Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional s...Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional securities,which imposes higher requirements on information disclosure for asset-backed securities.Asset-backed securities have characteristics such as diversified disclosers,differentiated disclosure content,and specialized risk factors.China has already formulated a series of rules and regulations regarding information disclosure of asset-backed securities.It is imperative to develop specialized laws and regulations for asset-backed securities,encompass original equity holders and credit enhancement agencies as information disclosers,incorporate information such as underlying asset details,cash flow projections,and credit ratings and enhancements into the disclosure content,and improve the legal liability rules to effectively address false disclosures.展开更多
Japan experienced serious recession and deflation starting when the bubble economy burst at the beginning of the 1990s. Following a period of unprecedented zero interest rate policy in 1999-2000 intended to boost the ...Japan experienced serious recession and deflation starting when the bubble economy burst at the beginning of the 1990s. Following a period of unprecedented zero interest rate policy in 1999-2000 intended to boost the Japanese economy, the Bank of Japan （BOJ） introduced the quantitative easing policy in March 2001. Under this policy, the BOJ employed purchases of asset-backed securities （ABSs） and commercial paper （CP） as well as government bonds. This article empirically examines the effects on financial markets of the BOJ＇s ABS purchases. Results indicate that ABS purchases effectively influence financial markets. This policy could contribute to the stabilization of financial markets in Japan. Also, such ABS purchases could both increase stock prices and support small and medium-sized enterprises.展开更多
The dissociation between data management and data ownership makes it difficult to protect data security and privacy in cloud storage systems.Traditional encryption technologies are not suitable for data protection in ...The dissociation between data management and data ownership makes it difficult to protect data security and privacy in cloud storage systems.Traditional encryption technologies are not suitable for data protection in cloud storage systems.A novel multi-authority proxy re-encryption mechanism based on ciphertext-policy attribute-based encryption（MPRE-CPABE） is proposed for cloud storage systems.MPRE-CPABE requires data owner to split each file into two blocks,one big block and one small block.The small block is used to encrypt the big one as the private key,and then the encrypted big block will be uploaded to the cloud storage system.Even if the uploaded big block of file is stolen,illegal users cannot get the complete information of the file easily.Ciphertext-policy attribute-based encryption（CPABE）is always criticized for its heavy overload and insecure issues when distributing keys or revoking user＇s access right.MPRE-CPABE applies CPABE to the multi-authority cloud storage system,and solves the above issues.The weighted access structure（WAS） is proposed to support a variety of fine-grained threshold access control policy in multi-authority environments,and reduce the computational cost of key distribution.Meanwhile,MPRE-CPABE uses proxy re-encryption to reduce the computational cost of access revocation.Experiments are implemented on platforms of Ubuntu and CloudSim.Experimental results show that MPRE-CPABE can greatly reduce the computational cost of the generation of key components and the revocation of user＇s access right.MPRE-CPABE is also proved secure under the security model of decisional bilinear Diffie-Hellman（DBDH）.展开更多
文摘Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional securities,which imposes higher requirements on information disclosure for asset-backed securities.Asset-backed securities have characteristics such as diversified disclosers,differentiated disclosure content,and specialized risk factors.China has already formulated a series of rules and regulations regarding information disclosure of asset-backed securities.It is imperative to develop specialized laws and regulations for asset-backed securities,encompass original equity holders and credit enhancement agencies as information disclosers,incorporate information such as underlying asset details,cash flow projections,and credit ratings and enhancements into the disclosure content,and improve the legal liability rules to effectively address false disclosures.
文摘Japan experienced serious recession and deflation starting when the bubble economy burst at the beginning of the 1990s. Following a period of unprecedented zero interest rate policy in 1999-2000 intended to boost the Japanese economy, the Bank of Japan （BOJ） introduced the quantitative easing policy in March 2001. Under this policy, the BOJ employed purchases of asset-backed securities （ABSs） and commercial paper （CP） as well as government bonds. This article empirically examines the effects on financial markets of the BOJ＇s ABS purchases. Results indicate that ABS purchases effectively influence financial markets. This policy could contribute to the stabilization of financial markets in Japan. Also, such ABS purchases could both increase stock prices and support small and medium-sized enterprises.
基金supported by the National Natural Science Foundation of China(6120200461472192)+1 种基金the Special Fund for Fast Sharing of Science Paper in Net Era by CSTD(2013116)the Natural Science Fund of Higher Education of Jiangsu Province(14KJB520014)
文摘The dissociation between data management and data ownership makes it difficult to protect data security and privacy in cloud storage systems.Traditional encryption technologies are not suitable for data protection in cloud storage systems.A novel multi-authority proxy re-encryption mechanism based on ciphertext-policy attribute-based encryption（MPRE-CPABE） is proposed for cloud storage systems.MPRE-CPABE requires data owner to split each file into two blocks,one big block and one small block.The small block is used to encrypt the big one as the private key,and then the encrypted big block will be uploaded to the cloud storage system.Even if the uploaded big block of file is stolen,illegal users cannot get the complete information of the file easily.Ciphertext-policy attribute-based encryption（CPABE）is always criticized for its heavy overload and insecure issues when distributing keys or revoking user＇s access right.MPRE-CPABE applies CPABE to the multi-authority cloud storage system,and solves the above issues.The weighted access structure（WAS） is proposed to support a variety of fine-grained threshold access control policy in multi-authority environments,and reduce the computational cost of key distribution.Meanwhile,MPRE-CPABE uses proxy re-encryption to reduce the computational cost of access revocation.Experiments are implemented on platforms of Ubuntu and CloudSim.Experimental results show that MPRE-CPABE can greatly reduce the computational cost of the generation of key components and the revocation of user＇s access right.MPRE-CPABE is also proved secure under the security model of decisional bilinear Diffie-Hellman（DBDH）.
