nhaliday + securities   55

Who Owns Huawei? by Christopher Balding, Donald C. Clarke :: SSRN
• Given the public nature of trade unions in China, if the ownership stake of the trade union committee is genuine, and if the trade union and its committee function as trade unions generally function in China, then Huawei may be deemed effectively state-owned.

• Regardless of who, in a practical sense, owns and controls Huawei, it is clear that the employees do not.
study  economics  polisci  law  china  asia  government  leviathan  managerial-state  business  tech  contracts  trade  nationalism-globalism  network-structure  finance  securities 
august 2019 by nhaliday
The rate of return on everything - Marginal REVOLUTION
Here is what I learned from the paper itself:

1. Risky assets such as equities and residential real estate average about 7% gains per year in real terms.  Housing outperformed equity before WWII, vice versa after WWII.  In any case it is a puzzle that housing returns are less volatile but about at the same level as equity returns over a broader time span.
2. Equity and housing gains have a relatively low covariance.  Buy both!
3. Equity returns across countries have become increasingly correlated, housing returns not.
4. The return on real safe assets is much more volatile than you might think.
5. The equity premium is volatile too.
6. The authors find support for Piketty’s r > g, except near periods of war.  Furthermore, the gap between r and g does not seem to be correlated with the growth rate of the economy.

I found this to be one of the best and most interesting papers of the year.
econotariat  marginal-rev  commentary  study  summary  economics  macro  investing  ORFE  securities  data  street-fighting  objektbuch  scale  time-preference  cost-benefit  outcome-risk  housing  money  monetary-fiscal  debt  history  mostly-modern  world-war  trends  correlation  moments  growth-econ  inequality  piketty  stylized-facts  war  meta:war 
december 2017 by nhaliday
Is the economy illegible? | askblog
In the model of the economy as a GDP factory, the most fundamental equation is the production function, Y = f(K,L).

This says that total output (Y) is determined by the total amount of capital (K) and the total amount of labor (L).

Let me stipulate that the economy is legible to the extent that this model can be applied usefully to explain economic developments. I want to point out that the economy, while never as legible as economists might have thought, is rapidly becoming less legible.
econotariat  cracker-econ  economics  macro  big-picture  empirical  legibility  let-me-see  metrics  measurement  econ-metrics  volo-avolo  securities  markets  amazon  business-models  business  tech  sv  corporation  inequality  compensation  polarization  econ-productivity  stagnation  monetary-fiscal  models  complex-systems  map-territory  thinking  nationalism-globalism  time-preference  cost-disease  education  healthcare  composition-decomposition  econometrics  methodology  lens  arrows  labor  capital  trends  intricacy  🎩  moments  winner-take-all  efficiency  input-output 
august 2017 by nhaliday
Trust in Large Organizations
We argue that trust should be particularly important for the performance of large organizations. In a cross-section of countries, evidence on government performance, participation in civic and professional societies, importance of large firms, and the performance of social institutions more generally supports this hypothesis. Moreover, trust is lower in countries with dominant hierarchical religions, which may have deterred networks of cooperation trust hold up remarkably well on a cross-section of countries.

The Importance of Trust for Investment: Evidence from Venture Capital: http://www.nber.org/papers/w16923
We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment decisions. This holds even after controlling for investor and company fixed effects, geographic distance, information and transaction costs. The national identity of venture capital firms' individual partners further contributes to the effect of trust. Education and work experience reduce the effect of trust but do not eliminate it. We also examine the relationship between trust and sophisticated contracts involving contingent control rights and find that, even after controlling for endogeneity, they are complements, not substitutes.

Breach of Trust in Hostile Takeovers: http://www.nber.org/papers/w2342
The paper questions the common view that share price increases of firms involved in hostile takeovers measure efficiency gains from acquisitions. Even if such gains exist, most of the increase in the combined value of the target and the acquirer is likely to come from stakeholder wealth losses, such as declines in value of subcontractors' firm-specific capital or employees' human capital. The use of event studies to gauge wealth creation in takeovers is unjustified. The paper also suggests a theory of managerial behavior, in which hiring and entrenching trustworthy managers enables shareholders to commit to upholding implicit contracts with stakeholders. Hostile takeovers are an innovation allowing shareholders to renege on such contracts ex post, against managers' will. On this view, shareholder gains are redistributions from stakeholders, and can in the long run result in deterioration of trust necessary for the functioning of the corporation.

Trust in Public Finance: http://www.nber.org/papers/w9187
Using data on trust and trustworthiness from the 1990 wave of the World Values Survey, I first investigate a model of the extent of tax cheating and the size of government that recognizes the interdependence of the two. The results reveal that tax cheating is lower in countries that exhibit more (not-government-related) trustworthiness. However, holding that constant, tax cheating becomes more acceptable as government grows. All in all, there is some weak evidence that the strong positive cross-country correlation between the size of government and tax cheating masks the fact that big government induces tax cheating while, at the same time, tax cheating constrains big government. I then add to the structural model an equation determining the level of prosperity, allowing prosperity to depend, inter alia, on the level of government and on trust in others. I find some evidence that both prosperity and government involvement are higher in more trusting societies. Moreover, holding these measures of trust constant, the association of government size with prosperity is positive until a level of government spending somewhere between 31% and 38% of GDP, after which its marginal effect is negative. Thus, although a trusting citizenry allows larger government, the tax burden this entails erodes the rule obedience taxpayers exhibit toward government.

Tax cheating among whites: http://anepigone.blogspot.com/2017/04/tax-cheating-among-whites.html
The masses still more or less assume that “against the law” is a synonym for “wrong.” It is known that the criminal law is harsh and full of anomalies and that litigation is so expensive as always to favour the rich against the poor: but there is a general feeling that the law, such as it is, will be scrupulously administered … An Englishman does not believe in his bones, as a Spanish or Italian peasant does, that the law is simply a racket.

The English People, Collins, 1947

WEIRDO societies require WEIRDOs to make them work. The less WEIRDO a society becomes, the more being a WEIRDO--characterized by high social trust, reciprocity, political compromise, generosity to those in need, isonomy, etc--switches from being an advantage to being a disadvantage. Social trust declines, reciprocity disappears, political compromise is replaced by a winner-take-all ethnic spoils system, generosity is exploited to the point that it is seen as an entitlement, and the legal system gets hijacked by racial grievance concepts like "social justice". It's a vicious circle.

http://www.presidency.ucsb.edu/ws/index.php?pid=29544
Theodore Roosevelt
Third Annual Message
December 7, 1903

The consistent policy of the National Government, so far as it has the power, is to hold in check the unscrupulous man, whether employer or employee; but to refuse to weaken individual initiative or to hamper or cramp the industrial development of the country. We recognize that this is an era of federation and combination, in which great capitalistic corporations and labor unions have become factors of tremendous importance in all industrial centers. Hearty recognition is given the far-reaching, beneficent work which has been accomplished through both corporations and unions, and the line as between different corporations, as between different unions, is drawn as it is between different individuals; that is, it is drawn on conduct, the effort being to treat both organized capital and organized labor alike; asking nothing save that the interest of each shall be brought into harmony with the interest of the general public, and that the conduct of each shall conform to the fundamental rules of obedience to law, of individual freedom, and of justice and fair dealing towards all. Whenever either corporation, labor union, or individual disregards the law or acts in a spirit of arbitrary and tyrannous interference with the rights of others, whether corporations or individuals, then where the Federal Government has jurisdiction, it will see to it that the misconduct is stopped, paying not the slightest heed to the position or power of the corporation, the union or the individual, but only to one vital fact--that is, the question whether or not the conduct of the individual or aggregate of individuals is in accordance with the law of the land. Every man must be guaranteed his liberty and his right to do as he likes with his property or his labor, so long as he does not infringe the rights of others. _No man is above the law and no man is below it; nor do we ask any man's permission when we require him to obey it. Obedience to the law is demanded as a right; not asked as a favor._
study  economics  growth-econ  broad-econ  trust  cohesion  cooperate-defect  n-factor  phalanges  things  industrial-org  business  management  institutions  civic  social-capital  scale  religion  theos  world  putnam-like  government  leviathan  diversity  corruption  technocracy  efficiency  society  sociology  anthropology  cultural-dynamics  network-structure  social-norms  social-structure  🎩  multi  investing  venture  finance  europe  EU  nationalism-globalism  endo-exo  natural-experiment  general-survey  taxes  redistribution  securities  larry-summers  labor  gnon  usa  data  analysis  poll  values  morality  ethics  mediterranean  britain  the-great-west-whale  patho-altruism  free-riding  slippery-slope  equilibrium  integrity  anglosphere  big-peeps  quotes  isteveish  commentary  optimate  truth  law  order-disorder  old-anglo  formal-values  pop-diff  identity-politics  pre-ww2  public-goodish  class-warfare  alien-character  chart  contracts  axelrod  models  coordination  honor  organizing  endogenous-exogenous  speaking  statesme 
august 2017 by nhaliday
Bond (finance) - Wikipedia
In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. The most common types of bonds include municipal bonds and corporate bonds. It is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity date.[1] Interest is usually payable at fixed intervals (semiannual, annual, sometimes monthly). Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market. This means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the second market.[2]

Thus, a bond is a form of loan or IOU: the holder of the bond is the lender (creditor), the issuer of the bond is the borrower (debtor), and the coupon is the interest. Bonds provide the borrower with external funds to finance long-term investments, or, in the case of government bonds, to finance current expenditure. Certificates of deposit (CDs) or short term commercial paper are considered to be money market instruments and not bonds: the main difference is in the length of the term of the instrument.

Bonds and stocks are both securities, but the major difference between the two is that (capital) stockholders have an equity stake in the company (i.e., they are owners), whereas bondholders have a creditor stake in the company (i.e., they are lenders). Being a creditor, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind secured creditors in the event of bankruptcy.[3] Another difference is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks are typically outstanding indefinitely. An exception is an irredeemable bond, such as a consol, which is a perpetuity, that is, a bond with no maturity.
concept  finance  investing  securities  ORFE  money  wiki  reference  comparison 
may 2017 by nhaliday
There’s good eating on one of those | West Hunter
Recently, Y.-H. Percival Zhang and colleagues demonstrated a method of converting cellulose into starch and glucose. Zhang thinks that it can be scaled up into an effective industrial process, one that could produce a thousand calories of starch for less than a dollar from cellulosic waste. This would be a good thing. It’s not just that are 7 billion people – the problem is that we have hardly any food reserves (about 74 days at last report).

Prepare for Nuclear Winter: http://www.overcomingbias.com/2017/09/prepare-for-nuclear-winter.html
If a 1km asteroid were to hit the Earth, the dust it kicked up would block most sunlight over most of the world for 3 to 10 years. There’s only a one in a million chance of that happening per year, however. Whew. However, there’s a ten times bigger chance that a super volcano, such as the one hiding under Yellowstone, might explode, for a similar result. And I’d put the chance of a full scale nuclear war at ten to one hundred times larger than that: one in ten thousand to one thousand per year. Over a century, that becomes a one to ten percent chance. Not whew; grimace instead.

There is a substantial chance that a full scale nuclear war would produce a nuclear winter, with a similar effect: sunlight is blocked for 3-10 years or more. Yes, there are good criticisms of the more extreme forecasts, but there’s still a big chance the sun gets blocked in a full scale nuclear war, and there’s even a substantial chance of the same result in a mere regional war, where only 100 nukes explode (the world now has 15,000 nukes).

...

Yeah, probably a few people live on, and so humanity doesn’t go extinct. But the only realistic chance most of us have of surviving in this scenario is to use our vast industrial and scientific abilities to make food. We actually know of many plausible ways to make more than enough food to feed everyone for ten years, even with no sunlight. And even if big chunks of the world economy are in shambles. But for that to work, we must preserve enough social order to make use of at least the core of key social institutions.

http://www.overcomingbias.com/2017/09/mre-futures-to-not-starve.html

Nuclear War Survival Skills: http://oism.org/nwss/nwss.pdf
Updated and Expanded 1987 Edition

Nuclear winter: https://en.wikipedia.org/wiki/Nuclear_winter

Yellowstone supervolcano may blow sooner than thought — and could wipe out life on the planet: https://www.usatoday.com/story/news/nation/2017/10/12/yellowstone-supervolcano-may-blow-sooner-than-thought-could-wipe-out-life-planet/757337001/
http://www.foxnews.com/science/2017/10/12/yellowstone-supervolcano-could-blow-faster-than-thought-destroy-all-mankind.html
http://fortune.com/2017/10/12/yellowstone-park-supervolcano/
https://www.sciencenews.org/article/supervolcano-blast-would-blanket-us-ash
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march 2017 by nhaliday
Information Processing: Big, complicated data sets
This Times article profiles Nick Patterson, a mathematician whose career wandered from cryptography, to finance (7 years at Renaissance) and finally to bioinformatics. “I’m a data guy,” Dr. Patterson said. “What I know about is how to analyze big, complicated data sets.”

If you're a smart guy looking for something to do, there are 3 huge computational problems staring you in the face, for which the data is readily accessible.

1) human genome: 3 GB of data in a single genome; most data freely available on the Web (e.g., Hapmap stores patterns of sequence variation). Got a hypothesis about deep human history (evolution)? Test it yourself...

2) market prediction: every market tick available at zero or minimal subscription-service cost. Can you model short term movements? It's never been cheaper to build and test your model!

3) internet search: about 10^3 Terabytes of data (admittedly, a barrier to entry for an individual, but not for a startup). Can you come up with a better way to index or search it? What about peripheral problems like language translation or picture or video search?

The biggest barrier to entry is, of course, brainpower and a few years (a decade?) of concentrated learning. But the necessary books are all in the library :-)

Patterson has worked in 2 of the 3 areas listed above! Substituting crypto for internet search is understandable given his age, our cold war history, etc.
hsu  scitariat  quotes  links  news  org:rec  profile  giants  stories  huge-data-the-biggest  genomics  bioinformatics  finance  crypto  history  britain  interdisciplinary  the-trenches  🔬  questions  genetics  dataset  search  web  internet  scale  commentary  apollonian-dionysian  magnitude  examples  open-problems  big-surf  markets  securities  ORFE  nitty-gritty  quixotic  google  startups  ideas  measure  space-complexity  minimum-viable  move-fast-(and-break-things) 
february 2017 by nhaliday
What Drives Firm-Level Stock Returns?
I use a vector autoregressive model (VAR) to decompose an individual firm's stock return into two components: changes in cash-flow expectations (i.e., cash-flow news) and changes in discount rates (i.e., expected-return news). The VAR yields three main results. First, firm-level stock returns are mainly driven by cash-flow news. For a typical stock, the variance of cash-flow news is more than twice that of expected-return news. Second, shocks to expected returns and cash flows are positively correlated for a typical small stock. Third, expected-return-news series are highly correlated across firms, while cash-flow news can largely be diversified away in aggregate portfolios.
pdf  study  economics  classic  business  investing  causation  variance-components  micro  🎩  econometrics  wonkish  roots  securities  outcome-risk  ORFE 
december 2016 by nhaliday
The History of the Cross Section of Stock Returns
bad methodology (data snooping) generating fake market failures

Using accounting data spanning the 20th century, we show that most accounting-based return anomalies are spurious. When we take anomalies out-of-sample by moving either backwards or forwards in time, their average returns decrease and volatilities increase. These patterns emerge because data-snooping works through t-values, and an anomaly’s t-value is high if its average return is high or volatility low. The average anomaly’s in-sample Sharpe ratio is biased upwards by a factor of three. The data-snooping problem is so severe that we would expect to reject even the true asset pricing model when tested using in-sample data. Our results suggest that asset pricing models should be tested using out-of-sample data or, if not not feasible, that the correct standard by which to judge a model is its ability to explain half of the in-sample alpha.
study  economics  finance  investing  methodology  replication  pdf  preprint  market-failure  error  🎩  econometrics  longitudinal  generalization  s:*  securities  ORFE 
december 2016 by nhaliday
TheMoneyIllusion » If anyone is still reading . . .
I read the stock market rally as a sign that investors are assuming that Trump doesn’t know anything, and hence will have to leave the day to day policy work to the GOP supply-side “experts”. I agree he doesn’t know anything, but I’m not so sure he’ll defer to others—we’ll see.

Here’s another way of putting it. Somebody is going to be really disappointed–either discouraged unskilled workers looking to go back to a 1972 economy, or affluent stock investors like me. Time will tell who it will be.
politics  2016-election  speculation  investing  economics  macro  policy  prediction  econotariat  scott-sumner  trump  current-events  securities 
november 2016 by nhaliday
In Investing, It’s When You Start and When You Finish (2011) | Hacker News
The Best Investment Since 1926? Apple: https://www.nytimes.com/2017/09/22/business/apple-investment.html
That conclusion emerges from a study of stock market returns by Hendrik Bessembinder, a finance professor at the W. P. Carey School of Business at Arizona State University. His broad findings on the market are startling: Most stocks aren’t good investments. They don’t even beat the paltry returns of one-month Treasury bills, he has found.

But a relative handful of stocks are extraordinary performers. Only 4 percent of all publicly traded stocks account for all of the net wealth earned by investors in the stock market since 1926, he has found. A mere 30 stocks account for 30 percent of the net wealth generated by stocks in that long period, and 50 stocks account for 40 percent of the net wealth.
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october 2016 by nhaliday

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