The mechanism of credit risk contagion among internet P2P lending platforms based on a SEIR model with time-lag

The credit risk contagion of Internet peer-to-peer (P2P) lending platforms is an important part of Internet financial risk management and supervision. This study analyzes the contagion path of credit risk in Internet P2P lending. Based on complex network theory and the theory of infectious disease dynamics, the characteristics of Internet P2P lending development are combined to construct a SEIR model of credit risk transmission among Internet P2P lending platforms with time lag, and the robustness of the model is analyzed and proven. The influence of platform correlations, the susceptible immune rate, the platform elimination rate, contagion latency, the saturation coefficient, and the susceptibility input rate on credit risk contagion behavior among Internet P2P lending platforms is analyzed, using the equilibrium point and threshold value. The impact of each variable is analyzed by simulation. Corresponding countermeasures and suggestions are proposed to prevent and control credit risk contagion among these platforms.     

我国B2C电子商务支付方式及信用风险分析

个人支付是开展B2C电子商务的必备条件，是制约中国B2C电子商务发展的瓶颈之一。本文介绍了目前国内的支付体系和B2C电子商务支付方式，从交易的信用风险角度分析了我国B2C电子商务支付现状的成因，并提出了初步对策。     

Market microstructure in a global B2B network

On‐line marketplaces raise several interesting issues, among them the relevance of location when content is digitized, and the assessment of a supplier's capabilities when buyers worldwide only have electronic contact with sellers. In global B2B on‐line marketplaces, market microstructures, i.e. which firms compete for the same customers, are thus likely to be influenced by how customers value location and firm capabilities in their decisions to do business with different suppliers on‐line. We suggest that both these sets of attributes will continue to matter on‐line—firms possessing similar capabilities, as well as firms that are similar in location by country, time zones or clusters, will compete for business from the same customers. We model the similarity in competitive positions between pairs of firms based on the overlap in their customer networks, using data on actual interactions between supplier and customer banks on an electronic trading system. Using QAP network regression techniques on the 100 largest banks in this industry, we find that similarity in capabilities influences who competes with whom, and that location still matters in a global B2B exchange. Interestingly, location influences who a firm's competitors are, but not where its customers are from. Copyright © 2001 John Wiley & Sons, Ltd.     

政治体制上端改革:反腐败斗争的迫切需要

我国的反腐败已经进入了一个特殊的高原期,能否实现政治体制上端的重大改革,是决定中国反腐败能否实现突破的关键。政治体制上端改革要坚持三个不动摇、发展党内民主、完善人民代表大会制度和改革政党制度,可以建立"廉洁岛"式的政治特区。     

Time Series Concepts for Conditional Distributions*

The paper asks the question – as time series analysis moves from consideration of conditional mean values and variances to unconditional distributions, do some of the familiar concepts devised for the first two moments continue to be helpful in the more general area? Most seem to generalize fairly easy, such as the concepts of breaks, seasonality, trends and regime switching. Forecasting is more difficult, as forecasts become distributions, as do forecast errors. Persistence can be defined and also common factors by using the idea of a copula. Aggregation is more difficult but causality and controllability can be defined. The study of the time series of quantiles becomes more relevant.     

Regulation And The Rise In Asset-Based Mutual Fund Management Fees

In this article I explain why asset‐based fees are common for mutual fund management companies and why the average fee has increased recently. I argue that Securities and Exchange Commission fee regulations make alternative fee types illegal or unattractive. Management companies can maintain higher fees because regulations and brand‐name capital partly insulate them from competition and because investors cannot easily distinguish between performance‐oriented and marketing‐oriented fund companies. Index funds and unit investment trusts may offer competition to mutual funds in the future because they are designed to minimize management fees.     

氟硅酸泵的国产化实践

硅氟酸极具腐蚀性 ,考虑到经济性 ,2 0 #合金、哈氏合金、蒙乃尔等贵金属很少被选为泵材。由于橡胶、塑料等高分子材料具有很好的抗蚀性和一定的机械性能 ,且价格便宜 ,因此一般选用其作为泵体材料。我们通过分析、比较 ,成功选择国产氟硅酸泵替代国外进口泵 ,实现国产化。     

预防液化石油气储罐应力腐蚀的初探

液化石油气储罐在工业和人民生活中有着广泛的应用,探讨液化石油气中所含H2S腐蚀介质对储罐的应力腐蚀及预防措施显得非常重要。     

灰色数学模型及其在矿床勘探类型划分中的应用

本文运用灰色系统理论中的灰色聚类数学模型,对四个金矿床勘探类型进行了划分,取得了比较满意的效果。     

Auditor conservatism and voluntary disclosure: Evidence from the Year 2000 systems issue

This study further examines the phenomenon of conservative auditor behaviour by considering the level of voluntary disclosure of Year 2000 remediation information in company annual reports. Previous studies have provided evidence of conservative auditor behaviour by examining the link between Big 6 auditor choice and accruals (Francis and Krishnan 1999; Becker et al ., 1998; Defond and Subramanyam 1998). Protecting their reputation capital increases Big 6 auditor incentives to act conservatively to avoid litigation risk. We propose and find that Big 6 auditor clients disclose more Year 2000 remediation information than non–Big 6 auditor clients.