摘要 :
At the end of 2004, foreigners owned $12.5 trillion worth of assets in the United States, $2.5 trillion more than the value of U.S.-owned assets abroad. That difference is a legacy of cumulative U.S. current-account deficits. Neve...
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At the end of 2004, foreigners owned $12.5 trillion worth of assets in the United States, $2.5 trillion more than the value of U.S.-owned assets abroad. That difference is a legacy of cumulative U.S. current-account deficits. Nevertheless, U.S. residents consistently earn more income from their foreign investments than foreigners earn from their larger U.S. investments, thereby holding down the size of the U.S. current-account deficit. That situation mainly reflects the fact that U.S. companies receive more earnings from each dollars worth of direct investment abroad (ownership of foreign subsidiaries) than foreign companies earn from their subsidiaries in the United States.
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This publication presents final data on the U.S. direct investment position abroad and balance of payments transactions between U.S. parents and their foreign affiliates for calendar years 1982-88. The estimates are universe estim...
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This publication presents final data on the U.S. direct investment position abroad and balance of payments transactions between U.S. parents and their foreign affiliates for calendar years 1982-88. The estimates are universe estimates derived from sample data reported in BEA's quarterly survey of U.S. director investment abroad. The data shown include the U.S. direct position abroad, capital flows, direct investment income, royalties and license fees, and other services transactions between U.S parent companies and their foreign affiliates. The estimates are presented by country and by industry of affiliate. This publicaion is the third in a series; the previous two publications contained data for 1950-76 and 1977-81, respectively.
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This paper uses an equilibrium model to study how institutional investors211 influence the volatility and the informativeness of asset prices. The growth in 211 the proportion of U.S. equities owned by institutions in the past two...
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This paper uses an equilibrium model to study how institutional investors211 influence the volatility and the informativeness of asset prices. The growth in 211 the proportion of U.S. equities owned by institutions in the past two decades, 211 their resulting dominant position in financial markets, and empirical evidence 211 that institutional ownership may increase volatility warrant studying this issue 211 from a theoretical standpoint. In this paper, institutional investors are assumed 211 to be 'rational' informed traders while individual investors are supposed to be 211 'naive' informed traders, insofar as the former use the equilibrium price to 211 extract information while the latter do not. Using a framework with a competitive 211 market, multiple informed traders and one liquidity trader, the paper compares 211 the informativeness and the volatility of the equilibrium price in an economy 211 where the informed traders are naive and in one where they are rational. The 211 model also studies how the informativeness and the volatility of the price react 211 to changes in parameters such as the quality of the information of the informed 211 traders, their aversion to risk, the variance of the true asset price, etc. The 211 paper finally investigates how an increase in the number of informed traders, 211 whether they are rational or naive, affects the price variance, and assesses the 211 impact of transaction costs on the variance of the price and its informativeness.
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The study employs the proprietary data base of Venture Economics to discern the impact of venture capital investment on regional economic development during the years 1980 and 1981. The study shows the regional patterns of venture...
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The study employs the proprietary data base of Venture Economics to discern the impact of venture capital investment on regional economic development during the years 1980 and 1981. The study shows the regional patterns of venture capital investment and the flow of funds among the regions. The report also identifies the states attracting the greatest amounts of venture capital investment and those having the most significant changes in venture capital activity.
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This report presents preliminary data relating to venture capital investment in national need areas as well as providing an overview of the industry's recent history and illustrating the potential uses of a data-base dedicated to ...
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This report presents preliminary data relating to venture capital investment in national need areas as well as providing an overview of the industry's recent history and illustrating the potential uses of a data-base dedicated to tracking the venture capital industry.
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We estimate the effects of share repurchases and employee stock option exercises211 on net share retirements for large S&P 500 companies. We find that, over the past 211 five years, gross repurchases have reduced shares outstanding 2 percent annually; 211 but, owing to the exercise of employee stock options, only about half of those 211 shares were actually ...
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We estimate the effects of share repurchases and employee stock option exercises211 on net share retirements for large S&P 500 companies. We find that, over the past 211 five years, gross repurchases have reduced shares outstanding 2 percent annually; 211 but, owing to the exercise of employee stock options, only about half of those 211 shares were actually retired. Given the recent pace of employee stock option 211 grants, and assuming that equities continue to be priced at about 30 times 211 earnings, our analysis suggests that the pace of net share retirements will fall 211 well below the pace of the last few years, unless corporations use nearly all 211 their earnings to fund shareholder payouts. Moreover, over the long haul, 211 assuming corporations need to retain 40 to 50 percent of their earnings to invest 211 and grow at historical rates, the long-run average pace of net share retirements 211 is likely to fall to 1/2 percent or less.
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This paper describes techniques for measuring the yield, duration, and yield spread on a pass - through security on the basis of anticipated cash flow from that security, emphasizing that alternative assumptions concerning prepaym...
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This paper describes techniques for measuring the yield, duration, and yield spread on a pass - through security on the basis of anticipated cash flow from that security, emphasizing that alternative assumptions concerning prepayment of the remaining principal balances on the underlying mortgages can have a significant effect on all three measures. In 1970 the Government National Mortgage Association (GNMA) was the only major sponsor of pass - throughs, but by 1978 it had been joined by similar programs of Government and private issuers. Because pass - throughs are likely to become even more significant in the future, it is important to obtain precise answers to yields on pass - throughs, the risk of fluctuations in the principal value, and the yields premium of a pass - through relative to a comparable portfolio of other securities. Using a GNMA pass - through with an 8 - percent certificate rate as an example, this analysis begins by examining the determinants of the cash flow: scheduled payments on the underlying whole mortgages, prepayments of those mortgages, and servicing fees and scheduled payment delays. It then addresses conceptual and quantitative aspects of measuring yield, duration, and yield spread. The paper argues that yield spreads on pass - through securities are best measured by comparing pass - through yields to yields on comparable portfolios of Treasury securities, where comparability is defined in terms of equivalent future cash flows. Graphs and references are included. The appendix explains computing the cash flow on a whole mortgage with prepayments of principal. (Author abstract modified).
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Once hardly noticeable, Chinese investments in U.S. companies are now rising sharply. Cumulative Chinese investments in U.S. companies remain modest compared to those of other major countries. However, a combination of push and pu...
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Once hardly noticeable, Chinese investments in U.S. companies are now rising sharply. Cumulative Chinese investments in U.S. companies remain modest compared to those of other major countries. However, a combination of push and pull factors are moving Chinas annual investment levels closer to levels consistent with Chinas current economic stature.
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Individual commodity studies previously prepared for the aluminum, copper, iron-ore, nickel, phosphate-rock, sulfur, and zinc industries were used in this study which focuses on the factors influencing investment histories since 1...
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Individual commodity studies previously prepared for the aluminum, copper, iron-ore, nickel, phosphate-rock, sulfur, and zinc industries were used in this study which focuses on the factors influencing investment histories since 1950, and on the impact of institutional characteristics and government minerals policies. One objective was to generalize and integrate economic theory with the identified investment behavior in the minerals industries. The importance of managerial factors, governmental policies, and market organization as they affect investment decisions is emphasized. The specific developmental, informational, contractual, and constructional features of 16 mining projects are identified. A model of investment behavioral is developed and tested using the information obtained from corporate and non-corporate interviews. The main reason for the observed investment behavior of firms engaged in both short- and long-lead time projects is the association of the typical sequential investment pattern with the considerable business uncertainty existing in many mineral markets. The contractual arrangements that the firm concludes with government agencies, banks, suppliers, and consumers were also found to affect the potential flexibility of lead times.
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To promote the adoption of appropriate default investments by retirement plans that automatically enroll workers, in 2007 the Department of Labor (DOL) identified three qualified default investment alternatives. One of these optio...
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To promote the adoption of appropriate default investments by retirement plans that automatically enroll workers, in 2007 the Department of Labor (DOL) identified three qualified default investment alternatives. One of these options--target date funds (TDF)--has emerged as by far the most popular default investment. TDFs are designed to provide an age-appropriate asset allocation for plan participants over time. Because of recent concerns about significant losses in and differences in the performance of some TDFs, GAO was asked address the following questions: (1) To what extent do the investment compositions of TDFs vary; (2) what is known about the performance of TDFs; (3) how do plan sponsors select and monitor TDFs that are chosen as the plan's default investment, and what steps do they take to communicate information on these funds to their participants; and (4) what steps have DOL and the Securities and Exchange Commission (SEC) taken to ensure that plan sponsors appropriately select and use TDFs. To answer these questions, GAO reviewed available reports and data, and interviewed TDF managers, plan sponsors, relevant federal officials, and others.
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