IPO Underpricing and Its Dynamic Changes in Chinese A-share Market: An Empirical Analysis from 1996 to 2015

By conducting multiple linear regression analysis on 1645 samples of IPOs in Chinese A-shares stock market, this dissertation illustrates the determinants of IPO underpricing in Chinese IPO market for period 1996 to 2015. Specifically, following the important reforms in the market, the paper also identify the dynamic change in both IPO underpricing level and the factors affects the underpricing in five subperiods of for the past 20 years. The finding of this paper shows IPO underpricing in China is not only caused by factors indicated in conventional theories such as winner’s curse effect and signalling effect, but also related to unique characteristics in the market like IPO quota restriction and state ownership. However, the result of subperiod analysis implied that as IPO reforms has been promoted, the factors of unique characteristics of Chinese IPO market become less important and the underpricing level decrease significantly, showing the market is transforming close to western market and become more mature. Key words: IPO Underpricing; Chinese Market; IPO Reform

Research on the Third-party Payment Risk in the Background of Nets Union Clearing Platform: The Case of Alipay

Third-party payment has become an important part of the current payment method in China. However, there are many risks associated with the development of the third-party payment network. The establishment of the Nets Union in 2017 had a significant impact on the standardization of the entire third-party payment market. By further researching the third-party payment risk under the background of Nets Union Clearing Platform, combining with the empirical analysis for the case of Alipay, this paper constructs the third-party payment risk model by AHP and fuzzy comprehensive evaluation, then making some recommendations for Third-party payment risk control management

Enabling verification and conformance testing for access control model

Verification and testing are the important step for software assurance. However, such crucial and yet challenging tasks have not been widely adopted in building access control sys-tems. In this paper we propose a methodology to sup-port automatic analysis and conformance testing for ac-cess control systems, integrating those features to Assur-ance Management Framework (AMF). Our methodology at-tempts to verify formal specifications of a role-based access control model and corresponding policies with selected se-curity properties. Also, we systematically articulate testing cases from formal specifications and validate conformance to the system design and implementation using those cases. In addition, we demonstrate feasibility and effectiveness of our methodology using SAT and Alloy toolset