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
Telecom enterprises are in urgent need of a large amount of funds forupdating networks and expanding market shares, while asset-backed Securitization is the most rapidlyand vigorously growing product of financial inno...Telecom enterprises are in urgent need of a large amount of funds forupdating networks and expanding market shares, while asset-backed Securitization is the most rapidlyand vigorously growing product of financial innovation in the international capital market. Sincetelecom asset is characterized by long recovery period, poor liquidity, high quality and stable cashflow, which are the basic conditions for using asset-backed Securitization to finance, asset-backedSecuritization can be a new financing way for telecom enterprises.展开更多
In recent years, the rapid innovation and development of financial industry has made financial enterprises have a lot of information. However, the large amount of information is tampered with and fragmented, which can...In recent years, the rapid innovation and development of financial industry has made financial enterprises have a lot of information. However, the large amount of information is tampered with and fragmented, which cannot be shared. With the constant innovation of science and technology, it is the most effective way to solve the information lag and asymmetry of financial products. This article aims to start from the problem of asymmetric information of financial products, the analysis of the emerging block chain technology applied in the financial sector, and with the development of asset securitization information known as the typical scenario for the first time, a concrete analysis information game process, and discuss about the application of chain blocks in securitization feasibility.展开更多
On the basis of questionnaire survey in 54 natural villages of 22 cities( counties) in 6 central region provinces,this paper analyzed the willingness of rural land circulation and securitization and influencing factor...On the basis of questionnaire survey in 54 natural villages of 22 cities( counties) in 6 central region provinces,this paper analyzed the willingness of rural land circulation and securitization and influencing factors with the aid of Logistic model and Multinomial Logit model.The study indicates that factors influencing willingness of rural land circulation and securitization mainly include land contract method,land circulation information and approaches,rights and interests of farmers infringed or not,policies of benefiting farmers,and non-agricultural skills. Finally,it came up with following pertinent policy recommendations:( 1) reforming and improving land contract methods;( 2)strengthening disclosure of land circulation information;( 3) reforming and improving land circulation approaches;( 4) strengthening protection of farmers' rights and interests in the process of land circulation;( 5) reinforcing and implementing policies benefiting farmers;( 6) cultivating and developing farmers' non-agricultural skills.展开更多
A zero-knowledge proof or protocol is a cryptographic technique for verifying private data without revealing it in its clear form.In this paper,we evaluate the potential for zero-knowledge distributed ledger technolog...A zero-knowledge proof or protocol is a cryptographic technique for verifying private data without revealing it in its clear form.In this paper,we evaluate the potential for zero-knowledge distributed ledger technology to alleviate asymmetry of information in the asset-backed securitization market.To frame this inquiry,we conducted market data analyses,a review of prior literature,stakeholder interviews with investors,originators and security issuers and collaboration with blockchain engineers and researchers.We introduce a new system which could enable all market participants in the securitization lifecycle(e.g.investors,rating agencies,regulators and security issuers)to interact on a unique decentralized platform while maintaining the privacy of loan-level data,therefore providing the industry with timely analytics and performance data.Our platform is powered by zkLedger(Narula et al.2018),a zero-knowledge protocol developed by the MIT Media Lab and the first system that enables participants of a distributed ledger to run publicly verifiable analytics on masked data.展开更多
Severe water shortage and uneven water distribution plague countries in the Middle East, especially the Jordan River Basin. As a strategic resource with competitive political nature, water resources are closely relate...Severe water shortage and uneven water distribution plague countries in the Middle East, especially the Jordan River Basin. As a strategic resource with competitive political nature, water resources are closely related to national security, and become the core resource arena that countries along the river basin compete for. This study argues that under the combined effect of the natural factors of water shortage, the geographical factors of uneven distribution of rivers across boundaries, and the subjective factors of water politics (the unfair setting of rules for water allocation), water disputes in the Middle East have become obstacles to regional peace, and the serious uneven distribution of water is the root cause of regional water disputes. Neither the historical water conflicts nor the existing water cooperation framework has solved the problem of balanced water distribution, which makes the people in basin countries directly face the crisis of survival rights and national security, and lays the fuse for the outbreak of regional water disputes and even future water wars. This study proposes the concept and analytical framework of “water securitization” based on securitization theory, and applies it to the Jordan River Basin, to analyze the reasons for the uneven distribution of water resources in the Middle East. The power-dominant state with asymmetric power in the river basin obtains the status of water hegemony by securitizing water, realizing the self-interested distribution of water resources, whichleads to the uneven distribution of water resources, and ultimately leads to the outbreak of conflicts and disputes. Specifically, it mainly adopts three mechanisms of discursive securitization, operational securitization, and institutional securitization. Looking to the future, it is difficult to successfully resolve water disputes in the Middle East in the short term, and a “de-securitization” approach is particularly important in resolving water disputes and easing regional security tension. Only by adopting a multi-field joint strategy can it provide the possibility to effectively resolve water disputes in the Jordan River Basin.展开更多
Indonesian Chinese culture is a part of Indonesian multiculturalism.However,it is challenged by“securitization”.Taking two cases as examples to explain the“securitization”of Indonesian Chinese culture.Several secu...Indonesian Chinese culture is a part of Indonesian multiculturalism.However,it is challenged by“securitization”.Taking two cases as examples to explain the“securitization”of Indonesian Chinese culture.Several securitizing actors claimed that Guan Yu statue and lanterns are symbols of Chinese culture,and they claimed that they threaten the national security of Indonesia.The securitizing carriers attempt to influence the judgment of the audiences through agenda-setting and framing effects.Nevertheless,the audiences have not fully accepted the securitizing move because the Indonesians regarded the anti-Jokowi forces’tactics and“China Threat Theories”have not yet reached a consensus.The reason for the failure of this securitization process is about aspects,including the on-ground views on the cultural expressions and practices of Chineseness,the public identified the usual tricks of the anti-Jokowi forces,and there is no consensus on the so-called“China Threat Theories”in Indonesia.To preserve and promote Chineseness under the multicultural agenda,several measures have been implemented by the Indonesian government to promote the harmonious development of ethnic groups and multicultural integration in Indonesia to a certain extent.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Telecom enterprises are in urgent need of a large amount of funds forupdating networks and expanding market shares, while asset-backed Securitization is the most rapidlyand vigorously growing product of financial innovation in the international capital market. Sincetelecom asset is characterized by long recovery period, poor liquidity, high quality and stable cashflow, which are the basic conditions for using asset-backed Securitization to finance, asset-backedSecuritization can be a new financing way for telecom enterprises.
文摘In recent years, the rapid innovation and development of financial industry has made financial enterprises have a lot of information. However, the large amount of information is tampered with and fragmented, which cannot be shared. With the constant innovation of science and technology, it is the most effective way to solve the information lag and asymmetry of financial products. This article aims to start from the problem of asymmetric information of financial products, the analysis of the emerging block chain technology applied in the financial sector, and with the development of asset securitization information known as the typical scenario for the first time, a concrete analysis information game process, and discuss about the application of chain blocks in securitization feasibility.
基金Supported by Development Report Project for Philosophy and Social Science of the Ministry of Education(11JBG006)Project of National Social Science Foundation(11CJY034)+1 种基金Project of Hubei Financial Research Center of Key Research Base of Humanities and Social Science of Colleges and Universities of Hubei Province(2011B003)Fundamental Research Funds for the Central Universities in 2013(20132013)
文摘On the basis of questionnaire survey in 54 natural villages of 22 cities( counties) in 6 central region provinces,this paper analyzed the willingness of rural land circulation and securitization and influencing factors with the aid of Logistic model and Multinomial Logit model.The study indicates that factors influencing willingness of rural land circulation and securitization mainly include land contract method,land circulation information and approaches,rights and interests of farmers infringed or not,policies of benefiting farmers,and non-agricultural skills. Finally,it came up with following pertinent policy recommendations:( 1) reforming and improving land contract methods;( 2)strengthening disclosure of land circulation information;( 3) reforming and improving land circulation approaches;( 4) strengthening protection of farmers' rights and interests in the process of land circulation;( 5) reinforcing and implementing policies benefiting farmers;( 6) cultivating and developing farmers' non-agricultural skills.
基金We received funding solely from our institution to perform this research.
文摘A zero-knowledge proof or protocol is a cryptographic technique for verifying private data without revealing it in its clear form.In this paper,we evaluate the potential for zero-knowledge distributed ledger technology to alleviate asymmetry of information in the asset-backed securitization market.To frame this inquiry,we conducted market data analyses,a review of prior literature,stakeholder interviews with investors,originators and security issuers and collaboration with blockchain engineers and researchers.We introduce a new system which could enable all market participants in the securitization lifecycle(e.g.investors,rating agencies,regulators and security issuers)to interact on a unique decentralized platform while maintaining the privacy of loan-level data,therefore providing the industry with timely analytics and performance data.Our platform is powered by zkLedger(Narula et al.2018),a zero-knowledge protocol developed by the MIT Media Lab and the first system that enables participants of a distributed ledger to run publicly verifiable analytics on masked data.
文摘Severe water shortage and uneven water distribution plague countries in the Middle East, especially the Jordan River Basin. As a strategic resource with competitive political nature, water resources are closely related to national security, and become the core resource arena that countries along the river basin compete for. This study argues that under the combined effect of the natural factors of water shortage, the geographical factors of uneven distribution of rivers across boundaries, and the subjective factors of water politics (the unfair setting of rules for water allocation), water disputes in the Middle East have become obstacles to regional peace, and the serious uneven distribution of water is the root cause of regional water disputes. Neither the historical water conflicts nor the existing water cooperation framework has solved the problem of balanced water distribution, which makes the people in basin countries directly face the crisis of survival rights and national security, and lays the fuse for the outbreak of regional water disputes and even future water wars. This study proposes the concept and analytical framework of “water securitization” based on securitization theory, and applies it to the Jordan River Basin, to analyze the reasons for the uneven distribution of water resources in the Middle East. The power-dominant state with asymmetric power in the river basin obtains the status of water hegemony by securitizing water, realizing the self-interested distribution of water resources, whichleads to the uneven distribution of water resources, and ultimately leads to the outbreak of conflicts and disputes. Specifically, it mainly adopts three mechanisms of discursive securitization, operational securitization, and institutional securitization. Looking to the future, it is difficult to successfully resolve water disputes in the Middle East in the short term, and a “de-securitization” approach is particularly important in resolving water disputes and easing regional security tension. Only by adopting a multi-field joint strategy can it provide the possibility to effectively resolve water disputes in the Jordan River Basin.
文摘Indonesian Chinese culture is a part of Indonesian multiculturalism.However,it is challenged by“securitization”.Taking two cases as examples to explain the“securitization”of Indonesian Chinese culture.Several securitizing actors claimed that Guan Yu statue and lanterns are symbols of Chinese culture,and they claimed that they threaten the national security of Indonesia.The securitizing carriers attempt to influence the judgment of the audiences through agenda-setting and framing effects.Nevertheless,the audiences have not fully accepted the securitizing move because the Indonesians regarded the anti-Jokowi forces’tactics and“China Threat Theories”have not yet reached a consensus.The reason for the failure of this securitization process is about aspects,including the on-ground views on the cultural expressions and practices of Chineseness,the public identified the usual tricks of the anti-Jokowi forces,and there is no consensus on the so-called“China Threat Theories”in Indonesia.To preserve and promote Chineseness under the multicultural agenda,several measures have been implemented by the Indonesian government to promote the harmonious development of ethnic groups and multicultural integration in Indonesia to a certain extent.