Trade uncertainties and the hedging abilities of Bitcoin

In this paper, we first estimate the monthly realised correlation, based on daily data, between stock returns of the United States (US) and Bitcoin returns. Then, we relate the realised correlation over the period October 2011 to May 2019 with a news-based measure of the growth of trade uncertainty of the US. Our results show that the realised correlation is negatively impacted by increases in trade uncertainty, which continues to hold under alternative robustness checks, suggesting that Bitcoin can act as a hedge relative to the conventional stock market in the wake of heightened trade policy-related uncertainties, and provide diversification benefits for investors.     

How the iPhone Widens the U.S. Trade Deficit with China: The Case of the iPhone X

Through an examination of the case of the iPhone X, this paper demonstrates that Chinese companies involved in the production of the iPhone X have moved up along the global value chain. According to the bill of materials, those companies contributed 25.4% of the value added of the iPhone X. About 45% of the value added of the iPhone X originated in Japan, South Korea, and other economies. The iPhone trade remains a significant element of the statistical distortion of the China–US bilateral trade imbalance. In terms of gross value, the import of one iPhone X results in a USD332.75 trade deficit for the US; measured in terms of the value added, however the deficit is a mere USD104. The depreciation of the Chinese yuan (CNY) has very limited power to counterbalance the tariffs imposed by the Trump administration because the foreign value added embedded in Chinese exports is 33.9% on average. Simulation results show that to counterbalance a 25% tariff, the CNY would have to depreciate by 43.3% against the US dollar on average, and to fully compensate for a 25% tariff burden on the iPhone X, a 400% depreciation of the CNY would be necessary. Hedging the risk of the punitive U.S. tariffs by depreciating the CNY is impossible.     

The influence of management and auditors on consolidation decisions

Historically, the decision over whether or not to consolidate was guided by bright-line rules, which outlined the minimum percentage of ownership required in a subsidiary for it to be considered controlled by a reporting entity and thus included in the consolidated financial statements (CFSs). Today, U.S. GAAP and IFRS use a principles-based approach, which is guided by the concept of control to determine whether a subsidiary is to be consolidated in the CFSs. In this context, a debate exists between managers and auditors about which subsidiaries should be consolidated. To deepen our understanding of how managers and auditors grapple with consolidation decisions, we interviewed several CFOs and audit partners to determine if they are anchored to legalistic mechanisms or if, instead, they are strategically developing ways to support the consolidation decision. Based on our interviews, we find that opportunistic transactions—criticized at the time of the rules-based approach—still exist due to the search for legalistic mechanisms that protect underlying choices influenced by economic incentives. Such results are crucial for analysts and investors to properly interpret consolidated financial performance.     

美国自由贸易协定实践经验及其对中国的启示

美国是自由贸易协定的积极实践者,在拉美、亚洲、和中东等具有战略意义的地区与多国签订了自由贸易协定,构织自己的贸易协定网。本文首先介绍美国自由贸易协定实践的状况和总结其经验,然后阐述中国自由贸易协定实践的进展和特点,探讨美国经验对中国自由贸易协定实践的启示。     

Shopping orientations of US males: A generational cohort comparison

Male shoppers are recognized as an important and distinctive market segment. While initial steps to categorize and classify male shoppers have been taken, the majority of existing empirical research considers male shoppers as a single, homogeneous market segment. Recognizing that our understanding of male shoppers can be improved by identifying smaller, more homogeneous sub-segments, this exploratory study uses Generational Cohort Theory (GCT) as a framework to examine the shopping orientations of US men across four different generational cohorts: the Silent generation, the Baby Boomers, the 13th Generation, and the Millennials. The findings of this study support the use of GCT as a market segmentation tool for male shoppers and provide insight to help retailers understand how men in the four cohort groups approach shopping. Specifically, the findings suggest that male shoppers in the Millennial generation exhibit significantly higher levels of shopping enjoyment, recreational shopping tendency and market mavenism than males in the other generational cohorts.     

Identifying the global transmission of the 2007–2009 financial crisis in a GVAR model

The paper analyses and compares the role that the tightening in liquidity conditions and the collapse in risk appetite played for the global transmission of the financial crisis. Dealing with identification and the large dimensionality of the empirical exercise with a Global VAR approach, the findings highlight the diversity of the transmission process. While liquidity shocks have had a more severe impact on advanced economies, it was mainly the decline in risk appetite that affected emerging market economies. The tightening of financial conditions was a key transmission channel for advanced economies, whereas for emerging markets it was mainly the real side of the economy that suffered. Moreover, there are some striking differences also within types of economies, with Europe being more adversely affected by the fall in risk appetite than other advanced economies.     

IT MAY BE OUR CURRENCY,BUT IT'S YOUR PROBLEM

The dollar's dominance of international transactions and role as a reserve currency is an exorbitant privilege that is a burden as well as a blessing for the US. It achieved this dominance early in the twentieth century, quite quickly in fact; it may also see that status change equally quickly were the world to move to a multipolar system of currencies. Among the most likely candidates for reserve currencies in such a world are the dollar, the euro, and the Chinese renminbi, Barry Eichengreen explained in his Butlin Lecture earlier in 2011.     

Global Production Sharing and Sino-US Trade Relations

This paper examines Sino-US trade relations, focusing on the ongoing process of global production sharing, involving splitting of the production process into discrete activities that are then allocated across countries, and the resulting trade complementarities between the two countries in world manufacturing trade. The results suggest that the Sino--US trade imbalance is basically a structural phenomenon resulting from the pivotal role played by China as the final assembly centre in East Asia-centered global production networks.     

开放式基金销售渠道的中美比较与分析

本文分析了中美开放式基金销售渠道的发展历史和现状，对两国开放式基金销售渠道的模式和特点进行了比较分析。研究发现，销售渠道的创新促进了美国共同基金业的发展，相比而言，国内开放式基金的销售渠道在广度和深度上都有待进一步拓展。     

美日渔业结构政策及对中国的启示

从渔业发展看，渔业产业结构优化是其主要内容，而渔业结构政策对渔业产业结构的优化有着重要的作用。渔业结构的合理化和高级化是渔业结构优化的两个重要内容。本文以美国和日本为例，对渔业结构的合理化主要从对资源的合理利用和可持续发展两个角度进行说明；渔业结构的高级化主要从技术结构的高级化考察两国的渔业结构政策，并对我国渔业结构政策提出了启示。