Impact of correlated private signals on continuous-time insider trading

A model of continuous-time insider trading in which a risk-neutral in-sider possesses two imperfect correlated signals of a risky asset is studied.By conditional expectation theory and filtering theory,we first establish three lemmas:normal corre-lation,equivalent pricing and equivalent profit,which can guarantee to turn our model into a model with insider knowing full information.Then we investigate the impact of the two correlated signals on the market equilibrium consisting of optimal insider trading strategy and semi-strong pricing rule.It shows that in the equilibrium,(1)the market depth is constant over time;(2)if the two noisy signals are not linerly correlated,then all private information of the insider is incorporated into prices in the end while the whole information on the asset value can not incorporated into prices in the end;(3)if the two noisy signals are linear correlated such that the insider can infer the whole information of the asset value,then our model turns into a model with insider knowing full information;(4)if the two noisy signals are the same then the total ex ant profit of the insider is increasing with the noise decreasing,while down to O as the noise going up to infinity;(5)if the two noisy signals are not linear correlated then with one noisy signal fixed,the total ex ante profit of the insider is single-peaked with a unique minimum with respect to the other noisy signal value,and furthermore as the noisy value going to O it gets its maximum,the profit in the case that the real value is observed.

Soft Information,Core Competitive Edge and Private Relationship Lending——A Case of Village Banks

In view of the development problems of village banks,through introducing the concept of private relationship lending,the functions of soft information,the channels of village banks for collecting soft information,and the private relationship lending of village banks under Chinese rural human environment of highlighting relationship while despising rationality are proved.According to the recognition standard of core competitive edge,it can be concluded that the core competitive edge of village banks is private relationship lending.In the first place,these kinds of small and medium-sized quarter banks have competitive advantages in launching private relationship lending;in the second place,the lending businesses of village banks based on soft information attracts small and medium clients;in the third place,the private relationship lending has realized the scale economy.Furthermore,the reasons why village banks can not display the core competitive edge have been analyzed:firstly,village banks have not found that private relationship lending is their core competitive edge;secondly,the internal motivation on establishing private relationship lending of village banks is insufficient;thirdly,village banks have not prepared well in developing private relationship lending;The relevant policies and countermeasures are put forward,including transforming idea and vigorously developing private relationship lending;intensifying training and improving the quality of personnel involved;strengthening supervision and avoiding the violation behaviors of personnel involved;emulating experiences and perfecting the private relationship lending mechanism of village banks.

Efficient hardware-based private information retrieval using partial reshuffle

The paper proposes a novel hardware-based private information retrieval （HWPIR） protocol. By partially reshuffling previously accessed items in each round, instead of frequently reshuffling the whole database, the scheme makes better use of shuffled data copies and achieves the computation overhead at O（/N/K）,where N and k are the sizes of the database and secure storage respectively. For securestorage with moderate size, e.g. k = O（/N）, the overhead is 0（4/N）. The result is much better than the state-of-art schemes （as compared to e.g. O（log2N））. Without increasing response time and communication cost, the proposed protocol is truly practicable regardless of the database size. The security and preformance of the protocol is formally analyzed.

Private information and investment-q sensitivity:Evidence from new products

This study shows that a decline in investment efficiency due to information asymmetry may not necessarily devalue a firm but may enhance its value instead.Firms base their investment decisions on both public and private information.However,effectively transmitting private information to investors in a competitive market is quite challenging,as it leads to stock prices inadequately reflecting a firm’s true value.Simultaneously,firms must invest to achieve their business objectives,which results in a deviation between a firm’s actual investment level and the market’s expected investment level,thereby reducing investment-q sensitivity.However,this deviation does not imply a waste of societal resources;instead,it improves a firm’s core competitiveness in the product market.We consider the future launch of new products as a proxy for firm private information.We find that(1)private information is negatively associated with investment-q sensitivity,and that the greater the sales of the new product,the lower the investment-q sensitivity;(2)the negative effect is more pronounced for firms with higher revenue volatility and ownership concentration than for those with lower revenue volatility and ownership concentration.This study helps us to further understand how to evaluate firm investment efficiency from the perspective of private information and provides empirical evidence of the costs of the new product launch process.

The Role of Private Water Vending in Nigeian Peri-Urban Informal Settlements: Implication for Policy Makers

This paper presents a study of water vending in 3 informal settlements of Yola North in Adamawa State of Nigeria. These settlements represent the fast growing urban areas often dwelling in unplanned and unsecured tenure. Access to safe water supply has great influence on the health, economic productivity and quality of life of the people. But meeting this need is one of the major challenges facing the urban communities of Nigeria today. A field survey was conducted in the area with 100 observations of households in each of the three informal settlements. These settlements are Sabongari -University village, Vinikilang and Wuro Jabbe. The survey solicited for response concerning household water source, water per capita use and household size. Findings revealed that about 92% of respondent in Sabongari-University village, 66% in Vinikilang and 87% in Wuro Jabbe depend on vended water from borehole, hand dug well as well as surface water sources which are delivered by hand pushed trucks. Owing to the absence of piped water networks in the study area, households are forced to rely on available water sources which are precursor to water borne diseases. It is advocated that the public agencies should evolve special programs for regularizing informal settlements, meaning the legalization of land tenure, layout corrections and service upgrading if service is to meet the poor informal dwellers.

Crisis of Management of Household Waste in Abidjan, The Answer of the Informal Private Precollectors in the Municipality of Yopougon (Côte d’Ivoire)

The present contribution aims at helping the Mayors to implement a less expensive and effective system of management of household refuse to Yopougon. Indeed, the incapacity of service providers to be assured the collection of the garbage and the failure of their systems of pre-collection favored the emergence of the informal private precollectors in the municipality of Yopougon. The regularity of the interventions of these new actors, the affordable cost of their services and the living environment daily freed the garbage incites the households to request them because they succeed better where service providers failed. Such an activity will have to be better organized because of supplier employment.

Study of the Discount on Private Placements and Risk of Stock Market Crash in Listed Companies

With the gradual completion of the split-share structure reform,private placement has gradually become the mainstream of refinancing. One of the points that the practical and theoretical circles are widely concerned about is that the private placement price is often higher than the market price at the time of the private placement. High discounts are often accompanied by the transmission of benefits,and the increase in insider information will lead to the risk of a stock market crash? This paper intends to use the data of A-share listed companies from 2006 to 2015 to empirically study the relationship between the discount on private placements and the risk of stock market crash. At the same time,this paper examines whether the degree of information asymmetry plays a regulatory role in the relationship between the discount on private placements and the risk of stock market crash. This paper provides a certain reference for the regulatory authorities to improve the relevant laws and regulations in the private placement,and to provide a certain reference for the protection of the interests of small and medium-sized investors.

Private membership test protocol with low communication complexity

We introduce a practical method to perform private membership tests.In this method,clients are able to test whether an item is in a set controlled by the server without revealing their query item to the server.After executing the queries,the content of the server's set remains secret.One use case for a private membership test is to check whether a file contains any malware by checking its signature against a database of malware samples in a privacy-preserving way.We apply the Bloom filter and the Cuckoo filter in the membership test procedure.In order to achieve privacy properties,we present a novel protocol based on some homomorphic encryption schemes.In our protocol,we rearrange the data in the set into N-dimensional hypercubes.We have implemented our method in a realistic scenario where a client of an anti-malware company wants to privately check whether a hash value of a given file is in the malware database of the company.The evaluation shows that our method is feasible for real-world applications.We also have tested the performance of our protocol for databases of different sizes and data structures with different dimensions:2-dimensional,3-dimensional,and 4-dimensional hypercubes.We present formulas to estimate the cost of computation and communication in our protocol.

Nature and Operation of Kost Private Rental Housing in Urban Settlement Development of Jakarta, Indonesia

As one type of the highly sought after housing facilities in Indonesia, Kosts have formed unique heterogeneous living environment while also been a part of fast growing urban settlement developments in Indonesia＇s capital, Jakarta. This paper investigates the nature and operation of Kost private rental housing developed with various conditions and arrangements, as well as its position among other dwelling types, based on on-site investigations, literature reviews and statistical analyses. It is necessary to understand the development of Kost as it shows potentials to overcome the lack of affordable and adequate housing in the country. An accurate checking process during the application of building permit may early identify Kosts. Undefined standard of operation and arrangement may hinder improvement opportunities to its quality of services. Efforts to educate the community and easy access to related regulations are necessary for improvement and compliance awareness. Moreover, increased collaborative design and public education may improve the knowledge of self-builders on building design, planning and construction. Associations of self-organized housing and platforms offering affordable design services that meet the guidelines and standards are promising ootions.

Soul-Searching on Performance of TV and Public Service Information Broadcast in Bangladesh

In Bangladesh, more than a dozen of private TV channels are operating and about 10 new channels are waiting with green signal for transmission. Bangladesh Television （BTV）, the only government owned and administered, and known as structurally a biased institution serves the audience the public service information most. At the same time it serves purposes of incumbent government. Public information （PI） broadcast means broadcasting towards public welfare which may bring about change in the betterment of life and work of people. Its main focus would be on information, education, and motivation values rather than entertainment. In case of information, dissemination, and documentation, all private TV channels in Bangladesh serve more entertainment and less public service information, whereas, BTV＇s focus is evident on more PI. The owners and operators of private channels think first of their business profit as well as pressure from government and political parties. During formulating planning and strategies or building program content, they become cautious as they fear that the government become angry and shut down the channel.

A Private Organization Utilizes the Best Value Approach on an Enterprise Resource Planning System

The Best Value Approach(BVA)is a new project delivery method that has been developed at Arizona State University.It has been documented to increase performance and value on projects by the identification and utilization of expertise instead of management,direction,and control(MDC).It utilizes perfomance information that is simple,observable,and countable.It allows the expert vendor to know what the client proj-ect requires,why they can achieve success and what they will do before they do it.The tracking of the project cost and time deviation requires an initial plan and method to tack it.Preliminary results of the BVA have shown a 90%decrease in effort by client organizations,98%customed satisfaction and has led to 1%vendor cost and time deviation rate.It ap-plies to construction,services/TT projects,and any long-term service.In 2014,a large private organization having dificulty delivering information technology(T)and construction/facility services identified the BVA as a potential solution.This paper will summarize a major IT Enterprise Resource Planming case study that the large private organization used the BVA on and identify the full results.

New Quantum Private Comparison Using Hyperentangled GHZ State

In this paper,we propose a new protocol designed for quantum private comparison(QPC).This new protocol utilizes the hyperentanglement as the quantum resource and introduces a semi-honest third party(TP)to achieve the objective.This protocol’s quantum carrier is a hyperentangled three-photon GHZ state in 2 degrees of freedom(DOF),which could have 64 combinations.The TP can decide which combination to use based on the shared key information provided from a quantum key distribution(QKD)protocol.By doing so,the security of the protocol can be improved further.Decoy photon technology is also used as another means of security and checks if the transmission in the quantum channel is secure or not before sending the quantum carrier.The proposed protocol is proved to be able to fend off various kinds of eavesdropping attacks.In addition,the new QPC protocol also can compare secret inputs securely and efficiently.

Improving Sustainability by Privatizing Wildlife Conservation

The purpose of this study is to improve environmental sustainability by identifying the most sustainable/least fragile of the three major wildlife conservation access models—open, government, and private—under varying environmental and socioeconomic conditions. The private access model is the most sustainable of the three major conservation models because it provides the best information and incentives to balance the needs of humans and wildlife, maintain general wildlife habitat, and adapt quickly to changing environmental and/or socioeconomic conditions. Government-controlled access, however, can be employed as a model of last resort if the private access model shows signs of failing to protect specific species from local extirpation or extinction, which it is most likely to do for migratory species, species with close commercial substitutes, and species with no direct commercial value. Government regulators may also be needed to enforce property rights arrangements like catch shares and to monitor resources that remain open access in case socioeconomic or environmental conditions change sufficiently to trigger the tragedy of the commons. Most treatments of wildlife regulation default to various iterations of the government access model and fail even to consider the costs and benefits of private and open access models. The analysis here instead shows the conditions in which each conservation access model is most appropriate: open when a resource is in high supply and low demand, private most of the time, and government when the others fail to slow resource depopulation/depletion.

关键审计事项披露缓解了资产误定价吗?

通过构造双重差分模型,考察关键审计事项披露对资产误定价的影响及其内在机理。研究发现,关键审计事项披露有效缓解了资产误定价,表现为公司股价更能反映其内在价值。影响机制检验结果表明,关键审计事项披露主要通过降低投资者异质信念与促进投资者私有信息搜集来缓解资产误定价。截面分析发现,关键审计事项披露对资产误定价的缓解作用在公司信息环境较差、审计师具有行业专长以及机构持股较少的样本中更显著。进一步研究显示,关键审计事项披露的语调、可读性、相似度及充分性等文本特征均会对资产误定价产生一定影响。研究不仅拓展了关键审计事项披露和资产误定价各自领域的分析视角,还为准确评估审计报告改革效果以及有效缓解资产误定价顽疾提供了有益启发。

民办高校图书馆开展信息素养教育课程路径初探

民办高校图书馆是学校教学与科研的重要阵地,是学校信息素养教育的桥头堡。当前,大学生获取、甄别和利用信息的能力不足,图书馆信息素养教育平台滞后,信息素养教育方式单一、手段创新不足,建议从信息素养教育体系构建和图书馆管理体制改革等几个方面完善和深化民办高校信息素养教育。

私有信息、个人投资者行为与股价异常波动

股价异常波动危害投资者权益和股市安全,厘清股价异常波动的原因对于股市监管具有重要意义.本文从个股高频数据中提取股价中的私有信息含量,检验私有信息与中国A股市场个股异常波动的关系,并基于独特的账户数据分析个人投资者行为在这一关系中的作用.结果表明,排除市场因素的影响后,无论是否有公司层面的消息发布,私有信息都与股价异常波动的发生概率显著正相关,而个人投资者在这一关系中发挥了中介作用.进一步的研究发现,个人投资者的中介作用在股价暴涨和暴跌时有显著的非对称性:在股价上涨过程中,私有信息促进了个人投资者跟风买入的助涨行为,增大了股价暴涨的概率,而在股价下跌过程中,私有信息抑制了其抄底买入的止跌行为,也增大了股价暴跌的概率.本文的启示是,中国股市个股暴涨常常受到机构投资者和个人投资者的共同推动,而个股暴跌则是伴随机构投资者推跌和个人投资者提供流动性稳定股市的过程.

隐私保护密文检索技术研究进展

密文检索技术旨在提供密态数据查询服务,提高密文数据的可用性。但目前大多数机制仍存在不同程度的额外信息泄露,容易被攻击者捕获用于恢复明文信息与查询条件。如何强化密文检索中的隐私保护特性,实现信息泄露最小化已成为研究者关注的重点目标。近年来,随着硬件芯片技术与新型密码技术的快速发展,隐私保护密文检索研究方面涌现出了一批新成果,该文主要围绕多样化密文检索、基于可信执行环境的密文检索、隐匿信息检索等研究热点展开阐述,并总结了未来发展趋势。

信息时代下民办高校教师资源数字化转型探析

后信息时代的数字化生态体系建设,为我国数字经济、数字化教育的发展提供有力支撑。民办高校应在数字化发展环境下,持续做好对教师资源数字化转型要求、转型发展内容的探究,在进一步明确民办高校教师资源数字化转型新要求的同时,基于当前教育问题制定科学的教育策略,确保民办高校教师资源数字化转型,能在提升民办高校师资力量、教育质量等方面起到推动作用,实现民办高校数字化教育的多位一体协同推进,为民办高校更好地适应数字化教育发展环境奠定良好根基。

基于拍卖理论的动态多代理同类机调度算法

This paper addresses a multi-agent scheduling problem with uniform parallel machines owned by a resource agent and competing jobs with dynamic arrival times that belong to different consumer agents.All agents are self-interested and rational with the aim of maximizing their own objectives,resulting in intense resource competition among consumer agents and strategic behaviors of unwillingness to disclose private information.Within the context,a centralized scheduling approach is unfeasible,and a decentralized approach is considered to deal with the targeted problem.This study aims to generate a stable and collaborative solution with high social welfare while simultaneously accommodating consumer agents’preferences under incomplete information.For this purpose,a dynamic iterative auction-based approach based on a decentralized decision-making procedure is developed.In the proposed approach,a dynamic auction procedure is established for dynamic jobs participating in a realtime auction,and a straightforward and easy-to-implement bidding strategy without price is presented to reduce the complexity of bid determination.In addition,an adaptive Hungarian algorithm is applied to solve the winner determination problem efficiently.A theoretical analysis is conducted to prove that the proposed approach is individually rational and that the myopic bidding strategy is a weakly dominant strategy for consumer agents submitting bids.Extensive computational experiments demonstrate that the developed approach achieves high-quality solutions and exhibits considerable stability on largescale problems with numerous consumer agents and jobs.A further multi-agent scheduling problem considering multiple resource agents will be studied in future work.

保护搜索内容的字符串模式匹配算法研究

高效的在线字符串模式匹配算法对云数据库检索至关重要,然而搜索内容的泄露会威胁用户隐私。现有的字符串模式匹配算法没有考虑用户搜索内容的保护,可搜索加密方案虽然可以保护用户的搜索内容,但存在索引构建代价大、检索效率低等问题。因此,提出了两种保护用户搜索内容的模式匹配算法:基于分布式点函数的模式匹配(pattern matching based on distributed point function,PMDPF)算法和基于分布式点函数的跳跃式模式匹配(jumping pattern matching based on distributed point function,JPMDPF)算法。PMDPF算法利用指纹函数以及分布式点函数构造模式串真值表,并分发给两台独立的服务器,把搜索中字符对比操作转换为查表操作,从而保护搜索内容。为了提升搜索效率,提出了JPMDPF算法。通过字符跳转,JPMDPF算法以泄露更多信息为代价,其搜索效率比PMDPF算法平均提高了约m倍,其中m为搜索内容长度,同时显著降低了因指纹函数碰撞而导致的误判的概率。实验结果表明,PMDPF算法的搜索效率比基于指纹函数的经典算法提高约5%,并优于现有的可搜索加密方案,PMDPF算法的搜索耗时在搜索内容长度为4时是JPMDPF算法的4.2倍。