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Articles 1 - 30 of 121
Full-Text Articles in Business
A Nonparametric Method For Pricing And Hedging American Options, Guiyun Feng, Guangwu Liu, Lihua Sun
A Nonparametric Method For Pricing And Hedging American Options, Guiyun Feng, Guangwu Liu, Lihua Sun
Research Collection Lee Kong Chian School Of Business
In this paper, we study the problem of estimating the price of an American option and its price sensitivities via Monte Carlo simulation. Compared to estimating the option price which satisfies a backward recursion, estimating the price sensitivities is more challenging. With the readily-computable pathwise derivatives in a simulation run, we derive a backward recursion for the price sensitivities. We then propose nonparametric estimators, the k-nearest neighbor estimators, to estimate conditional expectations involved in the backward recursion, leading to estimates of the option price and its sensitivities in the same simulation run. Numerical experiments indicate that the proposed method works …
Effects Of Messages Emphasizing Environmental Determinants Of Obesity On Intentions To Engage In Diet And Exercise Behaviors, Jeff Niederdeppe, Sungjong Roh, Michael A. Shapiro, Hye Kyung Kim
Effects Of Messages Emphasizing Environmental Determinants Of Obesity On Intentions To Engage In Diet And Exercise Behaviors, Jeff Niederdeppe, Sungjong Roh, Michael A. Shapiro, Hye Kyung Kim
Research Collection Lee Kong Chian School Of Business
Reducing rates of obesity will require interventions that influence both individual decisions and environmental factors through changes in public policy. Previous work indicates that messages emphasizing environmental determinants increases support for public policies, but some suspect this strategy may undermine motivation to engage in diet and exercise. Emphasizing factors outside of personal control appears to enhance rather than undermine motivations to engage in healthy diet and exercise behavior.
Divided We Stand: Defying Hegemony In Global Public Relations And Practice?, Gregor Halff, Anne Gregory
Divided We Stand: Defying Hegemony In Global Public Relations And Practice?, Gregor Halff, Anne Gregory
Research Collection Lee Kong Chian School Of Business
The last decade has seen the world becoming increasingly complex. One way of dealing with complexity, according to Schwab (2010a, is to look for certainties or solutions that impose order by simplifying. The authors contend that this is a risk in public relations practice and the academy. While recognizing their benefits they warn against attempts to produce global models which also seek to impose hegemony and argue for maintaining a diversity that reflects reality. They take the cases of the UK and Singapore as respective exemplars where hegemony has arguably occurred and where it can still be resisted. They call …
Institutional Presence, Johan Sulaeman, Chi Shen Wei
Institutional Presence, Johan Sulaeman, Chi Shen Wei
Research Collection Lee Kong Chian School Of Business
We propose an Institutional Presence (IP) measure to capture the latent role of non-owner institutional investors who nevertheless may be observing a firm. We employ this measure to examine whether the ‘presence’ of institutional investors reduces information asymmetry in the market. Firms in areas with high institutional presence experience higher liquidity, faster information incorporation, lower costs of equity capital, and less financing frictions relative to firms in low IP areas. The results hold after controlling for firm and geographical characteristics including institutional ownership and urban locality. Our findings indicate that being in the presence of institutional investors brings tangible benefits.
Followership, Leadership And Social Influence, Burak Oc, Michael R. Bashshur
Followership, Leadership And Social Influence, Burak Oc, Michael R. Bashshur
Research Collection Lee Kong Chian School Of Business
Traditional research in leadership has largely relegated followers to the role of passive recipients or, at best, moderators of leader influence and behaviors. However, recent work in the area of followership has begun shifting this focus and emphasizing the possibility that followers actively have an influence over leaders, in particular leader behavior. This paper revisits traditional areas of the leadership literature and builds on the emerging followership literature to reintroduce followers as part of the social context of leaders. In an attempt to build theoretical rationales for how followers influence leader behavior we draw on the social influence (e.g., Social …
The Costs Of Ambient Cultural Disharmony: Indirect Intercultural Conflicts In Social Environment Undermine Creativity, Roy Y. J. Chua
The Costs Of Ambient Cultural Disharmony: Indirect Intercultural Conflicts In Social Environment Undermine Creativity, Roy Y. J. Chua
Research Collection Lee Kong Chian School Of Business
Intercultural tensions and conflicts are inevitable in the global workplace. This paper introduces the concept of ambient cultural disharmony—indirect experience of intercultural tensions and conflicts in individuals' immediate social environment—and demonstrates how it undermines creative thinking in tasks that draw on knowledge from multiple cultures. Three studies (a network survey and two experiments) found that ambient cultural disharmony decreases individuals' effectiveness at connecting ideas from disparate cultures. Beliefs that ideas from different cultures are incompatible mediate the relationship between ambient cultural disharmony and creativity. Alternative mechanisms such as negative affect and cognitive disruption were not viable mediators. Although ambient cultural …
Economic Effects Of Sox Section 404 Compliance: A Corporate Insider Perspective, Cindy Alexander, Scott Bauguess, Gennaro Bernile, Alex Lee, Jennifer Marietta-Westberg
Economic Effects Of Sox Section 404 Compliance: A Corporate Insider Perspective, Cindy Alexander, Scott Bauguess, Gennaro Bernile, Alex Lee, Jennifer Marietta-Westberg
Research Collection Lee Kong Chian School Of Business
We use survey responses from 2,901 corporate insiders to assess the costs and benefits of compliance with Section 404 of the Sarbanes-Oxley Act. The majority of respondents recognize compliance benefits, but they do not perceive these benefits to outweigh the costs, on average. This is particularly true among smaller companies where the start-up costs are proportionately larger. However, the perceived efficiency of compliance increases with auditor attestations, years of compliance experience, and after the remediation of a material weakness. Notably, the perceived effects of compliance depend largely on firm complexity, but are mostly unrelated to firm governance structure.
Socialization Tactics: Antecedents For Goal Interdependence And Newcomer Adjustment And Retention, Serena Changhong Lu, Dean Tjosvold
Socialization Tactics: Antecedents For Goal Interdependence And Newcomer Adjustment And Retention, Serena Changhong Lu, Dean Tjosvold
Research Collection Lee Kong Chian School Of Business
This study argues that Deutsch's theory of goal interdependence is useful to examine the dynamics of serial and investiture tactics on newcomer adjustment and retention in work team contexts. Structural equation results of interviews of specific incidents collected from one hundred and two newcomers support the hypothesized model that serial and investiture tactics used by teams promote cooperative goal interdependence and weaken competitive goal interdependence and independent goal relationship between newcomers and their teams. Cooperative goals were also found to promote positive attitudes and strong co-worker relationships whereas competitive and independent goals resulted in intentions to quit and low levels …
Market Orientation, Embeddedness And The Autonomy And Performance Of Multinational Subsidiaries In An Emerging Economy, Xiaoying Li, Xiaming Liu, Howard Thomas
Market Orientation, Embeddedness And The Autonomy And Performance Of Multinational Subsidiaries In An Emerging Economy, Xiaoying Li, Xiaming Liu, Howard Thomas
Research Collection Lee Kong Chian School Of Business
This paper develops a conceptual framework for market orientation, embeddedness, autonomy and performance of multinational subsidiaries in an emerging economy. We argue that internal and external embeddedness has different performance implications for export- and local market-oriented multinational subsidiaries. Our results, based on a sample of 233 multinational subsidiaries from China, indicate that while external embeddedness has a positive impact on specialized resources of both types of subsidiary, such resources only positively affect the performance of local market-oriented subsidiaries. By contrast, internal embeddedness has a negative impact on specialized resources of both types of subsidiary. Managerial and policy implications are discussed.
What Are Analysts Really Good At?, Rong Wang, Leonardo Madureira, Rong Wang, Tzachi Zach
What Are Analysts Really Good At?, Rong Wang, Leonardo Madureira, Rong Wang, Tzachi Zach
Research Collection Lee Kong Chian School Of Business
Sell-side analysts employ different benchmarks when defining their stock recommendations. For example, a ‘buy’ for some brokers means the stock is expected to outperform its peers in the same sector (“industry benchmarkers”), while for other brokers it means the stock is expected to outperform the market (“market benchmarkers”), or just some absolute return (“total benchmarkers”). We use these benchmarks to analyze the role of stock picking, industry picking and market timing in contributing to the performance of stock recommendations. We are able to do so given that different benchmarks suggest the use of different sets of abilities. Analysis of the …
In Search Of The Impactful And The Interesting: Swings Of The Pendulum?, Timothy Adrian Robert Clark, Steven W. Floyd, Mike Wright
In Search Of The Impactful And The Interesting: Swings Of The Pendulum?, Timothy Adrian Robert Clark, Steven W. Floyd, Mike Wright
Research Collection Lee Kong Chian School Of Business
In this article we reflect on our time as editors of JMS during the period 2003-09. First we describe the context as we saw it on assuming editorship of the Journal and the actions that we took to improve the quality of scholarship published in the journal in order to set JMS on the trajectory to become a world-leading Journal. We articulate our view of what quality means in this context and observe that we eschewed the USA-Europe divide. Rather, to be publishable, all papers had to meet the highest standards relative to their epistemological assumptions. Finally, we address two …
Contrasting Perspectives On China's Rare Earths Policies: Reframing The Debate Through A Stakeholder Lens, Leslie Hayes-Labruto, Simon J.D. Schillebeeckx, Mark Workman, Nilay Shah
Contrasting Perspectives On China's Rare Earths Policies: Reframing The Debate Through A Stakeholder Lens, Leslie Hayes-Labruto, Simon J.D. Schillebeeckx, Mark Workman, Nilay Shah
Research Collection Lee Kong Chian School Of Business
This article critically compares China's rare earth policy with perspectives upheld in the rest of the world (ROW). We introduce rare earth elements and their importance for energy and present how China and the ROW are framing the policy debate. We find strongly dissonant views with regards to motives for foreign direct investment, China's two-tiered pricing structure and its questionable innovation potential. Using the metaphor of "China Inc.", we compare the Chinese government to a socially responsible corporation that aims to balance the needs of its internal stakeholders with the demands from a resource-dependent world. We find that China's internal …
Disproportional Ownership Structure And Ipo Long-Run Performance Of Entrepreneurial Firm In China, Jerry X. Cao, Gary Gang Tian, Vincent Tang, Xiaoming Wang
Disproportional Ownership Structure And Ipo Long-Run Performance Of Entrepreneurial Firm In China, Jerry X. Cao, Gary Gang Tian, Vincent Tang, Xiaoming Wang
Research Collection Lee Kong Chian School Of Business
This paper examines the relationship between ownership structures and IPO long-run performance in China. Although entrepreneurial firms underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Entrepreneurial firms with one share one vote structure outperform those with ownership control wedge by 30% for 3 years post-IPO in either buy-and-hold or cumulative monthly returns. Entrepreneurial firms with excess ownership control wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that entrepreneurial firms need to improve corporate governance such as disproportional ownership structure to better safeguard …
What Are Analysts Really Good At?, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach
What Are Analysts Really Good At?, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach
Research Collection Lee Kong Chian School Of Business
Sell-side analysts employ different benchmarks when defining their stock recommendations. For example, a ‘buy’ for some brokers means the stock is expected to outperform its peers in the same sector (“industry benchmarkers”), while for other brokers it means the stock is expected to outperform the market (“market benchmarkers”), or just some absolute return (“total benchmarkers”). We use these benchmarks to analyze the role of stock picking, industry picking and market timing in contributing to the performance of stock recommendations. We are able to do so given that different benchmarks suggest the use of different sets of abilities. Analysis of the …
Social Media Hype In Times Of Crises: Nature, Characteristics And Impact On Organizations, Augustine Pang
Social Media Hype In Times Of Crises: Nature, Characteristics And Impact On Organizations, Augustine Pang
Research Collection Lee Kong Chian School Of Business
This article extends Vasterman’s (2005) concept of media hype by analyzing how it applies in the social media context. It then develops the concept of social media hype, its nature, characteristics through examination of five cases that attracted much social media attention. Social media hype can be defined as a netizen-generated hype that causes huge interest that is triggered by a key event and sustained by a self-reinforcing quality in its ability for users to engage in conversation. It involves a trigger event, followed by interest waves, and sustaining of the interests on different social media platforms. In response, organizations …
Institutional Trading Frictions, Chiraphol New Chiyachantana, Pankaj K. Jain
Institutional Trading Frictions, Chiraphol New Chiyachantana, Pankaj K. Jain
Research Collection Lee Kong Chian School Of Business
We propose and empirically examine a comprehensive measure of institutional trading frictions to include the dimensions of price impact, quantity of execution, return dynamics, speed of execution or order splitting, and trading commissions. Our empirical analysis reveals that various hidden components of institutional trading frictions such as adverse selection and clean-up costs are persistent and could add significantly to previously measured directly observable components of transaction costs. Our simultaneous system of equations accounts for the endogeniety in institutional order aggressiveness based on potentially superior information as well as order splitting strategies in the implementation stage to reduce transaction costs. Order …
The Predictive Validity Of Selection For Entry Into Postgraduate Training In General Practice: Evidence From Three Longitudinal Studies, Fiona Patterson, Filip Lievens, Maire Kerrin, Neil Munro, Bill Irish
The Predictive Validity Of Selection For Entry Into Postgraduate Training In General Practice: Evidence From Three Longitudinal Studies, Fiona Patterson, Filip Lievens, Maire Kerrin, Neil Munro, Bill Irish
Research Collection Lee Kong Chian School Of Business
Background: The selection methodology for UK general practice is designed to accommodate several thousand applicants per year and targets six core attributes identified in a multi-method job-analysis study. Aim: To evaluate the predictive validity of selection methods for entry into postgraduate training, comprising a clinical problem-solving test, a situational judgement test, and a selection centre. Design and setting: A three-part longitudinal predictive validity study of selection into training for UK general practice. Method: In sample 1, participants were junior doctors applying for training in general practice (n = 6824). In sample 2, participants were GP registrars 1 year into training …
What Is The Maximum Predictability Permitted By Asset Pricing Models?, Dashan Huang
What Is The Maximum Predictability Permitted By Asset Pricing Models?, Dashan Huang
Research Collection Lee Kong Chian School Of Business
This paper investigates whether return predictability can be explained by existing asset pricing models. Using different assumptions, I develop two theoretical upper bounds on the R-square of the regression of stock returns on predictive variables. Empirically, I find that the predictive R-square is significantly larger than the upper bounds, implying that extant asset pricing models are incapable of explaining the degree of return predictability. The reason for this inconsistency is the low correlation between the excess returns and the state variables used in the discount factor. The finding of this paper suggests the development of new asset pricing models with …
An Epidemiological Approach To Opinion And Price-Volume Dynamics, Dong Hong, Harrison G. Hong, Andrei Ungureanu
An Epidemiological Approach To Opinion And Price-Volume Dynamics, Dong Hong, Harrison G. Hong, Andrei Ungureanu
Research Collection Lee Kong Chian School Of Business
We develop a simple and tractable model of opinions and price-volume dynamics based on a word-of-mouth communication process widely used in epidemiology. Risk-averse investors have different opinions depending on whether they heard the news from a friend. Opinions initially diverge and then converge over time as news spreads, which leads to price adjustment and trading volume. News released to many leads to an expected difusion rate (the change in the fraction of investors with the news) that declines with time. But news initially released to few leads to an expected diffusion rate that initially increases in time and only then …
The Effects Of Ceo Trustworthiness On Directors' Monitoring And Resource Provision, Esther B. Del Brio, Toru Yoshikawa, Catherine E. Connelly, Wee Liang Tan
The Effects Of Ceo Trustworthiness On Directors' Monitoring And Resource Provision, Esther B. Del Brio, Toru Yoshikawa, Catherine E. Connelly, Wee Liang Tan
Research Collection Lee Kong Chian School Of Business
Because of the importance of board members’ resource provision and monitoring, a substantial body of research has been devoted to ascertaining how directors can be incented to perform their responsibilities. We use social exchange theory to empirically examine how board members’ resource provision and monitoring are affected by their perceptions of the CEOs’ trustworthiness. Our findings suggest that board members’ perceptions of the CEO’s ability, benevolence, and integrity have different effects on the board members’ resource provision and monitoring. Our results further suggest that board members’ governance behaviors are moderated by the board’s performance evaluation practices.
Power Motivates Interpersonal Connection Following Social Exclusion, Jayanth Narayanan, Kenneth Tai, Zoe Kinias
Power Motivates Interpersonal Connection Following Social Exclusion, Jayanth Narayanan, Kenneth Tai, Zoe Kinias
Research Collection Lee Kong Chian School Of Business
Research has systematically documented the negative effects of social exclusion, yet little is known about how these negative effects can be mitigated. Building on the approach-inhibition theory of power (Keltner, Gruenfeld, & Anderson, 2003), we examined the role of power in facilitating social connection following exclusion. Four experiments found that following exclusion, high power (relative to low power) individuals intend to socially connect more with others. Specifically, following exclusion, individuals primed with high power sought new social connections more than those primed with low power (Studies 1–4) or those receiving no power prime (Study 1). The intention to seek social …
Shoot For The Stars? Predicting The Recruitment Of Prestigious Directors At Newly Public Firms, Abhijith G. Acharya, Timothy G. Pollock
Shoot For The Stars? Predicting The Recruitment Of Prestigious Directors At Newly Public Firms, Abhijith G. Acharya, Timothy G. Pollock
Research Collection Lee Kong Chian School Of Business
This study explores how CEOs' and outside directors' desires for the benefits of signaling and homophily intertwine with their concerns over maintaining power and preserving local status hierarchies to affect the likelihood a firm recruits prestigious outside directors to its board. Using pooled cross-sectional data on the five years following the IPOs of 210 firms that went public between 2001 and 2004, we found that prestigious CEOs and directors viewed the recruitment of prestigious new directors differently, and that these perceptions were moderated by factors that increase the salience of risk of the potential losses to the CEO and existing …
The Principles Of The Dry Bulk Ffa Market, Ron Wilson
The Principles Of The Dry Bulk Ffa Market, Ron Wilson
Research Collection Lee Kong Chian School Of Business
No abstract provided.
Optimal Ceo Compensation With Search: Theory And Empirical Evidence, Melanie Cao, Rong Wang
Optimal Ceo Compensation With Search: Theory And Empirical Evidence, Melanie Cao, Rong Wang
Research Collection Lee Kong Chian School Of Business
We integrate an agency problem into search theory to study executive compensation in a market equilibrium. A CEO can choose to stay or quit and search after privately observing an idiosyncratic shock to the firm. The market equilibrium endogenizes CEOs’ and firms’ outside options and captures contracting externalities. We show that the optimal pay-to-performance ratio is less than one even when the CEO is risk neutral. Moreover, the equilibrium pay-to-performance sensitivity depends positively on a firm's idiosyncratic risk and negatively on the systematic risk. Our empirical tests using executive compensation data confirm these results.
Investor Heterogeneity, Investor-Management Disagreement And Share Repurchases, Sheng Huang, Anjan V. Thakor
Investor Heterogeneity, Investor-Management Disagreement And Share Repurchases, Sheng Huang, Anjan V. Thakor
Research Collection Lee Kong Chian School Of Business
This paper develops and tests a new theoretical explanation for stock repurchases. Investors may disagree with the manager about the firm's investment projects. A repurchase causes a change in the investor base as investors who are most likely to disagree with the manager tender their shares. Therefore, a firm is more likely to buy back shares when the level of investor-management agreement is lower, and agreement improves as a consequence. Moreover, dispersion of opinion among investors cannot explain repurchase activity once the stock price and investor-management agreement are controlled for. Overall, the evidence is consistent with firms strategically using repurchases …
Diaspora Marketing, Nirmalya Kumar, Jan-Benedict E. M. Steenkamp
Diaspora Marketing, Nirmalya Kumar, Jan-Benedict E. M. Steenkamp
Research Collection Lee Kong Chian School Of Business
Despite the rising power of developing economies, few corporations from emerging markets have succeeded in establishing brands in the West. The problem isn't just that they're late to enter the global market; the perception is that they offer poor-quality products, not next-generation ones. Conventional wisdom holds that they'll have. to spend huge sums to overcome these obstacles.But some emerging giants, such as the Indian bank ICICI and the maker of the Mexican beer Tecate, are figuring out ways to build global brands on a shoestring. They are learning to outsmart, rather than outspend, their multinational rivals. One powerful strategy they're …
The Instrumental And Symbolic Dimensions Of Organisations' Image As An Employer: A Large-Scale Field Study On Employer Branding In Turkey, Greet Van Hoye, Turker Bas, Saartje Cromheecke, Filip Lievens
The Instrumental And Symbolic Dimensions Of Organisations' Image As An Employer: A Large-Scale Field Study On Employer Branding In Turkey, Greet Van Hoye, Turker Bas, Saartje Cromheecke, Filip Lievens
Research Collection Lee Kong Chian School Of Business
Research on recruitment and employer branding has typically been situated in Western countries with predominantly individualistic cultures. The present study investigates the instrumental-symbolic framework for studying organisations' image and attraction as an employer in a non-Western collectivistic culture. In a large nationwide sample of Turkish university students, both instrumental (working conditions) and symbolic image dimensions (competence) were positively related to organisational attractiveness. Moreover, symbolic traits explained significant incremental variance beyond instrumental attributes and accounted for a greater amount of predictable variance. In addition, organisations were better differentiated from each other on the basis of symbolic image dimensions (sincerity and innovativeness) …
Stupid Doctors And Smart Construction Workers: Perspective-Taking Reduces Stereotyping Of Both Negative And Positive Targets, Cynthia S. Wang, Gillian Ku, Kenneth Tai, Adam D. Galinsky
Stupid Doctors And Smart Construction Workers: Perspective-Taking Reduces Stereotyping Of Both Negative And Positive Targets, Cynthia S. Wang, Gillian Ku, Kenneth Tai, Adam D. Galinsky
Research Collection Lee Kong Chian School Of Business
Numerous studies have found that perspective-taking reduces stereotyping and prejudice, but they have only involved negative stereotypes. Because target negativity has been empirically confounded with reduced stereotyping, the general effects of perspective-taking on stereotyping and prejudice are unclear. By including both positively and negatively stereotyped targets, this research offers the first empirical test of two competing hypotheses: The positivity hypothesis predicts that perspective-taking produces a positivity bias, with less stereotyping of negative targets but more stereotyping of positive targets. In contrast, the stereotype-reduction hypothesis predicts that perspective-taking reduces stereotyping, regardless of target valence. Three studies support the stereotype-reduction hypothesis. Perspective-taking …
Short Sales Constraint And Seo Pricing, Charlie Charoenwong, David K. Ding, Ping Wang
Short Sales Constraint And Seo Pricing, Charlie Charoenwong, David K. Ding, Ping Wang
Research Collection Lee Kong Chian School Of Business
We examine the influence of SEC's Rule 105 on informed trading and the information content of stock prices around an SEO's offer day. We show that constraints on short sales inhibit informed trading and hamper incorporation of information into stock prices for offers whose traders have private adverse information and without options listing. The constraints contribute to increased price uncertainty and higher market sensitivity to seller-initiated trading. After controlling for other causes of SEO discounts, we find that the decrease in information content of stock prices just before an offer day has a significant impact on the SEO's value discount.
Emotion Regulation In Workgroups: The Roles Of Demographic Diversity And Relational Work Context, Eugene Kim, Devasheesh P. Bhave, Theresa M. Glomb
Emotion Regulation In Workgroups: The Roles Of Demographic Diversity And Relational Work Context, Eugene Kim, Devasheesh P. Bhave, Theresa M. Glomb
Research Collection Lee Kong Chian School Of Business
Drawing on the social identity perspective, we investigate the cross-level relationship between demographic diversity in workgroups and emotion regulation. We propose that age, racial, and gender diversity in workgroups relate positively to emotion regulation because of demography-related in-group/out-group dynamics. We also examine the moderating role of the relational work context, specifically task interdependence and social interaction, on the relationship between demographic diversity and emotion regulation. Results from a sample of 2,072 employees in 274 workgroups indicate that working in a group with greater age diversity is positively related to an employee's emotion regulation. Results suggest the operation of the age …