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Singapore Management University

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2023

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Full-Text Articles in Business

Female Ceos And Investment Efficiency In The Vietnamese Market, Jun Myung Song, Chune Young Chung Dec 2023

Female Ceos And Investment Efficiency In The Vietnamese Market, Jun Myung Song, Chune Young Chung

Sim Kee Boon Institute for Financial Economics

This paper proposes female CEOs’ overconfidence and risky behavior stem from gender stereotype threats. Using two subsamples from Vietnam—firms in the Northern and Southern regions—we empirically show that female CEOs in the North, where there is less gender stereotyping, tend to overinvest relative to male CEOs. However, in the South, they are indifferent. Additional analysis reinforces the main finding that female CEOs in the North tend to take more risks even when dealing with market volatility and uncertainty (e.g., the COVID-19 pandemic). Such risky behaviors do not deteriorate firm value but, instead, possibly improve firm performance.

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Partisanship In Loan Pricing, Ramona Dagostino, Janet Gao, Pengfei Ma Dec 2023

Partisanship In Loan Pricing, Ramona Dagostino, Janet Gao, Pengfei Ma

Research Collection Lee Kong Chian School Of Business

Does partisanship influence the way investors price financial assets? Using voter registration data of bankers originating large corporate loans, we show that bankers whose party differs from that of the U.S. President charge 7% higher loan spreads than other bankers. This effect holds regardless of borrowers’ partisanship, and becomes stronger for politically active bankers and when partisan media exhibit greater disagreement. Bankers do not match disproportionately with co-partisan borrowers but they lead syndicates more frequently with co-partisan bankers. Our results are not driven by bank or borrower fundamentals, but suggest that investor optimism, driven by political alignment, shapes asset prices.

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The Value Of Official Website Information In The Credit Risk Evaluation Of Smes, Cuiqing Jiang, Chang Yin, Qian Tang, Zhao Wang Dec 2023

The Value Of Official Website Information In The Credit Risk Evaluation Of Smes, Cuiqing Jiang, Chang Yin, Qian Tang, Zhao Wang

Research Collection School Of Computing and Information Systems

The official websites of small and medium-sized enterprises (SMEs) not only reflect the willingness of an enterprise to disclose information voluntarily, but also can provide information related to the enterprises’ historical operations and performance. This research investigates the value of official website information in the credit risk evaluation of SMEs. To study the effect of different kinds of website information on credit risk evaluation, we propose a framework to mine effective features from two kinds of information disclosed on the official website of a SME—design-based information and content-based information—in predicting its credit risk. We select the SMEs in the software …

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Explorelah: Personalised And Smart Trip Planner For Mobile Tourism, Aldy Gunawan, Siu Loon Hoe, Xun Yi Lim, Linh Chi Tran, Dang Viet Anh Nguyen Dec 2023

Explorelah: Personalised And Smart Trip Planner For Mobile Tourism, Aldy Gunawan, Siu Loon Hoe, Xun Yi Lim, Linh Chi Tran, Dang Viet Anh Nguyen

Research Collection School Of Computing and Information Systems

Various recommender systems for mobile tourism have been developed over the years. However, most of these recommender systems tend to overwhelm users with too much information and may not be personalised to user preferences. In this paper, we introduce ExploreLah, a personalised and smart trip planner for exploring Point of Interests (POIs) in Singapore. The user preferences are categorised into five groups: shopping, art & culture, outdoor activity, adventure, and nightlife. The problem is considered as the Team Orienteering Problem with Time Windows. The algorithm is developed to generate itineraries. Simulated experiments using test cases were performed to evaluate and …

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Using Team Rewards And Individual Assessment To Incentivize Collaboration In Team Projects, Prasart Jongjaroenkamol Dec 2023

Using Team Rewards And Individual Assessment To Incentivize Collaboration In Team Projects, Prasart Jongjaroenkamol

Research Collection School Of Accountancy

Team projects are commonly used in higher education across different disciplines to promote cooperation among students. However, achieving this objective can be challenging. To address this issue, educators have explored various strategies, such as implementing peer evaluation or having periodic consultations with teams. In this paper, I present a novel approach to team assessment that combines team rewards with individual assessment. In this assessment, each team member independently takes a quiz, and the team's score is determined by the average performance of its members. Consequently, the team reward becomes intricately tied to the individual learning outcomes of all team members. …

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Understanding The Impact Of Trade Policy Effect Uncertainty On Firm-Level Innovation Investment: A Deep Learning Approach, Daniel Chang, Nan Hu, Peng Liang, Morgan Swink Dec 2023

Understanding The Impact Of Trade Policy Effect Uncertainty On Firm-Level Innovation Investment: A Deep Learning Approach, Daniel Chang, Nan Hu, Peng Liang, Morgan Swink

Research Collection School Of Computing and Information Systems

Integrating the real options perspective and resource dependence theory, this study examines how firms adjust their innovation investments to trade policy effect uncertainty (TPEU), a less studied type of firm specific, perceived environmental uncertainty in which managers have difficulty predicting how potential policy changes will affect business operations. To develop a text-based, context-dependent, time-varying measure of firm-level perceived TPEU, we apply Bidirectional Encoder Representations from Transformers (BERT), a state-of-the-art deep learning approach. We apply BERT to analyze the texts of mandatory Management Discussion and Analysis (MD&A) sections of annual reports for a sample of 22,669 firm-year observations from 3,181 unique …

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Class Participation: Using Technology To Enhance Efficiency And Fairness, Benjamin Gan, Eng Lieh Ouh Dec 2023

Class Participation: Using Technology To Enhance Efficiency And Fairness, Benjamin Gan, Eng Lieh Ouh

Research Collection School Of Computing and Information Systems

Class participation can be considered as contribution to discussion, attendance, presentations, unsolicited responses, questions, comments, etc. What counts may vary across individual teachers. The more students participate, the less memorization they do, and the more they engage in higher levels of thinking, including interpretation, analysis, and synthesis. However, only a handful of students in many classrooms participate regularly, a phenomenon dubbed as "consolidation of responsibility". This study provides a literature review of inclass participation, as well as pedagogies and technologies that enhance participation. Pedagogies such as active learning, group learning, project-based learning and flipped classroom. Technologies to automate attendance taking, …

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Vision Paper: Advancing Of Ai Explainability For The Use Of Chatgpt In Government Agencies: Proposal Of A 4-Step Framework, Hui Shan Lee, Shankararaman, Venky, Eng Lieh Ouh Dec 2023

Vision Paper: Advancing Of Ai Explainability For The Use Of Chatgpt In Government Agencies: Proposal Of A 4-Step Framework, Hui Shan Lee, Shankararaman, Venky, Eng Lieh Ouh

Research Collection School Of Computing and Information Systems

This paper explores ChatGPT’s potential in aiding government agencies, drawing from a case study based on a government agency in Singapore. While ChatGPT’s text generation abilities offer promise, it brings inherent challenges, including data opacity, potential misinformation, and occasional errors. These issues are especially critical in government decision-making.Public administration’s core values of transparency and accountability magnify these concerns. Ensuring AI alignment with these principles is imperative, given the potential repercussions on policy outcomes and citizen trust.AI explainability plays a central role in ChatGPT’s adoption within government agencies. To address these concerns, we propose strategies like prompt engineering, data governance, and …

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How Commonality Persists? (Through Investors' Sentiment And Attention), Chyng Wen Tee, Raja Velu, Zhaoque Zhou Dec 2023

How Commonality Persists? (Through Investors' Sentiment And Attention), Chyng Wen Tee, Raja Velu, Zhaoque Zhou

Research Collection Lee Kong Chian School Of Business

Studies on commonality generally attribute the variation in asset returns to the variation in order flows. In this research study, we show that order flows do not predict asset returns, rather their relationship have been static over time. Thus we model both returns and the order flows as endogenous variables, and use investors' sentiment and attention as exogenous factors via a reduced-rank regression. We provide empirical evidence to demonstrate that cross-sectional commonality in attention (sentiment) is linearly (nonlinearly) associated with both returns and order flows at the intraday level, while the sentiment and attention measures themselvesexhibit a nonlinear mutual relationship, …

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Are Bond Returns Predictable With Real-Time Macro Data?, Dashan Huang, Fuwei Jiang, Kunpeng Li, Guoshi Tong, Guofu Zhou Dec 2023

Are Bond Returns Predictable With Real-Time Macro Data?, Dashan Huang, Fuwei Jiang, Kunpeng Li, Guoshi Tong, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

We investigate the predictability of bond returns using real-time macro variables and consider the possibility of a nonlinear predictive relationship and the presence of weak factors. To address these issues, we propose a scaled sufficient forecasting (sSUFF) method and analyze its asymptotic properties. Using both the existing and the new method, we find empirically that real-time macro variables have significant forecasting power both in-sample and out-of-sample. Moreover, they generate sizable economic values, and their predictability is not spanned by the yield curve. We also observe that the forecasted bond returns are countercyclical, and the magnitude of predictability is stronger during …

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Effect Of The Announcement Of Human-To-Human Transmission On Teleconsultation Services In China During Covid-19, Mairehaba Maimaitiming, Jingui Xie, Zhichao Zheng, Yongjian Zhu Dec 2023

Effect Of The Announcement Of Human-To-Human Transmission On Teleconsultation Services In China During Covid-19, Mairehaba Maimaitiming, Jingui Xie, Zhichao Zheng, Yongjian Zhu

Research Collection Lee Kong Chian School Of Business

Objectives: Telemedicine enables patients to communicate with physicians effectively, especially during the coronavirus disease (COVID-19) pandemic. However, few studies have explored the use of online health care platforms for a comprehensive range of specialties during the COVID-19 pandemic. This study aimed to investigate how telemedicine services were affected by the announcement of human-to-human transmission in China. Methods: Telemedicine data from haodf.com in China were collected. A difference-in-differences analysis compared the number of telemedicine use and the number of active online physicians for different specialties in 2020 with the numbers in 2019, before and after the announcement of human-to-human transmission. Results: …

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Leviathan Inc. And Corporate Environmental Engagement, Po-Hsuan Hsu, Hao Liang, Pedro Matos Dec 2023

Leviathan Inc. And Corporate Environmental Engagement, Po-Hsuan Hsu, Hao Liang, Pedro Matos

Research Collection Lee Kong Chian School Of Business

In a 2010 special report, The Economist magazine termed the resurgence of state-owned, publicly listed enterprises “Leviathan Inc.” and criticized the poor governance and low efficiency of these firms. We compile a new comprehensive data set of state ownership of publicly listed firms in 44 countries over the period of 2004–2017 and show that state-owned enterprises are more responsive to environmental issues. The effect is more pronounced in economies lacking energy security and strong environmental regulation, and among firms with more local operations and higher domestic government ownership. We find a similar effect on corporate social engagement but not on …

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The Persuasive Effect Of Ai-Synthesized Voices, Hannah H. Chang, Anirban Mukherjee Dec 2023

The Persuasive Effect Of Ai-Synthesized Voices, Hannah H. Chang, Anirban Mukherjee

Research Collection Lee Kong Chian School Of Business

Artificial intelligence (AI) technology seeks to emulate humans. One aspect is AI-synthesized voices, used in voice assistants (such as Amazon Alexa, Apple Siri, and Google Assistant) to assistive technologies (such as voiceover narration in product videos). For example, there are currently more than 3.25 billion voice assistants; a number that is expected to touch about 8 billion by next year (i.e., 2023) (Statista 2022). With the extensive availability and enhanced accuracy of AI-synthesized voices, consumer research is starting to examine the impact of AI-synthesized voices on consumer information processing and decision making. The extant literature, however, is relatively limited because …

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The Economics Of Financial Scams: Evidence From Initial Coin Offerings, Kenny Phua, Bo Sang, Chi Shen Wei, Yang Yu Dec 2023

The Economics Of Financial Scams: Evidence From Initial Coin Offerings, Kenny Phua, Bo Sang, Chi Shen Wei, Yang Yu

Research Collection Lee Kong Chian School Of Business

We examine the economics of financial scams by analyzing the market for initial coin offerings (ICOs). Using data snapshots of 5,873 ICOs, we find that irregularities in ICO characteristics across listing websites predict higher scam risk and are likely intentional. These patterns are consistent with a model where malicious issuers maximize profits by using irregularities to screen for naïve investors. Almost half of the ICOs in our sample may be scams, amounting to more than U.S. $6 billion in losses. Our results draw attention to the frequent use of screening mechanisms in financial scams.

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In Search Of Cryptocurrency Failure, Donglian Ma, Jun Tu, Zhaobo Zhu Dec 2023

In Search Of Cryptocurrency Failure, Donglian Ma, Jun Tu, Zhaobo Zhu

Research Collection Lee Kong Chian School Of Business

This paper explores the determinants of cryptocurrency failure and the pricing of crypto failure risk. We document different significant market- and characteristic-based predictors for coin and token failures. The introduction of Bitcoin futures and the outbreak of COVID19 affect the importance of many predictors. Investors require extra return for bearing high failure risk of crypto assets. The return difference across high and low failure risk crypto assets is not explained by the market, size and momentum factors in the cryptocurrency market. Finally, investors benefit from diversifying into high failure risk crypto assets that is little correlated with the stock market.

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Is Anti-Herding Always A Smart Choice? Evidence From Mutual Funds, John Byong-Tek Lee, Jun Ma, Dimitris Margaritis, Wanyi Yang Nov 2023

Is Anti-Herding Always A Smart Choice? Evidence From Mutual Funds, John Byong-Tek Lee, Jun Ma, Dimitris Margaritis, Wanyi Yang

Sim Kee Boon Institute for Financial Economics

Recent empirical studies document a negative relation between herding behaviour and the skill of mutual fund managers. We explore this relationship further by focusing on fund managers' contrarian buy and sell behaviour against the market. Our study reveals an asymmetry in the performance of mutual funds with contrarian buy behaviour and contrarian sell behaviour. The contrarian-buy behaviour reflects skill by positively predicting the cross-section of next period's mutual fund returns, while the contrarian-sell behaviour reflects a lack of skill associated with a negative prediction. These findings are robust to various risk-adjusted performance measures. Contrarian-buy funds outperform momentum-buy funds by 3% …

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Sustainability Transformation: The Role Of Accountancy And Finance Professionals In The Singapore Manufacturing Sector, Jiwei Wang, Holly I. Yang, Liandong Zhang, Sanli Pinar Darendeli, Ying-Chi Huang Nov 2023

Sustainability Transformation: The Role Of Accountancy And Finance Professionals In The Singapore Manufacturing Sector, Jiwei Wang, Holly I. Yang, Liandong Zhang, Sanli Pinar Darendeli, Ying-Chi Huang

Research Collection School Of Accountancy

Sustainability is already reshaping the Singapore manufacturing sector. The majority of companies surveyed (70%) have started their sustainability transformation in one form or another, and many have initiated discussions. However, on the whole, only 37% of companies have implemented sustainability initiatives, and 21% have reported on sustainability. On the bright side, these percentages are slated to double within 1-3 years. The infusion of sustainability into the manufacturing sector has led to accountancy and finance professionals potentially playing a bigger role in their organisations, particularly in aligning the sustainability objectives with business strategies. The study notes that manufacturing companies are mostly …

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Rule Violation And Time-To-Enforcement In Weak Institutional Environments: A Good Faith Perspective, Jun Xia, Yusi Jiang, Heli Wang, Yuan Li Nov 2023

Rule Violation And Time-To-Enforcement In Weak Institutional Environments: A Good Faith Perspective, Jun Xia, Yusi Jiang, Heli Wang, Yuan Li

Research Collection Lee Kong Chian School Of Business

Previous studies on corporate misconduct have focused mainly on preventing misconduct or remedying it after detection, but it remains unclear how misconduct can be effectively detected in the first place once it occurs. We apply the good faith perspective in the context of China, which represents a weak institutional environment, and argue that the ability of culpable leaders to conceal information may delay misconduct disclosure because such ability helps maintain the good faith of regulators. Moreover, we argue that because the regulators have faith in professionals (external auditors, institutional investors, and securities analysts) whose skills are in fact often underdeveloped …

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On The Trajectory Of Discrimination: A Meta-Analysis And Forecasting Survey Capturing 44 Years Of Field Experiments On Gender And Hiring Decisions, Michael Schaerer, Christilene Du Plessis, My Hoang Nguyen, Robbie C. M. Van Aert, Leo Tiokkin, Daniel Lakens, Elena G. Clemente, Thomas Pfeiffer, Anna Dreber, Magnus Johannesson, Cory J. Clark Nov 2023

On The Trajectory Of Discrimination: A Meta-Analysis And Forecasting Survey Capturing 44 Years Of Field Experiments On Gender And Hiring Decisions, Michael Schaerer, Christilene Du Plessis, My Hoang Nguyen, Robbie C. M. Van Aert, Leo Tiokkin, Daniel Lakens, Elena G. Clemente, Thomas Pfeiffer, Anna Dreber, Magnus Johannesson, Cory J. Clark

Research Collection Lee Kong Chian School Of Business

A preregistered meta-analysis, including 244 effect sizes from 85 field audits and 361,645 individual job applications, tested for gender bias in hiring practices in female-stereotypical and gender-balanced as well as male-stereotypical jobs from 1976 to 2020. A “red team” of independent experts was recruited to increase the rigor and robustness of our meta-analytic approach. A forecasting survey further examined whether laypeople (n = 499 nationally representative adults) and scientists (n = 312) could predict the results. Forecasters correctly anticipated reductions in discrimination against female candidates over time. However, both scientists and laypeople overestimated the continuation of bias against female candidates. …

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Novus Ex Machina: Realise Your Organisation’S Creative Potential With Ai, Adam Tatarynowicz, Utz Claassen Nov 2023

Novus Ex Machina: Realise Your Organisation’S Creative Potential With Ai, Adam Tatarynowicz, Utz Claassen

Asian Management Insights

Innovation managers must learn how to harness AI’s transformative potential.

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Informativeness Of Key Audit Matters: Evidence From China, Beng Wee Goh, Kiat Bee Jimmy Lee, Dan Li, Muzhi Wang Nov 2023

Informativeness Of Key Audit Matters: Evidence From China, Beng Wee Goh, Kiat Bee Jimmy Lee, Dan Li, Muzhi Wang

Research Collection School Of Accountancy

This study examines whether the key audit matters (KAMs) disclosed in expanded audit reports as a part of recent regulatory reforms are informative for investors in an emerging economy setting. Using the recent adoption of expanded audit reports for firms listed exclusively in Mainland China, we find robust evidence that the abnormal trading volume and earnings response coefficients (ERCs) are higher and that stock price synchronicity is lower during the postadoption than preadoption period. In additional tests, we find evidence that KAMs are more informative for non-state-owned enterprises (non-SOEs), smaller firms, and firms with a smaller analyst following. Finally, we …

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Within-Development Density And Housing Prices In Singapore, Eric Fesselmeyer, Haoming Liu, Louisa Poco Nov 2023

Within-Development Density And Housing Prices In Singapore, Eric Fesselmeyer, Haoming Liu, Louisa Poco

Research Collection College of Integrative Studies

This paper measures how much more households pay for less density in their immediate surroundings. Using transaction and administrative data and exploiting the introduction of a regulation that restricted the number of housing units for certain land lots, we find that households discount density: a 10% increase in within-development density decreases the price per square meter by 5%. Further, the mean price per square meter of the average development increased by 1%–3% after the regulation was introduced, while the amount of built-up space remained constant. The increase in total revenue suggests developers may underestimate the externality caused by density.

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Public Communication Of Audit Risks And Related-Party Transactions: Evidence From China, Ole-Kristian Hope, Heng Yue, Qinlin Zhong Nov 2023

Public Communication Of Audit Risks And Related-Party Transactions: Evidence From China, Ole-Kristian Hope, Heng Yue, Qinlin Zhong

Research Collection School Of Accountancy

This paper examines whether and how firms' engagement in related-party transactions (RPTs) is shaped by public communication of audit risks as required by the expanded audit report. Using the phased regulatory changes in China and a difference-in-differences design with firm fixed effects and matching, we find that firms significantly reduce their RPTs after the adoption of expanded audit reports (EARs). To investigate potential mechanisms, we find that (1) investor scrutiny increases after the adoption of EARs, (2) the reduction of RPTs is more pronounced when EARs are more likely to attract investor attention, and (3) the reduction of RPTs is …

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Formal Versus Informal Supervisor Socio-Emotional Support Behaviours And Employee Trust: The Role Of Cultural Power Distance, Jaee Cho, S. Arzu Wasti, Krishna Savani, Hwee Hoon Tan, Michael W. Morris Nov 2023

Formal Versus Informal Supervisor Socio-Emotional Support Behaviours And Employee Trust: The Role Of Cultural Power Distance, Jaee Cho, S. Arzu Wasti, Krishna Savani, Hwee Hoon Tan, Michael W. Morris

Research Collection Lee Kong Chian School Of Business

This research investigates how formal versus informal supervisor support behaviours shape employees' affect- and cognition-based trust across cultures of varying power distance. Using data from in-depth interviews, Study 1 found that trust-enhancing supervisor behaviours were more formal, status conscious and imposing in India (a high power distance culture) than in the Netherlands (a low power distance culture); unlike in India, supervisors acted more like friends or equals with their subordinates in the Netherlands. Using vignettes, Study 2 found that, compared to informal support behaviours, formal support behaviours increased both affect- and cognition-based trust among Indian participants, but among US participants, …

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The State-Led Platformisation Of Financial Services: Frictionless Ecosystems And An Expansive Logic Of "Smartness" In Singapore, Orlando Woods, Tim Bunnell, Lily Kong Nov 2023

The State-Led Platformisation Of Financial Services: Frictionless Ecosystems And An Expansive Logic Of "Smartness" In Singapore, Orlando Woods, Tim Bunnell, Lily Kong

Research Collection College of Integrative Studies

This article explores the role of the state in driving the platformisation of industry, and in doing so offers a counterpoint to scholarship that focusses on the exploitative effects of private sector-led platformisation. That scholarship views platformisation as the latest incarnation of neoliberal urbanism, with the profit-maximising tendencies of the private sector driving the proliferation of platforms throughout everyday life. Notwith- standing, there remains a need to consider alternative models of platformisation. Drawing on 31 interviews with architects of Singapore’s Smart Nation initiative, we consider the state-led platformisation of financial services. We argue that state-led platformisation can open up marketplaces …

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The Rise Of Multi-Homing In Asia's Ride-Hailing Industry, Hai Wang Nov 2023

The Rise Of Multi-Homing In Asia's Ride-Hailing Industry, Hai Wang

Asian Management Insights

Getting it right secures environmental and economic wins for the present and future.

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From Mindset To Action: Accountants As Stewards For Sustainability, Yvonne Chan Nov 2023

From Mindset To Action: Accountants As Stewards For Sustainability, Yvonne Chan

Asian Management Insights

They need to start preparing for this new role now.

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Building Success In The Philippine Retail Sector, Jimmy Thai Nov 2023

Building Success In The Philippine Retail Sector, Jimmy Thai

Asian Management Insights

Jimmy Thai tells us about how the Primer Group has expanded to become the retail giant it is now.

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Increasing The Acceptance Of Cultivated Meat, Mark Chong Nov 2023

Increasing The Acceptance Of Cultivated Meat, Mark Chong

Asian Management Insights

Factors to consider when designing communication strategies for diverse nations.

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An Idealist’S Approach For Smart Contract Correctness, Duy Tai Nguyen, Hong Long Pham, Jun Sun, Quang Loc Le Nov 2023

An Idealist’S Approach For Smart Contract Correctness, Duy Tai Nguyen, Hong Long Pham, Jun Sun, Quang Loc Le

Research Collection School Of Computing and Information Systems

In this work, we experiment an idealistic approach for smart contract correctness verification and enforcement, based on the assumption that developers are either desired or required to provide a correctness specification due to the importance of smart contracts and the fact that they are immutable after deployment. We design a static verification system with a specification language which supports fully compositional verification (with the help of function specifications, contract invariants, loop invariants and call invariants). Our approach has been implemented in a tool named iContract which automatically proves the correctness of a smart contract statically or checks the unverified part …

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