TAILIEUCHUNG - THE NATIONAL SECURITY IMPLICATIONS OF INVESTMENTS AND PRODUCTS FROM THE PEOPLE’S REPUBLIC OF CHINA IN THE TELECOMMUNICATIONS SECTOR

For our interest rate change variable, we use changes in the . 3-month commercial paper rate. A short-term commercial paper rate is a reasonable proxy for the risk-free rate (., Fama and French 2001), and the risk-free rate is a component of the discount rates of both stocks and bonds. Unfortunately, daily data for the commercial paper rate are available only after 1970, with weekly increments before that. This data limitation prompts us to present two sets of results. Panel A of Table 4 presents the first set of results for the period 1915-1970, where the. | Economic and Security Review Commission Staff Report January 2011 information current as of November 2010 THE NATIONAL SECURITY IMPLICATIONS OF INVESTMENTS AND PRODUCTS FROM THE PEOPLE S REPUBLIC OF CHINA IN THE TELECOMMUNICATIONS SECTOR by USCC Research Staff supported by Reperi LLC 1 Disclaimer This paper is the product of professional research performed by staff of the Economic and Security Review Commission supported by technical analysis and market trend analysis performed by Reperi LLC. The research supporting this report has been monitored by individual members of the Commission however this report and its contents do not necessarily reflect the positions or opinions of either the Commission or of its individual members or of the Commission s other professional staff. Research for this report was performed in 2009 and 2010. A good faith effort has been made to present accurate information that would be current as of the time of publication. Any differences between current data and data in this report may be due to changes occurring during time elapsed for report preparation and review or to the reliability of data from sources consulted. 2 NOTICE This paper presents an open source analysis of the impact on . national security interests of China s extensive engagement in the . telecommunications sector. The paper s research covers the following The nature of changes in the . telecommunications supply chains and the impacts on . national security. The technological trends in telecommunications and related technologies. The People s Republic of China s PRC direct and indirect investment trends in telecommunications and related technologies and in the . telecommunications marketplace. The nature of the People s Republic of China s direct and indirect ownership control and influence in the . telecommunications supply chain. The penetration of the . marketplace by companies subject to ownership control or influence by the

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