What is American investors’ exposure to Chinese securities? Official data suggest a figure around $150 billion—but that's more than $500 billion too low, according to Chicago Booth’s Brent Neiman. Together with Harvard’s Antonio Coppola, Stanford’s Matteo Maggiori, and Columbia’s Jesse Schreger, Neiman has used micro data to construct a new picture of country-level investment portfolios. The data allow the researchers to, among other things, follow investor preferences in global currencies and disentangle the complex web of international investments created by some companies’ use of offshore affiliates for stock and bond issuance.

Note: Neiman’s summary is based on several papers that are coauthored with Coppola, Maggiori, and Schreger and can be found at www.globalcapitalallocation.com/research.

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