TCM provides key migration interfaces to enhance interoperability between different TCM chips, allowing users to share keys between TCMs by key migration protocols. This study finds that the conventional TCM key migration protocol, which uses the new parent key of the migrated key on the destination TCM as the migration protection key, has two weaknesses. First, keys cannot be migrated to symmetric keys, which violates the design principles of TCM. Second, the absence of authentication between the originating TCM and destination TCM allows attacker to recover the migrated key of the originating TCM and to import his key into the destination TCM. To solve these issues, the paper proposes two new TCM key migration protocols. The first protocol, compliant with the TCM specification, allows keys to be migrated to symmetric keys and provides authentication of the destination TCM. The second protocol, which requires a slight modification to TCM key migration interfaces, not only solves all the two weaknesses, but also provides prefect forward security. Finally, the study formally analyzes the two protocols and demonstrates that the proposed protocols satisfy the correctness and desired security properties.
ABSTRACT The commercial real estate market provides a unique environment to evaluate the movement of transaction price to intrinsic value. Given the latent nature of intrinsic value, empirical assessment has been difficult. Long‐term use of both judgment (appraisal)‐ and transaction‐based values in real estate to provide tradable price and return benchmark allows testing of the intrinsic value to price relation. Based on NCREIF property return data from 1984 to 2019, we show that the transaction‐based index (TBI) and the appraisal‐based index (NPI) are cointegrated, and the error correction term forecasts TBI returns but not NPI returns. These results indicate that when short‐run deviation occurs, it is the TBI not the NPI that eventually converges back to the equilibrium state of the TBI–NPI system. Further tests reveal that the common trend of the TBI–NPI cointegrated system is associated with the income stream from commercial properties (a fundamental variable).
Many studies have documented the common problem of venue underutilization after mega events such as the Olympic Games and the FIFA World Cup, which imposes a heavy financial burden on the host cities. This paper aims to provide practical and empirical suggestions for improving venue underutilization through research and analysis of dismantled and existing sports facilities. Under the sharing and circular economy frameworks, we comparatively analyze the venue sustainability of different mega sports venues through site selection, construction, and after-event operation phases. In the site selection phase, we suggest choosing a location near the city, cooperating with universities, and building on existing infrastructure. In the construction phase, we recommend refurbishing or reusing existing sports stadiums to optimize space utilization rates, enhancing the versatility of venues, and using reusable materials and renewable energy sources. Suggestions for after-event operations include sharing sports stadiums for multiple purposes and improving resource reallocation. Our paper improves the venue utilization of mega sporting events from circular and sharing perspectives.
We revisit the link between interest rates and corporate bond credit spreads by applying Rigobon’s (2003) heteroskedasticity identification methodology to their interconnected dynamics through a bivariate VAR system. This novel approach allows us to account for endogeneity issues and to use this framework to test the various possible explanations for the credit spread – interest rate relation that have been proposed by the literature over the years. This innovative methodology allows us to conclude that credit spreads do indeed respond negatively to interest rates, yet that this negative relation is surprisingly robust to macroeconomic shocks, interest rates characteristics, different volatility regimes, and bond ratings. We also find the magnitude of the negative relation to be larger for high-yield bonds than for investment-grade bonds. Additionally, we are also able to rule out business cycles, the optionlike feature of callable bonds proposed by Duffee (1998), as well as the term spread as the main drivers of the negative nature of the relationship.
The Trusted Platform Module (TPM) version 2.0 provides a two-phase key exchange primitive which can be used to implement three widely-standardized authenticated key exchange protocols: the Full Unified Model, the Full MQV, and the SM2 key exchange protocols. However, vulnerabilities have been found in all of these protocols. Fortunately, it seems that the protections offered by TPM chips can mitigate these vulnerabilities. In this paper, we present a security model which captures TPM's protections on keys and protocols' computation environments and in which multiple protocols can be analyzed in a unified way. Based on the unified security model, we give the first formal security analysis of the key exchange primitive of TPM 2.0, and the analysis results show that, with the help of hardware protections of TPM chips, the key exchange primitive indeed satisfies the well-defined security property of our security model, but unfortunately under some impractical limiting conditions, which would prevent the application of the key exchange primitive in real-world networks. To make TPM 2.0 applicable to real-world networks, we present a revision of the key exchange primitive of TPM 2.0, which can be secure without the limiting conditions. We give a rigorous analysis of our revision, and the results show that our revision achieves not only the basic security property of modern AKE security models but also some further security properties.
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