In the last two decades,Internet technologies,such as cloud computing,mobile communications,social media,and big data analytics,have brought tremendous changes to our society and reshaped the business in various indus...In the last two decades,Internet technologies,such as cloud computing,mobile communications,social media,and big data analytics,have brought tremendous changes to our society and reshaped the business in various industries.Specifically,the mushrooming innovations in the financial area fertilized by information and communication technologies indicates the advent of the Internet finance era.Applying the exploratory research approach,we investigate major innovative Internet-based financial services and classify them into five categories,as of e-commerce,e-payment,e-money market,online loan services,and digital currencies.Then we propose a market structure of Internet finance extended from the traditional financial market.We claim that credit management is the key issue in the marketplace of Internet finance,characterized by big data analytics,in which cyber credit appears as whole-process,multi-dimensional,and holographic.We further suggest that cyber credit be represented in the form of vector to overcome the limits of traditional single-value measure in cyber credit management.Based on this framework,we raise main research issues in Internet finance from the perspectives of theory,technology,and governance.展开更多
In this paper, we propose a banyan-tree topology for the wireless coverage along the road or railway, which is characterized as a zonal network. Theoretical analysis and numerical studies show that the proposed ban-ya...In this paper, we propose a banyan-tree topology for the wireless coverage along the road or railway, which is characterized as a zonal network. Theoretical analysis and numerical studies show that the proposed ban-yan-tree topology is appropriate for the zonal network with the Wireless Mesh Network (WMN) technology, which is feasible to deploy and has the enhanced robust, improved bandwidth with this topology.展开更多
This paper explores the time-varying relationship between the return and risk for the portfolios in the US real estate investment trusts(REITs)market.Three classes of REITs portfolios are sorted on size,momentum and b...This paper explores the time-varying relationship between the return and risk for the portfolios in the US real estate investment trusts(REITs)market.Three classes of REITs portfolios are sorted on size,momentum and book-to-market.The empirical results place a positive trade-off between the return and predictable covariation in all REITs portfolios.Furthermore,this paper examines the significance of intertemporal hedging demand in each REITs portfolio by extending the Intertemporal Capital Asset Pricing model(ICAPM)with a set of prevailing macroeconomic variables and financial market indicators,which indicate that the predictable movements in return could be attributed to the change in covariances with these innovations.The conclusive results show that innovations in inflation rate,de-trended short-term interest rate,Fama-French momentum factor,S&P/Case-Shiller home price index,and Barclay Capital long-term government/corporate bond index play a crucial role in hedging demand for REITs portfolios.展开更多
文摘In the last two decades,Internet technologies,such as cloud computing,mobile communications,social media,and big data analytics,have brought tremendous changes to our society and reshaped the business in various industries.Specifically,the mushrooming innovations in the financial area fertilized by information and communication technologies indicates the advent of the Internet finance era.Applying the exploratory research approach,we investigate major innovative Internet-based financial services and classify them into five categories,as of e-commerce,e-payment,e-money market,online loan services,and digital currencies.Then we propose a market structure of Internet finance extended from the traditional financial market.We claim that credit management is the key issue in the marketplace of Internet finance,characterized by big data analytics,in which cyber credit appears as whole-process,multi-dimensional,and holographic.We further suggest that cyber credit be represented in the form of vector to overcome the limits of traditional single-value measure in cyber credit management.Based on this framework,we raise main research issues in Internet finance from the perspectives of theory,technology,and governance.
文摘In this paper, we propose a banyan-tree topology for the wireless coverage along the road or railway, which is characterized as a zonal network. Theoretical analysis and numerical studies show that the proposed ban-yan-tree topology is appropriate for the zonal network with the Wireless Mesh Network (WMN) technology, which is feasible to deploy and has the enhanced robust, improved bandwidth with this topology.
文摘This paper explores the time-varying relationship between the return and risk for the portfolios in the US real estate investment trusts(REITs)market.Three classes of REITs portfolios are sorted on size,momentum and book-to-market.The empirical results place a positive trade-off between the return and predictable covariation in all REITs portfolios.Furthermore,this paper examines the significance of intertemporal hedging demand in each REITs portfolio by extending the Intertemporal Capital Asset Pricing model(ICAPM)with a set of prevailing macroeconomic variables and financial market indicators,which indicate that the predictable movements in return could be attributed to the change in covariances with these innovations.The conclusive results show that innovations in inflation rate,de-trended short-term interest rate,Fama-French momentum factor,S&P/Case-Shiller home price index,and Barclay Capital long-term government/corporate bond index play a crucial role in hedging demand for REITs portfolios.
