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1、CENTERFORINTERNATIONALECONOMICSWorkingPaperSeriesWorkingPaperNo.2015-02WealthEffectsofRareEarthPricesandChina’sRareEarthElementsPolicyMaximilianMüller,DenisSchweizerandVolkerSeilerJanuary2015WealthEffectsofRareEarthPricesandChina’sRareEarthElementsPolicy*†‡MaximilianMüller,DenisSchweizerandVolkerSe
2、ilerJournalofBusinessEthics,ForthcomingABSTRACTRareearthelements(REEs)havebecomeincreasinglyimportantbecauseoftheirrelativescarcityandworldwideincreasingdemand,aswellasChina’squasi-monopolyofthismarket.REEsarevirtuallynotsubstitutable,andtheyareessentialforavarietyofhigh-techproductsandmodernkeyte
3、chnologies.ThishasraisedseriousconcernsthatChinawillmisuseitsdominantpositiontosetexportquotasinordertomaximizeitsownprofitsattheexpenseofotherrareearthuserindustries(wealthtransfermotive).Infact,exportrestrictionsonREEswerethecatalystfortheU.S.tolodgeaformalcomplaintagainstChinain2012attheWTO.Thi
4、spaperanalyzespossiblewealthtransfereffectsbyfocusingonexportquotaannouncements(so-calledMOFCOMannouncements)byChina,andthesharepricereactionsofChineseREEsuppliers,U.S.REEusers,andtherestoftheworldREErefiners.Overall,wefindlimitedsupportfortheviewofawealthtransferinconnectionwithMOFCOMannouncement
5、sonlywhendisentanglingeventspriortoandposttheinitiationoftheWTOtrial,consistentwiththetrialtriggeringchangestoChina’sREEpolicyandrecentannouncementtoabolishquotas.Wedofind,however,thatextremeREEpricemovementshaveafirstordereffectonallcompaniesintheREEindustryconsistentwithrecentmarkettrendstoenabl
6、ehedgingagainstREEpricevolatility.JELClassification:F13,F52,G14,Q31,Q34,Q37,Q38Keywords:AnnouncementEffects,EventStudy,RareEarthsElements,WTO*WHU–OttoBeisheimSchoolofManagement,AssistantProfessorofFinancialReporting,56179Vallendar,Germany,Phone:+49261-6509233,Fax:+49261-6509239,Email:Maximilian.Mu
7、eller@whu.edu.†Correspondingauthor:ConcordiaUniversity,AssociateProfessorofFinance,JohnMolsonSchoolofBusinessBuilding,1450Guy,Montreal,Quebec,CanadaH3H0A1,Phone:+1514-848-2424,ext.2926E-mail:Denis.Schweizer@conco
