The Experts below are selected from a list of 186 Experts worldwide ranked by ideXlab platform

Fan He - One of the best experts on this subject based on the ideXlab platform.

  • China＇s Sovereign Wealth Fund： Weakness and Challenges
    China & World Economy, 2009
    Co-Authors: Ming Zhang, Fan He
    Abstract:

    The establishment of sovereign wealth funds in large developing countries has generated hot debate among participants in the International Financial Market. When accumulated foreign exchange reserves surpass a sufficient and an appropriate level, the costs, risks and impacts of holding reserves on the macroeconomy of a country need to be considered. The Chinese Government established China Investment Corporation (CIC) in 2007 to diversify its investment of foreign reserves and to raise investment income. However, because of certain conflicts of interest and institution-design caveats, CIC possesses some internal weakness, including a vague orientation, mixed investment strategies and an inefficient bureaucratic style. Although the subprime crisis has softened certain regulations and lessened rejection by the USA of CIC potential investments, the increased volatility and uncertainty of the Market means that CIC is facing some new challenges in terms of its investment decisions. Moreover, CIC is competing with other Chinese investment institutions for injections of funds from the Chinese Government.

  • china s sovereign wealth fund weakness and challenges
    China & World Economy, 2009
    Co-Authors: Ming Zhang, Fan He
    Abstract:

    The establishment of sovereign wealth funds in large developing countries has generated hot debate among participants in the International Financial Market. When accumulated foreign exchange reserves surpass a sufficient and an appropriate level, the costs, risks and impacts of holding reserves on the macroeconomy of a country need to be considered. The Chinese Government established China Investment Corporation (CIC) in 2007 to diversify its investment of foreign reserves and to raise investment income. However, because of certain conflicts of interest and institution-design caveats, CIC possesses some internal weakness, including a vague orientation, mixed investment strategies and an inefficient bureaucratic style. Although the subprime crisis has softened certain regulations and lessened rejection by the USA of CIC potential investments, the increased volatility and uncertainty of the Market means that CIC is facing some new challenges in terms of its investment decisions. Moreover, CIC is competing with other Chinese investment institutions for injections of funds from the Chinese Government.

Ming Zhang - One of the best experts on this subject based on the ideXlab platform.

  • China＇s Sovereign Wealth Fund： Weakness and Challenges
    China & World Economy, 2009
    Co-Authors: Ming Zhang, Fan He
    Abstract:

    The establishment of sovereign wealth funds in large developing countries has generated hot debate among participants in the International Financial Market. When accumulated foreign exchange reserves surpass a sufficient and an appropriate level, the costs, risks and impacts of holding reserves on the macroeconomy of a country need to be considered. The Chinese Government established China Investment Corporation (CIC) in 2007 to diversify its investment of foreign reserves and to raise investment income. However, because of certain conflicts of interest and institution-design caveats, CIC possesses some internal weakness, including a vague orientation, mixed investment strategies and an inefficient bureaucratic style. Although the subprime crisis has softened certain regulations and lessened rejection by the USA of CIC potential investments, the increased volatility and uncertainty of the Market means that CIC is facing some new challenges in terms of its investment decisions. Moreover, CIC is competing with other Chinese investment institutions for injections of funds from the Chinese Government.

  • china s sovereign wealth fund weakness and challenges
    China & World Economy, 2009
    Co-Authors: Ming Zhang, Fan He
    Abstract:

    The establishment of sovereign wealth funds in large developing countries has generated hot debate among participants in the International Financial Market. When accumulated foreign exchange reserves surpass a sufficient and an appropriate level, the costs, risks and impacts of holding reserves on the macroeconomy of a country need to be considered. The Chinese Government established China Investment Corporation (CIC) in 2007 to diversify its investment of foreign reserves and to raise investment income. However, because of certain conflicts of interest and institution-design caveats, CIC possesses some internal weakness, including a vague orientation, mixed investment strategies and an inefficient bureaucratic style. Although the subprime crisis has softened certain regulations and lessened rejection by the USA of CIC potential investments, the increased volatility and uncertainty of the Market means that CIC is facing some new challenges in terms of its investment decisions. Moreover, CIC is competing with other Chinese investment institutions for injections of funds from the Chinese Government.

Shigeyuki Hamori - One of the best experts on this subject based on the ideXlab platform.

  • dependence structures between chinese stock Markets and the International Financial Market evidence from a wavelet based quantile regression approach
    The North American Journal of Economics and Finance, 2018
    Co-Authors: Lu Yang, Shuairu Tian, Wei Yang, Shigeyuki Hamori
    Abstract:

    Abstract In this study, we investigate the dependence structures between six Chinese stock Markets and the International Financial Market including possible safe haven assets and global economic factors under different Market conditions and investment horizons. The research is conducted by combining a quantile regression approach with a wavelet decomposition analysis. Although we find little or insignificant dependence under short investment horizons, we detect the strong asymmetric dependence of oil prices and the US dollar index on the six Chinese stock Markets in the medium and long terms. Moreover, not only is crude oil not a safe haven, it may damage Chinese stock Markets as it increases over the long term, even in bull Markets. Meanwhile, appreciation of the US dollar (depreciation of RMB) damages (boosts) Chinese stock Markets during bull (bear) Market conditions under long investment horizons. Moreover, we find that VIX (volatility index)-related derivatives may serve as good risk management tools under any Market condition, while gold is a safe haven asset only during crisis periods.

Liya Hau - One of the best experts on this subject based on the ideXlab platform.

  • dependent relationships between chinese commodity Markets and the International Financial Market evidence from quantile time frequency analysis
    The North American Journal of Economics and Finance, 2020
    Co-Authors: Huiming Zhu, Liang Meng, Liya Hau
    Abstract:

    Abstract In this article, the quantile time–frequency method is utilized to study the dependence of Chinese commodities on the International Financial Market. The impacts of risk management and diversification benefits of different portfolios are examined by calculating the reduction in downside risk. Moreover, we estimate and compare Sharpe Ratios (SRs) and Generalized Sharpe Ratios (GSRs) based on the frequencies of the investigated portfolios. Our empirical results reveal a strong asymmetric response from Chinese commodity Markets. Specifically, we find that gold is a safe-haven asset, and due to negative correlations found at lower quantiles in medium and long term, an increase in the USD index damages bull commodity Markets but boosts bear conditions under long-term investments, and negative (positive) tail correlations with interest rates (IRs) in bull (bear) Markets are observed. It is proven that WTI can decrease short-run risks while USD and GOLD are more efficient in the diversification of downside risk. Adding International commodities may not improve the returns of Chinese commodities at given risk levels in the short and medium term through SRs and GSRs. In brief, investors should consider these dependence structures and modes of risk management in terms of time and frequency.

Lu Yang - One of the best experts on this subject based on the ideXlab platform.

  • dependence structures between chinese stock Markets and the International Financial Market evidence from a wavelet based quantile regression approach
    The North American Journal of Economics and Finance, 2018
    Co-Authors: Lu Yang, Shuairu Tian, Wei Yang, Shigeyuki Hamori
    Abstract:

    Abstract In this study, we investigate the dependence structures between six Chinese stock Markets and the International Financial Market including possible safe haven assets and global economic factors under different Market conditions and investment horizons. The research is conducted by combining a quantile regression approach with a wavelet decomposition analysis. Although we find little or insignificant dependence under short investment horizons, we detect the strong asymmetric dependence of oil prices and the US dollar index on the six Chinese stock Markets in the medium and long terms. Moreover, not only is crude oil not a safe haven, it may damage Chinese stock Markets as it increases over the long term, even in bull Markets. Meanwhile, appreciation of the US dollar (depreciation of RMB) damages (boosts) Chinese stock Markets during bull (bear) Market conditions under long investment horizons. Moreover, we find that VIX (volatility index)-related derivatives may serve as good risk management tools under any Market condition, while gold is a safe haven asset only during crisis periods.