Victor Michelle, Natalie Michelle, Emilie Michelle, Elias Michelle
Abstract:Intellectual Property (IP) represents the largest class of assets in the global economy ($65–100 trillion) yet remains structurally absent from corporate balance sheets under GAAP and IFRS (IAS 38). Consequently, the market capitalisation of technology companies is artificially split only into Tangible Assets (TA) and a Speculative Premium (MP), with the real value of IP hidden inside MP. This technical specification outlines Version 1.0 of the IP Coin methodology, delivering a market-based spot utility token framework designed to materialize the hidden value of intellectual property into a liquid, visible asset layer (IP_visible). By purchasing IP Coin, investors directly capitalise the previously invisible IP of a public company. The platform displays three layers – TA, MP, and IP_visible – and automatically transfers purchase value from MP to IP_visible based on the strict capital conservation rule: MC = TA + IP_visible + MP. The Intangible Dominance Ratio (IDR = IP_visible / MC) updates automatically after every trade as a derived performance metric, rather than a price-setting oracle. This methodology creates the first market-based solution for IP tokenisation without altering accounting standards. Keywords: Fintech, Tokenization, Financial Engineering, Intangible Assets, AI Valuation, Copyright, Capital Markets, Web3 Architecture, Market Decomposition.
Abstract The current academic landscape is often shaped by political and financial influences, restricting access to education and compromising research independence. To address these challenges, we introduce “FreeUniversity.dao”, a university model grounded in the principles of a Decentralized Autonomous Organization (DAO). FreeUniversity.dao emphasizes academic freedom, openness, and equitable access to education, leveraging blockchain and DeFi technologies to establish a transparent and sustainable framework for global learning and research. It envisions a politically neutral and corruption-free governance model that prioritizes transparency, fairness, and accessibility. Decision-making processes are designed to be participatory, democratic, rewarding merits and contributions, and involving the community in all major decisions, including rule changes and further developments. For traditional university institutions FreeUniversity.dao offers a migration path to DAO-based structures. While this paper does not present a fully realized DAO design, it outlines the core concepts, coordination challenges, and foundational elements required to build such a system. It aims to be a starting point for further exploration and discussion about the future of academic governance. An example workflow illustrates how the DAO could work in practice and motivates how current processes can be improved to reduce interventions that could jeopardize the integrity of scientific research.
This study examines the dynamic connectedness between sustainable cryptocurrencies and Ethereum using the Quantile-on-Quantile Connectedness (QQC) methodology. The dataset consists of daily observations covering the period from April 19, 2019 to September 12, 2025. The analysis focuses on Cardano (ADA), IOTA, and Stellar (XLM), which are known for their high energy efficiency and environmentally sustainable blockchain architectures. Owing to its ability to measure the interactions between transmitting and receiving variables across different distributional quantiles, the QQC approach enables a detailed assessment of the direction and magnitude of information spillovers, particularly under extreme market conditions such as stress episodes or liquidity shortages. The findings indicate that Ethereum acts predominantly as a systemic net transmitter across most quantile levels, while Cardano and IOTA serve as net receivers, especially within medium and high quantiles. Stellar exhibits limited connectedness during low-volatility market regimes. Overall, the results suggest that the information transmission dynamics of sustainable crypto assets are highly sensitive to Ethereum’s market influence, highlighting the increasing role of energy-efficient blockchain ecosystems in the broader digital finance landscape. The findings are important for portfolio managers in terms of making asset allocation decisions by taking into account the risk and diversification potential of sustainable cryptocurrencies relative to Ethereum.
[ES]En la actualidad estamos viviendo una época de cambios sustanciales derivados de la disrupción creada por las nuevas tecnologías. Muestra de esta situación la encontramos en la importancia creciente, especialmente en términos económicos, de lo que se ha denominado como “activos digitales”. Este artículo pretende ofrecer una visión realista de la situación actual desde el punto de vista tanto contable como de calificación jurídica de estos activos, con una especial referencia a los tokens no fungibles (NFTs), con la pretensión de incentivar el necesario debate sobre la pertinencia de que estas nuevas realidades se contemplen desde un enfoque pluridisciplinar.[EN]We are currently living in an era of substantial changes derived from the disruption created by new technologies. An example of this situation can be found in the growing importance, especially in economic terms, of the knows as “digital assets”. This article aims to offer a realistic view of the current situation from the point of view of both accounting and the legal classification of these assets, with special reference to non-fungible tokens (NFTs), with the purpose of encouraging the necessary debate on the relevance of considering these new realities from a multidisciplinary approach.
The banking sector is a sector that is sensitive to information that occurs in a country or the world. However, banking shares are a long-term investment choice because it is believed that institutions and the state have an important function for the whole community, and of course, the government is the supervisor to keep a bank from experiencing operational failure. By using advanced technology, it is a signal that banking improves intellectual capital factor with strong skills and infrastructure to face the digitalization era. However, in the era of banking digitalization, conditions of future uncertainty and the emergence of digital currencies existence can survive the development of the capital market. This study aims to analyze how far the influence of internal aspects such as intellectual capital and capital structure and external such as geopolitical events and digital currency has on banking stock returns in 2016–2020. The results of this study are that capital structure and cryptocurrencies affect stock returns. This shows that investors consider healthy bank conditions and good capital management and also investors tend to diversify their portfolios by including bitcoin in promising investments even though the risks are considered high.
Under the fiscal decentralization system, China has implemented a central and provincial management system. Colleges and universities are divided into central and local colleges and universities. At present, local higher education is facing the dilemma of insufficient investment. The reasons are mainly reflected in three aspects: first, the inherent defects of China's fiscal decentralization system restrict the attention of local governments to the higher education needs of local residents; Second, the speed of local economic development can not keep up with the rapid development of the scale of local higher education, resulting in the lack of financial resources for local governments to invest in higher education;, The third is the game of local governments in the direction of financial investment under the fiscal decentralization system, which leads to the reluctance of local governments to invest funds in the field of higher education. We believe that in order to alleviate the plight of insufficient investment in local higher education, we should promote the decentralization reform of higher education investment system; The local government should establish a scientific view of political achievements, improve the understanding of the importance of higher education, and speed up the financial allocation to local colleges and universities; Mobilize non-public resources to invest in local higher education and broaden the financing channels of local colleges and universities.
This paper mainly focuses on the evolution of organizational structure in different development stages of Chinese manufacturing enterprises.A multi-case analysis involving three enterprises is conducted to examine how organizational structure evolves in the three status dimensions,namely specialization,standardization and centralization.We find that in the process of development from the single enterprise in the initial stage to the group development stage and the final group capital operation stage,the enterprises' organizational structure will gradually change from being composed of only production and operation departments to including departments of strategic planning,investment management,human resource management,finance,supervision and administration.The standardization of the various functional departments starts from the business class,followed by the functional class,then the cultural and strategic investment class.As for the power relation,the organizational structure changes from highly centralization to partly decentralization and finally decentralization-based law.
The parent-subsidiary enterprise finance control pattern appears to be the continual dynamical equilibrium between the centralization and the decentralization,but in essence it is.the financial control intrinsic mechanism match in the dynamic process.The modern parent-subsidiary enterprise finance control featuring the department hierarchy is characterized by the mechanism in which the non-authority control mechanism replace the authority control mechanism,a basic form of control.Moreover,such a phenomenon should be looked as the remedying mechanism to replace the authority control with the non-authority control when the former is insufficient due to the failure of the department hierarchy and therefore is an improvement on the authority control.,which can determine the effectiveness of the financial control.
Regional form of Organization of the health care that are called today DyPE, have as a main \ngoal to promote more rational resource allocation through decentralization in the decision \nmaking process. The concern for more effective and efficient use of resources devoted into \nthe health care sector renders hospitals a critical vehicle of the quest for superior economic \nperformance, especially if we take into our consideration their mounting over time deficits. \nEconomic performance is primarily traced through a set of specific financial ratios, which \nembrace important elements that constitute the substance of the financial well-being of \nhospitals as economic units. An array of financial ratios is critically reviewed and a \ncombination of them is proposed as a means of effective financial management. The later is \nnecessary to ameliorate the funding strain imposed on the health care system and especially \non hospitals. The financial performance is determined by the return on capital (profitability) \nin connection with the risk involved. Both factors determine the value created, which in turn \naffects the amount of financing attracted in the sector. The financial information available \nto the supervising regional bodies (DyPE), don’t considered sufficient for their management \nto assess financial management of hospitals effectively. The lack of the appropriate economic \ndata is due to the fact that double entry accounting has not yet fully adopted by the economic \nunits that report to the corresponding DyPE. So, double entry accounting is prerequisite for \nreporting and monitoring acceptable financial performance. The later is vital in securing \nthat the financial needs of the health sector that are growing at an ever accelerating pace, \nare met.
It is very important to choose the most approproate finance control mode for the enterprise's development.On the basis of analyzing the characters of three typical modes,the paper compare their advantages and disadvantages.Considering these factors such as the guoup's developing strategic,developing stage,choosing industry,the subsidiary's influence on the parent company and so on,a conclusion is drawn that currently the business should adopt the finance control mode mixed by the centralization and decentralization.