区块链时代破产法的机遇与挑战

区块链与破产法在维系市场主体信用方面相得益彰,区块链能够提升破产程序运转效率,实现破产程序信息披露透明,维护破产结果的公平公正。区块链资产的价值具有较大波动性,判定破产界限存在反复。区块链资产包括数据资产和数据信息两部分,识别破产财产需要区分对待。数字货币承载着价值资产和货币流通的双重角色,破产财产的定性应当审慎选择。     

A Fuzzy Set Approach for Generalized CRR Model: An Empirical Analysis of S&;P 500 Index Options

This paper applies fuzzy set theory to the Cox, Ross and Rubinstein (CRR) model to set up the fuzzy binomial option pricing model (OPM). The model can provide reasonable ranges of option prices, which many investors can use it for arbitrage or hedge. Because of the CRR model can provide only theoretical reference values for a generalized CRR model in this article we use fuzzy volatility and fuzzy riskless interest rate to replace the corresponding crisp values. In the fuzzy binomial OPM, investors can correct their portfolio strategy according to the right and left value of triangular fuzzy number and they can interpret the optimal difference, according to their individual risk preferences. Finally, in this study an empirical analysis of S&P 500 index options is used to find that the fuzzy binomial OPM is much closer to the reality than the generalized CRR model.This project has been supported by NSC 93-2416-H-009-024.JEL Classification:     

The Accounting Profession as a Career Choice for Tertiary Business Students in Japan-A Factor Analysis

This study aims to investigate the major factors that influence Japanese tertiary business students' vocational choice. A questionnaire-based survey was administered to both accounting and non-accounting students in Japanese tertiary institutions at the undergraduate and graduate levels. The results of two individualized factor analyses indicated significant differences between factors influencing the career profiles of both these groups of students. It further shows that the major influence affecting vocational choice for accounting students was based on intrinsic values. Non-accounting students indicated career prospects as the major contributing factor when choosing a career. These results are very important for accounting educators in Japan as they attempt to address the current unpopularity of the accounting profession.     

Challenges for civil society involvement in civic entrepreneurship: a case study of local enterprise partnerships

Civic entrepreneurship involves engagement between the state, business and civil society to produce economic growth for the public good. In the UK context a key initiative to encourage such engagement has been the creation of local enterprise partnerships (LEPs); these structures are intended to be a key delivery driver of regional economic growth. This paper draws on insights from semi-structured interviews with actors involved in the development of a LEP in the north of England. Findings draw attention to concerns from civil society over losing its distinctiveness through these partnerships, and in the process losing its ethos as a guardian of the public good.     

A Study of the Disposition Effect for Individual Investors in the Taiwan Stock Market

We examine the disposition effect and identify its potential attributes for individual Taiwanese investors. The results indicate several interesting findings. First, only 26 percent of Taiwanese individual investors report slight gains in a bull market. Second, level of education is significantly associated with the disposition effect. Investors holding college or advance degrees have a lower disposition effect. Third, the status of gains or losses is also related to the disposition effect. The disposition effect is stronger in the losers' group. Finally, three preliminary elements, namely, avoiding regret, maximizing profits, and seeking pride, are highly correlated with respect to each other and this observation is backed up by the concept of the disposition effect.     

我国个人银行结算账户开户数量合理性实证研究

随着金融供给侧结构性改革和普惠金融进程的不断深入,我国金融服务质量不断提升,银行服务的可获得性和服务质量均得到明显改善。个人银行账户分类改革实施以来,个人多元化支付需求得到充分满足,银行账户风险得到有效控制。但在市场机制作用下,科学合理的银行账户数量对刺激金融服务需求、实现普惠金融、控制金融风险将起到推动作用。本文将针对市场环境下,通过建立科学的分析框架对个人银行账户开立需求与合理开户数量进行关联分析,选取层次分析法AHP和BP神经网络组合,训练得出“个人银行账户开立需求-个人银行账户合理数量”预测模型。最终根据不同个体银行账户开户需求系数得到个人银行开户指导数量并提出数量管理实施路径和相关政策建议。     

A Note on the Proprietary and Entity Perspectives in Financial Statements: The Implications for two Current Controversial Issues

Financial statements can portray the financial position and performance of an entity from different perspectives. Two dominant perspectives are the proprietary and entity perspectives. These perspectives also feature in recent discussions by the IASB and the FASB in relation to their conceptual framework project. The adopted perspective will yield different presentations for a number of issues. This paper illustrates the implications for two controversial issues currently under discussion by the IASB and the FASB: accounting for changes in a reporting entity’s own credit risk when liabilities are measured at fair value, and the classification of certain obligations as either equity or liabilities. The paper explains why the adoption and consistent application of one perspective are important for standard setting and financial reporting to ensure the consistent presentation of an entity’s performance and financial position that can be correctly interpreted by users of financial statements against the background of the chosen perspective.     

Barriers to the investment in the Concentrated Solar Power sector in Morocco: A foresight approach using the Cross Impact Analysis for a large number of events

The Scenario Analysis methods have often been used by policy makers as an instrument to manage uncertainty and to support the shaping of long-term economy policies. In this research, we apply Scenario Analysis in order to identify the barriers affecting the decision to invest in the Concentrated Solar Power (CSP) sector in Morocco. Our results aim at facilitating the process of defining different paths in strategic political and policy actions. Using data from a survey on a panel of experts, the Cross Impact Analysis (CIA) and the Cross Impact Matrix System (SMIC) techniques are applied. The advantage of these techniques is that they allow including in the analysis the interlinkages between the events that will define the future scenarios. However, their limitation is that the number of events analyzed cannot be too high since the information collected from the experts increases exponentially according to the number of events introduced. We thus expand our analysis with a new methodological approach, combining the use of prospective and statistics techniques. This approach allows addressing the mentioned limitation and applying these techniques, initially restricted to 6 events in its common application, to a large number of events. The results show that uncertainty and informality would be key factors in promoting the arrival of companies in this sector. Additionally, regarding companies that already have a presence in Morocco’s renewable energy sector, an increase in activity would be achieved through improvements in the easing of financial and legal barriers.