YouSaid · the spoken record

Jing

lines on the record: 21
first: 2022-08-02
most recent: 2022-08-02
sittings or episodes: 1
sources: podcast

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“and on the hopeful note that hopefully more people are listening to the podcast and spreading the message and practice these little things and making small changes and we're walking toward a more inclusive environment”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“In a financial service industry, where we are facing global clients, and that name is a small thing, but that name is inherently a disadvantage for people to advance in their career because their clients may not remember their names or may not be able to give the credit where credit is due. So I do think as managers being aware of these cultural impediments, these small things and provide the guidance, provide the mentoring that they might need, provide the opportunities and be aware that we might also have biases and stereotypes and thinking, okay, Asian Americans, they're good at execution, but they might not be the best in thinking outside the box or being at leadership role. Beware of those biases and then give your Asian American supporters the opportunity, let them shine. I think these baby steps are going to get us a long way. And I do want to.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I do. I think the fact that we're doing this, we're writing this report or we're doing webcasts and talking to people and not only internally, but a lot of our business partners or clients and they dine in our webcast and want to hear us hear about the research findings about Asian Americans. That awareness is quite encouraging and following what Don was saying, whether it's immigration policy, whether it's corporate awareness. You know, this is a complex problem. If it's an easy problem, we wouldn't be talking about it here, right? We wouldn't be, you know, spending time and thinking about what we can do to help enhance and to increase the diversity. I do agree with what Dan was saying. And at a very small level, I love this example that, you know, I manage a team. And if I tell you my team member's name, you know, Li Xiang, Xinchen, Yu Ting, you wouldn't be able to remember that for a typical Westerner.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“The US labor market, we are facing the tightest labor market in US history. There are now nearly 6 million more jobs than workers. And over the last three years, the contribution from immigration to the workforce has shrunk by around 1.6 million relative to the trend before the pandemic.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“Yes, so I think at the level of individual allies or individual companies, I think the most straightforward takeaway from our research is that this group is driving about a quarter of GDP growth of the largest and most dynamic economy in the world. And we should celebrate the contributions and recognize the contributions of this community to innovation in the broader economy. I also think that companies should double down on their efforts to develop a diverse set of leaders. And then if you move to the macro society level, I think that public policy should do more to welcome Asian Americans into the economic system, in part because we show that the benefits, for instance, from innovation, are broadly shared. What is that in practice? I think it can range from a more welcoming immigration policy to more opportunities for foreign students, foreign entrepreneurs, and foreign researchers. I think these considerations are especially relevant in the current context.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“Financial outperformance of Asian American companies does suggest that the group is bringing unique perspectives and unique abilities to the floor. And actually that there is an untapped potential for US companies to do more.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“Younger firms, they have often found it themselves. I think the most interesting finding in this study of those 39 Asian American CEOs is actually the underperformance of their companies before their appointment. And so it looks like that Asian American CEOs are appointed to restore performance. And then when you look at what happens to these companies once the Asian American COs are in their seats for the median company, you see a pretty big outperformance, a recovery, for instance, of the stock price with a 75% outperformance over the first three years during the leadership of the Asian American CEO. And so I think there's really two interesting takeaways from this event study. First of all, the fact that Asian Americans tend to be only appointed when companies are declining is sort of limiting the opportunity set for leadership positions of Asian Americans and probably helps to explain why this bamboo ceiling has sort of emerged in the first place. And then second, the fact that”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“To illustrate that is when you look at US borne, Asian American man with a graduate degree, and if you compare them with white America born men of exactly the same age, would also graduate degree, the first group is still 15% less likely to reach top executive positions. What we also do in this study to sort of figure out what allows to break through the bamboo ceiling is taking a detailed look at the biographies, the history of all the 39 Asian American CEOs of S&P 500 and Fortune 500 companies. And a couple of very interesting trends emerge. First of all, 38 of the 39 Asian American CEOs at those top firms are actually born, raised, or educated in the West. And so have a very westernized background. Most COs are also South Asian in terms of their background. They typically also are more likely to have graduate degrees and also”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“And thank you, by the way, for all the mentorship as well. I'll probably not have ended up in this seed if you had not introduced me to Goldman Research when I was still in grad school. And thanks a lot. I enjoyed this job a lot. But moving to the bamboo ceiling, which was coined by author Jing. The data show that the bamboo ceiling, sort of the underrepresentation of the group in senior management and leadership positions is large and surprisingly persistent. If you look at all the large US firms combined, Asian Americans account for about 13% of the professional positions, which should sort of allow you to grow into the top senior management positions. But there in those positions, the Asian American share is lower at around 6%. Some of this gap does reflect some observable differences like the younger age on average of Asian Americans throughout the population average. But these observable differences cannot explain the full seniority gap. I think this is”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“Minority workshop, it hits me that now I'm a majority. So I think that kind of a perspective is interesting when we are moving around globally, being more mindful of the minorities, the people who may not have as loud a voice as we do. How do we enable them and empower them and give them a voice? Because one day when we move to another part of the world, we are the minorities. We might need the help with the mentoring, the friendship that we're giving to the minorities in the US.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“This is why I think sitting down with the UN was done, you know, I love this opportunity. I benefited a lot from your mentoring to me over the years. And Donna and I, I don't know if you know, we went to the same graduate school, had the same advisor. And then we came back to Goldman Zachs working as a economist becoming friends and colleagues. I think that showcased this sort of the diversity and the beauty of America in some sense. And looking back, you know, I worked at Goldman research in New York office for eight years and 2019 moved over here to Hong Kong. I find it moving from New York to Hong Kong, I've realized or appreciated the definition of minority versus a majority, right? When I was in a US, I always thought of myself as a minority, but once I landed here in Hong Kong, you know, when somebody from Philippines told me, oh, I'm going to this.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“And where we've worked together a long time, but some people may not know your background. You are part of that highly educated Asian American diaspora. You have a doctoral degree from MIT. You worked at the Federal Reserve in Washington, D.C. before joining Goldman Sachs. You spent time in our New York office or now in our Hong Kong office. Tell us a little bit about your journey in the US and how that contrasts from the experience you've had working in Hong Kong and how your Asian background really has played into all of that.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“I think the takeaway from that analysis and thinking through the diversity is that If the reality or if the facts are that these people are very different, the education background, the occupation choices, they're all very different than in thinking about the policies or corporate strategies or mentoring and career, all these different dimensions from the business level to the policy making level, we have to be more thoughtful about who we're talking about. It's not just the Chinese American challenges, but also, you know, when I look at the data, what about the Pakistani American challenges? So I think it's telling us that, first of all, Asian Americans' contribution to the country is not just about education and patents, which are important. And secondly, when we think about the policymaking, when we think about addressing some of the issues, we have to be mindful about this diversity aspect.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“Right, exactly. So this is also a fun part that we learned when we dig into the data because typically you think about the Asian Americans, oh, there are a lot of Asian Americans who are doctors or engineers, which is true when we look at different occupations and how representative Asian Americans are in these occupations, you do see overrepresentation in computer-related occupations, in medical doctors. But what's also interesting is that if you look at the other end of the spectrum, because the computer related programming engineer, doctor, they have a higher than average wage level. If you look at the other end of the spectrum, the occupations with less than average wage level, for example, this one category, cosmetology and travel, this occupation has lower than average wage level, but Asian Americans are four times as likely to be in that occupation than the average American.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“Definitely playing a big role, especially if you compare it to the fact that the Asian American community accounts for just 7% of the labor force, driving 19% of so-called high impact patents. Those are patents that are issued across the three continents. That's a big deal. You see it in some other statistics, about 11% of American PhD graduates are Asian American, about 13% of college educated STEM jobs are held by Asian Americans. And when you compare the roughly 90% share of high impact patents with the even bigger 26% boost to overall patenting in the economy, what it's actually shows is that Asian Americans are not only patenting disproportionately themselves, but Asian Americans are also supporting innovations by other Americans. For instance, if an Asian American launches a company, that person is actually complementing the skills of inventors in the rest of the world.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“And the statistic that I did find most striking, or one of the most striking statistics in the report to me is that 19% of high impact patents are from Asian Americans. So as this group really just driving broader innovation in the US.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“Output of the U.S. private sector over the last 15 years. And if you look at the numbers in absolute value, it's a very large number with a total contribution of around 1.5 trillion dollars in current dollar terms contributed by the Asian American community.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“Moving to the capital stock, there we assume that Asian Americans' contribution mimics the share of the contribution of Asian Americans to the workforce. And then finally, I think the most interesting part here is the contribution to productivity growth, where we use data on new patents. Patenting data are often considered to be the best proxy for productivity growth in the economics literature. And by using data on patenting by different states in the United States and changes in the Asian American share, population share in each of the states, we estimate that the Asian American community has boosted total new patenting over the last 15 years by around 26%. So a very big contribution, again, to productivity growth, which is sort of the third pillar of GDP growth. Now, if we combine those three pieces of the puzzle, then the bottom line is that Asian Americans have contributed around a quarter of total growth in”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“American community has made a very large contribution to innovation and GDP growth over the last 20 years. We spend quite a lot of time in the report trying to quantify the contributions of the Asian American community to GDP growth. And our strategy is to essentially break down GDP growth into three pieces, growth of the workforce, growth of the capital stock, and then growth of productivity. And then we essentially look at what is a contribution from Asian Americans to each of these three pieces, those three components of overall GDP growth. So starting with the contribution of Asian Americans to the growth of the workforce, the data show that Asian Americans have contributed about 22% of total employment growth over the past 15 years. And this 22% is a very large number compared to the share of the Asian Americans community in the workforce, which is around 6%. So a very dynamic contribution of Asian Americans to employ.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“South Asian American community is indeed the most highly educated group in the United States. If you, for instance, look at share of Asian Americans with a graduate degree, that's about twice as high as the national average and probably partly as a result of these very high education levels since around the start of the millennium, the typical Asian American household now also earns more than the national average.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT
“Sure, the sad reality was that between 2020 and 2021, we saw a sharp increase in anti-Asian hate crimes in the US. And we care about our communities and we had, I think GIR had a town hall on this topic, talking to our Asian American colleagues. And we were asking ourselves what can we do? What can we do to bring to the discussion to help bring awareness? And as economists, I think we're good at looking at the data, analyzing the data. And that's an important part of if you ever want to do policymaking, then evidence-based policymaking needs to look at the data, look at the pattern, look at the analytics. So that was really the origin of this piece that we try to look at the sequestration agenomics contribution of Asian Americans to the society and to economy in a comprehensive way.”
2022-08-02 · Goldman Sachs Exchanges · Asianomics in America: Contributions and Challenges · IDENTIFIED FROM THE TRANSCRIPT