Multi-party computation with omnipresent adversary

Secure multi-party computation (MPC) protocols enable a set of n mutually distrusting participants P 1, ..., P n , each with their own private input x i , to compute a function Y = F(x 1, ..., x n ), such that at the end of the protocol, all participants learn the correct value of Y, while secrecy of the private inputs is maintained. Classical results in the unconditionally secure MPC indicate that in the presence of an active adversary, every function can be computed if and only if the number of corrupted participants, t a , is smaller than n/3. Relaxing the requirement of perfect secrecy and utilizing broadcast channels, one can improve this bound to t a  < n/2. All existing MPC protocols assume that uncorrupted participants are truly honest, i.e., they are not even curious in learning other participant secret inputs. Based on this assumption, some MPC protocols are designed in such a way that after elimination of all misbehaving participants, the remaining ones learn all information in the system. This is not consistent with maintaining privacy of the participant inputs. Furthermore, an improvement of the classical results given by Fitzi, Hirt, and Maurer indicates that in addition to t a actively corrupted participants, the adversary may simultaneously corrupt some participants passively. This is in contrast to the assumption that participants who are not corrupted by an active adversary are truly honest. This paper examines the privacy of MPC protocols, and introduces the notion of an omnipresent adversary, which cannot be eliminated from the protocol. The omnipresent adversary can be either a passive, an active or a mixed one. We assume that up to a minority of participants who are not corrupted by an active adversary can be corrupted passively, with the restriction that at any time, the number of corrupted participants does not exceed a predetermined threshold. We will also show that the existence of a t-resilient protocol for a group of n participants, implies the existence of a t’-private protocol for a group of n′ participants. That is, the elimination of misbehaving participants from a t-resilient protocol leads to the decomposition of the protocol. Our adversary model stipulates that a MPC protocol never operates with a set of truly honest participants (which is a more realistic scenario). Therefore, privacy of all participants who properly follow the protocol will be maintained. We present a novel disqualification protocol to avoid a loss of privacy of participants who properly follow the protocol.

Corporate sustainability reporting of major commercial banks in line with GRI : Bangladesh evidence

Purpose – This paper aims to examine the tendencies of sustainability reporting by major commercial banks in Bangladesh in comparison with global sustainability reporting indicators outlined in the GRI framework together with banks' predilection toward reporting 16 GRI financial service sector (FSS) specific performance indicators. Design/methodology/approach – Based on the GRI G3 guidelines, the paper investigated banks' reporting in five broad areas of sustainability, such as environment, labour practices and decent works, product responsibility, human rights and society. The 2008/2009 annual reports of 12 major commercial banks listed on Dhaka stock exchange were analysed and coded using a content-based technique. Findings – The results show that information on society is addressed most extensively with regard to extent of reporting. This is followed by the disclosures prepared on decent works and labour practices and environmental issues. Furthermore, the disclosures of product responsibility information and the information for human rights are rather scarce in banks' reporting; on the subject of FSS-specific disclosures, only seven items out of 16 are disclosed by all sample banks. Research limitations/implications – The findings of the study indicate that Bangladeshi commercial banks' social disclosures could develop in this style to become more holistic and over time (in association with the country's central bank involvement) to resemble a type of structured reporting to the point where they are properly labelled per se. Originality/value – The study contributes to the social disclosure literature, in particular in a developing countries banking sector context, seeing as it disseminates evidence of the standing on social disclosures practices at the level of GRI with developing countries' banks data.

Security properties analysis in a TPM-based protocol

Security protocols are designed in order to provide security properties (goals). They achieve their goals using cryptographic primitives such as key agreement or hash functions. Security analysis tools are used in order to verify whether a security protocol achieves its goals or not. The analysed property by specific purpose tools are predefined properties such as secrecy (confidentiality), authentication or non-repudiation. There are security goals that are defined by the user in systems with security requirements. Analysis of these properties is possible with general purpose analysis tools such as coloured petri nets (CPN). This research analyses two security properties that are defined in a protocol that is based on trusted platform module (TPM). The analysed protocol is proposed by Delaune to use TPM capabilities and secrets in order to open only one secret from two submitted secrets to a recipient

Creative Work Beyond the Creative Industries: An Introduction

Creative occupations exist across the entire economy. The creative worker’s habitus cannot be discovered by looking only in film studios, games companies or artist’s garrets. Work practices, evolved through the traditions of the creative and performing arts, are now deployed to create new services and products across all sectors, to develop process innovations, and to change the distribution thereof. Yet the bulk of academic study of creative work (both functionalist and critical), as well as the content of higher/further professional education programs and everyday understanding of creative workers, focuses on one subset of the Creative Industries: those involved in the production of cultural goods or services (film, television, music etc.) for consumption by the general public. And further, the bulk of existing academic work focuses on those creative workers employed in cultural production industries. However, as recent work has shown, this focus misses both the large (and increasing) number of creative workers embedded in industries beyond the core Creative Industries (for example, manufacturing, banking, mining) and those creative workers and firms that supply services to business as well as to the general public, such as architects, technical writers, and graphic designers (see Cunningham 2013; Potts and Cunningham 2008; Potts, Cunningham, Hartley and Omerod 2008). This book focuses on this subset of very important, and yet under-recognized creative workers: embedded creative workers and providers of creative services into other sectors of the economy, as indicated in the following taxonomy (Figure 1.1), which juxtaposes occupation and industry sector...

Multi-utility finance : a problematic case

This paper treats one particular version of the multi-utility strategy as experienced by the Hyder Group. We examine some aspectw of the company's financial performance and consider the implications.

Corporate governance and securities class actions

This study investigates the governance attributes of firms that have been subject to securities class actions (SCAs). There has been a recent sizable increase in the number of firms subject to SCAs in Australia. We examine a sample of firms that have been subject to SCAs due to disclosure breaches and match the firms by industry and size to a control sample. First, we examine the compliance culture of the SCA firms via the frequency of Australian Securities Exchange (ASX)queries of the firm and find that the frequency of ASX queries is positively associated with the occurrence of a SCA. Secondly, we provide evidence that SCA firms exhibit weaker levels of corporate governance than the matched control sample. In addition, we contribute to the understanding of firms subject to SCAs and their corporate governance attributes. Our results suggest the presence of a nomination committee may be associated with higher agency costs and that the influence of CEO duality may reduce the effectiveness of a nomination committee.

An attack-localizing watermarking scheme for natural language documents

We present a text watermarking scheme that embeds a bitstream watermark Wi in a text document P preserving the meaning, context, and flow of the document. The document is viewed as a set of paragraphs, each paragraph being a set of sentences. The sequence of paragraphs and sentences used to embed watermark bits is permuted using a secret key. Then, English language sentence transformations are used to modify sentence lengths, thus embedding watermarking bits in the Least Significant Bits (LSB) of the sentences’ cardinalities. The embedding and extracting algorithms are public, while the secrecy and security of the watermark depends on a secret key K. The probability of False Positives is extremely small, hence avoiding incidental occurrences of our watermark in random text documents. Majority voting provides security against text addition, deletion, and swapping attacks, further reducing the probability of False Positives. The scheme is secure against the general attacks on text watermarks such as reproduction (photocopying, FAX), reformatting, synonym substitution, text addition, text deletion, text swapping, paragraph shuffling and collusion attacks.

Cryptology and network security

This book constitutes the refereed proceedings of the 11th International Conference on Cryptology and Network Security, CANS 2012, held in Darmstadt, Germany, in December 2012. The 22 revised full papers, presented were carefully reviewed and selected from 99 submissions. The papers are organized in topical sections on cryptanalysis; network security; cryptographic protocols; encryption; and s-box theory.

Investor sentiment as conditioning information in asset pricing

This paper assesses whether incorporating investor sentiment as conditioning information in asset-pricing models helps capture the impacts of the size, value, liquidity and momentum effects on risk-adjusted returns of individual stocks. We use survey sentiment measures and a composite index as proxies for investor sentiment. In our conditional framework, the size effect becomes less important in the conditional CAPM and is no longer significant in all the other models examined. Furthermore, the conditional models often capture the value, liquidity and momentum effects.

Exploring potential factors leading to effective training : an exclusive study on commercial banks in Cambodia

Purpose A previous study found that the quality of education in Cambodia is poor compared to other developing countries. However, the working performance of commercial banks in Cambodia is high. It was speculated that effective training was the main factor underlying this contradiction. Therefore, the main purpose of this article is to explore the elements of training conducted by commercial banks in Cambodia and to examine their relationship with training effectiveness. Design/methodology/approach The research focuses on six factors: training needs assessment; training program; flexibility of training; self-efficacy; social support; and transfer of knowledge. The data came in the form of questionnaires and desk research. A descriptive analytical approach is then used to describe these six factors. Findings The banking industry in Cambodia offers very effective training to its employees. It is also worth noting that more than 80 percent of employees are satisfied with the training, despite few attempts on the part of management to elicit opinions from employees on what training methods should be employed. Research limitations/implications As research studies involving Cambodia are relatively rare, it was difficult for to gather primary data. Because of this limitation and the purpose of this study, descriptive data interpretation was employed. Practical implications – Even though training can make up for poor education, it is only a short-term solution. In the long term, education needs to be enhanced to increase working performance. Originality/value This research provides a good framework for commercial banks in other developing countries to compare. A cross-cultural study is also proposed for future research.

Audit fees and asset securitization risks

The thesis investigates “where were the auditors in asset securitizations”, a criticism of the audit profession before and after the onset of the global financial crisis (GFC). Asset securitizations increase audit complexity and audit risks, which are expected to increase audit fees. Using US bank holding company data from 2003 to 2009, this study examines the association between asset securitization risks and audit fees, and its changes during the global financial crisis. The main test is based on an ordinary least squares (OLS) model, which is adapted from the Fields et al. (2004) bank audit fee model. I employ a principal components analysis to address high correlations among asset securitization risks. Individual securitization risks are also separately tested. A suite of sensitivity tests indicate the results are robust. These include model alterations, sample variations, further controls in the tests, and correcting for the securitizer self-selection problem. A partial least squares (PLS) path modelling methodology is introduced as a separate test, which allows for high intercorrelations, self-selection correction, and sequential order hypotheses in one simultaneous model. The PLS results are consistent with the main results. The study finds significant and positive associations between securitization risks and audit fees. After the commencement of the global financial crisis in 2007, there was an increased focus on the role of audits on asset securitization risks resulting from bank failures; therefore I expect that auditors would become more sensitive to bank asset securitization risks after the commencement of the crisis. I find that auditors appear to focus on different aspects of asset securitization risks during the crisis and that auditors appear to charge a GFC premium for banks. Overall, the results support the view that auditors consider asset securitization risks and market changes, and adjust their audit effort and risk considerations accordingly.

Aligning off-balance sheet risk, on-balance sheet risk and audit fees: a PLS path modelling analysis

This study focuses on using the partial least squares (PLS) path modelling technique in archival auditing research by replicating the data and research questions from prior bank audit fee studies. PLS path modelling allows for inter-correlations among audit fee determinants by establishing latent constructs and multiple relationship paths in one simultaneous PLS path model. Endogeneity concerns about auditor choice can also be addressed with PLS path modelling. With a sample of US bank holding companies for the period 2003-2009, we examine the associations among on-balance sheet financial risks, off-balance sheet risks and audit fees, and also address the pervasive client size effect, and the effect of the self-selection of auditors. The results endorse the dominating effect of size on audit fees, both directly and indirectly via its impacts on other audit fee determinants. By simultaneously considering the self-selection of auditors, we still find audit fee premiums on Big N auditors, which is the second important factor on audit fee determination. On-balance-sheet financial risk measures in terms of capital adequacy, loan composition, earnings and asset quality performance have positive impacts on audit fees. After allowing for the positive influence of on-balance sheet financial risks and entity size on off-balance sheet risk, the off-balance sheet risk measure, SECRISK, is still positively associated with bank audit fees, both before and after the onset of the financial crisis. The consistent results from this study compared with prior literature provide supporting evidence and enhance confidence on the application of this new research technique in archival accounting studies.

Aligning off-balance sheet risk, on-balance sheet risk and audit fees: a PLS path modelling analysis

This study focuses on using the partial least squares (PLS) path modelling methodology in archival auditing research by replicating the data and research questions from prior bank audit fee studies. PLS path modelling allows for inter-correlations among audit fee determinants by establishing latent constructs and multiple relationship paths in one simultaneous PLS path model. Endogeneity concerns about auditor choice can also be addressed with PLS path modelling. With a sample of US bank holding companies for the period 2003-2009, we examine the associations among on-balance sheet financial risks, off-balance sheet risks and audit fees, and also address the pervasive client size effect, and the effect of the self-selection of auditors. The results endorse the dominating effect of size on audit fees, both directly and indirectly via its impacts on other audit fee determinants. By simultaneously considering the self-selection of auditors, we still find audit fee premiums on Big N auditors, which is the second important factor on audit fee determination. On-balance-sheet financial risk measures in terms of capital adequacy, loan composition, earnings and asset quality performance have positive impacts on audit fees. After allowing for the positive influence of on-balance sheet financial risks and entity size on off-balance sheet risk, the off-balance sheet risk measure, SECRISK, is still positively associated with bank audit fees, both before and after the onset of the financial crisis. The consistent results from this study compared with prior literature provide supporting evidence and enhance confidence on the application of this new research technique in archival accounting studies.

Bank audit fees and asset securitization risks

Using the lens of audit pricing, we provide insights into auditors’ behaviors in relation to the risk of asset securitizations to bank holding companies in a period encompassing the Global Financial Crisis (GFC) and the introduction of the accounting standards FAS 166 and FAS 167. Using US bank holding company data from 2003 to 2011, we find significant and positive associations between asset securitization risks and audit fees. We find that auditors appear to focus on different aspects of asset securitization risks after the onset of the GFC, and increase their attention to the systemic risks facing bank holding companies in general. After the implementation of FAS 166 and FAS 167, which removed the discretion to treat asset securitizations as sales and required the consolidation of the accounts of special purpose entities, asset securitization risks no longer have a significant effect on audit fees.

The technical efficiency of the Japanese banks : non-radial directional performance measurement with undesirable output

The paper analyses technical efficiency of the Japanese banks from 2000 to 2007. The estimation technique is based on the Russell directional distance function that takes into consideration not only desirable outputs but also an undesirable output that is represented by non-performing loans (NPLs). The results indicate that NPLs remain a significant burden as for banks' performance. We show that banks' inputs have to be utilised more efficiently, particularly labour and premises. We also argue that a further restructuring process is needed in the segment of Regional Banks. We conclude that the Japanese banking system is still far away from being fully consolidated and restructured.