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2006

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Singapore Management University

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What's Ahead For 2007? Knowledge@Wharton Network Surveys The Globe, Knowledge@Smu Dec 2006

What's Ahead For 2007? Knowledge@Wharton Network Surveys The Globe, Knowledge@Smu

Knowledge@SMU

On the financial front, 2006 has been a pretty good year all around. Stock markets in many countries have rallied, energy prices have fallen, inflation is relatively low and growth in GDP ranges from respectable to robust. But the economies of most countries also face a number of threats -- some predictable, some not -- that could derail recent gains in our increasingly connected global markets. What's ahead for 2007 in the U.S., India, Europe, Latin America, China and other parts of the world? We offer a roundup of reports from the Knowledge@Wharton Network, including India Knowledge@Wharton, Universia Knowledge@Wharton and …

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How And Why Chinese Firms Excel In 'The Art Of Price War', Knowledge@Smu Dec 2006

How And Why Chinese Firms Excel In 'The Art Of Price War', Knowledge@Smu

Knowledge@SMU

When it comes to price wars, Wharton marketing professor Z. John Zhang can't help but notice that companies in the West and companies in China are quite literally worlds apart. In the West, Zhang says, the outbreak of a price war is viewed as the failure of managerial rationality. In China, the outbreak of a price war is considered a legitimate and effective business strategy. In a recent paper, Zhang and Dongsheng Zhou, a marketing professor at the China Europe International Business School in Shanghai, analyze two price wars that took place in China in the mid-1990s.

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Towards Effective Content-Based Music Retrieval With Multiple Acoustic Feature Composition, Jialie Shen, John Shepherd, Ngu Ahh Dec 2006

Towards Effective Content-Based Music Retrieval With Multiple Acoustic Feature Composition, Jialie Shen, John Shepherd, Ngu Ahh

Research Collection School Of Computing and Information Systems

In this paper, we present a new approach to constructing music descriptors to support efficient content-based music retrieval and classification. The system applies multiple musical properties combined with a hybrid architecture based on principal component analysis (PCA) and a multilayer perceptron neural network. This architecture enables straightforward incorporation of multiple musical feature vectors, based on properties such as timbral texture, pitch, and rhythm structure, into a single low-dimensioned vector that is more effective for classification than the larger individual feature vectors. The use of supervised training enables incorporation of human musical perception that further enhances the classification process. We compare …

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Singapore's Regionalization Blueprint: A Case For Transnational State Enterprise Networks?, Caroline Yeoh, Victor Sim, Louisa Zhang Dec 2006

Singapore's Regionalization Blueprint: A Case For Transnational State Enterprise Networks?, Caroline Yeoh, Victor Sim, Louisa Zhang

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Economics Of Competition': A Study Of Low-Cost Manufacturing Enclaves In Batam Island, Indonesia, Caroline Yeoh, Feng Hao Chua, Sylvie Tan Dec 2006

Economics Of Competition': A Study Of Low-Cost Manufacturing Enclaves In Batam Island, Indonesia, Caroline Yeoh, Feng Hao Chua, Sylvie Tan

Research Collection Lee Kong Chian School Of Business

Singapore’s transborder industrialization projects in China and India have received much attention. This regionalization initiative was intended to set in place a strategic configuration for the city-state to restructure its domestic industries and, pari passu, retain important linkages with contiguous, low-cost environments. Our study reports on Singapore’s pioneering, albeit lesser-known, project - Batamindo Industrial Park – in neighboring Batam Island, Indonesia, and finds that the strategic intent of this policy gambit remains stymied by non-economic, socio-political complexities in the host environment, and the economics of competition from other industrial estates in the vicinity of this prototype, remains to be addressed.

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A Universal Copyright Fund: A New Way To Bridge The Copyright Divide, Kung-Chung Liu, Haochen Sun Dec 2006

A Universal Copyright Fund: A New Way To Bridge The Copyright Divide, Kung-Chung Liu, Haochen Sun

Research Collection Yong Pung How School Of Law

The ever-increasing digitization of works, along with the deployment of technical measures to protect such works and the expansive use of the Internet, further exacerbate the divide between the IP-rich and IP-poor countries in their ability to benefit from such works. It is suggested by this paper that to borrow from experiences on how the telecommunications world provides universal service to each and every household at affordable prices, and to endeavor to shed some new light on how the copyright divide can be narrowed. It is structured in three parts. The first part will examine the past and future failure …

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Set-Based Cascading Approaches For Magnetic Resonance (Mr) Image Segmentation (Scamis), Jiang Liu, Tze-Yun Leong, Kin Ban Chee, Boon Pin Tan, Borys Shuter, Shih Chang Wang Dec 2006

Set-Based Cascading Approaches For Magnetic Resonance (Mr) Image Segmentation (Scamis), Jiang Liu, Tze-Yun Leong, Kin Ban Chee, Boon Pin Tan, Borys Shuter, Shih Chang Wang

Research Collection School Of Computing and Information Systems

This paper introduces Set-based Cascading Approach for Medical Image Segmentation (SCAMIS), a new methodology for segmentation of medical imaging by integrating a number of algorithms. Existing approaches typically adopt the pipeline methodology. Although these methods provide promising results, the results generated are still susceptible to over-segmentation and leaking. In our methodology, we describe how set operations can be utilized to better overcome these problems. To evaluate the effectiveness of this approach, Magnetic Resonance Images taken from a teaching hospital research programme have been utilised, to reflect the real world quality needed for testing in patient datasets. A comparison between the …

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Nation Equity: Incidental Emotions In Country-Of-Origin Effects, Durairaj Maheswaran, Cathy Yi Chen Dec 2006

Nation Equity: Incidental Emotions In Country-Of-Origin Effects, Durairaj Maheswaran, Cathy Yi Chen

Research Collection Lee Kong Chian School Of Business

Different from past research on country-of-origin effects that has focused on cognitive factors, this article examines the impact of incidental emotions and cognitive appraisals associated with these emotions on country-of-origin effects. Experiment 1 compared anger and sadness and demonstrated that country of origin influenced evaluations only in the angry (vs. sad) condition where human (vs. situation) control was high. Experiment 2 further identified the effects of agency control using a different emotion, frustration. Based on these observations, this article suggests that, like brands, countries also have equity associated with them, termed nation equity, that has both performance and emotional components. …

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Insider Trading And Voluntary Disclosures, Qiang Cheng, Kin Lo Dec 2006

Insider Trading And Voluntary Disclosures, Qiang Cheng, Kin Lo

Research Collection School Of Accountancy

We hypothesize that insiders strategically choose disclosure policies and the timing of their equity trades to maximize trading profits, subject to the litigation costs associated with disclosure and insider trading. Accounting for endogeneity between disclosures and trading, we find that when managers plan to purchase shares, they increase the number of bad news forecasts to reduce the purchase price. In addition, this relation is stronger for trades initiated by chief executive officers than for those initiated by other executives. Confirming this strategic behavior, we find that managers successfully time their trades around bad news forecasts, buying fewer shares beforehand and …

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Certainty As A Moderator Of Feedback Reactions? A Test Of The Strength Of The Self-Verification Motive, Frederik Anseel, Filip Lievens Dec 2006

Certainty As A Moderator Of Feedback Reactions? A Test Of The Strength Of The Self-Verification Motive, Frederik Anseel, Filip Lievens

Research Collection Lee Kong Chian School Of Business

The present study investigated whether employees are merely interested in hearing good news about themselves, as predicted by self-enhancement theory, or are more interested in feedback that confirms their self-concept, as predicted by self-verification theory. We examined in a field study whether self-view certainty serves as a moderator and strengthens the effect of congruence between individuals' self-views and the performance feedback they receive about these self-views on feedback reactions. Polynomial regression results revealed that people mainly reacted favourably to positive feedback. Prior self-views did not play a key role in explaining feedback reactions. As feedback scores were the main determinant …

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Query-Based Watermarking For Xml Data, Xuan Zhou, Hwee Hwa Pang, Kian-Lee Tan Dec 2006

Query-Based Watermarking For Xml Data, Xuan Zhou, Hwee Hwa Pang, Kian-Lee Tan

Research Collection School Of Computing and Information Systems

As increasing amount of XML data is exchanged over the internet, copyright protection of this type of data is becoming an important requirement for many applications. In this paper, we introduce a rights protection scheme for XML data based on digital watermarking. One of the main challenges for watermarking XML data is that the data could be easily reorganized by an adversary in an attempt to destroy any embedded watermark. To overcome it, we propose a query-based watermarking scheme, which creates queries to identify available watermarking capacity, such that watermarks could be recovered from reorganized data through query rewriting. The …

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Plans As Products Of Learning, Samin Karim, Budhitama Subagdja, Liz Sonenberg Dec 2006

Plans As Products Of Learning, Samin Karim, Budhitama Subagdja, Liz Sonenberg

Research Collection School Of Computing and Information Systems

This paper presents motivations and current related work in the field of plan learning. Additionally, two approaches that achieve plan learning are presented. The two presented approaches are centred on the BDI framework of agency and have particular focus on plans, which, alongside goals, are the means to fulfil intentions in most pragmatic and theoretical realisations of the BDI framework. The first approach is a hybrid architecture that combines a BDI plan extractor and executor with a generic low-level learner. The second approach uses hypotheses to suggest incremental refinements of a priori plans. Both approaches achieve plan generation that is …

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Formal Analysis And Systematic Construction Of Two-Factor Authentication Scheme, Guomin Yang, Duncan S. Wong, Huaxiong Wang, Xiaotie Deng Dec 2006

Formal Analysis And Systematic Construction Of Two-Factor Authentication Scheme, Guomin Yang, Duncan S. Wong, Huaxiong Wang, Xiaotie Deng

Research Collection School Of Computing and Information Systems

One of the most commonly used two-factor authentication mechanisms is based on smart card and user’s password. Throughout the years, there have been many schemes proposed, but most of them have already been found flawed due to the lack of formal security analysis. On the cryptanalysis of this type of schemes, in this paper, we further review two recently proposed schemes and show that their security claims are invalid. To address the current issue, we propose a new and simplified property set and a formal adversarial model for analyzing the security of this type of schemes. We believe that the …

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Implication Of Comprehensive Income Disclosure For Future Earnings And Analysts' Forecasts, Jong-Hag Choi, Yoonseok Zang Dec 2006

Implication Of Comprehensive Income Disclosure For Future Earnings And Analysts' Forecasts, Jong-Hag Choi, Yoonseok Zang

Research Collection School Of Accountancy

This paper examines the association of comprehensive income with subsequent period net income as well as analysts’ earnings forecasts. Our results support the notion that comprehensive income is incrementally useful in predicting subsequent period changes in net income. We also document that comprehensive income is associated with analysts’ earnings forecast revisions and forecast errors. The evidence is consistent with analysts’ failure to fully utilize the information disclosed in comprehensive income. The result suggests that analysts revise their year t+1’s forecast downward when comprehensive income is smaller than net income but they do not revise the forecast upward when comprehensive income …

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Escalation And De-Escalation Of Commitment To Information Systems Projects: Insights From An Approach-Avoidance Process Model, Gary Pan, Shan Ling Pan Dec 2006

Escalation And De-Escalation Of Commitment To Information Systems Projects: Insights From An Approach-Avoidance Process Model, Gary Pan, Shan Ling Pan

Research Collection School Of Accountancy

We view escalation and de-escalation of commitment as processes involving recurring instances of approach-avoidance conflict. This paper outlines an approach-avoidance process model for describing and analyzing escalation and de-escalation of commitment in information systems projects. In the model, the sequential mapping of project events is integrated with a model of approach-avoidance conflict that identifies periods of gradual evolution at two separate levels of social analysis (project and work) that are punctuated by sudden, revolutionary periods of rapid change. By conceiving the processes of commitment escalation and de-escalation as sequences of events involving approach-avoidance conflicts, researchers may develop a deeper understanding …

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Cosign: A Parallel Algorithm For Coordinated Traffic Signal Control, Shih-Fen Cheng, Marina A. Epelman, Robert L. Smith Dec 2006

Cosign: A Parallel Algorithm For Coordinated Traffic Signal Control, Shih-Fen Cheng, Marina A. Epelman, Robert L. Smith

Research Collection School Of Computing and Information Systems

The problem of finding optimal coordinated signal timing plans for a large number of traffic signals is a challenging problem because of the exponential growth in the number of joint timing plans that need to be explored as the network size grows. In this paper, the game-theoretic paradigm of fictitious play to iteratively search for a coordinated signal timing plan is employed, which improves a system-wide performance criterion for a traffic network. The algorithm is robustly scalable to realistic-size networks modeled with high-fidelity simulations. Results of a case study for the city of Troy, MI, where there are 75 signalized …

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Campaign Tactics And Citizens' Electoral Decisions, Massimiliano Landi, Chun Seng Yip Dec 2006

Campaign Tactics And Citizens' Electoral Decisions, Massimiliano Landi, Chun Seng Yip

Research Collection School Of Economics

This paper considers how electoral competition affects voters’ turnout and candidate choice. We do so via an instrumental-variable (IV) bivariate probit with selection which jointly estimates both processes. Our analysis controls for individual and election characteristics, campaigning, and election day weather. We focus on the effects of negative advertising (tone) and overall spending (intensity) on several aspects of voter behavior, including abstentions. Our findings: tone increases turnout of Independents only, and can strengthen partisanship among non-voters. Campaign intensity matters more than tone. Overall, there is evidence that Democrats, Independents and Republicans have different propensities to react to campaigning, which do …

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Simulation-Based Estimation Of Contingent-Claims Prices, Peter C. B. Phillips, Jun Yu Dec 2006

Simulation-Based Estimation Of Contingent-Claims Prices, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

A new methodology is proposed to estimate theortical prices of financial contingent-claims whose values are dependent on some other underlying financial assets. In the literature the preferred choice of estimator is usually maximum likelihood (ML). ML has strong asymptotic justification but is not necessarily the best method in finite samples. The present paper proposes instead a simulation-based method that improves the finite sample performance of the ML estimator while maintaining its good asymptotic properties. The methods are implemented and evaluated here in the Black-Scholes option pricing model and in the Vasicek bond pricing model, but have wider applicability. Monte Carlo …

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Maximum Likelihood And Gaussian Estimation Of Continuous Time Models In Finance, Peter C. B. Phillips, Jun Yu Dec 2006

Maximum Likelihood And Gaussian Estimation Of Continuous Time Models In Finance, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

This paper overviews maximum likelihood and Gaussian methods of estimating continuous time models used in finance. Since the exact likelihood can be constructed only in special cases, much attention has been devoted to the development of methods designed to approximate the likelihood. These approaches range from crude Euler-type approximations and higher order stochastic Taylor series expansions to more complex polynomial-based expansions and infill approximations to the likelihood based on a continuous time data record. The methods are discussed, their properties are outlined and their relative finite sample performance compared in a simulation experiment with the nonlinear CIR diffusion model, which …

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Indirect Inference For Dynamic Panel Models, Christian Gourieroux, Peter C. B. Phillips, Jun Yu Dec 2006

Indirect Inference For Dynamic Panel Models, Christian Gourieroux, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

It is well-known that maximum likelihood (ML) estimation of the autoregressive parameter of a dynamic panel data model with fixed effects is inconsistent under fixed time series sample size (T) and large cross section sample size (N) asymptotics. The estimation bias is particularly relevant in practical applications when T is small and the autoregressive parameter is close to unity. The present paper proposes a general, computationally inexpensive method of bias reduction that is based on indirect inference (Gouriéroux et al., 1993), shows unbiasedness and analyzes efficiency. The method is implemented in a simple linear dynamic panel model, but has wider …

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Multivariate Stochastic Volatility, Manabu Asai, Michael Mcaleer, Jun Yu Dec 2006

Multivariate Stochastic Volatility, Manabu Asai, Michael Mcaleer, Jun Yu

Research Collection School Of Economics

The literature on multivariate stochastic volatility (MSV) models has developed significantly over the last few years. This paper reviews the substantial literature on specification, estimation and evaluation of MSV models. A wide range of MSV models is presented according to various categories, namely (i) asymmetric models; (ii) factor models; (iii) time-varying correlation models; and (iv) alternative MSV specifications, including models based on the matrix exponential transformation, Cholesky decomposition, Wishart autoregressive process, and the empirical range. Alternative methods of estimation, including quasi-maximum likelihood, simulated maximum likelihood, Monte Carlo likelihood, and Markov chain Monte Carlo methods, are discussed and compared. Various methods …

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Household Heterogeneity And Optimal Inter-Temporal Pricing For A Durable-Good Monopoly, Winston T. H. Koh Dec 2006

Household Heterogeneity And Optimal Inter-Temporal Pricing For A Durable-Good Monopoly, Winston T. H. Koh

Research Collection School Of Economics

In this paper, I extend the analysis in Koh (2006) to examine the optimality of inter-temporal price discrimination for a durable-good monopoly in a model where infinitely-lived households consume both durable goods and a stream of non-durable goods subject to different inter-temporal budget constraints. I also consider the multi-dimensional setting where households differ in both inter-temporal budget constraints and the utilities they derive from the consumption of the durable good.

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Clique Percolation For Finding Naturally Cohesive And Overlapping Document Clusters, Wei Gao, Kam-Fai Wong, Yunqing Xia, Ruifeng Xu Dec 2006

Clique Percolation For Finding Naturally Cohesive And Overlapping Document Clusters, Wei Gao, Kam-Fai Wong, Yunqing Xia, Ruifeng Xu

Research Collection School Of Computing and Information Systems

Techniques for find document clusters mostly depend on models that impose strong explicit and/or implicit priori assumptions. As a consequence, the clustering effects tend to be unnatural and stray away from the intrinsic grouping natures of a document collection. We apply a novel graph-theoretic technique called Clique Percolation Method (CPM) for document clustering. In this method, a process of enumerating highly cohesive maximal document cliques is performed in a random graph, where those strongly adjacent cliques are mingled to form naturally overlapping clusters. Our clustering results can unveil the inherent structural connections of the underlying data. Experiments show that CPM …

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Finding A Length-Constrained Maximum-Sum Or Maximum-Density Subtree And Its Application To Logistics, Hoong Chuin Lau, Trung Hieu Ngo, Bao Nguyen Nguyen Dec 2006

Finding A Length-Constrained Maximum-Sum Or Maximum-Density Subtree And Its Application To Logistics, Hoong Chuin Lau, Trung Hieu Ngo, Bao Nguyen Nguyen

Research Collection School Of Computing and Information Systems

We study the problem of finding a length-constrained maximum-density path in a tree with weight and length on each edge. This problem was proposed in [R.R. Lin, W.H. Kuo, K.M. Chao, Finding a length-constrained maximum-density path in a tree, Journal of Combinatorial Optimization 9 (2005) 147–156] and solved in O(nU) time when the edge lengths are positive integers, where n is the number of nodes in the tree and U is the length upper bound of the path. We present an algorithm that runs in O(nlog2n) time for the generalized case when the edge lengths are positive real numbers, which …

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The Effect Of The Options Backdating Scandal On The Stock-Price Performance Of 110 Accused Companies, Gennaro Bernile, Gregg A. Jarrell, Howard Mulcahey Dec 2006

The Effect Of The Options Backdating Scandal On The Stock-Price Performance Of 110 Accused Companies, Gennaro Bernile, Gregg A. Jarrell, Howard Mulcahey

Research Collection Lee Kong Chian School Of Business

Since academic scholars and the Wall Street Journal reported widespread evidence indicating that option grants to executives were backdated, an avalanche of news stories followed documenting this ever-widening corporate scandal. In this study we ask: "How do disclosures of backdating affect shareholder value?" We closely examine 110 companies listed in the Wall Street Journal's Perfect Payday webpage, collecting all news stories related to options backdating. We find that shareholders of these 110 companies suffer on average significant stock-price declines, ranging between 20% and 50%. Moreover, these losses do not seem to be due to temporary overreactions (at least so far). …

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A Within-Person Perspective On Feedback Seeking About Task Performance, Frederik Anseel, Filip Rene O Lievens Dec 2006

A Within-Person Perspective On Feedback Seeking About Task Performance, Frederik Anseel, Filip Rene O Lievens

Research Collection Lee Kong Chian School Of Business

In organisations, feedback about multiple performance dimensions is often available. Consequently, employees have to decide on which performance dimensions they will be seeking feedback. In a lab experiment 126 students indicated on which performance dimensions they wanted to receive feedback after completing a computerized in-basket task. Results showed that participants especially sought feedback about their best and most important performance dimensions. Individuals with a high learning goal orientation sought more feedback about their least important performance dimensions as compared to individuals with a low learning goal orientation. In general, results indicated that previous findings obtained in between-person studies of feedback …

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Managing News In A Managed Media: Mediating The Message In Malaysiakini.Com, Augustine Pang Dec 2006

Managing News In A Managed Media: Mediating The Message In Malaysiakini.Com, Augustine Pang

Research Collection Lee Kong Chian School Of Business

Widely regarded as an anomaly in the neo-authoritarian system in Malaysia, Malaysiakini.com is proving that managing an independent media in a government-managed media landscape is more than a Sisyphean struggle. Employing participant observation and interviews, supplemented by artifacts and media accounts, this study seeks to understand the media management of Malaysiakini.com through news management, using Shoemaker and Reese’s (1996) hierarchy of influence model, which posits a framework of internal and external forces that affect news management. The study found determined attempts to minimize ideological influences through media socialization by accentuating on the direct influences, such as the journalists’ role in …

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Creativity Needed In Non-Profits?, Wee Liang Tan Dec 2006

Creativity Needed In Non-Profits?, Wee Liang Tan

Research Collection Lee Kong Chian School Of Business

Creativity is something that one might not associate with the social service sector. In fact, one might consider creativity something quite distant from the non-profit sector. "We in the social service sector have more important things to do - we serve our clients and beneficiaries; we don't have the time to fool around with fancy new ideas or projects." Yet such sentiments could be no further from the truth.

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Dynamic Multi-Linked Negotiations In Multi-Echelon Production Scheduling Networks, Hoong Chuin Lau, Guan Li Soh, Wee Chong Wan Dec 2006

Dynamic Multi-Linked Negotiations In Multi-Echelon Production Scheduling Networks, Hoong Chuin Lau, Guan Li Soh, Wee Chong Wan

Research Collection School Of Computing and Information Systems

In this paper, we are concerned with scheduling resources in a multi-tier production/logistics system for multi-indenture goods. Unlike classical production scheduling problems, the problem we study is concerned with local utilities which are private. We present an agent model and investigate an efficient scheme for handling multi-linked agent negotiations. With this scheme we attempt to overcome the drawbacks of sequential negotiations and negotiation parameter settings. Our approach is based on embedding a credit-based negotiation protocol within a local search scheduling algorithm. We demonstrate the computational efficiency and effectiveness of the approach in solving a real-life dynamic production scheduling problem which …

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The Association Between Earnings Quality And Regulatory Report Opinions In The Accounting Industry, Tracey Chunqi Zhang, Katherine Gunny Dec 2006

The Association Between Earnings Quality And Regulatory Report Opinions In The Accounting Industry, Tracey Chunqi Zhang, Katherine Gunny

Research Collection School Of Accountancy

We compare the outcome of two different information systems – self regulation versus private sector regulation – in the accounting industry. Under the Sarbanes-Oxley Act, Public Company Accounting Oversight Board (PCAOB) inspections replaced American Institute of Certified Public Accountants (AICPA) peer reviews of auditors. Peer review opinions are useful with respect to decisions about hiring and firing of auditors (Hilary and Lennox, 2005); therefore, the question remains what are the benefits of incurring the cost to replace a selfregulatory system with a private regulatory agency. We examine the usefulness of these two information systems at distinguishing earnings quality at firms …

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