Xurui Li (Fudan University), Xin Shan (Bank of Shanghai), Wenhao Yin (Shanghai Saic Finance Co., Ltd)

Efficient prediction of default risk for bond-issuing enterprises is pivotal for maintaining stability and fostering growth in the bond market. Conventional methods usually rely solely on an enterprise’s internal data for risk assessment. In contrast, graph-based techniques leverage interconnected corporate information to enhance default risk identification for targeted bond issuers. Traditional graph techniques such as label propagation algorithm or deepwalk fail to effectively integrate a enterprise’s inherent attribute information with its topological network data. Additionally, due to data scarcity and security privacy concerns between enterprises, end-to-end graph neural network (GNN) algorithms may struggle in delivering satisfactory performance for target tasks. To address these challenges, we present a novel two-stage model. In the first stage, we employ an innovative Masked Autoencoders for Heterogeneous Graph (HGMAE) to pre-train on a vast enterprise knowledge graph. Subsequently, in the second stage, a specialized classifier model is trained to predict default risk propagation probabilities. The classifier leverages concatenated feature vectors derived from the pre-trained encoder with the enterprise’s task-specific feature vectors. Through the two-stage training approach, our model not only boosts the importance of unique bond characteristics for specific default prediction tasks, but also securely and efficiently leverage the global information pre-trained from other enterprises. Experimental results demonstrate that our proposed model outperforms existing approaches in predicting default risk for bond issuers.

View More Papers

Architecting Trigger-Action Platforms for Security, Performance and Functionality

Deepak Sirone Jegan (University of Wisconsin-Madison), Michael Swift (University of Wisconsin-Madison), Earlence Fernandes (University of California San Diego)

Read More

Predictive Context-sensitive Fuzzing

Pietro Borrello (Sapienza University of Rome), Andrea Fioraldi (EURECOM), Daniele Cono D'Elia (Sapienza University of Rome), Davide Balzarotti (Eurecom), Leonardo Querzoni (Sapienza University of Rome), Cristiano Giuffrida (Vrije Universiteit Amsterdam)

Read More

DorPatch: Distributed and Occlusion-Robust Adversarial Patch to Evade Certifiable...

Chaoxiang He (Huazhong University of Science and Technology), Xiaojing Ma (Huazhong University of Science and Technology), Bin B. Zhu (Microsoft Research), Yimiao Zeng (Huazhong University of Science and Technology), Hanqing Hu (Huazhong University of Science and Technology), Xiaofan Bai (Huazhong University of Science and Technology), Hai Jin (Huazhong University of Science and Technology), Dongmei Zhang…

Read More

Detecting Voice Cloning Attacks via Timbre Watermarking

Chang Liu (University of Science and Technology of China), Jie Zhang (Nanyang Technological University), Tianwei Zhang (Nanyang Technological University), Xi Yang (University of Science and Technology of China), Weiming Zhang (University of Science and Technology of China), NengHai Yu (University of Science and Technology of China)

Read More