TAILIEUCHUNG - The Exon-Florio National Security Test for Foreign Investment

The objective of this paper is to estimate the covariance matrix of stock returns. This is a fundamental question in empirical Finance with implications for portfolio selection and for tests of asset pricing models such as the CAPM. The traditional estimator — the sample covariance matrix — is seldom used because it imposes too little structure. When the number of stocks N is of the same order of magnitude as the number of historical returns per stock T, the total number of parameters to estimate is of the same order as the total size of the data set, which is clearly problematic. When N is larger than. | Order Code RS22197 Updated February 23 2006 CRS Report for Congress Received through the CRS Web The Exon-Florio National Security Test for Foreign Investment James K. Jackson Specialist in International Trade and Finance Foreign Affairs Defense and Trade Division Summary The proposed acquisition of six major . ports by Dubai Ports World and Unocal by the China National Offshore Oil Corporation CNOOC has sparked intense concerns among some Members of Congress and the public and has reignited the debate over what role foreign acquisitions play in . national security. While the United States actively promotes internationally the policy of relaxing rules concerning foreign investment including the national treatment of foreign firms some in Congress and others question some aspects of this policy as it relates to allowing foreign competitors unlimited access to the Nation s industrial base. Much of this debate focuses on the activities of a relatively obscure committee the Committee on Foreign Investment in the United States CFIUS and the Exon-Florio provision which gives the President broad powers to block certain types of foreign investment. This report will be updated as warranted by events. Background According to the Department of Commerce 1 foreigners invested 113 billion in . businesses and real estate in 2004 which represents nearly a tripling in the amount invested in 2003. This amount however is about half as much as . firms invested abroad and far below the record 300 billion foreigners invested in 2000. The lower level of foreign direct investment flows although particularly sharp for the United States is not unique. According to the United Nation s World Investment Report global foreign direct investment flows dropped by 41 in 2001 and 21 in 2002 due to slow economic growth in most of the parts of the world falling stock market valuations lower corporate 1 Bach Christopher L. . International Transactions 2004. Survey of Current Business .

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