國際經濟情勢
Lazonick: Profits Without Prosperity HBR
William Lazonick From the September 2014 Issue, Harvard Business Review https://hbr.org/2014/09/profits-without-prosperity (作者有新書:Predatory Value Extraction: How the Looting of the Business Corporation Became the US Norm and How Sustainable Prosperity Can Be Restored, William Lazonick and Jang-Sup Shin, Oxford UP, 2019) 股份回購的作用為何?在2003-2012年間,美國上市公司S&P500中449家公司,用了54%的收益(2.4兆美元)來買回其股份,幾乎全是在市場上購買,其餘37%用來分紅,剩下極少%才用來進行投資! 在2012年,全美500個所得最高的CEO平均每人得到30.3百萬,42%來自stock options, 41% stock awards,亦即股份回購在短期內可以提升股票價格,改善EPS。 戰後至1980年代之前,美國公司對收益採取retain-reinvest做法,促進value creation而非value extraction。1970年代末開始採取降低成本、增加分紅的策略,downsize-and-distribute。0.1%所得分額增至11.3%/2012年。薪資停滯(只有1998-2000增了2%)。 Good buybacks: tender offers, a way for executives to […]
It Is Time for a Currency Manipulation Truce… Especially as Taiwan Disclosed Its True Foreign Exchange Position
There is no need for the Treasury to put out its foreign exchange report on time this April. There are other, more pressing priorities. And if it does, the Treasury should exercise its discretion to allow those countries that came close to meeting the definition of manipulation last year off the hook. Blog Post by Brad W. Setser March 11, 2020 […]
我敢说,99%的人没看懂这一轮中国超大规模基建的逻辑
制造界 2020/3/13 以下文章来源于肖磊看市 ,作者Xiaolei https://mp.weixin.qq.com/s?__biz=MzIxMjE3MjQ4Mw==&mid=2649887499&idx=1&sn=604ba2d656fd1aa8614ee4252f7f1753&chksm=8f4c98a7b83b11b17424d9450a04878b32dba7661e45a96465aaf305bddeeb1628230f79e035&mpshare=1&scene=1&srcid=&sharer_sharetime=1584082968629&sharer_shareid=f14234539e09a08e77a9206f4cc494e3&exportkey=As1nimwYlLpDFOwyhrN2e4Q%3D&pass_ticket=eNlkbI1Oc6SGEBuB4QvrDxW8uGAGWdiaXHoiVaRaB6oSLMnyWH6aFpTlR9OOutu8#rd
Piketty: Capital and Ideology
Capital and ideology Thomas Piketty, Harvard University Press – March 2020 http://piketty.pse.ens.fr/fr/ideology 在他這個人網頁上有這本新書的摘要、圖表與PPT等: Extracts from the book and table of contents (pdf) Figures and tables (list) (all) Supplementary figures (list) (all) Presentation slides (pdf) (short version) Presentation slides (pdf) (long version) Technical appendix (pdf) Data series (xls) All files (zip)
黄亚生:一个完美的风暴–特朗普和新冠状肺炎
作者:黄亚生 手機中美印象,来源:亚生看G2 http://m.uscnpm.org/wap/article.aspx?d=99&id=20901&from=timeline&isappinstalled=0