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Articles 31 - 60 of 143
Full-Text Articles in Business
Rebuilding Global Supply Chains From The Ground Up, Victor Fung, Chin Tiong Tan
Rebuilding Global Supply Chains From The Ground Up, Victor Fung, Chin Tiong Tan
Research Collection Lee Kong Chian School Of Business
Dr Victor Fung, Group Chairman of the Fung Group, talks about how technological changes, geopolitical shifts, and Covid-19 are threatening to turn global supply chains upside down, in this interview with Tan Chin Tiong.
When And Why Narcissists Exhibit Greater Hindsight Bias And Less Perceived Learning, Satoris S. Howes, Edgar E. Kausel, Alexander T. Jackson, Jochen Reb
When And Why Narcissists Exhibit Greater Hindsight Bias And Less Perceived Learning, Satoris S. Howes, Edgar E. Kausel, Alexander T. Jackson, Jochen Reb
Research Collection Lee Kong Chian School Of Business
The present research sought to examine the impact of narcissism, prediction accuracy, and should counterfactual thinking—which includes thoughts such as “I should have done something different”—on hindsight bias (the tendency to exaggerate in hindsight what one knew in foresight) and perceived learning. To test these effects, we conducted four studies (total n = 727). First, in Study 1 we examined a moderated mediation model, in which should counterfactual thinking mediates the relation between narcissism and hindsight bias, and this mediation is moderated by prediction accuracy such that the relationship is negative when predictions are accurate and positive when predictions are …
Macroeconomic Stabilization In The Digital Age, John Beirne, David Fernandez
Macroeconomic Stabilization In The Digital Age, John Beirne, David Fernandez
Research Collection Lee Kong Chian School Of Business
Macroeconomic Stabilization in the Digital Age provides insights into factors affecting the macroeconomic management of the economy in the digital age. Policy makers need to be aware of the increasing prominence of the digital economy and digital finance and seek to better understand how continued digitalization will affect policies aimed at managing the economy. For emerging market economies (EMEs), macroeconomic policy challenges have been exacerbated by the digital finance revolution in the aftermath of the global financial crisis and the coronavirus disease (COVID-19) pandemic, when many EMEs experienced large and volatile capital flows. Policy makers must also navigate through fluctuating …
Frm Financial Risk Meter, Andrija Mihoci, Michael Althof, Cathy Yi-Hsuan Chen, Wolfgang Karl Hardle
Frm Financial Risk Meter, Andrija Mihoci, Michael Althof, Cathy Yi-Hsuan Chen, Wolfgang Karl Hardle
Sim Kee Boon Institute for Financial Economics
A systemic risk measure is proposed accounting for links and mutual dependencies between financial institutions utilizing tail event information. Financial Risk Meter (FRM) is based on least absolute shrinkage and selection operator quantile regression designed to capture tail event co-movements. The FRM focus lies on understanding active set data characteristics and the presentation of interdependencies in a network topology. Two FRM indices are presented, namely, FRM@Americas and FRM@Europe. The FRM indices detect systemic risk at selected areas and identify risk factors. In practice, FRM is applied to the return time series of selected financial institutions …
Teres: Tail Event Risk Expectile Shortfall, Andrija Mihoci, Wolfgang Karl Hardle, Cathy Yi-Hsuan Chen
Teres: Tail Event Risk Expectile Shortfall, Andrija Mihoci, Wolfgang Karl Hardle, Cathy Yi-Hsuan Chen
Sim Kee Boon Institute for Financial Economics
We propose a generalized risk measure for expectile-based expected shortfall estimation. The generalization is designed with a mixture of Gaussian and Laplace densities. Our plug-in estimator is derived from an analytic relationship between expectiles and expected shortfall. We investigate the sensitivity and robustness of the expected shortfall to the underlying mixture parameter specification and the risk level. Empirical results from the US, German and UK stock markets and for selected NASDAQ blue chip companies indicate that expected shortfall can be successfully estimated using the proposed method on a monthly, weekly, daily and intra-day basis using a 1-year or 1-day time …
Tax Considerations For Funds Structuring In Asia, Vincent Ooi
Tax Considerations For Funds Structuring In Asia, Vincent Ooi
Research Collection Yong Pung How School Of Law
Tax considerations play a major role in the decisions of fund managers of where to base their funds. The highly mobile nature of capital has resulted in tax competition, leading to several host jurisdictions for funds in Asia (Hong Kong, Singapore, Labuan, and the BVI) having very similar tax characteristics in terms of low effective corporate income tax rates; no capital gains taxes; no exit taxes; a single tier of taxation; and generally no withholding taxes. Other ways in which jurisdictions have attempted to distinguish themselves include a strong Double Tax Agreement network, certainty on the taxation of the carried …
Will Ceos With Banking Experience Lower Default Risks? Evidence From P2p Lending Platforms In China, Qiang Gong, Chong Liu, Qianni Peng, Luying Wang
Will Ceos With Banking Experience Lower Default Risks? Evidence From P2p Lending Platforms In China, Qiang Gong, Chong Liu, Qianni Peng, Luying Wang
Research Collection Lee Kong Chian School Of Business
Using a novel dataset of 121 Chinese P2P lending platforms, we investigate the impact of CEOs' banking experience on default risk. The empirical results indicate that CEOs with prior banking experience manage default risk better. Moreover, CEOs' banking experience has a stronger influence on small platforms and in situations where the platforms' depository banks are city commercial banks. Our results indicate that although fintech provides technology to reduce risks, we cannot ignore the constructive role of professional experience in risk management. Thus, investors and regulators in emerging markets should pay attention to managers' financial qualifications, and especially to CEOs' banking …
The Future Of Work Now: Ai-Driven Transaction Surveillance At Dbs Bank, Thomas H. Davenport, Steven M. Miller
The Future Of Work Now: Ai-Driven Transaction Surveillance At Dbs Bank, Thomas H. Davenport, Steven M. Miller
Research Collection School Of Computing and Information Systems
One of the most frequently-used phrases at business events these days is “the future of work.” It’s increasingly clear that artificial intelligence and other new technologies will bring substantial changes in work tasks and business processes. But while these changes are predicted for the future, they’re already present in many organizations for many different jobs. The job and incumbents described below are an example of this phenomenon. Steve Miller of Singapore Management University and I co-authored the story.
Oil At Risk: Political Violence And Accelerated Carbon Extraction In The Middle East And North Africa, Ryan Knowles Merrill, Anthony W. Orlando
Oil At Risk: Political Violence And Accelerated Carbon Extraction In The Middle East And North Africa, Ryan Knowles Merrill, Anthony W. Orlando
Research Collection Lee Kong Chian School Of Business
What effect does the threat of expropriation have on resource extraction? Much of the economic literature suggests that uncertainty reduces investment, but the theory of risk-induced extraction suggests the opposite. In this paper, we test this theory in the context of political violence, which poses a real threat of state destabilization and violent expropriation of property rights. Facing this uncertainty, we find that oil producers in the Middle East and North Africa increase oil production in response to political violence. This finding has important negative consequences for the world in terms of climate change and demonstrates a previously untested mechanism …
The Attractiveness Advantage At Work: A Cross-Disciplinary Integrative Review, Kelly A Nault, Marko Pitesa, Stefan Thau
The Attractiveness Advantage At Work: A Cross-Disciplinary Integrative Review, Kelly A Nault, Marko Pitesa, Stefan Thau
Research Collection Lee Kong Chian School Of Business
Compared with people of average attractiveness, the highly attractive earn roughly 20 percent more and are recommended for promotion more frequently. The dominant view of this “attractiveness advantage” is one of taste-based discrimination, whereby attractive individuals are preferred without justification in economic productivity. We conduct a comprehensive review of research on attractiveness discrimination, finding relatively more evidence that this phenomenon constitutes, to some extent, statistical (as opposed to solely taste-based) discrimination, in which decision makers assume that attractive people are more competent and discriminate based on instrumental motives. We then review research that speaks to whether decision makers might be …
Financial Knowledge And Portfolio Complexity In Singapore, Benedict S. K. Koh, Olivia S. Mitchell, Susann Rohwedder
Financial Knowledge And Portfolio Complexity In Singapore, Benedict S. K. Koh, Olivia S. Mitchell, Susann Rohwedder
Research Collection Lee Kong Chian School Of Business
Financial literacy in Singapore has not been analyzed in much detail, despite the fact that this is one of the world’s most rapidly aging nations. Using the Singapore Life Panel®, we explore older Singaporeans’ levels of financial knowledge and compare them to those observed in the United States. We assess portfolio complexity for these older households, to examine how financial literacy is related to outcomes of interest. We show that older Singaporeans’ levels of financial literacy are comparable overall to those in the United States, even though older Singaporeans score slightly lower on some dimensions (knowledge of interest and inflation), …
A Taxonomy Of Non-Dictatorial Domains, Shurojit Chatterji, Huaxia Zeng
A Taxonomy Of Non-Dictatorial Domains, Shurojit Chatterji, Huaxia Zeng
Research Collection School Of Economics
We provide an exhaustive classification of all preference domains that allow the design of unanimous social choice functions (henceforth, rules) that are non-dictatorial and strategy-proof. This taxonomy is based on a richness assumption and employs a simple property of two-voter rules called invariance. The preference domains that form the classification are semi-single-peaked domains (introduced by Chatterji et al. (2013)) and semi-hybrid domains (introduced here) which are two appropriate weakenings of the single-peaked domains, and which, more importantly, are shown to allow strategy-proof rules to depend on non-peak information of voters’ preferences. As a refinement of the classification, single-peaked domains and …
Gdp Growth Incentives And Earnings Management: Evidence From China, Xia Chen, Qiang Cheng, Ying Hao, Qiang Liu
Gdp Growth Incentives And Earnings Management: Evidence From China, Xia Chen, Qiang Cheng, Ying Hao, Qiang Liu
Research Collection School Of Accountancy
Using data from China, we examine whether and how the incentive to boost GDP growth at the government level affects earnings management at the firm level. We find that firms in provinces with GDP growth lower than the national level or the average of the adjacent provinces are more likely to engage in earnings management than firms in other provinces. Specifically, they are more likely to inflate revenues, overproduce, and delay asset impairment losses. The aggregate earnings management induced by GDP growth incentives accounts for about 0.5% of GDP. The results are stronger for local state-owned enterprises, in provinces with …
The Future Of Work Now: The Multi-Faceted Mall Security Guard At A Multi-Faceted Jewel, Thomas H. Davenport, Steven M. Miller
The Future Of Work Now: The Multi-Faceted Mall Security Guard At A Multi-Faceted Jewel, Thomas H. Davenport, Steven M. Miller
Research Collection School Of Computing and Information Systems
One of the most frequently-used phrases at business events these days is “the future of work.” It’s increasingly clear that artificial intelligence and other new technologies will bring substantial changes in work tasks and business processes. But while these changes are predicted for the future, they’re already present in many organizations for many different jobs. The job and incumbents described below are an example of this phenomenon. Steve Miller of Singapore Management University and I co-authored the story.
Politically Connected Governments, Christine Cuny, Jungbae Kim, Mihir N. Mehta
Politically Connected Governments, Christine Cuny, Jungbae Kim, Mihir N. Mehta
Research Collection School Of Accountancy
This paper examines the consequences of powerful political connections for local governments. We find that governments located within the constituencies of, and thus connected to, powerful congressional members reduce their stewardship over public resources. Using plausibly exogenous declines in the power of congressional representation, we show that the effect is causal. To better understand why connected local governments can reduce stewardship, we study electoral characteristics. Our findings suggest that the increased resources that come with powerful congressional representation allow local‐government officials to reduce stewardship without material adverse effects on their reelection prospects. In sum, we provide evidence of a cost …
The Importance Of Innovation And Entrepreneurship In China’S Social Transformation, Guo Jun Shen
The Importance Of Innovation And Entrepreneurship In China’S Social Transformation, Guo Jun Shen
Dissertations and Theses Collection (Open Access)
As world’s second largest economy, China has seen tremendous changes since its 1978 “open door and reform” policy. Different reformations in form of policies were planned and rolled out to release the potential of productivity. At the same time, social development also seen a huge progress. How the reformation been transformed to social development and in what degree? This is the question was answered in this dissertation. I studied four major reformations covering: State owned Enterprises (SoE), land, financial liberalization, and science and technology, and their impacts on the social development. At macro level, I identified mediation effects of entrepreneurship …
Corona Crisis And Inequality: Why Management Research Needs A Societal Turn, Hari Bapuji, Charmi Patel, Gokhan Ertug, David G. Allen
Corona Crisis And Inequality: Why Management Research Needs A Societal Turn, Hari Bapuji, Charmi Patel, Gokhan Ertug, David G. Allen
Research Collection Lee Kong Chian School Of Business
As the world struggles to deal with the COVID-19 pandemic, the stark inequalities in our societies have been laid bare, and the interplay between organizations and societies has also become evident yet again. This crisis underscores the need for management scholars to take a societal turn and examine how organizational practices interact with societal economic inequality. To illustrate this approach, we discuss organizational practices – corporate social responsibility, work design, recruitment and selection, and compensation management – that can contribute to the normalization, reinforcement, and reduction of economic inequalities in society. We conclude by calling on scholars of inequality, as …
When Do Host Country Nationals Help Expatriates? The Roles Of Identification With The Multinational Enterprise And Career Development Support By The Subsidiary, Sachiko Yamao, Toru Yoshikawa, Soo Min Toh, Daijeong Choi
When Do Host Country Nationals Help Expatriates? The Roles Of Identification With The Multinational Enterprise And Career Development Support By The Subsidiary, Sachiko Yamao, Toru Yoshikawa, Soo Min Toh, Daijeong Choi
Research Collection Lee Kong Chian School Of Business
One of the concerns of host country nationals (HCNs) who work alongside expatriates in subsidiaries of multinational enterprises (MNEs) is their career prospects in the organization. This study advances the literature of expatriate management in MNEs by spotlighting the roles of the HCNs’ identification with the MNE and career development support received by the HCNs as key factors affecting the HCNs’ decisions to provide help to expatriates. According to the data collected in four countries (Australia, China, India, and Singapore), the HCNs’ identification with the MNE and their perceived subsidiary support for career development are positively related to their extra-role …
Restore Your Sense Of Control — Despite The Pandemic, Eric M. Anicich, Trevor A. Foulk, Merrick R. Osborne, Jake Gale, Michael Schaerer
Restore Your Sense Of Control — Despite The Pandemic, Eric M. Anicich, Trevor A. Foulk, Merrick R. Osborne, Jake Gale, Michael Schaerer
Research Collection Lee Kong Chian School Of Business
The coronavirus pandemic has wrought unprecedented levels of personal and professional upheaval upon many employees. It may irrevocably transform how we work, communicate, eat, shop, date, and travel. Clearly, these are not “normal” times. And yet, society continues to move forward.
Do Short Sellers Use Textual Information? Evidence From Annual Reports, Hung Wan Kot, Frank Weikai Li, Ming Liu, K.C. John Wei
Do Short Sellers Use Textual Information? Evidence From Annual Reports, Hung Wan Kot, Frank Weikai Li, Ming Liu, K.C. John Wei
Research Collection Lee Kong Chian School Of Business
We examine short-sellers’ use of textual information in annual reports for shorting activities. We find that more uncertainty and negative words in annual reports are associated with greater abnormal shorting volume. Short selling motivated by textual information negatively predicts stock price reaction around the filing date of 10-K reports. We further provide some evidence that textual information used by short-sellers are related to revisions of analysts’ earnings forecasts, changes in firm fundamentals, and increasing crash risk subsequently. Our results suggest that textual information in annual reports forms an important part of short-sellers’ information advantage.
Capital Controls And Macro-Prudential Housing Policies In Small Open Economies, Taojun Xie, Guay C. Lim, Hwee Kwan Chow
Capital Controls And Macro-Prudential Housing Policies In Small Open Economies, Taojun Xie, Guay C. Lim, Hwee Kwan Chow
Research Collection School Of Economics
We evaluate the effects of capital controls and macro-prudential policies in small open economies with a housing sector that is open to foreign ownership. The work is motivated by concerns that foreign investments also respond to housing investment opportunities resulting in potential house price inflation and issues about housing affordability. Our dynamic stochastic general equilibrium model features housing as an internationally traded investment. We also consider macro-prudential policies that are combinations of monetary and fiscal instruments. We investigate whether foreign investments in the housing markets are de-stabilising and whether there are appropriate policy responses to mitigate the negative effects of …
Skbi Big 5 Survey 2020 August, Singapore Management University
Skbi Big 5 Survey 2020 August, Singapore Management University
Sim Kee Boon Institute for Financial Economics
The COVID-19 pandemic led to whopping downward revisions to 2020 real GDP growth among the Big5 economies, on average greater than 7%-points (ranging from roughly 3.5%-points for China to more than 10%-points for India). The forecast revisions to headline inflation were less sizable and more uneven, perhaps because of the confluence of supply and demand influences. The 2021 median GDP forecast is expected to turn positive overall, with a balanced risk assessment for most of the Big5 (but a coin toss in IN and US), but the growth reversal is likely to be highly uneven. While China regains its prior …
企业如何与大学合作开发网上业务？[How Companies Cooperate With Universities To Develop Online Business?], Yuanto Kusnadi
企业如何与大学合作开发网上业务？[How Companies Cooperate With Universities To Develop Online Business?], Yuanto Kusnadi
Research Collection School Of Accountancy
No abstract provided.
Giving And Receiving: A Study Of Barriers And Enablers In Asian Philanthropy, Dalvin Sidhu, Jinwen Chen
Giving And Receiving: A Study Of Barriers And Enablers In Asian Philanthropy, Dalvin Sidhu, Jinwen Chen
Lien Centre for Social Innovation: Research
This report provides an insight into Asian philanthropy through engaging with philanthropic entities (PEs) in Greater China, India and Indonesia. Issues pertinent to this research include (1) challenges and opportunities for philanthropy in the region, (2) the interest and readiness of PEs to address common regional problems, (3) identifying support and platforms that would effectively help translate giving strategies into impact, (4) the interest and readiness of PEs to explore and engage in innovative ways, and (5) identifying the major areas in which these PEs are involved.
Discretionary Dissemination On Twitter, Richard M. Crowley, Wenli Huang, Hai Lu
Discretionary Dissemination On Twitter, Richard M. Crowley, Wenli Huang, Hai Lu
Research Collection School Of Accountancy
Using an unsupervised machine learning approach to analyze 12.8 million tweets posted by S&P 1500 firms from 2012 to 2016, we find that firms tweet more financial information around significantly negative or positive earnings announcements or accounting filings. Specifically, we observe a symmetric U-shaped relation between the number of financial tweets and the materiality of accounting information events. This relation is consistent with the theoretical prediction in Hummel et al. (2018) which assumes that managers are sensitive to their firm’s fundamental value. We document that this relation also holds for hyperlink usage in tweets about financial information around important events, …
Risk Control System Construction Of China’S Equity Crowdfunding Platforms: A Comparative Study On The Differences Between Equity Crowdfunding And Traditional Venture Capital Investment, Wentao Bai
Dissertations and Theses Collection (Open Access)
Equity crowdfunding is a new type of public financing activity realized by Internet technology with small single investments funds, which is different from traditional venture capital. It greatly solves the equity investment problem of middle-class people and the difficulties of small and medium-sized enterprises and start-ups in financing. It is also conducive to the construction of multi-level capital market, and the healthy development of national financial system. Due to the advantages of equity crowdfunding, the global equity crowdfunding market has developed rapidly in recent years. Unfortunately, China's formal legislation on equity crowdfunding has not been introduced yet. Each platform can …
Financial Technology And Inclusion In Asean, David Fernandez, Marc Rakotomalala
Financial Technology And Inclusion In Asean, David Fernandez, Marc Rakotomalala
Research Collection Lee Kong Chian School Of Business
Financial technology (FinTech) has the potential to be a positive, game-changing force for boosting financial inclusion in ASEAN, as mobile money and greater access to basic financial services have the capacity to improve the economic well-being of households. Indeed, technology has been shown to drive broader increases in economic growth, which itself interacts positively with financial inclusion. In a more direct way, new, specific fintech developments globally and in ASEAN itself can be beneficial for financial inclusion. In this paper, we look at financial inclusion and technology, and how cooperative efforts between ASEAN policymakers, the private sector, and their broader …
News Media Influence On Public Trust In Bike-Sharing Operators In Singapore, Leonard Wong, Lyon Tan, Rachel Wong, Su Lin Yeo
News Media Influence On Public Trust In Bike-Sharing Operators In Singapore, Leonard Wong, Lyon Tan, Rachel Wong, Su Lin Yeo
Research Collection Lee Kong Chian School Of Business
Purpose: The overnight introduction of tens of thousands of dockless bike-share bicycles in Singapore with its indiscriminate parking drew the attention of the media, which generated extensive news reports on the activities carried out by bike-sharing operators. Given the meteoric rise and fall of the industry, this study examines the influence of agenda-setting of news reporting on the public’s perception of the industry and the impact on the firms’ corporate reputation. Design/methodology/approach: Utilizing the Reputation Quotient Index, the study content analyzed 147 textual data of online reports which were crawled over two years between 2017 and 2018 from six mainstream …
Incentives For Information Provision: Energy Efficiency In The Spanish Rental Market, Xueying Bian, Natalia Fabra
Incentives For Information Provision: Energy Efficiency In The Spanish Rental Market, Xueying Bian, Natalia Fabra
Research Collection Lee Kong Chian School Of Business
In this paper we build a search model with asymmetric information regarding houses' energy efficiency. The objective is to shed light on the house owners' incentives to disclose energy certificates (ECs) in the rental market. Such incentives depend not only on the rent premium for more efficient houses - as previously documented - but also on the implicit rent penalty for unlabeled houses. Interestingly, we show that such a penalty is higher the greater the disclosure rate of ECs in the local market. This suggests that the enforcement of the EC regulation should be more stringent during the early phases, …
Do Women Receive Worse Financial Advice?, Utpal Bhattacharya, Amit Kumar, Sujata Visaria, Jing Zhao
Do Women Receive Worse Financial Advice?, Utpal Bhattacharya, Amit Kumar, Sujata Visaria, Jing Zhao
Research Collection Lee Kong Chian School Of Business
We arranged for trained undercover men and women to pose as potential clients and visit all 65 local financial advisory firms in Hong Kong. At financial planning firms, but not at securities firms, women were more likely than men to receive advice to buy only individual or only local securities. Women clients who signaled that they were highly confident, highly risk tolerant or had a domestic outlook, were especially likely to receive this suboptimal advice. Our theoretical model explains these patterns as the result of statistical discrimination interacting with advisors’ incentives. Taste-based discrimination is unlikely to explain the results.