Author: Nial Gooding

What indeed? Scott R. Baker (et al.) from the Northwestern University has analyzed large stock market moves, their proximate causes and subsequent market performance based on media analysis. To do this he and his colleagues looked at 6,200 jumps in 16-markets from 1900 to 2020 (the U.S. from 1900, the U.K from 1930 and the […]

Jelena Große-Bley and Genia Kostka from the Free University of Berlin take a look at how (what must be) the fastest growing city in the fastest growing economy in the world is rolling with data usage, especially at the governmental level. Shenzhen is a good place to go looking for trends in how government are […]

The best place to start this summary is with part of the conclusion: “U.S. firms are collecting record royalty payments for their IP from China and generating gangbuster profits due to their access to Chinese labor, suppliers, and the country’s growing consumer market. American consumers benefit from US-China economic interdependence and so do some workers. […]

First, a relevant aside on Alibaba* (BABA). Below is the recommendation summary from Yahoo! Finance as of Friday, April 16th. Not exactly a wide dispersion of views (and check out that average target-price!). Sure, it’s a great company changing the face of commerce in the world’s largest consumer market, and all that. However, it’s also […]

Since Premier Li Keqiang declared a ‘War on Pollution’ in China in 2014 what’s been the progress so far? In a nutshell, and I could leave it here, tremendous! Michael Greenstone (et al.) of the University of Chicago sums it up more elegantly in the paper highlighted today thus: “China’s recent experiences are without historical […]

From the early days of China’s stock markets, in the ’90s and early noughties, Chinese stocks traded at valuation premiums to U.S. peers. Then, from 2009 onward, they moved to discounts and today are significantly cheaper; what’s been going on? Geert Behaert of the Columbia Business School (et al. from Tsinghua U.) have some answers […]

The paper highlighted today is the most important piece I’ve read in a long time on the subject of ‘value’. It’s dense and not easy to summarize but I’ll have a go, in bullet point form, below. For practitioners the full-read is a fiduciary responsibility [You can access it via this link Reports of Value’s […]

Yasir Shahab (et al.), an Associate Professor at the School of Accounting at the Xijing University in Xi’an makes some interesting and important points about stock price crash risk among Chinese stocks. To remind, ‘stock price crash risk’ is not just under-performance. It’s the problem (to which Chinese companies are especially prone) of a systematic […]

That the U.S. is the center of the global financial system is so incontrovertibly obvious you’d think there was little mileage in fact-checking the observation? For over 40-years, according to the researchers of the paper highlighted this week, the U.S. has transmitted good news from its markets to others around the world and shocks to […]

We all know the problem; China has peaked in terms of how much low-end stuff it either can or wants to produce. When Japan graduated from this position the Asian Tigers of Korea, Taiwan, Hong Kong and Singapore were ready to fill the post of world’s low cost producer(s) of choice; but who’ll take over […]

[The work highlighted today was published in the Financial Analyst’s Journal on October 6th last year. At that time the gold price was approximately U$1,900/ounce. As I write it’s around U$1,700/ounce or 10% lower.] Gold, in real terms, peaked in 1980 and 2011 and is now not far off those levels; and after those peaks? […]

The most important point, for me at least, from the work highlighted today published in the East Asian Economic Review (Dec. ’20) by Chad P. Brown of the Peterson Institute for International Economics and CEPR is how murky the global semiconductor industry is. The main point of the article though is to show how little […]

The title of the paper looked over today is misleading. It suggests a rhetorical question that an interested reader will find an answer to within it. Christian Bobmans (et al.) writing in IMF Working Paper in fact seem to have bitten off more than they can chew. The problem is with ‘energy’, just like other […]

Hannes Schwandt and Till von Wachter of the Northwestern University and University of California respectively have written a 1,500 word summary of the current academic understanding of some of the negative effects on those entering the labor market in difficult times. In the latest edition of the IMF’s Finance and Development bulletin they highlight data […]

There’s no evidence to support the notion the Chinese government either tried to suppress criticism or pumped-up positive postings on social media in the early days of the COVID-19 outbreak in China. That at least is the conclusion from an analysis of 5-million Sina Weibo posts from December 1st 2019 to February 27th 2020 conducted […]

The 163-page report highlighted today from the World Economic Forum was published last October when the pandemic was in full swing so it probably requires no updating. If anything some of the trends may have intensified? It covers 15-industries and sectors and provides (after P.49) in-depth analysis on trends in 26-advanced and emerging countries. I’ll […]

China, first in and first out of the pandemic is a great place to study not only the effects but also the after-effects on unemployment. Panle Jia Barwick of Cornell University (et. al.) gained access to China Mobile’s records of 71-milliion individuals in Guangdong province for a two year period including location and tracking specifics […]