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This book constitutes the refereed proceedings of the Second International Conference, UbiSec 2022, held in Zhangjiajie, China, during December 28–31, 2022. The 34 full papers and 4 short papers included in this book were carefully reviewed and selected from 98 submissions. They were organized in topical sections as follows: cyberspace security, cyberspace privacy, cyberspace anonymity and short papers.

Application software. --- Artificial intelligence. --- Data protection. --- Computer engineering. --- Computer networks. --- Social sciences—Data processing. --- Computer and Information Systems Applications. --- Artificial Intelligence. --- Data and Information Security. --- Computer Engineering and Networks. --- Computer Application in Social and Behavioral Sciences. --- Data governance --- Data regulation --- Personal data protection --- Protection, Data --- Electronic data processing --- AI (Artificial intelligence) --- Artificial thinking --- Electronic brains --- Intellectronics --- Intelligence, Artificial --- Intelligent machines --- Machine intelligence --- Thinking, Artificial --- Bionics --- Cognitive science --- Digital computer simulation --- Logic machines --- Machine theory --- Self-organizing systems --- Simulation methods --- Fifth generation computers --- Neural computers --- Application computer programs --- Application computer software --- Applications software --- Apps (Computer software) --- Computer software --- Communication systems, Computer --- Computer communication systems --- Data networks, Computer --- ECNs (Electronic communication networks) --- Electronic communication networks --- Networks, Computer --- Teleprocessing networks --- Data transmission systems --- Digital communications --- Electronic systems --- Information networks --- Telecommunication --- Cyberinfrastructure --- Network computers --- Computers --- Distributed processing --- Design and construction --- Computer security --- Data processing. --- Computer privacy --- Computer system security --- Computer systems --- Cyber security --- Cybersecurity --- Electronic digital computers --- Protection of computer systems --- Security of computer systems --- Data protection --- Security systems --- Hacking --- Protection --- Security measures

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We document that value-to-price, the ratio of Residual-Income-Model-based valuation to market price, subsumes the power of book-to-market ratio and many other value or quality measures in predicting stock returns. Long-short value-to-price portfolios hedge against momentum, revitalize the seemingly missing value premium over past decades, and generate significant returns after adjusting for common factors. The value-price-divergence (VPD) factor constructed from the average returns of these portfolios within small and big stocks is not spanned by these known factors. Max Sharpe ratio and constrained R-squared tests reveal that VPD is a better substitute for the traditional value factor and a four-factor model using the VPD, market, momentum, and size factors outperforms most extant benchmarks in explaining the cross-section of expected equity returns. The findings remain robust under alternative specifications of equity cost of capital.