Corporate Social Responsibility and Corporate Financial Performance: Evidence from Korea

This paper studies the empirical relation between corporate social responsibility (CSR) and corporate financial performance in Korea using a sample of 1122 firm-years during 2002-2008. We measure corporate social responsibility by both an equal-weighted CSR index and a stakeholder-weighted CSR index suggested by Akpinar et al. (2008). Corporate financial performance is measured by ROE, ROA and Tobin’s Q. We find a positive and significant relation between corporate financial performance and the stakeholder-weighted CSR index, but not the equal-weighted CSR index. This finding is robust to alternative model specifications and several additional tests, providing evidence in support of instrumental stakeholder theory.corporate social responsibility; corporate financial performance; KEJI index; instrumental stakeholder theory

Revisiting The Certifying Role Of Financial Intermediaries On IPOs

This paper re-examines the role of commercial banks, investment banks, and venture capitalists in monitoring and certifying the value of the firms that went public in the 2000s. We find that investment banks that have better reputations are associated with larger underpricing for venture-capital-backed IPOs, but not for non-venture-capital-backed IPOs. The partial adjustment phenomenon observed in Carter et al. (2001) exists only for venture-capital-backed IPOs. The presence of venture capital is inversely related to IPO underpricing only when venture capitalists certify small firms. We do not find that the presence of bank debt reduces IPO underpricing. In addition, we do not find any substitutive or complementary role between commercial banks and venture capitalists in certifying IPOs

Semi-automatic Filtering of Translation Errors in Triangle Corpus

The meaning that Justice has after a conflict in a society might vary regarding the political development and cultural and shared values of a certain society. Rawls, in his Theory of Justice gives his idea of what justice is and presents two principles of justice that he argues are required to live in a good society: a first principle that secures equal rights and liberties for all individuals and a second egalitarian principle that restrains the consequences of economic inequalities within societies. He also introduces the concept of “overlapping consensus” which I will use regarding the idea of Reconciliation, at the end of this paper. In the cases presented in this paper (i.e. Argentina and South Africa), essential human rights were violated, therefore wrongdoers made the society unjust. The aim of this thesis is to elucidate the conditions that are necessary to re-establish justice when a society goes through a conflict. I will introduce some ideas concerning that issue: ideas of retribution, reparation and reconciliation. These are seen as different paths for several countries when trying to tackle to the matter of achieving justice. In my view, this question can be answered appealing first to an intuitive conception of moral justice that may exist at an individual and collective level, as well. The ethical dilemmas both levels have are in relation to the harm done, punishments and how to balance them, limiting, for instance, the punishment in order to accomplish a just and a better society. I will also present how shared values can result from a process of reconciliation, which is considered as the ideal alternative to achieve justice. However, when the equilibrium between members of a community is broken, some people claim that punishment can restore that lost equilibrium that existed before in the community. Nevertheless, peace, reconciliation and justice cannot be constructed under the basis of silence. One way to keep memory alive is to let survivors, for instance, narrate what they have lived through; telling stories also creates a new space to share with others their experiences, revealing their fears and emotions. Regarding this theme, I will present the NUNCA MAS (Never Again) report, which is fundamental as it gives some testimonies, facts and proposals that will help to reach a consensus and therefore, future reconciliations. Why is important to achieve justice? Because then members of a certain community will be able to interact in the present with common shared values and thus, deal with the past. Not to consider reconciliation as one important step to achieve justice, and only think in terms of punishment, instead of giving way to peace and justice, could perhaps promote the possibility of further conflicts. To consider both punishment and reconciliation might just be one possible blueprint in the long and difficult way of searching for a just society

Cyber Black Box: Network intrusion forensics system for collecting and preserving evidence of attack

Once the system is compromised, the forensics and investigation are always executed after the attacks and the loss of some useful instant evidence. Since there is no log information necessary for analyzing an attack cause after the cyber incident occurs, it is difficult to analyze the cause of an intrusion even after an intrusion event is recognized. Moreover, in an advanced cyber incident such as advanced persistent threats, several months or more are expended in only analyzing a cause, and it is difficult to find the cause with conventional security equipment. In this paper, we introduce a network intrusion forensics system for collecting and preserving the evidence of an intrusion, it is called Cyber Black Box that is deployed in Local Area Network environment. It quickly analyzes a cause of an intrusion event when the intrusion event occurs, and provides a function of collecting evidence data of the intrusion event. The paper also describes the experimental results of the network throughput performance by deploying our proposed system in an experimental testbed environment

Echo Path Transfer Function Estimation for Spectral Subtraction-based Acoustic Echo Suppression

In this study, we propose a novel technique for spectral subtraction (SS)-based acoustic echo suppression (AES). Conventional AES methods based on SS apply fixed weights to the estimated echo path transfer function (EPTF) at the current signal segment and to the EPTF estimated until the previous time interval. We propose a new EPTF estimation approach that adaptively updates the weight parameters in response to abrupt changes in the acoustic environment. From the experiments, we conclude that the developed techniques can be successfully used for the SS-based AES systems