Published incidents and their proportions of human error

The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link.Purpose - The information security field experiences a continuous stream of information security incidents and breaches, which are publicised by the media, public bodies and regulators. Despite the need for information security practices being recognised and in existence for some time the underlying general information security affecting tasks and causes of these incidents and breaches are not consistently understood, particularly with regard to human error. Methodology - This paper analyses recent published incidents and breaches to establish the proportions of human error, and where possible subsequently utilises the HEART human reliability analysis technique, which is established within the safety field. Findings - This analysis provides an understanding of the proportions of incidents and breaches that relate to human error as well as the common types of tasks that result in these incidents and breaches through adoption of methods applied within the safety field. Originality - This research provides original contribution to knowledge through the analysis of recent public sector information security incidents and breaches in order to understand the proportions that relate to human erro

Is Socially Responsible Investing Really Beneficial? New Empirical Evidence for the US and European Stock Markets

This paper empirically examines the theoretically ambivalent relationship between socially responsible investing (SRI) and stock performance. It extends the existing literature by considering both the US and the entire European stock markets as well as by using consistent world-wide corporate sustainability performance data. Our portfolio analysis from 1998 to 2009 reveals the appeal of a recently constructed financial databank comprising the common market return, size, value, and momentum factors according to Carhart (1997). These risk factors from the four-factor model allow us to estimate more reliable risk-adjusted returns than in the restrictive one-factor model based on the Capital Asset Pricing Model. In both the US and European stock markets we find that SRI is associated with large-sized firms. However, this investment strategy generally leads to insignificant abnormal returns when all four risk factors are considered so that we find no evidence that SRI is either penalized or rewarded by the stock markets

Strategic sustainability and financial performance: exploring abnormal returns

The ongoing empirical debate about whether SRI is associated, if anything, with subpar or surpassing financial performance is characterized by a somewhat indistinct focus and the infeasibility of tapping the full potential of existing models. By indistinct focus, we mean an analysis based on an aggregation of a myriad of SRI factors that potentially affect a firm's financial performance. The inability of taking full advantage of existing models is reflected by the fact that studies with European data have not been able to comprehensively account for systematic risk tilts. This paper presents a portfolio analysis that overcomes these issues by analyzing a distinct selection of small and innovative firms. We argue that both their strategic implementation of Corporate Social Responsibility and the general growth in socially responsible investments (SRI) lend themselves to an explanation for positive abnormal returns of this portfolio. We account for the idiosyncratic investment style of SRI by introducing a comprehensive pan-European risk-adjusted portfolio analysis based on the Carhart four-factor model. A novel propensity score matching method in conjunction with the estimation of structural models completes the conventional robustness checks in the literatur