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Grey Market For Indian Ipos: Investor Sentiment And After-Market Performance, Chandrasekhar Krishnamurti, Tiong Yang Thong, Vishwanath Ramanna
Grey Market For Indian Ipos: Investor Sentiment And After-Market Performance, Chandrasekhar Krishnamurti, Tiong Yang Thong, Vishwanath Ramanna
Research Collection Lee Kong Chian School Of Business
Extant research on developed markets shows that investor sentiment is a prominent feature in IPO grey markets. There is sparse work in the context of emerging markets. We fill this lacuna by studying the working of the Indian IPO market. We consider this work interesting and relevant for the following reasons. First, grey market trading always involves short-selling as securities are not yet available. Since legal and institutional environment is less developed in emerging markets, the functioning of grey markets is of interest to policy makers and financial economists. Second, retail investors participate to a greater extent in IPOs of …
The Use Of Role-Player Prompts In Assessment Center Exercises, Eveline Schollaert, Filip Lievens
The Use Of Role-Player Prompts In Assessment Center Exercises, Eveline Schollaert, Filip Lievens
Research Collection Lee Kong Chian School Of Business
So far, a substantial amount of assessment center (AC) studies have aimed to improve the quality of the AC method by focusing on the assessors. However, systematic studies about the role-player in AC exercises are nonexistent. This is surprising as the role-player might serve as a key figure for consistently evoking job-relevant behavior across candidates. Therefore, this study focused on the 'role' of role-players in ACs. We examined the effects of instructing role-players to use prompts among 233 candidates. Results suggest that role-players are able to use prompts and that their negative impact on candidates' reactions is negligible. In addition, …
The Implications Of Sovereign Wealth Fund Investment On Capital Markets: A Bottom-Up View, David Fernandez
The Implications Of Sovereign Wealth Fund Investment On Capital Markets: A Bottom-Up View, David Fernandez
Research Collection Lee Kong Chian School Of Business
The buzz around sovereign wealth funds has been turned down a notch, but they remain a hot topic. The accusations of sovereign wealth funds having hidden agendas remain, but with the very public losses suffered by some during the recent financial turmoil, such talk has even less credibility. And given that most of those losses were from investments in US, UK, and European financial institutions, hope that sovereign wealth funds would be the saviors of Wall Street has also faded. At its base, four trends continue to keep sovereign wealth funds in focus. First, there is the phenomenal rise of …
The Unintended Effects Of The Sarbanes-Oxley Act, Vidhi Chhaochharia, Clemens A. Otto, Vikrant Vig
The Unintended Effects Of The Sarbanes-Oxley Act, Vidhi Chhaochharia, Clemens A. Otto, Vikrant Vig
Research Collection Lee Kong Chian School Of Business
The Sarbanes-Oxley Act (SOX) was passed in the wake of several scandals that rocked corporate America in 2001 and 2002. The objective behind SOX was to improve corporate governance by improving accounting disclosures. Compliance with Section 404 is considered by many to be the most costly requirement of SOX and has been argued to be a disproportionate burden for small firms. Consequently, firms with a public float below $75 million were granted several exemptions from compliance. We document an unintended effect of these exemptions: a weakening of corporate governance through a weakening of the market for corporate control.
How Predictable Is The Chinese Stock Market?, Fuwei Jiang, Jun Tu, David Rapach, Jack K. Strauss, Guofu Zhou
How Predictable Is The Chinese Stock Market?, Fuwei Jiang, Jun Tu, David Rapach, Jack K. Strauss, Guofu Zhou
Research Collection Lee Kong Chian School Of Business
We analyze return predictability for the Chinese stock market index and its components sorted on industry, size, book-to-market and ownership concentration, with both in-sample and out-of-sample tests. We find significant predictability. Among industry portfolios, Finance and insurance, Real estate, and Manufacturing exhibit the most predictability, while small-cap, low book-to-market ratio and low ownership concentration firms also display considerable predictability. The conditional CAPM model largely accounts for component predictability, and industry concentration significantly explain differences in return predictability across industries, consistent with the information-flow frictions emphasized by Hong, Torous, and Valkanov (2007).