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Chapter 3 The developments of the insider trading regulation in the world.

对我国立法与实践两个方面现状的深刻思考,对我国内幕交易立法存在的问题进行了细致的梳理和剖析。

The principle of maximal profit is the main factor as to whether to obey credit or not. The analysis of using a game theory model once and using it repeatedly arid the analysis of a game theory model with outside intervene and evolutionary game theory analysis lead to a conclusion that strengthening cooperation and the government's power of supervision and punishment, the truthfulness of information , and a sound credit mechanism are the basic solution to the credit problem in electronic commerce.

本文运用博弈的方法,对电子商务中失信产生的原因进行了分析,认为收益的最大化原则是决定是否守信的主要因素,并通过对一次博弈、重复博弈和有外部干预情况下以及进化论博弈模型的分析,得出进一步加强交易合作的持久性、政府监管和惩罚的力度、信息的真实性以及完善的信用制度,是解决电子商务信用问题的根本方法。

The principle of maximal profit is the main factoras to whether to obey credit or not. The analysis of using a gametheory model once and using it repeatedly arid the analysis of agame theory model with outside intervene and evolutionary gametheory analysis lead to a conclusion that strengthening cooperationand the government's power of supervision and punishment, thetruthfulness of information , and a sound credit mechanism are thebasic solution to the credit problem in electronic commerce.

本文运用博弈的方法,对电子商务中失信产生的原因进行了分析,认为收益的最大化原则是决定是否守信的主要因素,并通过对一次博弈、重复博弈和有外部干预情况下以及进化论博弈模型的分析,得出进一步加强交易合作的持久性、政府监管和惩罚的力度、信息的真实性以及完善的信用制度,是解决电子商务信用问题的根本方法。

Then it analyses the bankruptcy of Barin Bank and the Event of XMS in term of market risk .

然后对巴林银行的投资组合进行分析,由于巴林银行投资组合的非理性,导致组合的市场风险较大,并且从市场风险的角度给出机构在进行金融衍生品交易时必须吸取的教训。

Upon the problems mentioned above, this paper focuses on the following work:? Analyzes the advantages and disadvantages for the key researches both in and abroad;? Studies some existing international standards and protocols including SET and ASC X9;? Gives the designing rules for the secure scheme then proposes a general simple model for mobile payment;? A secure scheme called SeMo is designed according to the different security needs for lineate links and wireless ones;? Analyzes the security for the scheme still basing on the two distinct links, which improves the scheme fully fulfilling the security requirements such as: authentication, integrity, confidentiality and non-repudiation.

针对上述问题,本文作了以下几点工作:●分析了国内外对移动支付研究的现有关键技术的优缺点;●学习了一些现有的国际金融规范和标准为准则;●借鉴安全电子交易模型方案,并参考了ASC的X9系列规范,提出一个简单可行的移动支付一般模型;●根据该模型尝试着根据无线和有线两个不同接口对安全性的需要,设计出移动支付系统的安全方案SeMo;●然后再根据接口的不同对该安全方案进行分析,证明该方案能解决移动支付的安全问题,也就是手持设备的认证问题以及数据保密性、完整性等问题。

The shorter duration and greater optionality require insurers to undertake more short-term trading and hedging of market risks, or to hold greater capital to address periodic investment underperformance.21 This shift in balance sheet and risk profile is particularly relevant to the current debate surrounding financial accounting and reporting standards.

期限的缩短和增大选择性都要求保险商们对各种市场风险进行更短期的交易和投资活动,或者拥有更多的资本,去解决周期性发生的投资状况不良问题。资产债务表和风险形象方面的转变,与当前围绕着财务会计和报表制度所进行的辩论有着特别的关联。

Already courts are being asked to decide what happens when someone perpetrates a fraud in a virtual real estate transaction or whether you can be taxed on the money you make in a virtual transaction.

现在我们的法院已经有了对实施虚拟财产交易诈骗的人进行判决或者针对在虚拟世界赚钱的人是否可以征税的问题进行判定的强烈的需求。

Finally the investment in the course of convertible bond investment is studied. There is evidence that the market behavior of convertible bonds is much better than the stocks and bonds. Owing to the inconsistency of the price change between the stock and the convertible bond, by analyzing the change of conversion premium rate, the arbitrage can be realized in incomplete market. But investors must bear the price risk due to the trade system.

最后论文对可转换债券投资过程中的投资活动进行了研究,实证发现可转换债券的市场表现优于债券和股票;同时基于股价与可转换债券价格的变化不一致性,通过分析可转换债券的转换溢价率的变化,在无卖空市场中同样可以进行套利,只是投资者要承担由于交易制度造成的价格风险。

Based on the empirical studies of arbitrage process and results on domestic convertible bond market, we have drawn the follow conclusions: on domestic convertible bond market, the arbitrage actions conducted by institutional investors help to reduce risk and increase return; meanwhile, arbitrage actions help to effectively price the bond and encourage its bonders to exercise the conversion right.

本文作者通过对国内转债交易市场中投资套利过程及结果的实证分析,提出了研究结论:在国内转债市场中,机构投资者进行的转债套利操作行为有利于机构大资金在进行转债投资实践中回避风险、提高收益;同时,套利行为可以促进转债有效定价并能够推动持债者积极转股等。

A risk investment broker working specially in financial asset business on capital market has a dual identity,i.

资本市场中以进行金融资产交易为职业的专业经纪人具有投资者和代理人的双重身份,根据行为金融理论,经纪人在进行投资决策时并非完全理性,而这种非理性必然会对与经纪人利益相关的委托人带来影响。

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