A convertible limited (multi-) veri er signature (CL(M)VS) provides controlledveri ability and preserves the privacy of the signer. Furthermore, limitedveri er(s) can designate the signature to a third party or convert it into apublicly veri able signature upon necessity. In this proposal, we  rst presenta generic construction of convertible limited veri er signature (CLVS) intowhich the existing secure CLVS schemes  t. Afterwards, we extend thisgeneric construction to address the unsolved question of designing an e cientconstruction with more than two limited veri ers. To this e ect, two genericCLMVS constructions are presented, which are proven to be e cient in thatthey generate a unique signature for more than two limited veri ers. Giventhe  rst generic construction, each limited veri er checks the validity of thesignature solely, while in the second, cooperation of all limited veri ers isimperative. Thereupon, on the ground of our second generic construction, wepresent the  rst pairing-based CLMVS scheme secure in the standard model, which is of a strong con rmation property as well. Finally, we employ theproposed CLMVS scheme for one limited veri er (CLVS) so as to design a newelectronic voting protocol.

Loan Securitization technique is among the solutions for credit risk elimination and liquidity risk reduction in conventional banking system framework. Many banks use this technique to enhance their lending and quality. Economic firms and corporations have considerable share in these funding in the form of the Islamic contracts. Setting up a portfolio in the from a firm’s current debts or securitization of a firm’s liabilities with convertibility option to stocks, along with other securitization methods, is a suitable solution to revive banking resources. On the other hand, convertibility option to stocks helps companies settle their debts to their creditors.In this research, firstly the concepts of securitization and sukuk with a descriptive-analytic and attributive method, is described, then an operational model for convertible banking sukuk along with juridical dimensions is proposed. The paper continues by providing five financial functions of the proposed security.

generally an important part of changes in architectural constructions are represented by convertible structures. These kinds of structures are composed typically of hard or soft materials or combination of both, which avoid independent structural deformations and need additional elements such as hinges, rollers or other similar components. Development of new construction materials like Fiber-Reinforced Plastic (FRP) provides new opportunities for application of pliable elements in new convertible structures. Deformation of these pliable elements is an active bending one. It means bending of these structures is influenced by residual stress in their load bearing capacity and behavior. In comparison to the traditional convertible structures, the application of these new materials deforms the structures with less or even no hinge or other additional elements. Other important advantages of these structures are: reversibility, simplicity and lightness. The novelty of these structures has caused some uncertainties and questions that should be solved through new research projects. The most important questions are related to the material properties, appropriate deformation mechanisms and shape variation capabilities of these pliable convertible structures. This paper represents a bionics approach for design of some new deformation mechanisms inspired by natural role models for these structures. Due to limited information about pliable structures, the first part of the paper introduces a background and basic information about these structures. Then the main reasons for development of pliable convertible structures will be represented. At the beginning of the main part of the paper the process sequences in biomimetic research (Bottom-up and Top-down process) are described. The technical problem about deformation mechanism of pliable convertible structures and its boundary conditions are defined at the first step of Top-down process sequence. In the second step seventh of best biological role models from our screening process between plants and animals in macro and micro scale are rendered. Two body deformations of the most promising biological role models are selected in the third step. Jellyfish and snapdragon (Antirrhinum majus) are the selected ones. Each one of these natural examples has particular mechanism principle for body deformation. Jellyfish moves through the water by radially expanding and contracting their umbrella. Muscles are used for the contraction of the body and expansion is by an elastic part of their body (mesoglea) which releases the energy stored from the contraction. But deformation of snapdragon caused by an external pressure. The bottom petal of snapdragon bends down by the pressure on both sides of it. This is caused by curved-line folding of this petal. In the fourth step of Top-down process the biological mechanisms are abstracted by two different methods. Body deformation mechanism of jellyfish is abstracted by geometrical models (abstract formal patterns) and petal deformation mechanism of snapdragon is abstracted by physical models (folded paper models). Abstracted biological principles with minor modification are applied in two architectural examples for pliable convertible structures in the final step. The technical prototyping, optimization, potential for implementation and industrial development are issues that need specialized research and practical examination and can be followed in the future trends.

This paper has potential implications for the management of the bank. We examine a bank capital structure with contingent convertible debt to improve financial stability. This type of debt converts to equity when the bank is facing financial difficulties and a conversion trigger occurs. We use a leverage ratio, which is introduced in Basel III to trigger conversion instead of traditional capital ratios. We formulate an optimization problem for a bank to choose an asset allocation strategy to maximize the expected utility of the bank's asset value. Our study presents an application of stochastic optimal control theory to a banking portfolio choice problem. By applying a dynamic programming principle to derive the HJB equation, we define and solve the optimization problem in the power utility case.The numerical results show that the evolution of the optimal asset allocation strategy is really affected by the realization of the stochastic variables characterizing the economy. We carried out a sensitivity analysis of risk aversion, time and volatility. We also reveal that the optimal asset allocation strategy is relatively sensitive to risk aversion as well as that the allocation in CoCo and equity decreases as the investment horizon increases. Finally, sensitivity analysis highlights the importance of dynamic considerations in optimal asset allocation based on the stochastic characteristics of investment opportunities.

The long and time-consuming process of the initial offering of shares makes companies unable to use the appropriate market conditions for the initial offering of their shares; Therefore, a solution is suggested in this research, so that companies can finance themselves before the initial offering of their shares, through the issuance of convertible sukuk. In this research, the possibility of issuing pre-ipo sukuk r is examined from the financial, jurisprudential and legal perspective. This is qualitative research, which is a descriptive survey from the point of view of the applied goal and from the point of view of the method of data collection. The method of collecting information in this research is documentary and questionnaire. In this research, the descriptive analytical method was used to analyze the legal and jurisprudential aspects, and the descriptive survey method was used for financial feasibility. The statistical sample of the research is 20 financial experts who were selected purposefully. The results show that the power of attorney has a suitable and flexible structure for the design of convertible bonds and the proposed structure is approved in jurisprudence. According to experts, the proposed structure of convertible power of attorney bonds is proposed as follows: (1) optional conversion into shares (2) conversion time from the time of stock offering to the maturity of the bonds (3) periodic or cumulative interest payment (4) conversion Completely in the form of shares or a combination of cash and shares (5) determining the conversion rate at the time of issuing the bonds (6) the possibility of simultaneously using two buying and selling options (7) the time horizon of the bonds is one to three years (8) in case of a change of ownership The company exercises the put option for bondholders.

Objectives: The purpose of this analysis is to present a two-year follow-up of patient-reported outcomes, revision rate, and notable radiographic features of a convertible, diaphyseal-fit anatomic total shoulder arthroplasty system (ATSA). Methods: From June 2012 to June 2015, 100 shoulders were treated with ATSA using a convertible, diaphyseal-fit stem. Functional outcomes and radiographic findings were assessed preoperatively and at 6 months, 1 year, and 2 years postoperatively. Complications and reoperations were also determined. Results: Ninety-three shoulders were analyzed in this study. Patients were 47. 3% male and had an average age of 67. 3±, 8. 1-years-old (range 44. 7-89. 1). Two-year clinical outcomes show a revision rate of 4. 3%. Average preoperative ASES was 37. 1±, 18. 9 (6. 7-86. 7), SST (77. 4%) was 3. 1±, 2. 4 yes responses (0-9), and SANE (88. 2) was 25. 4±, 21. 5% (0-85. 0%). At two years post-operative average (75% follow-up) ASES was 89. 3±, 15. 1 (37. 0-100), SST was 10. 0±, 2. 5 yes responses (0-12), and SANE was 85. 6%±, 17. 0% (33. 0-100%). Radiographic analysis at two years identified 2 shoulders (4%) with glenoid radiolucency (both Lazarus grade 1), 5 shoulders with at least one humeral radiolucent line (10%), and 9 shoulders (18%) with stress-shielding. There were 12 shoulders (24%) with distal pedestal formation. This finding was associated with the presence of radiolucent lines (P=0. 002). Conclusion: This two-year analysis identified improvement in ASES, SST, and SANE scores and a low revision rate. Presence of a distal pedestal was associated with increased rates of radiolucent lines. Further analysis with longerterm and more robust follow-up will improve our understanding of the risks and benefits of this shoulder system.

Islamic securities (‘ sukuk’ ) are securities which have the features of stocks and bonds toghater. Similar to stocks, these securities indicate a type of partnership. However, these securities usually bear a maturity date like bonds and contrary to stocks. This has resulted in sukuk (Islamic securities) to be considered as a type of hybrid securities. Hybrid security is a term used to describe a security that combines elements of debt and equity securities or bonds and shares. Preferred shares, convertible bonds and subordinated bonds are common kinds of hybrid securities. The idea to create these securities is to design a type of security that can be considered share for some purposes and be considered bond for others through which we can gather best of the two different kinds of securities in one security. In this paper we have introduced hybrid securities, have explained sukuk’ s similarities with stocks and bonds and finally have introduced sukuk as a kind of hybrid securities that also can broadly be used in the non-Islamic markets.