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International Political Economy: Investment & Finance eJournal最新文献

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American Depository Receipts: The Long-Term U.S. Investor Experience 美国存托凭证:美国投资者的长期经验
International Political Economy: Investment & Finance eJournal Pub Date : 2021-01-08 DOI: 10.2139/ssrn.3762706
H. Bessembinder, Te-Feng Chen, Goeun Choi, K. Wei
{"title":"American Depository Receipts: The Long-Term U.S. Investor Experience","authors":"H. Bessembinder, Te-Feng Chen, Goeun Choi, K. Wei","doi":"10.2139/ssrn.3762706","DOIUrl":"https://doi.org/10.2139/ssrn.3762706","url":null,"abstract":"We study long-run outcomes to those who invested in non-U.S. stocks through American Depository Receipts (ADRs) between August 1954 and September 2020, with particular attention to ADRs associated with Chinese firms. Overall, ADRs improved their investors’ wealth by $1.03 trillion, as compared to a Treasury-bill benchmark. More than a third of this amount was attributable to ADRs associated with Chinese firms. A value-weighted portfolio of ADRs associated with Chinese firms earned 1.64% per month since the first Chinese ADR was created in 1993, as compared to 0.89% per month for the overall U.S. stock market over the same period. These data are relevant to current policy discussions focused on Chinese firms listed in the U.S.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125965922","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Geo-Economics Chapter 4: International Economic Cooperation 第四章:国际经济合作
International Political Economy: Investment & Finance eJournal Pub Date : 2021-01-05 DOI: 10.2139/ssrn.3760691
Joachim Klement
{"title":"Geo-Economics Chapter 4: International Economic Cooperation","authors":"Joachim Klement","doi":"10.2139/ssrn.3760691","DOIUrl":"https://doi.org/10.2139/ssrn.3760691","url":null,"abstract":"Although the negative effects of geopolitical events get more attention, geopolitical events also create positive investment opportunities. From globalization to free trade, international cooperation has complex implications for investing.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132232210","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Salience Theory and the Cross-Section of Stock Returns: International and Further Evidence 显著性理论与股票收益的横截面:国际和进一步的证据
International Political Economy: Investment & Finance eJournal Pub Date : 2020-12-17 DOI: 10.2139/ssrn.3750815
Nusret Cakici, Adam Zaremba
{"title":"Salience Theory and the Cross-Section of Stock Returns: International and Further Evidence","authors":"Nusret Cakici, Adam Zaremba","doi":"10.2139/ssrn.3750815","DOIUrl":"https://doi.org/10.2139/ssrn.3750815","url":null,"abstract":"The salience theory perspective on asset prices implies that investors overvalue stocks with salient upsides while undervaluing firms with salient downsides. The resulting mispricing is subsequently reverted—producing a predictable pattern in the cross-section of returns. This study is the first to perform an international examination of this phenomenon. We demonstrate that the salience effect prevails globally, and it is augmented by country-specific illiquidity. However, it is priced only among microcaps—accounting for a minuscule fraction of total market capitalization. Additionally, the premium is primarily realized following severe down markets and volatility spikes. Outside of these extreme market segments and states, the salience anomaly does not exist.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125553708","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 26
The Distribution of Wealth Since the Great Recession 大衰退以来的财富分配
International Political Economy: Investment & Finance eJournal Pub Date : 2020-12-10 DOI: 10.2139/ssrn.3911501
J. Weicher
{"title":"The Distribution of Wealth Since the Great Recession","authors":"J. Weicher","doi":"10.2139/ssrn.3911501","DOIUrl":"https://doi.org/10.2139/ssrn.3911501","url":null,"abstract":"The distribution of wealth among U.S. households became increasingly unequal from 2007 through 2016 as a decline in homeownership and home values impacted the wealth of middle-class families. That is according to a new research report, The Distribution of Wealth Since the Great Recession, released by the Mortgage Bankers Association's (MBA) Research Institute for Housing America (RIHA). Dr. John C. Weicher, author of the report, used data from the Federal Reserve Board’s triennial Survey of Consumer Finances (SCF) to study the distribution of household wealth, its main components, and how the evolution of household wealth through the Great Recession – and its aftermath and subsequent recovery – affected poor, rich, and middle-wealth households.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129771274","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Exploring the Collapse of Lehman Brothers and the Bailout that Never Happened 探索雷曼兄弟的崩溃和从未发生的救助
International Political Economy: Investment & Finance eJournal Pub Date : 2020-12-08 DOI: 10.2139/ssrn.3911777
Marvin Kyle Abreu
{"title":"Exploring the Collapse of Lehman Brothers and the Bailout that Never Happened","authors":"Marvin Kyle Abreu","doi":"10.2139/ssrn.3911777","DOIUrl":"https://doi.org/10.2139/ssrn.3911777","url":null,"abstract":"This paper attempts a cursory synthesis of common narratives used to explain the collapse of Lehman Brothers, the only financial institution that was not bailed out during the 2008 Global Financial Crisis. As such the paper explores justifications for Lehman’s demise such as Lehman was not too big to fail, Lehman did not have sufficient collateral, and the Fed having no legal authority to support Lehman. The paper concludes that the available evidence does not support these narratives. The paper puts forward for further analysis an alternative hypothesis within the literature that Lehman’s failure can be attributed to contingencies such as wrong timing. Furthermore, the rescue of other failing institutions by the Fed can also be attributed to contingencies and not to actual differences with Lehman’s financial situation.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121166706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Drafting a Twenty-First Century Code of Conduct for International Investment Adjudicators 起草21世纪国际投资裁判行为准则
International Political Economy: Investment & Finance eJournal Pub Date : 2020-12-08 DOI: 10.2139/ssrn.3861533
Katia Fach Gómez
{"title":"Drafting a Twenty-First Century Code of Conduct for International Investment Adjudicators","authors":"Katia Fach Gómez","doi":"10.2139/ssrn.3861533","DOIUrl":"https://doi.org/10.2139/ssrn.3861533","url":null,"abstract":"An “ethics explosion” is emerging in the international investment arena in many different ways. Along with the EU’s strong desire to regulate the ethical aspects of adjudicators’ duties in its latest generation of IIAs, whether already in force or still under negotiation, a growing number of non-European IIAs and Model Agreements also contain provisions that include references to ethics and sometimes additionally provide a code of conduct for investment adjudicators. As a logical consequence of this, ICSID, hitherto the heavyweight par excellence in the investment resolution field, has also underlined the growing importance of ethical issues in the course of its on-going rule amendment process. In the same vein, since 2017, the UNCITRALWorking Group III has been reflecting on the need for and potential content of an Investor-State Dispute Settlement Reform and has devoted special attention to ISDS court members. As the winds of change are pointing towards the creation of a Multilateral Investment Tribunal, the need to count on an all-embracing code of conduct with a vocation for universality is becoming more evident. ICSID has responded to these global perspectives by partnering with UNCITRAL to present a 2020 Draft Code of Conduct for Adjudicators in Investor-State Dispute Settlement. In spite of the fact that the Code of Conduct is still at draft stage, it is worth devoting this chapter to analyzing its content and paying attention to the justifications and clarifications provided by its institutional authors. This also entails indirectly analyzing other recent codes of conduct, which are compared with the new ICSID-UNCITRAL proposal.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"351 11","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113958612","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Deciphering Big Data in Consumer Credit Evaluation 解读消费者信用评估中的大数据
International Political Economy: Investment & Finance eJournal Pub Date : 2020-12-02 DOI: 10.2139/ssrn.3312163
Jinglin Jiang, Li Liao, Xi Lu, Zhengwei Wang, Hongyu Xiang
{"title":"Deciphering Big Data in Consumer Credit Evaluation","authors":"Jinglin Jiang, Li Liao, Xi Lu, Zhengwei Wang, Hongyu Xiang","doi":"10.2139/ssrn.3312163","DOIUrl":"https://doi.org/10.2139/ssrn.3312163","url":null,"abstract":"Abstract This paper examines the impact of large-scale alternative data on predicting consumer delinquency. Using a proprietary double-blinded test from a traditional lender, we find that the big data credit score predicts an individual’s likelihood of defaulting on a loan with 18.4% greater accuracy than the lender’s internal score. Moreover, the impact of the big data credit score is more significant when evaluating borrowers without public credit records. We also provide evidence that big data have the potential to correct financial misreporting.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120859876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 11
Five Facts About Direct Lending to Middle-Market Buyouts 关于直接贷款给中间市场收购的五个事实
International Political Economy: Investment & Finance eJournal Pub Date : 2020-12-02 DOI: 10.2139/ssrn.3741678
Youngsoo Jang
{"title":"Five Facts About Direct Lending to Middle-Market Buyouts","authors":"Youngsoo Jang","doi":"10.2139/ssrn.3741678","DOIUrl":"https://doi.org/10.2139/ssrn.3741678","url":null,"abstract":"Using a proprietary data set of private credit agreements, I document five facts about a previously unexplored segment of the US corporate debt market: nonbank direct lending to private equity (PE) middle-market buyouts. First, PE-backed middle-market firms have high cash flow, low liquidation value of tangible assets, and exhibit strong (weak) dependence of debt capacity to cash flow (liquidation value). Second, these features are stronger for those borrowing using direct loans despite their being smaller in size. Third, direct loans face markedly higher annual borrowing costs that are over 300 basis points higher than on comparable bank loans. Fourth, direct loans instead have a much more borrower-friendly covenant structure. Fifth, borrowers of direct loans find covenant violation costly, for it may constrain future borrowing. These findings suggest that small firms are not limited to asset-based bank debt and can rely heavily on cash flow-based debt. Further, direct lenders can provide more flexible solutions to PE sponsors in exchange for greater cash flow rights without compromising ex-post enforcement of contractual rights. Overall, this paper raises important questions for research in the growing literature on shadow banking.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126838946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
How Financial Markets Create Superstars 金融市场如何造就超级明星
International Political Economy: Investment & Finance eJournal Pub Date : 2020-12-01 DOI: 10.2139/ssrn.3745622
Spyros Terovitis, V. Vladimirov
{"title":"How Financial Markets Create Superstars","authors":"Spyros Terovitis, V. Vladimirov","doi":"10.2139/ssrn.3745622","DOIUrl":"https://doi.org/10.2139/ssrn.3745622","url":null,"abstract":"We show that speculative trading by uninformed traders can create value for shareholders by simulating a \"buzz\" around a firm and turning it into a star. The speculators' profit comes from helping the firm attract stakeholders, such as high-quality employees and business partners, that would have otherwise not worked with it. This leads to a misallocation of talent and resources. Speculative short selling is also possible but less likely, as firms can encourage beneficial and discourage harmful speculation by adjusting their corporate governance and transparency. Similar to speculators, investors in primary markets can benefit from inflating firms' valuations to unicorn status to attract non-financial stakeholders.","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"1997 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123548882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
How Does Competition Affect Exploration vs. Exploitation? A Tale of Two Recommendation Algorithms 竞争如何影响探索与开发?两个推荐算法的故事
International Political Economy: Investment & Finance eJournal Pub Date : 2020-11-30 DOI: 10.2139/ssrn.3740164
Huining Henry Cao, Liye Ma, Z. Eddie Ning, Baohong Sun
{"title":"How Does Competition Affect Exploration vs. Exploitation? A Tale of Two Recommendation Algorithms","authors":"Huining Henry Cao, Liye Ma, Z. Eddie Ning, Baohong Sun","doi":"10.2139/ssrn.3740164","DOIUrl":"https://doi.org/10.2139/ssrn.3740164","url":null,"abstract":"Through repeated interactions, firms today refine their understanding of individual users’ preferences adaptively for personalization. In this paper, we use a continuous-time bandit model to analyze firms that recommend content to multihoming consumers, a representative setting for strategic learning of consumer preferences to maximize lifetime value. In both monopoly and duopoly settings, we compare a forward-looking recommendation algorithm that balances exploration and exploitation to a myopic algorithm that only maximizes the quality of the next recommendation. Our analysis shows that, compared with a monopoly, firms competing for users’ attention focus more on exploitation than exploration. When users are impatient, competition decreases the return from developing a forward-looking algorithm. In contrast, development of a forward-looking algorithm may hurt users under monopoly but always benefits users under competition. Competing firms’ decisions to invest in a forward-looking algorithm can create a prisoner’s dilemma. Our results have implications for artificial intelligence adoption and for policy makers on the effect of market power on innovation and consumer welfare. This paper was accepted by Dmitri Kuksov, marketing. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2023.4722 .","PeriodicalId":284021,"journal":{"name":"International Political Economy: Investment & Finance eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129901149","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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