如何解决金融争议

随着我国金融业的逐步放开,外资金融机构纷纷抢滩中国,伴随而来的是金融纠纷的数量和种类日益增多,金融交易主体对争议解决服务的要求呈现多样化。面对这些问题,作为法院诉讼外的一种重要争议解决方式——仲裁,其权威性和公正性日益受到市场主体的认可。中国仲裁界的知名机构——中国国际经济贸易仲裁委员会从今年5月8日起实施《金融争议仲裁规则》,那么,这一规则是在什么背景下产生的?有怎样的优势?包括哪些确定受理的争议范围?本刊记者艾亚就此采访了中国国际经济贸易仲裁委员会副主任、秘书长王生长。     

Fintech and access to finance

This article surveys research on the effects of digitalization on access to finance. We focus the review on access through fintech. We review the growth of three main fintech technologies, fintech lending (incl. peer-to-peer lending), crowdfunding and initial coin offerings. We discuss existing evidence on how fintech affects access to finance for firms and investors and consider the regulatory challenges it poses. We incorporate the papers in this special issue, underlining their significant contributions to our understanding of the digitalization of finance and its effects. Finally, we discuss the challenges of research in the digital finance area and propose some new avenues for future research.     

Machine learning for quantitative finance: fast derivative pricing,hedging and fitting

In this paper, we show how we can deploy machine learning techniques in the context of traditional quant problems. We illustrate that for many classical problems, we can arrive at speed-ups of several orders of magnitude by deploying machine learning techniques based on Gaussian process regression. The price we have to pay for this extra speed is some loss of accuracy. However, we show that this reduced accuracy is often well within reasonable limits and hence very acceptable from a practical point of view. The concrete examples concern fitting and estimation. In the fitting context, we fit sophisticated Greek profiles and summarize implied volatility surfaces. In the estimation context, we reduce computation times for the calculation of vanilla option values under advanced models, the pricing of American options and the pricing of exotic options under models beyond the Black–Scholes setting.     

BeFi meets DeFi: A behavioral finance approach to decentralized finance asset pricing

This systematic literature review summarizes the extant research in the Behavioral Finance (BeFi) and digital asset spaces to understand better the interactions of behavioral effects on the pricing of assets constructed, enabled, and exchanged in Decentralized Finance (DeFi) markets. We find that asset pricing in these rapidly evolving markets is better explained through BeFi than through traditional finance (TradFi) theory. Investor attention, sentiment, heuristics and biases, and network effects interact to form a highly volatile and dynamic market. We offer a deterministic research framework with propositions for future research. We further provide investors with a theoretically and empirically supported structure to better inform their decisions through an understanding of BeFi applications to DeFi.     

Positivism in finance and its implication for the diversification finance research: Diversifying finance research: From financialization to sustainability

This paper is a complementary comment to the article recently published in IRFA by Thomas Lagoarde-Segot on the necessity of diversification of modelling in finance. In his claim, the author explained that financial concepts used by the mainstream are not neutral because they refer to a particular ethical judgement mainly focused on the shareholders' interest. In this comment, I explain that this ethical judgement historically results from the role playing by the Gaussian distribution in finance: while this statistical framework gave the first scientific foundations to finance in the 1960s, its symmetrical configuration implies that negative changes occur with the same probability than positive ones. In this context, all potential intervention (regulation) could only interfere (disturb) this “ethically fair situation” within the only perturbing element is the shareholder whose behaviours are likely to influence the market. After having explained that this reasoning is based on an a priori statement about observational facts (in opposition with positivism), I present this situation as an opportunity for current researchers in finance to clarify their implicit assumptions; which would open the door to a diversification of modelling in finance as Lagoarde-Segot promoted it in his IRFA article.     

伴着信息化金融远行

当带着墨香的2008年第1期杂志送到您手中的时候，相信您会像见到思念许久的朋友一样备觉温暖。您是否已经感受到作为编者的我们发自心底的那一份感谢与祝福呢？感谢各界新老朋友，祝福中国金融，祝福中2008，相信信息化将让中国金融业变得更强，行得更远。     

通胀预期下的“钱经”

一个外部传导、内生必然、结构性的通胀已经到来,随着信贷政策逐步收紧,理财渐渐成为企业关注的热点,然而,相当一部分企业仍然滞留在“财务理财”阶段,造成企业资产流动性过高、收益性较低,“钱生钱”效益不明显。     

如何利用信保融资

中小企业可以利用信用保险项下的融资解决其融资难的问题,对于企业而言,在通过信用保险获得融资的同时还将从若干方面受益,请看中国信保专业人士的分析     

商业化金融与合作性金融的并存发展--农村金融市场现状和发展

近年来，经济全球化对中国经济改革和金融改革提出了严峻挑战。根据中国政府加入世贸组织的承诺，2006年中国农业和金融业要进一步放开。中国要参与国际竞争，作为薄弱环节的农业和农村金融问题显得日益突出。     

Diversifying finance research: From financialization to sustainability

This paper seeks to overcome the apparent contradictions between global demand for sustainability and the structure of conventional financial discourse by putting forth a strategy for diversifying academic finance. It comprises four sections. I first situate academic finance within the broader spectrum of social sciences and highlight its ontological, epistemological and methodological assumptions. Second, I show that these assumptions, taken for granted within the field of finance, are the object of much debate within other fields – as is demonstrated by controversy regarding logical positivism, social ontology and performativity – which brings out the limitations of paradigmatic unity in finance. Third, I characterize diversification in finance with reference to the nested epistemological structure of scientific discourse. I argue that diversification is a process by which (i) finance research is extended to other existing paradigms in social sciences; (ii) new research metaphors are developed within the current paradigm; and (iii) puzzle-solving robustness is achieved. Fourth, I develop a research agenda for the diversification of academic finance. This agenda is broken down into themes, paradigmatic hypotheses, and research questions.     

Corporate finance theory: Introduction to special issue

Theoretical research in corporate finance is critical for our understanding of real-world phenomena, for interpreting empirical results, and for deriving policy implications. We discuss the benefits and limitations of research in corporate finance theory and link them to the nine articles in this special issue on “Corporate Finance Theory.” We provide a perspective on the nine articles in this special issue, and outline our perception of how future research may evolve. We also review several themes that emerge out of the articles, which we think deserve more attention from theorists going forward: interactions between financial markets and corporate finance and dynamic models of corporate decisions, such as capital structure and managerial compensation.     

村镇银行促农村金融发展

目前,虽然中国农村金融的基本框架已经确立,理论上对于构建竞争性农村金融市场、促进机构多元化发展已经达成共识,但是围绕农村金融基本框架的存量改革变得举步维艰,于是,进一步开放农村金融市场,逐渐增加新型农村金融组织,以增量改革推进存量改革就变得异常迫切.3月1日以来陆续成立的村镇银行、贷款公司以及农村资金互助合作组织,标志着我国农村金融领域增量改革的开始.尤其是村镇银行的成立与发展,将对农村金融的发展具有重要意义.     

加拿大小额借款人的融资现状

本文考察了行业集中度和保护程度较高的加拿大银行业，中小企业的商业融资和居民（尤其是非优级贷款人）住房融资的情况。结论是中小企业的融资渠道相当充分，但大银行的垄断地位及其对风险的低容忍度，致使高风险项目的融资状况堪忧。风险投资所存在的问题（与大量的、拥有税收优惠政策的工会基金有关），更恶化了那些创新型中小企业的融资窘境。虽然加拿大的住宅金融市场非常发达和复杂，但其次级贷款融资尚处于襁褓阶段，选一步开发（同时避免近年来美国市场的过度发展）将对该市场大有裨益。尽管近来出现了一些创新产品，对加拿大人而言，住房融资的选择仍然非常有限，甚至五年以上的按揭贷款都非常少见。加快证券化将有利于中小企业的商业融资和居民住房融资这两个市场的发展。     

Regime switching affine processes with applications to finance

We introduce the notion of a regime switching affine process. Informally this is a Markov process that behaves conditionally on each regime as an affine process with specific parameters. To facilitate our analysis, specific restrictions are imposed on these parameters. The regime switches are driven by a Markov chain. We prove that the joint process of the Markov chain and the conditionally affine part is a process with an affine structure on an enlarged state space, conditionally on the starting state of the Markov chain. Like for affine processes, the characteristic function can be expressed in a set of ordinary differential equations that can sometimes be solved analytically. This result unifies several semi-analytical solutions found in the literature for pricing derivatives of specific regime switching processes on smaller state spaces. It also provides a unifying theory that allows us to introduce regime switching to the pricing of many derivatives within the broad class of affine processes. Examples include European options and term structure derivatives with stochastic volatility and default. Essentially, whenever there is a pricing solution based on an affine process, we can extend this to a regime switching affine process without sacrificing the analytical tractability of the affine process.     

The impact of quantitative easing (QE) on the cost of debt in project finance investments

Recession-driven low inflation and high spreads have increased the cost of debt in public sector project finance investments, therefore reducing private sector profits and bankability. This paper investigates the impact of quantitative easing by central banks, showing that it can stimulate economic growth producing shared public and private benefits.     

Polynomial processes and their applications to mathematical finance

We introduce a class of Markov processes, called m-polynomial, for which the calculation of (mixed) moments up to order m only requires the computation of matrix exponentials. This class contains affine processes, processes with quadratic diffusion coefficients, as well as Lévy-driven SDEs with affine vector fields. Thus, many popular models such as exponential Lévy models or affine models are covered by this setting. The applications range from statistical GMM estimation procedures to new techniques for option pricing and hedging. For instance, the efficient and easy computation of moments can be used for variance reduction techniques in Monte Carlo methods.     

A new system to finance the United Nations

The end of the Cold War has not delivered a peace dividend but, paradoxically, a peace penalty on the United Nations. This article argues that revision of the existing funding arrangements is inadequate and that a radical restructuring of the financial system is a prerequisite for successful multilateralism.