Researcher ORCID Identifier

Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Richard Burdekin

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2020 Dawson W Reckers


The total value of Chinese contract projects in African countries has grown substantially over the past twenty years. In exchange for the development of key infrastructure projects such as dams or railroad systems, Chinese firms are compensated with access to natural resources present in the country. This study tests whether the rise in value of Chinese construction contracts in African countries over the years 1998 to 2018 increases the correlation of stock market returns between the Shanghai Stock Exchange and the stock markets of six African countries. The analysis finds that contract revenue does not serve as a significant predicator of stock market linkages between China and the African countries included in the sample. The study also finds that the COVID-19 pandemic has weakened correlations between Chinese and African stock market performance.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.