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Carbon fiber-reinforced SiC matrix composites have good oxidation resistance and thermal shock resistance. These properties have allowed the composites to be applied to high-temperature structures. In this study, C f /SiC composites were fabricated via precursor infiltration and pyrolysis (PIP) process, including liquid phase infiltration and chemical vapor curing using cyclohexene. The final C f /SiC composites, which have gone through the PIP process five times, showed a density of 1.79 g/cm 3 , as compared to a density of 0.43 g/cm 3 for pre-densified bare carbon fiber preform. As for the oxidation resistance characteristics, the weight of C f /SiC composite was maintained at 81% at 1400 o C in air for 6 hours. Chemical vapor curing (CVC) using cyclohexene has shown to be an effective method to achieve high densification, leading to increased oxidation resistance.

Purpose - We explore how corporate social responsibility (CSR) plays a role in the debt market when companies engage in real earnings management. Specifically, we analyze the cost of capital of a company with real earnings management as measured by abnormally operating cash flows, abnormally production costs and discretionary expenditures, and examine the role of CSR in the relationship. Design/Methodology/Approach - The analysis sample is for Chinese publicly listed companies, the data were obtained from China Stock Market and Accounting Research (CSMAR), and the CSR data were collected from the Hexun database. We implemented OLS regression analysis by setting the proxies of real earnings management as dependent variable, cost of debt capital as a dependent variable, and CSR as a moderating variable. Findings - Our empirical results show that real earnings management significantly increases the cost of debt after controlling for discretionary accruals, another proxy variable for earnings management. Especially, we find that corporate social responsibility weakens the negative impact of real earnings management on the cost of debt. Research Implications - This study provides evidence that corporate social responsibility plays a significant role in mitigating the adverse impact of real earnings management on the debt market. Therefore, creditors in the debt market need to be more cautious in assessing the impact of real earnings management that may be underestimated due to high CSR performance.

Purpose This study examines the effect of the International Financial Reporting Standards (IFRS), which has been mandatory since 2011 for listed companies, on the stock price crash through conservatism. Design/Methodology/Approach The stability of the capital market was measured by stock price crash, and Khan and Watts (2009)’s method of measuring the level of conservatism was used. To verify the mediating effect, regression analysis was performed 3 times, and the results of the sobel test were also confirmed. Findings As a direct effect, IFRS adoption was found to increase the stock price crash in the stock market. The level of conservatism has decreased due to IFRS adoption. Conservatism has been found to be a parameter between IFRS adoption and the stock price crash. Research Implication This study is meaningful in that it examines the effect of IFRS adoption on the changes in the information environment of Korean companies, that is, the stock price crash. It was revealed that the level of conservatism after IFRS adoption is an important factor in the stability of the capital market.