announced that construction will soon begin on a new science center set to open in Spring 2029.
Anne's College professor selected to Digital Science Communication Fellowship
Florida State University Margaret A. Sitton Endowed Professor Michael Ormsbee has been selected for the 2026 Digital Science Communication Fellowship, a
SkyLake Adventures teams with Butler Institute for Sports and Entertainment
Under the partnership, Butler University students will receive real-life experience in hospitality and entertainment, and real-life experiences and practical skills in marketing, social media and communications.
Michigan State business school to host ‘Rails to the Future' conference
TROY, Mich. — Michigan State University’s Eli Broad College of Business will host “Rails to the Future: 200 Year of Progress, Building What’s Next,” a conference featuring key rail industry officials May 11-13 at the MSU Management Education Center in Troy. Keynote speakers will include Federal Railroad Adminstration Administrator David Fink; Surface Transportation Board [...] Read More...
APSU’s College of STEM announces spring Science on Tap slate
The Austin Peay State University (APSU) College of Science, Technology, Engineering and Mathematics (STEM) has announced a four-date Science on Tap slate for Spring 2026.
‘Where Science Meets Patient Care’: URI College of Pharmacy to host 41st annual Seminar By the Sea
KINGSTON, R.I. — Jan. 29, 2026 — Pharmacists from around the region will earn valuable continuing education credits while discussing some of the most pressing current pharmacy and healthcare issues during the 41st annual Seminar By the Sea Northeast Regional Conference presented by the University of Rhode Island College of Pharmacy’s Office of Healthcare Workforce […]
CU Athletics Announces Partnership with Sports Business Ventures to Launch 1:1 Sports Executive Mentorship Program - University of Colorado Athletics
The Scripps Student-Athlete Leadership and Career Development program is excited to announce a new partnership with Sports Business Ventures (SBV) to launch ...
CU Athletics Announces Partnership with Sports Business Ventures to Launch 1:1 Sports Executive Mentorship Program - University of Colorado Athletics
The Scripps Student-Athlete Leadership and Career Development program is excited to announce a new partnership with Sports Business Ventures (SBV) to launch ...
FAU Honors Craig Zinn as Business Leader of the Year
Florida Atlantic University’s College of Business recently hosted a ceremony to honor Craig Zinn, an American automotive entrepreneur and philanthropist, as its 31st “Business Leader of the Year” event.
Student sport finals to come to Coventry
The major university sporting competition will see thousands of student athletes visit Coventry.
’Canes Science Bowl brings STEM education to more students
University of Miami student Sabrina Cuba and graduate Alberti Regalado started the ’Canes Science Bowl to build an interest in STEM education in current ’Canes and pre-college education students. Adriana Gonzalez and Aaliyah Davis, the new ’Cane Science Bowl presidents, are keeping the dream alive. They will host the annual spring ’Canes Science Bowl with
Is Wyoming hoops stuck in purgatory within modern college basketball?
Every season for a reasonably successful mid-major university begins in a similar fashion. They schedule a few in-state cupcakes as the season and home openers before, if they are lucky enough, participating in an ever-declining MTE tournament during the week of Thanksgiving. Throw in a dash of high-major money labeled as “buy games” to help […]
Football Announces New Sports Performance Staff Hires - University of Tennessee Athletics
Tennessee football has finalized its sports performance staff with the addition of six new hires under the direction of Derek Owings , head coach Josh Heupel...
UCA to launch Innovation Campus - Talk Business & Politics
The University of Central Arkansas Board of Trustees voted Tuesday (Jan. 27) to move forward with the development of a new “Innovation Campus,” an interdisciplinary initiative designed to strengthen workforce...
UCA to launch Innovation Campus - Talk Business & Politics
The University of Central Arkansas Board of Trustees voted Tuesday (Jan. 27) to move forward with the development of a new “Innovation Campus,” an interdisciplinary initiative designed to strengthen workforce...
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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