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Signaling to Overcome Inefficiencies in Crowdfunding Markets 克服众筹市场效率低下的信号
Pub Date : 2017-05-31 DOI: 10.1007/978-3-319-66119-3_3
S. Vismara
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引用次数: 68
Periodic Table of Cryptocurrencies: Blockchain Categorization 加密货币周期表:区块链分类
Pub Date : 2017-05-31 DOI: 10.2139/ssrn.3095169
Doc. Dr. Aleksandar Arsov
The tech is already complicated enough, and if the terminologies aren't understood or clarified, it will further compound the complexities in this nascent industry. Everyone needs to know about this revolutionary tech, and as participants of this beautiful ecosystem it is our responsibility to simplify things as best as we can to the masses. The blockchain, the underlying technology, is the biggest innovation in computer science—the idea of a distributed database where trust is established through mass collaboration and clever code rather than through a powerful institution that does the authentication and the settlement. The biggest problems, though, have to do with clear categorization. I propose a theory of cryptocurrency periodic table policy in Altcoin markets with focus on supply rigidities identified with aggregate supply in cryptocurrency markets. The distribution of Altcoin across markets affects aggregate demand and output, however, these effects are not internalized in private financial decisions.
这项技术已经足够复杂了,如果不理解或澄清术语,它将进一步加剧这个新兴行业的复杂性。每个人都需要了解这项革命性的技术,作为这个美丽生态系统的参与者,我们有责任尽可能地简化一切。底层技术区块链是计算机科学中最大的创新——分布式数据库的理念是通过大规模协作和智能代码建立信任,而不是通过一个强大的机构来进行身份验证和结算。然而,最大的问题与明确的分类有关。我在山寨币市场中提出了一种加密货币周期表政策理论,重点关注与加密货币市场总供给相关的供应刚性。山寨币在市场上的分布会影响总需求和总产出,然而,这些影响不会内化到私人金融决策中。
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引用次数: 5
Blockchain - A Database with a Twist 区块链——一个扭曲的数据库
Pub Date : 2017-04-25 DOI: 10.2139/ssrn.2958565
B. Tan
This paper reviews the concept that a blockchain is simply a database without a central authority. This concept means that a blockchain-based application is inherently a database application that leverages on the strength blockchain has over a traditional database with central authority. Two major areas of applications are: (a) shared database containing records of interdependent transactions, (b) asset registries where the chain of historical ownership (i.e. provenance) is valuable. The absence of a central authority means that traditional security via login linked to permission to read and write the database is no longer the primary strategy. Instead, immutability of the blockchain, together with identification and allocation of the validator, becomes the primary security strategy. These conceptual differences are the driving force behind the unusual data and database structure of the blockchain. This paper presents these concepts to a non-technical audience at two levels: (a) an easy to read-no complexity level without explanation of mechanics, and (b) building on the previous level, explain the key mechanics for a non-technical audience.
本文回顾了区块链只是一个没有中心权威的数据库的概念。这个概念意味着基于区块链的应用程序本质上是一个数据库应用程序,它利用了区块链比具有中央权限的传统数据库的优势。应用程序的两个主要领域是:(a)包含相互依赖事务记录的共享数据库,(b)历史所有权链(即来源)有价值的资产注册。中央权威机构的缺失意味着通过登录链接到数据库读写权限的传统安全不再是主要策略。相反,区块链的不变性以及验证器的标识和分配成为主要的安全策略。这些概念上的差异是b区块链不同寻常的数据和数据库结构背后的驱动力。本文将从两个层面向非技术观众呈现这些概念:(a)一个易于阅读的没有机制解释的无复杂性的层面,以及(b)在前一个层面的基础上,为非技术观众解释关键机制。
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引用次数: 4
Technology Inequality: Opportunities and Challenges for Mobile Financial Services 技术不平等:移动金融服务的机遇与挑战
Pub Date : 2017-04-23 DOI: 10.2139/SSRN.2957143
L. Perlman
Technology has been a pivotal and successful enabler of financial inclusion. However, even with each technical evolution, sets of technical, cost, competition, capacity and access challenges persist. CFI Fellow Leon Perlman looks at the advantages, disadvantages and challenges that fasten on the existing and evolving technologies, bearer services, access platforms and user devices for mobile financial services (MFS) in Technology Inequality: Opportunities and Challenges for Mobile Financial Services. His on-the-ground research conducted in 12 different countries finds that smartphone-enabled MFS is not an impending panacea for financial inclusion. Due to the slow spread of reliable, high-quality 3G coverage and sufficiently capable smartphones, the majority of MFS will be accessed on feature phones, using Unstructured Supplementary Service Data (USSD), SIM Application Toolkit (STK) and java-applets, rather than internet-enabled smartphones, for the forseeable future.
技术一直是普惠金融的关键和成功推动者。然而,即使每一次技术发展,一系列技术、成本、竞争、能力和获取方面的挑战仍然存在。CFI研究员Leon Perlman在《技术不平等:移动金融服务的机遇和挑战》一书中分析了移动金融服务(MFS)的现有和不断发展的技术、承载服务、接入平台和用户设备的优势、劣势和挑战。他在12个不同国家进行的实地研究发现,支持智能手机的MFS并不是普惠金融迫在眉睫的灵丹妙药。由于可靠、高质量的3G覆盖和足够强大的智能手机的缓慢传播,在可预见的未来,大多数MFS将在功能手机上使用非结构化补充服务数据(USSD)、SIM应用工具包(STK)和java小程序,而不是支持互联网的智能手机。
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引用次数: 4
To See is To Know: Simultaneous Display of Market Data for Retail Investors 见即知:为散户投资者同步显示市场数据
Pub Date : 2017-04-10 DOI: 10.2139/ssrn.2336035
Hedi Benamar
I test whether the display format of market data affects the trading performance and behavior of retail investors. To do so, I exploit a large brokerage dataset covering a period during which the market information provided to the broker’s customers changed in format, but not in content. I find that a simultaneous display of cross-stock market data reduces the cognitive cost of monitoring the market and thus helps investors obtain better execution prices. In particular, investors better mitigate non-execution and adverse-selection risks when trading with limit orders. Hence, the display format of market data matters for the individual investor.
我测试市场数据的显示格式是否影响散户的交易业绩和行为。为此,我利用了一个大型经纪公司数据集,该数据集涵盖了一段时间,在这段时间里,向经纪商客户提供的市场信息格式发生了变化,但内容没有变化。我发现跨股票市场数据的同时显示降低了监控市场的认知成本,从而帮助投资者获得更好的执行价格。特别是,当投资者使用限价单交易时,可以更好地减轻非执行和逆向选择风险。因此,市场数据的显示格式对个人投资者很重要。
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引用次数: 2
Customer Acceptance of Millennial Generation Banking Services: Challenges and Prospects 千禧一代银行服务的客户接受度:挑战与前景
Pub Date : 2017-03-08 DOI: 10.2139/ssrn.2929837
M. Ashoka, V. S
Millennial generation bank (digital banking) is different from traditional brick and mortar banking service. Digital banking focus on promoting environmental friendly, ethical and transparent banking. This research paper attempts to evaluate the acceptance of new generation banking products among customer its relationship with that Age, Occupation and Educational Qualification. Statistical Tests are applied for analysing and evaluating the objectives. The results of the study implied that majority of the customers are millennial generation and middle age groups are more motivated towards digital banking products. Senior citizens and women are not actively using the service of digital banking and there is also a relationship between digital banking and demographic characteristics. Therefore, the educational qualification has nothing to do with usage of digital banking products, whereas, more awareness is need to be created among the senior age groups individuals.
千禧一代银行(数字银行)不同于传统的实体银行服务。数字银行致力于促进环保、道德和透明的银行业务。本研究试图评估新一代银行产品在客户中的接受程度与其年龄、职业、学历的关系。统计检验用于分析和评价这些目标。研究结果表明,大多数客户是千禧一代,中年群体对数字银行产品的积极性更高。老年人和女性并不积极使用数字银行服务,数字银行与人口特征之间也存在关系。因此,教育程度与数字银行产品的使用无关,而需要在老年群体个人中建立更多的意识。
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引用次数: 4
Bitcoin: Order without Law in the Digital Age 比特币:数字时代没有法律的秩序
Pub Date : 2017-03-07 DOI: 10.2139/SSRN.2929133
John O. McGinnis, K. W. Roche
Modern law makes currency a creature of the state and ultimately the value of its currency depends on the public’s trust in that state. While some nations are more capable than others at instilling public trust in the stability of their monetary institutions, it is nonetheless impossible for any legal system to make the precommitments necessary to completely isolate the governance of its money supply from political pressure. This proposition is true not only today, where nearly all government institutions manage their money supply in the form of central banking, but also true of past private banking regimes circulating their notes under the shadow of public law. However, Bitcoin represents a potential third currency regime far more resistant to state control, because it is minted in no physical place, operates under encryption, and places a numerical ceiling on the number that can be created. The trust required is not in any government but in the decentralized order of those who verify Bitcoin transactions. This Article explores the fundamental structure of Bitcoin, first by demystifying it as a technology, and second by showing how its decentralized order contrasts with currency regimes. Unlike governments that use power of law to compel action, Bitcoin relies on a system of built-in incentives to encourage behavior that benefits not only those seeking to use Bitcoin, but also Bitcoin miners — those who voluntarily undertake the task of maintaining the payment network. The qualities of this system may give Bitcoin a long-term advantage over other currencies. As the Bitcoin ecosystem continues to grow, its non-legal order can help it climb the rungs of stability created by distrust in government. Bitcoin is already less volatile than some currencies and is starting to approximate gold in this respect. The technology underpinning Bitcoin is the next point of innovation in the digital age — the same era that has already seen software create institutional disruption from Amazon, Facebook, and Uber among many others. As Bitcoin gains in popularity it offers a platform for other kinds of technological alternatives to traditional legal regimes, like smart contracts. Bitcoin’s order without currency law will facilitate other forms of order with less law.
现代法律使货币成为国家的产物,其货币价值最终取决于公众对国家的信任。尽管一些国家比其他国家更有能力让公众对其货币机构的稳定性产生信任,但任何法律体系都不可能做出必要的预先承诺,使其货币供应的治理完全脱离政治压力。这一命题不仅适用于如今几乎所有政府机构都以央行的形式管理货币供应的国家,也适用于过去在公法阴影下流通纸币的私人银行制度。然而,比特币代表了一种潜在的第三种货币制度,这种货币制度对国家控制的抵抗力要大得多,因为它不是在实体场所铸造的,是在加密的情况下运作的,并且对可以创造的数量设置了上限。所需的信任不在于任何政府,而在于验证比特币交易的人的去中心化秩序。本文探讨了比特币的基本结构,首先通过揭开它作为一种技术的神秘面纱,其次通过展示其去中心化秩序与货币制度的对比。与政府使用法律力量强制行动不同,比特币依赖于一个内置激励机制来鼓励行为,这不仅有利于那些寻求使用比特币的人,也有利于比特币矿工——那些自愿承担维护支付网络任务的人。这个系统的品质可能会使比特币比其他货币具有长期优势。随着比特币生态系统的不断发展,它的非法律秩序可以帮助它爬上由对政府的不信任造成的稳定阶梯。比特币的波动性已经低于一些货币,在这方面开始接近黄金。支撑比特币的技术是数字时代的下一个创新点——在这个时代,软件已经从亚马逊(Amazon)、Facebook和优步(Uber)等许多公司中颠覆了制度。随着比特币越来越受欢迎,它为智能合约等其他技术替代传统法律制度提供了一个平台。没有货币法的比特币秩序将促进其他形式的法律较少的秩序。
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引用次数: 11
The UK's Fintech Industry Support Policies and its Implications 英国金融科技产业扶持政策及其影响
Pub Date : 2017-02-17 DOI: 10.2139/ssrn.2919191
Hyoeun Yang
The rapid growth of the UK fintech industry is closely linked to the high quality of its fintech ecosystem. The global consulting agency Ernst & Young analyzed the quality of fintech ecosystems based on four categories: talent, capital, policy, and demand (Ernst & Young 2016). According to this analysis of the quality of fintech ecosystems, the UK has the best ecosystem among global fintech hubs. The most interesting feature of the UK government's fintech support policy is that the regulator who supervises the financial market provides direct and customized support to businesses which are under its supervision so that those businesses can easily understand the regulatory system and comply with less time and cost. Overall, based on this supportive attitude of the regulator, the interactive exchange of opinion and information among the government, companies, investors, and developers provided a good soil for establishing a strong and effective fintech ecosystem in the UK. Considering that the core purpose of financial regulation should include stabilizing the financial market and also increasing the benefit to consumers by promoting innovation and competition in the market, the fintech support policy of the UK government provides a fine example for financial regulators as the continuing economic downturn is causing a desperate need for innovation in the market.
英国金融科技产业的快速发展与其高质量的金融科技生态系统密切相关。全球咨询机构安永(Ernst & Young)根据人才、资本、政策和需求这四个类别分析了金融科技生态系统的质量(Ernst & Young 2016)。根据对金融科技生态系统质量的分析,英国在全球金融科技中心中拥有最好的生态系统。英国政府的金融科技支持政策最有趣的特点是,监管金融市场的监管机构对其监管下的企业提供直接的、定制化的支持,使企业更容易理解监管制度,更少的时间和成本。总体而言,基于监管机构的这种支持态度,政府、公司、投资者和开发商之间的意见和信息互动交流为在英国建立强大而有效的金融科技生态系统提供了良好的土壤。考虑到金融监管的核心目的应该包括稳定金融市场,并通过促进市场创新和竞争来增加消费者的利益,英国政府的金融科技支持政策为金融监管机构提供了一个很好的例子,因为持续的经济低迷导致市场迫切需要创新。
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引用次数: 3
InvestTech and Crowdsourcing Best Ideas: Investment Strategies for a Low-Yield Environment 投资科技和众包最佳创意:低收益环境下的投资策略
Pub Date : 2017-01-14 DOI: 10.2139/ssrn.2899425
S. Kunz, A. Muralidhar
Asset owners have to deal with the challenge of a potentially low-yielding investment environment for the foreseeable future. The traditional approach to raise the expected return typically leads to increasing allocations to illiquid assets such as private equity, real estate, or infrastructure. However, that method is not suitable to all asset owners. This paper provides a different and complementary approach: leveraging an asset owner’s unique position as a gateway to best ideas and non-traditional, diverse data sets. It demonstrates how assets owners, especially one located close to Silicon Valley, can utilize two key innovations to improve governance, risk management, and potentially expected returns: Crowdsourcing and Investment Technologies (InvestTech). Specifically, the paper shows how asset owners can leverage the best ideas and data sets of their partners (asset managers, banks, custodians, and research firms), and then convert these best ideas into implementable investment decisions. In this specific application, we examine how a limited form of “crowdsourcing” and InvestTech allowed the Office of the Chief Investment Officer of the Regents of the University of California (UC Investments) to develop its own internal investment model to manage asset allocations. In doing so, the portfolio and risks are better managed by the investment team. This approach is easily replicable by other asset owners, and each fund can develop its own bespoke approach based on relationships with vendors and key risks and objectives.
在可预见的未来,资产所有者必须应对潜在的低收益投资环境的挑战。提高预期回报的传统方法通常会导致增加对非流动性资产的配置,如私募股权、房地产或基础设施。然而,这种方法并不适用于所有的资产所有者。本文提供了一种不同的、互补的方法:利用资产所有者的独特地位,作为获得最佳想法和非传统、多样化数据集的门户。它展示了资产所有者,特别是位于硅谷附近的资产所有者,如何利用两项关键创新来改善治理、风险管理和潜在的预期回报:众包和投资技术(InvestTech)。具体而言,本文展示了资产所有者如何利用其合作伙伴(资产管理公司、银行、托管人和研究公司)的最佳想法和数据集,然后将这些最佳想法转化为可实施的投资决策。在这个特定的应用程序中,我们研究了有限形式的“众包”和InvestTech如何允许加州大学董事会首席投资官办公室(UC Investments)开发自己的内部投资模型来管理资产配置。这样,投资团队可以更好地管理投资组合和风险。这种方法很容易被其他资产所有者复制,每个基金都可以根据与供应商的关系、主要风险和目标,开发自己的定制方法。
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引用次数: 4
Determinants of Small Business Survival: The Impacts of Capital Intensity and the Collateral Value of Fixed Assets 小企业生存的决定因素:资本密集度与固定资产抵押品价值的影响
Pub Date : 2016-12-01 DOI: 10.2139/ssrn.2905342
Evaldo Guimarães Barbosa
The major claim of this article is twofold, that is, that fixed assets in small manufacturing enterprises in developing countries have to be seen with respect to two roles. The first is capital intensity. The second is the collateral value of these assets. The former is associated with the small manufacturing firms’ hazard of exit in a U-shaped fashion. The latter takes up a wave-shaped relationship. Failure in the extant empirical literature to fit a binomial specification for capital intensity results in either a negative or a positive relationship, or even, lack of statistical significance. All these three outcomes are the results of a misguided attempt to fit an “artificial” monotonic specification to an actual U-shaped relationship. The trinomial specification for the collateral value of the small manufacturing enterprises’ fixed assets has never been attempted. Thus, the present article proposes a new framework for the study of the impact of the small manufacturing enterprises’ fixed assets investment strategy upon their hazard of exit.
本文的主要主张是双重的,即发展中国家小型制造企业的固定资产必须考虑到两种作用。首先是资本密集度。二是这些资产的抵押品价值。前者与小型制造业企业的退出风险呈u型相关。后者呈波浪状关系。在现有的经验文献中,未能适应资本密集度的二项规范导致负或正关系,甚至缺乏统计显著性。所有这三种结果都是一种错误尝试的结果,即试图将“人为的”单调规范与实际的u型关系相匹配。小型制造企业固定资产抵押价值的三项式规范从未进行过尝试。因此,本文提出了一个研究小型制造业企业固定资产投资策略对其退出风险影响的新框架。
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引用次数: 0
期刊
IRPN: Innovation & Finance (Topic)
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