Security Issues in a SOA-based Provenance System

Recent work has begun exploring the characterization and utilization of provenance in systems based on the Service Oriented Architecture (such as Web Services and Grid based environments). One of the salient issues related to provenance use within any given system is its security. In a broad sense, security requirements arise within any data archival and retrieval system, however provenance presents unique requirements of its own. These requirements are additionally dependent on the architectural and environmental context that a provenance system operates in. We seek to analyze the security considerations pertaining to a Service Oriented Architecture based provenance system. Towards this end, we describe the components of such a system and illustrate the security considerations that arise within it. Concurrently, we outline possible approaches to address them.

The Determinants of Recovery Rates on Defaulted Corporate Securities: Why do Fallen Angels recover more than Original High Yield Issues?

Regression analysis has shown that recovery rates are determined by a variety of conditions at the time of default. These conditions can be broken into five major categories: (1) a security's seniority within the capital structure of the defaulting firm, (2) the type of default event, (3) firm-specific factors, (4) industry-specific factors, and (5) macroeconomic factors. Expectations of these inputs determine the expected recovery rate if default were to occur, thereby determining credit ratings and security prices. Although it is widely understood how recovery rate estimates influence credit rating assignments (the higher the expected recovery rate, the higher the assigned credit rating), no research, to the best of my knowledge, has investigated the reasons why higher rated securities recover more than lower rated securities in the event of default. Specifically, this paper will empirically investigate why securities originally rated investment grade, fallen angels, recover more than securities originally rated high yield in the event of default.