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The returns of oil stocks that are heavily invested in by sovereign wealth funds are lower than the returns of oil stocks that are lightly

The returns of oil stocks that are heavily invested in by sovereign wealth funds are lower than the returns of oil stocks that are lightly invested in by sovereign wealth funds. This may be because:

a. Sovereign wealth funds are moving away from oil stocks.

b. Sovereign wealth funds freeride on the monitoring by other shareholders of oil stocks due to political concerns.

c. Sovereign wealth funds know more than other investors about oil stocks.

d. Oil stocks are generally mispriced due to climate risk.

e. Sovereign wealth funds freeride on the trading by other shareholders of oil stocks due to political concerns.

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