Research on the Application of Virtual Simulation Experimental Teaching in the Securities Investment Course

With the rapid development of information technology and the increasing complexity of the financial market,the teaching methods and means of the Securities Investment course in universities are facing new challenges and opportunities.The purpose of this paper is to discuss the application and construction path of virtual simulation experimental teaching in the Securities Investment course.Firstly,it analyses the problems existing in the teaching of traditional securities investment courses,such as the disconnection between theory and practice and the single teaching mode.In order to solve these problems,this paper puts forward the necessity of introducing virtual simulation experimental teaching and details the specific application path of virtual simulation experimental teaching in the Securities Investment course.

Analysis of standardization of community security fund management-Taking practice of community security fund management in Wuhou district of Chengdu as an example

The Chengdu community security funds refer to the special security funds for urban and rural community development and governance in Chengdu.At present,there are some problems in the use of community security funds,such as low participation of residents,and low efficiency of fund use.Taking the exploration of standardization of community security fund management in Wuhou district,Chengdu city,as an example,this paper suggests further strengthening the use and management of community security funds by means of standardization,ensuring the democratic,open,and transparent use of funds,and effectively enhancing the supporting role of community security funds in community governance.

Strategies for China’s Response to and Improvement of Third-Party Funding in International Investment Arbitration

China should prioritize the establishment and enhancement of a third-party funding system.It should actively refine the existing arbitration rules,addressing any loopholes in the current regulatory framework.Comprehensive measures should be implemented to regulate third-party funding,aligning with international trends.This is crucial not only to safeguard the foreign investment of the Chinese government and enterprises but also to position China as a globally influential arbitration center.

The analysis of commissioned risk in social security fund investment process

The key to sustainability of social security fund is increasing its value, while the key to increasing the value of the social security fund is income of agency entrusted investment. Agency relationship of social security Fund involves four agents, among which the entrustment between National Council for Social Security Fund （SSF） and social security fund management company is a key element. Due to information asymmetry phenomenon in the entrustment management process, the fund needed to establish the appropriate entry and exit criteria, and relying on a third party to avoid agency risks.

WTO条件下中国农业法律体系生态化构筑研究——以美国的农业Security and Investment为中心

美国农业法的主要内容就是维持对农业的大力补贴,其特点就是保护和投资。基于此,在已加入WTO的情况下,中国应当加强农业立法和完善生态规划,以生态学理论为视角、以可持续发展为基础建立起中国生态化的农业法律体系。

Security investment and information sharing for complementary firms with heterogeneous monetary loss

Two complementary firms＇ information sharing and security investment are investigated. When two complementary firms with heterogeneous assets are both breached, it is assumed that they suffer different losses which are associated with their information assets. Some insights about optimal strategies for the firms and the attacker are obtained by the game theory, which forms a comparison with those derived from substitutable firms, and those derived from complementary firms with homogenous loss. In addition, both the unit transform cost of investment and the extent of firms＇loss affect the optimal strategies.Assuming that firms can control information sharing, security investments and both of them, respectively, the effect of the social planner is further analyzed on the information sharing, firms＇ aggregate defence, the aggregate attack and social total cost. Finally, some policy advice is provided through numerical simulation. Results show that firms are willing to choose security investment centrally rather than individually, but an intervention in information sharing by the social planner may not necessarily be preferable.

Externalities and the Magnitude of Cyber Security Underinvestment by Private Sector Firms: A Modification of the Gordon-Loeb Model

Cyber security breaches inflict costs to consumers and businesses. The possibility also exists that a cyber security breach may shut down an entire critical infrastructure industry, putting a nation’s whole economy and national defense at risk. Hence, the issue of cyber security investment has risen to the top of the agenda of business and government executives. This paper examines how the existence of well-recognized externalities changes the maximum a firm should, from a social welfare perspective, invest in cyber security activities. By extending the cyber security investment model of Gordon and Loeb [1] to incorporate externalities, we show that the firm’s social optimal investment in cyber security increases by no more than 37% of the expected externality loss.

Investment strategy analysis of information system security in consideration of attackers

In order to solve the problem of howa firm makes an optimal choice in developing information systems when faced with the following three modes: development by its own efforts, outsourcing them to a managed security service provider( MSSP) and cooperating with the MSSP, the firm 's optimal investment strategies are discussed by modeling and analyzing the maximum expected utility in the above cases under the condition that the firm plays games with an attacker.The results showthat the best choice for a firm is determined by the reasonable range of the cooperative development coefficient and applicable conditions. When the cooperative development coefficient is large, it is more rational for the firm to cooperate with the MSSP to develop the information system. When the cooperative development coefficient is small, it is more rational for the firm to develop the information system by its own efforts. It also shows that the attacker's maximum expected utility increases with the increase in the attacker 's breach probability and cost coefficient when the cooperative development coefficient is small. On the contrary, it decreases when the cooperative development coefficient is large.

INVESTMENT FUND INDUSTRY IN CHINA : ITS PRESENT SITUATION,PROBLEMS AND DEVELOPMENT

This paper examines the present situation of China's investment fund industry and some main problems in its development. The authors conclude that the rapid growth of the nation's financial assets and the establishment of a social insurance system provide a good prospect for the development of investment funds in China. Especially, “Government Bond Fund” and “Joint Fund” are expected to be established in the near future.

Investments of Milk Processing Capacities from Romania, through the Funds Provided by the ＂NPRD 2014-2020＂

In this paper, an analysis of the possibilities of development of milk processing activity was made, using as financing source the public funds provided by the Common Agricultural Policy and the distribution of the investments in Romania. All the EU member states gain 99.6 billion through the European Agricultural Fund for Rural Development, the period 2014-2020, of which Romania has received the total of 8.128 billion euros. Through the 2014-2020 National Rural Development Program （NRDP 2014-2020）, sub-measure 4.2 ＂Support for investment in processing/marketing of agricultural products＂ （2014）, Romania is falling Regulation （EC） 1305/2013 in measure 4 ＂Investments in physical assets＂ （2013） and contributes to increasing the value added of products on local markets and inter-professional organizations, the establishment and development of small businesses and job creation. Until now, in the milk processing sector, investments of 93,918,043 euros were made, about 50% （47,667.41 euros） of which from public funds.

Analysis on the Relationship between Fire Security Investments and Corporate Profits

A company＇s fire security investment is part of its fixed costs for production, which means the necessary spending to bring corporate and social benefits. The analysis on the links between the company＇s fire security investments and the economic benefits is a very important and urgent issue. ＂l-his paper will provide deep analysis of the definitions, meanings and contents of the corporate fire security investments and also make a summary of the direct and indirect economic benefits brought by such investments.

Evaluating the Performance of Investment Funds in Turkey

It is important to determine the most appropriate levels of risk and return for small investors. For that purpose, the investment funds are very important tools to create a portfolio for small investors, to deploy the potential risks in optimal proportions, and to direct investors. In this study, the performance of 83 pieces of investment funds will be evaluated which are treated in Turkey dates from January 1, 2010 to December 31, 2012 with performance evaluation methods such as Sharpe, Modigliani （M2） that is based on the standard deviation, and Treynor, T2, Jensen that is based on systematic risk （beta）, and the highest and lowest performance investment funds will be presented. The aim of the study is to examine the success of the investment fund managers whether they could estimate the course of the market well or not regarding time period. The empirical results show that the investors who invest on the funds that have negative risk premium by investing in the investment funds getting under the risk cannot get more excess return than getting the return from the risk-free interest rate as treasury bills. The result implies that it could be said that the systematic and total risks of all investment funds are low and they are not sensitive to the developments in the market, and thus, regarding funds could be called as conservative funds.

Study on the Establishment of a Long-effect Mechanism for China＇s Securities Investor Education

Investor education is not only one of the most important and fundamental institutional constructions at capital market, but also an important part of the cultural construction of capital market. At the present stage, the long-effect mechanism for investor education is not only a demand of China＇s securities market on its healthy development, but also an objective reality that China＇s investor education is necessary to confront with. For these reasons, it is necessary for China to deepen investor education, expand investor education platform, strengthen risk prevention, and take initiative to build up a multi-level investor education system, and ultimately establish and improve a long-effect mechanism for investor education, so as to ensure the stable, harmonious and order development of China＇s Securities market in futures.

Empirical Investigation of Threats to Loyalty Programs by Using Models Inspired by the Gordon-Loeb Formulation of Security Investment

Loyalty program (LP) is a popular marketing activity of enterprises. As a result of firms’ effort to increase customers’ loyalty, point exchange or redemption services are now available worldwide. These services attract not only customers but also attackers. In pioneering research, which first focused on this LP security problem, an empirical analysis based on Japanese data is shown to see the effects of LP-point liquidity on damages caused by security incidents. We revisit the empirical models in which the choice of variables is inspired by the Gordon-Loeb formulation of security investment: damage, investment, vulnerability, and threat. The liquidity of LP points corresponds to the threat in the formulation and plays an important role in the empirical study because it particularly captures the feature of LP networks. However, the actual proxy used in the former study is artificial. In this paper, we reconsider the liquidity definition based on a further observation of LP security incidents. By using newly defined proxies corresponding to the threat as well as other refined proxies, we test hypotheses to derive more implications that help LP operators to manage partnerships;the implications are consistent with recent changes in the LP network. Thus we can see the impacts of security investment models include a wider range of empirical studies.

Is Public Co-Ordination of Investment in Information Security Desirable?

This paper provides for the presentation, in an integrated manner, of a sequence of results addressing the consequences of the presence of an information steward in an ecosystem under attack and establishes the appropriate defensive investment responses, thus allowing for a cohesive understanding of the nature of the information steward in a variety of attack contexts. We determine the level of investment in information security and attacking intensity when agents react in a non-coordinated manner and compare them to the case of the system’s coordinated response undertaken under the guidance of a steward. We show that only in the most well-designed institutional set-up the presence of the well-informed steward provides for an increase of the system’s resilience to attacks. In the case in which both the information available to the steward and its policy instruments are curtailed, coordinated policy responses yield no additional benefits to individual agents and in some case they actually compared unfavourably to atomistic responses. The system’s sustainability does improve in the presence of a steward, which deters attackers and reduces the numbers and intensity of attacks. In most cases, the resulting investment expenditure undertaken by the agents in the ecosystem exceeds its Pareto efficient magnitude.

The “Iterated Weakest Link” Model of Adaptive Security Investment

We devise a model for security investment that reflects dynamic interaction between a defender, who faces uncertainty, and an attacker, who repeatedly targets the weakest link. Using the model, we derive and compare optimal security investment over multiple periods, exploring the delicate balance between proactive and reactive security investment. We show how the best strategy depends on the defender’s knowledge about prospective attacks and the recoverability of costs when upgrading defenses reactively. Our model explains why security under-investment is sometimes rational even when effective defenses are available and can be deployed independently of other parties’ choices. Finally, we connect the model to real-world security problems by examining two case studies where empirical data are available: computers compromised for use in online crime and payment card security.

CHINA-AFRICA DEVELOPMENT FUND:Providing a bridge for investment

THE Durban COP 17 gathering was always seen as a station on the long journey of global climate change consensus and not the destination.

CHINA-AFRICA DEVELOPMENT FUND:Providing a bridge for investment

Establishing a China-Africa Development Fund(CADFund) to encourage and support Chinese enterprises to invest in Africa was one of the eight measures implemented to strengthen China-Africa cooperation pledged by China at the Beijing Summit of the Forum on China-Africa Cooperation(FOCAC) in 2006. The Fund became operational in June 2007 with a first-phase funding of $1 billion provided by China Development Bank(CDB).The funding is expected

考虑地形与生物多样性的InVEST模型及其在县域生物多样性安全格局分析中的应用

县域尺度生物多样性安全格局精细评估可为区域生物多样性保护规划、实施与管理提供科学参考。以粤北山区翁源县为例,采用InVEST生境质量模型,结合区域地形与生物多样性特征,以生境质量指数、地形与生物多样性综合指数为评价指标,开展区域生物多样性安全格局综合评估。结果表明:翁源县整体生境质量指数(HQI)较高,尤其在人为扰动较弱的水系和林区最为明显,生境质量指数较低区集中在建设用地、耕地等人类活动影响强烈区域;地形多样性综合指数(TDCI)与地形起伏度和地形坡度位置指数分布格局较为一致,而与地形湿度指数相对差值分布格局相反;生物多样性指数(BCI)分布格局受到香农-威纳指数物种多样性本底及生物多样性丰富度、人类足迹指数、生物多样性重要度与植被总覆盖度的交互影响;生物多样性综合安全格局指数与HQI、BCI及TDCI分布有较好的一致性,低风险/低脆弱(高安全)区集中在县域内城镇建设用地、交通水利和耕地等人类活动强烈区,高风险/高脆弱(低安全)区主要分布在县域北部、西北部、东南部、东北部自然保护和饮用水源等人类活动干扰微弱区。通过与区域生态保护红线等相关资料进行验证与分析,改进优化后的评估结果更能精细和客观地反映研究区生物多样性安全格局。