The purpose of this study lies in exploring the role of materiality in environmental information disclosures under the securities laws of the United States and China,discussing the differences in the regulatory mechan...The purpose of this study lies in exploring the role of materiality in environmental information disclosures under the securities laws of the United States and China,discussing the differences in the regulatory mechanism,limits of enforcement,and challenges of seeking global harmonization.The paper does a comparative legal analysis of statutory provisions,judicial interpretations,and regulatory frameworks of the U.S.Securities and Exchange Commission(SEC)and the China Securities Regulatory Commission(CSRC).Furthermore,it provides frameworks of global sustainability reporting such as the Task Force on Climate-related Financial Disclosures(TCFD)and the Global Reporting Initiative(GRI).The findings show that U.S.securities law uses a financial materiality standard with respect to what companies must disclose to investors.On the other hand,China’s regulatory approach has a double materiality in considering not only financial impacts but also wider environmental and social factors.Although there are these distinctions,both of these jurisdictions face issues of common obstruction such as ambiguities in materiality determination,inconsistent enforcement,and fear of greenwashing.This paper asserts that the U.S.and China regulatory frameworks need to converge more to promote greater corporate transparency and ESG disclosures.Regulators can even align disclosure practices with internationally recognized standards of work to add confidence for investors,fight off misleading sustainability claims and ensure accountable reporting in pertinent environments.The study concludes that the green challenges of global markets can only be tackled by regulating cooperative actions and using standardized reporting guidelines.展开更多
Ⅰ.EXPANSIONThe establishment of securities market in China has been considered one of its important and controversial economic reform policies.Billions of dollars of treasury bills,corporate bonds and shares have bee...Ⅰ.EXPANSIONThe establishment of securities market in China has been considered one of its important and controversial economic reform policies.Billions of dollars of treasury bills,corporate bonds and shares have been issued and traded all over the nation.Securities exchanges were set up in Shanghai and Shenzhen by the end of 1990 and in early 1991.Since then,securities market in China has undergone rapid expansion.展开更多
In May 1993, the State Council promulgated ProvisionalRegulations Regarding the Issuing of Stocks and theAdministration of Stock Dealings. However, the Stock Act isstill in the process of drafting. This paper intends ...In May 1993, the State Council promulgated ProvisionalRegulations Regarding the Issuing of Stocks and theAdministration of Stock Dealings. However, the Stock Act isstill in the process of drafting. This paper intends to discuss thefollowing three problems concerning the securities legislation.展开更多
The aim of this paper is to use the General Autoregressive Conditional Heteroscedastic (GARCH) type models for the estimation of volatility of the daily returns of the Kenyan stock market: that is Nairobi Securities E...The aim of this paper is to use the General Autoregressive Conditional Heteroscedastic (GARCH) type models for the estimation of volatility of the daily returns of the Kenyan stock market: that is Nairobi Securities Exchange (NSE). The conditional variance is estimated using the data from March 2013 to February 2016. We use both symmetric and asymmetric models to capture the most common features of the stock markets like leverage effect and volatility clustering. The results show that the volatility process is highly persistent, thus, giving evidence of the existence of risk premium for the NSE index return series. This in turn supports the positive correlation hypothesis: that is between volatility and expected stock returns. Another fact revealed by the results is that the asymmetric GARCH models provide better fit for NSE than the symmetric models. This proves the presence of leverage effect in the NSE return series.展开更多
At a time when the Chinese economy has experienced a rapid development in the past 14 years, China’s securities market came into being and grew with the deepening economic reform. Recently, Prof. Liu Hongru,Chairman ...At a time when the Chinese economy has experienced a rapid development in the past 14 years, China’s securities market came into being and grew with the deepening economic reform. Recently, Prof. Liu Hongru,Chairman of the China Securities Supervision Commission, gave a detailed account of the existing situation展开更多
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
Securities fraud is a common worldwide problem, resulting in serious negative consequences to securities market each year. Securities Regulatory Commission from various countries has also attached great importance to ...Securities fraud is a common worldwide problem, resulting in serious negative consequences to securities market each year. Securities Regulatory Commission from various countries has also attached great importance to the detection and prevention of securities fraud activities. Securities fraud is also increasing due to the rapid expansion of securities market in China. In accomplishing the task of securities fraud detection, China Securities Regulatory Commission (CSRC) could be facilitated in their work by using a number of data mining techniques. In this paper, we investigate the usefulness of Logistic regression model, Neural Networks (NNs), Sequential minimal optimization (SMO), Radial Basis Function (RBF) networks, Bayesian networks and Grammar Based Genet- ic Programming (GBGP) in the classification of the real, large and latest China Corporate Securities Fraud (CCSF) database. The six data mining techniques are compared in terms of their performances. As a result, we found GBGP outperforms others. This paper describes the GBGP in detail in solving the CCSF problem. In addition, the Synthetic Minority Over-sampling Technique (SMOTE) is applied to generate synthetic minority class examples for the imbalanced CCSF dataset.展开更多
The article discusses the determinant factor of the function of the securities market at first and then proposes that the basic factor is the inherent need of social economic operation and development process itself. ...The article discusses the determinant factor of the function of the securities market at first and then proposes that the basic factor is the inherent need of social economic operation and development process itself. In addition, the primary factor of mature securities market is perfect and integrated function of the securities market. Afterwards, the article analyses the static and dynamic function of the securities market. At last, it probes into the government role in the securities market briefly and proposes that China needs to carry out the essential change on government role, market function location, development goal and the mode of securities market if the function of China＇s securities market is to be exerted properly.展开更多
To Statisticians, the structure of the extreme levels which exist in the tails of the ordinary distributions is very important in analyzing, predicting and forecasting the likelihood of an occurrence of extreme event....To Statisticians, the structure of the extreme levels which exist in the tails of the ordinary distributions is very important in analyzing, predicting and forecasting the likelihood of an occurrence of extreme event. Extreme events are defined as values of the event below or above a certain value called threshold. A well chosen threshold helps to identify the extreme levels. Several methods have been used to determine threshold so as to analyze and model extreme events. One of the most successful methods is the maximum product of spacing (MPS). However, there is a problem encountered while modeling data through this method in that the method breaks down when there is a tie in the exceedances. This study offers a solution to model data even when it contains ties. In the study, a method that improved MPS method for determining an optimal threshold for extreme values in a data set containing ties was derived. The Generalized Pareto Distribution (GPD) parameters for the optimal threshold were derived and compared to GPD parameters determined through the standard MPS model. The study improved the standard MPS methodology by introducing the concept of frequency and used Generalized Pareto Distribution (GPD) and Peak over threshold (POT) methods as the basis of identifying extreme values. The improved MPS models and the standard models were applied to Nairobi Securities Exchange (NSE) trading volume data to determine the GPD parameters for different sectors registered in NSE market and their performance compared. It was realized that the improved MPS model performed better than the standard models. This study will help the Statisticians in different sectors of our economy to model extreme events involving ties.展开更多
At the present stage,with the continuous development of social economy and science and technology,China's financial and securities industry has gradually developed.As an important part of China's socialist eco...At the present stage,with the continuous development of social economy and science and technology,China's financial and securities industry has gradually developed.As an important part of China's socialist economic market,including the financial and securities industry,therefore,to a certain extent,the development of the financial securities industry has promoted the prosperity and development of China's economy.In other words,strengthening the management of financial securities market regulation can promote the sustainable development of the securities industry,thereby promoting the rapid development of China's economy.This paper mainly discusses and expounds some problems existing in the current process of financial securities market regulation,and proposes solutions to it,hoping to be helpful to the financial securities industry.展开更多
The Chinese securities market has been developing gradually since the introduction of the economic reform and opening to the outside world. In 1981, our government issued national bonds in a bid to relieve the financi...The Chinese securities market has been developing gradually since the introduction of the economic reform and opening to the outside world. In 1981, our government issued national bonds in a bid to relieve the financial pressure. During the five years of 1981-1985, our country accumulated negotiable securities of RMB24.2 billion, mainly national bonds, accOunting for 97.9 percent of the total. Since 1986, the securities market has been developing towards diversification, along with increasing varieties. From 1986 to 1990,展开更多
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, ...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.展开更多
Decentralized Finance(DeFi)is a system of financial products and services built and delivered through smart contracts on various blockchains.In recent years,DeFi has gained popularity and market capitalization.However...Decentralized Finance(DeFi)is a system of financial products and services built and delivered through smart contracts on various blockchains.In recent years,DeFi has gained popularity and market capitalization.However,it has also been connected to crime,particularly various types of securities violations.The lack of Know Your Customer requirements in DeFi poses challenges for governments trying to mitigate potential offenses.This study aims to determine whether this problem is suited to a machine learning approach,namely,whether we can identify DeFi projects potentially engaging in securities violations based on their tokens’smart contract code.We adapted prior works on detecting specific types of securities violations across Ethereum by building classifiers based on features extracted from DeFi projects’tokens’smart contract code(specifically,opcode-based features).Our final model was a random forest model that achieved an 80%F-1 score against a baseline of 50%.Notably,we further explored the code-based features that are the most important to our model’s performance in more detail by analyzing tokens’Solidity code and conducting cosine similarity analyses.We found that one element of the code that our opcode-based features can capture is the implementation of the SafeMath library,although this does not account for the entirety of our features.Another contribution of our study is a new dataset,comprising(a)a verified ground truth dataset for tokens involved in securities violations and(b)a set of legitimate tokens from a reputable DeFi aggregator.This paper further discusses the potential use of a model like ours by prosecutors in enforcement efforts and connects it to a wider legal context.展开更多
文摘The purpose of this study lies in exploring the role of materiality in environmental information disclosures under the securities laws of the United States and China,discussing the differences in the regulatory mechanism,limits of enforcement,and challenges of seeking global harmonization.The paper does a comparative legal analysis of statutory provisions,judicial interpretations,and regulatory frameworks of the U.S.Securities and Exchange Commission(SEC)and the China Securities Regulatory Commission(CSRC).Furthermore,it provides frameworks of global sustainability reporting such as the Task Force on Climate-related Financial Disclosures(TCFD)and the Global Reporting Initiative(GRI).The findings show that U.S.securities law uses a financial materiality standard with respect to what companies must disclose to investors.On the other hand,China’s regulatory approach has a double materiality in considering not only financial impacts but also wider environmental and social factors.Although there are these distinctions,both of these jurisdictions face issues of common obstruction such as ambiguities in materiality determination,inconsistent enforcement,and fear of greenwashing.This paper asserts that the U.S.and China regulatory frameworks need to converge more to promote greater corporate transparency and ESG disclosures.Regulators can even align disclosure practices with internationally recognized standards of work to add confidence for investors,fight off misleading sustainability claims and ensure accountable reporting in pertinent environments.The study concludes that the green challenges of global markets can only be tackled by regulating cooperative actions and using standardized reporting guidelines.
文摘Ⅰ.EXPANSIONThe establishment of securities market in China has been considered one of its important and controversial economic reform policies.Billions of dollars of treasury bills,corporate bonds and shares have been issued and traded all over the nation.Securities exchanges were set up in Shanghai and Shenzhen by the end of 1990 and in early 1991.Since then,securities market in China has undergone rapid expansion.
文摘In May 1993, the State Council promulgated ProvisionalRegulations Regarding the Issuing of Stocks and theAdministration of Stock Dealings. However, the Stock Act isstill in the process of drafting. This paper intends to discuss thefollowing three problems concerning the securities legislation.
文摘The aim of this paper is to use the General Autoregressive Conditional Heteroscedastic (GARCH) type models for the estimation of volatility of the daily returns of the Kenyan stock market: that is Nairobi Securities Exchange (NSE). The conditional variance is estimated using the data from March 2013 to February 2016. We use both symmetric and asymmetric models to capture the most common features of the stock markets like leverage effect and volatility clustering. The results show that the volatility process is highly persistent, thus, giving evidence of the existence of risk premium for the NSE index return series. This in turn supports the positive correlation hypothesis: that is between volatility and expected stock returns. Another fact revealed by the results is that the asymmetric GARCH models provide better fit for NSE than the symmetric models. This proves the presence of leverage effect in the NSE return series.
文摘At a time when the Chinese economy has experienced a rapid development in the past 14 years, China’s securities market came into being and grew with the deepening economic reform. Recently, Prof. Liu Hongru,Chairman of the China Securities Supervision Commission, gave a detailed account of the existing situation
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Securities fraud is a common worldwide problem, resulting in serious negative consequences to securities market each year. Securities Regulatory Commission from various countries has also attached great importance to the detection and prevention of securities fraud activities. Securities fraud is also increasing due to the rapid expansion of securities market in China. In accomplishing the task of securities fraud detection, China Securities Regulatory Commission (CSRC) could be facilitated in their work by using a number of data mining techniques. In this paper, we investigate the usefulness of Logistic regression model, Neural Networks (NNs), Sequential minimal optimization (SMO), Radial Basis Function (RBF) networks, Bayesian networks and Grammar Based Genet- ic Programming (GBGP) in the classification of the real, large and latest China Corporate Securities Fraud (CCSF) database. The six data mining techniques are compared in terms of their performances. As a result, we found GBGP outperforms others. This paper describes the GBGP in detail in solving the CCSF problem. In addition, the Synthetic Minority Over-sampling Technique (SMOTE) is applied to generate synthetic minority class examples for the imbalanced CCSF dataset.
文摘The article discusses the determinant factor of the function of the securities market at first and then proposes that the basic factor is the inherent need of social economic operation and development process itself. In addition, the primary factor of mature securities market is perfect and integrated function of the securities market. Afterwards, the article analyses the static and dynamic function of the securities market. At last, it probes into the government role in the securities market briefly and proposes that China needs to carry out the essential change on government role, market function location, development goal and the mode of securities market if the function of China＇s securities market is to be exerted properly.
文摘To Statisticians, the structure of the extreme levels which exist in the tails of the ordinary distributions is very important in analyzing, predicting and forecasting the likelihood of an occurrence of extreme event. Extreme events are defined as values of the event below or above a certain value called threshold. A well chosen threshold helps to identify the extreme levels. Several methods have been used to determine threshold so as to analyze and model extreme events. One of the most successful methods is the maximum product of spacing (MPS). However, there is a problem encountered while modeling data through this method in that the method breaks down when there is a tie in the exceedances. This study offers a solution to model data even when it contains ties. In the study, a method that improved MPS method for determining an optimal threshold for extreme values in a data set containing ties was derived. The Generalized Pareto Distribution (GPD) parameters for the optimal threshold were derived and compared to GPD parameters determined through the standard MPS model. The study improved the standard MPS methodology by introducing the concept of frequency and used Generalized Pareto Distribution (GPD) and Peak over threshold (POT) methods as the basis of identifying extreme values. The improved MPS models and the standard models were applied to Nairobi Securities Exchange (NSE) trading volume data to determine the GPD parameters for different sectors registered in NSE market and their performance compared. It was realized that the improved MPS model performed better than the standard models. This study will help the Statisticians in different sectors of our economy to model extreme events involving ties.
文摘At the present stage,with the continuous development of social economy and science and technology,China's financial and securities industry has gradually developed.As an important part of China's socialist economic market,including the financial and securities industry,therefore,to a certain extent,the development of the financial securities industry has promoted the prosperity and development of China's economy.In other words,strengthening the management of financial securities market regulation can promote the sustainable development of the securities industry,thereby promoting the rapid development of China's economy.This paper mainly discusses and expounds some problems existing in the current process of financial securities market regulation,and proposes solutions to it,hoping to be helpful to the financial securities industry.
文摘The Chinese securities market has been developing gradually since the introduction of the economic reform and opening to the outside world. In 1981, our government issued national bonds in a bid to relieve the financial pressure. During the five years of 1981-1985, our country accumulated negotiable securities of RMB24.2 billion, mainly national bonds, accOunting for 97.9 percent of the total. Since 1986, the securities market has been developing towards diversification, along with increasing varieties. From 1986 to 1990,
文摘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.
基金funded by the UK EPSRC grant EP/S022503/1 that supports the Centre for Doctoral Training in Cybersecurity at UCL.
文摘Decentralized Finance(DeFi)is a system of financial products and services built and delivered through smart contracts on various blockchains.In recent years,DeFi has gained popularity and market capitalization.However,it has also been connected to crime,particularly various types of securities violations.The lack of Know Your Customer requirements in DeFi poses challenges for governments trying to mitigate potential offenses.This study aims to determine whether this problem is suited to a machine learning approach,namely,whether we can identify DeFi projects potentially engaging in securities violations based on their tokens’smart contract code.We adapted prior works on detecting specific types of securities violations across Ethereum by building classifiers based on features extracted from DeFi projects’tokens’smart contract code(specifically,opcode-based features).Our final model was a random forest model that achieved an 80%F-1 score against a baseline of 50%.Notably,we further explored the code-based features that are the most important to our model’s performance in more detail by analyzing tokens’Solidity code and conducting cosine similarity analyses.We found that one element of the code that our opcode-based features can capture is the implementation of the SafeMath library,although this does not account for the entirety of our features.Another contribution of our study is a new dataset,comprising(a)a verified ground truth dataset for tokens involved in securities violations and(b)a set of legitimate tokens from a reputable DeFi aggregator.This paper further discusses the potential use of a model like ours by prosecutors in enforcement efforts and connects it to a wider legal context.
