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"This book explores the opportunities and challenges that both Europe and Asia face under the framework of the 21st Century Maritime Silk Road Initiative. The 21st Century Maritime Silk Road Initiative (MSR Initiative), put forward by the Chinese government together with the Silk Road Economic Belt, reflects China's ambition and vision to shape the global economic and political order. The first step and priority under the MSR Initiative, according to documents issued by China, is to build three 'Blue Economic Passages' linking China with the rest of the world at sea, two of which will connect China with Europe. This initiative, however, still faces enormous challenges of geopolitical suspicion and security risks. This book seeks to assess these risks and their causes for the cooperation between the Eurasian countries under the framework of MSR and puts forward suggestions to deal with these risks in the interdisciplinary perspectives of international relations and international law. Featuring a global team of contributors, this book will be of much interest to students of Asian politics, maritime security, international law and international relations."

AbstractWe investigate how convertible bond issuance impacts stock market quality across four dimensions: liquidity, price efficiency, excess returns, and volatility, using Chinese market data. Findings reveal that convertible bond issuance enhances liquidity and price efficiency but also leads to increased volatility and reduced excess returns. We identify two primary mechanisms: first, the conversion of convertible bonds impacts all four dimensions of market quality; second, high‐frequency trading of these bonds reduces stock market volatility, mitigating the overall effect. Heterogeneity analysis indicates that these effects are stronger among firms with smaller market capitalizations, lower‐rated convertible bonds, and during negative sentiment periods.

AbstractCryptocurrency is one of the earliest and the most successful applications of blockchain, and it utilizes the distributed ledger, which is a commonly used technique in blockchain, to make a decentralized transaction within the blockchain of a cryptocurrency. However, how to make a decentralized transaction of cryptocurrencies between parties on different blockchains, that is, the cross‐chain exchange, is not well‐studied. In this paper, we develop a new method to make cross‐chain exchanges based on the classical atomic swap. We first study the optionality embedded into the atomic swap and propose to add a premium into the atomic swap, and then design a new procedure with the premium to guarantee the fairness of the cross‐chain exchange. We also provide an algorithm based on the least‐squares Monte Carlo method to estimate the premium and analyze the convergence of the algorithm. Moreover, we study the cross‐chain exchange with margin trading. We propose an adapted exchange procedure to make a fair cross‐chain exchange and an algorithm to estimate the fair premium under the margin trading. Numerical experiments are provided to show the effectiveness of the algorithms.