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Articles 1 - 30 of 124
Full-Text Articles in Business
The Effectiveness Of Trading Halts And Investor Trading Performance, Nareerat Taechapiroontong, Charlie Charoenwong, Chiyachantana N. Chiraphol, Radchda Lurang
The Effectiveness Of Trading Halts And Investor Trading Performance, Nareerat Taechapiroontong, Charlie Charoenwong, Chiyachantana N. Chiraphol, Radchda Lurang
Research Collection Lee Kong Chian School Of Business
This paper examines the effectiveness of trading halts and the trading performance of different types of investors or traders during halts in an Asian emerging equity market. We use trade-by-trade data flagged by types of traders between January 1999 and December 2007. The results suggest that trading halts improve the efficiency of the market by reducing the information asymmetry and stabilizing the market. Trading halts serve as devices to facilitate a price discovery process by giving investors opportunity to adjust their trading interests and reaction to the material information. Our findings show that return and volatility tend to revert to …
Intraday Price Discovery In Emerging Equity Market: Analysis Of Set50 Index, Set 50 Index Futures And Thaidex Set50 (Tdex), Chiraphol New Chiyachantana, Julaluck Choochuay, Tanakorn Likitapiwat
Intraday Price Discovery In Emerging Equity Market: Analysis Of Set50 Index, Set 50 Index Futures And Thaidex Set50 (Tdex), Chiraphol New Chiyachantana, Julaluck Choochuay, Tanakorn Likitapiwat
Research Collection Lee Kong Chian School Of Business
This study employs Vector Error Correction Model (VECM), information share and conditional information share methods to investigate price discovery in SET50 Index (cash index), SET50 Index Futures (futures index) and ThaiDex SET50 (exchange traded fund). Our findings indicate that there exists a long run relationship among three markets and a multi-market trading of derivatives markets and its underlying asset helps improve price efficiency. With respect to the degree of price formation process, SET50 Index Futures contributes most in price discovery process, followed by SET50 Index and ThaiDex SET50.
Do Banks Monitor Corporate Decisions? Evidence From Bank Financing Of Mergers & Acquisitions, Sheng Huang, Anand Srinivasan, Ruichang Lu
Do Banks Monitor Corporate Decisions? Evidence From Bank Financing Of Mergers & Acquisitions, Sheng Huang, Anand Srinivasan, Ruichang Lu
Research Collection Lee Kong Chian School Of Business
We examine whether banks, in providing nancing for the deals, monitor rms mergers and acquisitions to the extent that will bene t acquirers shareholders. Incon- sistent with the conventional theoretical argument, we do not nd that bank- nanced deals are associated with better stock or accounting performance than bond- nanced deals or deals paid with internal cash. There is strong evidence instead that banks tighten up the loan contract terms in nancing the deals, such as cutting short the loan maturity and imposing higher collateral requirement and more covenant restrictions. However, bank- nanced deals are more likely to be terminated …
Validity Evidence For The Situational Judgment Test Paradigm In Emotional Intelligence Measurement, Nele Libbrecht, Filip Lievens
Validity Evidence For The Situational Judgment Test Paradigm In Emotional Intelligence Measurement, Nele Libbrecht, Filip Lievens
Research Collection Lee Kong Chian School Of Business
To date, various measurement approaches have been proposed to assess emotional intelligence (EI). Recently, two new EI tests have been developed based on the situational judgment test (SJT) paradigm: the Situational Test of Emotional Understanding (STEU) and the Situational Test of Emotion Management (STEM). Initial attempts have been made to examine the construct-related validity of these new tests; we extend these findings by placing the tests in a broad nomological network. To this end, 850 undergraduate students completed a personality inventory, a cognitive ability test, a self-report EI test, a performance-based EI measure, the STEU, and the STEM. The SJT-based …
Designing Selection Systems For Medicine: The Importance Of Balancing Predictive And Political Validity In High-Stakes Selection Contexts, Fiona Patterson, Filip Lievens, Máire Kerrin, Lara Zibarras, Bernd Carette
Designing Selection Systems For Medicine: The Importance Of Balancing Predictive And Political Validity In High-Stakes Selection Contexts, Fiona Patterson, Filip Lievens, Máire Kerrin, Lara Zibarras, Bernd Carette
Research Collection Lee Kong Chian School Of Business
Selection into medical education and training is a high-stakes process. A key unanswered issue is the effectiveness of measuring noncognitive predictors via both low-fidelity and high-fidelity selection approaches in this high-stakes context. We review studies investigating the effectiveness of multiple selection instruments in terms of predictive validity, incremental validity, and applicant reactions in both entry-level and advanced-level medical selection. Our results show that the situational judgment test (SJT) is the best single predictor of performance, operationalized in multiple ways. In addition, the low-fidelity SJT has incremental predictive power over cognitively oriented tests, and high-fidelity assessment center (AC) exercises add incremental …
Divided We Stand: Defying Hegemony In Theory And Practice, Anne Gregory, Gregor Halff
Divided We Stand: Defying Hegemony In Theory And Practice, Anne Gregory, Gregor Halff
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 also happening in public relations practice and the academy. They criticise attempts to produce global models which lead to 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 succeeded and where it needs to be resisted. They call for a professional and epistemological stand against hegemony.
Melbourne Mandate: Key Document Defining The Direction Of The Global Pr Industry And Endorsed By 160 000 Professionals, Jurrien Gregor Halff, Daniel Tisch, Anne Gregory, Jean Valin
Melbourne Mandate: Key Document Defining The Direction Of The Global Pr Industry And Endorsed By 160 000 Professionals, Jurrien Gregor Halff, Daniel Tisch, Anne Gregory, Jean Valin
Research Collection Lee Kong Chian School Of Business
No abstract provided.
Do Banks Monitor Corporate Decisions? Evidence From Bank Financing Of Mergers & Acquisitions, Sheng Huang, Anand Srinivasan, Ruichang Lu
Do Banks Monitor Corporate Decisions? Evidence From Bank Financing Of Mergers & Acquisitions, Sheng Huang, Anand Srinivasan, Ruichang Lu
Research Collection Lee Kong Chian School Of Business
We examine whether banks, in providing financing for the deals, monitor firms mergers and acquisitions to the extent that will benefit acquirers shareholders. Inconsistent with the conventional theoretical argument, we do not find that bank- financed deals are associated with better stock or accounting performance than bond- financed deals or deals paid with internal cash. There is strong evidence instead that banks tighten up the loan contract terms in financing the deals, such as cutting short the loan maturity and imposing higher collateral requirement and more covenant restrictions. However, bank-financed deals are more likely to be terminated when they experience …
Fuelling The Asian Growth Engine: Talent Challenges, Strategies And Trends, Mario Ferraro, Catherine Mudford, Karina Kuok, Saumya Sindhwani, Rebecca Siow
Fuelling The Asian Growth Engine: Talent Challenges, Strategies And Trends, Mario Ferraro, Catherine Mudford, Karina Kuok, Saumya Sindhwani, Rebecca Siow
Research Collection Lee Kong Chian School Of Business
The emerging economies of Asia are increasingly playing a critical role in the global arena, even as there is continuing turmoil and uncertainty in other parts of the world due to economic, financial and political upheavals. While Asian economies are undoubtedly impacted by global headwinds, most of them have been buffered by their sound economic and policy fundamentals, healthy domestic demand and continued inflow of Foreign Direct Investment (FDI). Meanwhile, Asia is undergoing its own transformation: many countries in Asia are experiencing greater economic prosperity and rising affluence, translating into higher demand for goods and services. As businesses flock to …
The Impact Of Macro Socio-Economic Drivers And Fiscal Policy On Expenditure Allocation And Attribute Preferences, Anirban Mukherjee, Andre Bonfrer
The Impact Of Macro Socio-Economic Drivers And Fiscal Policy On Expenditure Allocation And Attribute Preferences, Anirban Mukherjee, Andre Bonfrer
Research Collection Lee Kong Chian School Of Business
Our article investigates the effect of macro socio-economic drivers on Australian households’ allocation of expenditure in a category (household appliances) and conditional on the allocated category expenditure, preferences for products (clothes washers) within the category. At the category-level, we quantify the effect of changes in social mobility, disposable income, housing prices and the 2009 stimulus payments on purchase propensity and expenditure. At the product-level, we investigate how households trade off between price, energy efficiency and loading capacity conditional on allocated category expenditure, measuring nonhomotheticity in preferences. We use the model to study a number of hypothetical scenarios, where we simulate …
Cyberloafing At The Workplace: Gain Or Drain On Work?, Vivien K. G. Lim, Don Jiaqing Chen
Cyberloafing At The Workplace: Gain Or Drain On Work?, Vivien K. G. Lim, Don Jiaqing Chen
Research Collection Lee Kong Chian School Of Business
This study examined the impact of cyberloafing on employees' emotion and work. We also examined gender differences in employees' perception towards cyberloafing. In general, respondents felt that some form of cyberloafing at work was acceptable. Men were also more likely to report that cyberloafing has a positive impact on work compared to women. As well, our findings suggest that browsing activities have a positive impact on employees' emotion while emailing activities have a negative impact. Results of our study provide useful insights for researchers and managers in understanding employees' attitudes towards cyberloafing, and how cyberloafing can result in gain or …
Performance Sensitivity Of Executive Pay: The Role Of Foreign Investors And Affiliated Directors In Japan, Asli M. Colpan, Toru Yoshikawa
Performance Sensitivity Of Executive Pay: The Role Of Foreign Investors And Affiliated Directors In Japan, Asli M. Colpan, Toru Yoshikawa
Research Collection Lee Kong Chian School Of Business
This study investigates the effects of corporate governance factors on the firm performance and executive compensation linkage. Specifically, we examine how domestic corporate-appointed directors, bank-appointed directors and foreign ownership moderate the relationship between firm profitability, sales growth, and executive bonus pay in Japanese firms. Using a sample of the largest Japanese manufacturing companies from 1997 to 2007, we find that corporate-appointed directors positively moderate the relationship between firm growth and bonus pay, while foreign shareholders exhibit a positive moderating effect on the relationship between firm profitability and bonus pay. Bank-appointed directors are straddled between their profitability orientation and relational role: …
Cognitive And Social Factors Affecting The Use Of Wikipedia And Information Seeking, Siyoung Chung
Cognitive And Social Factors Affecting The Use Of Wikipedia And Information Seeking, Siyoung Chung
Research Collection Lee Kong Chian School Of Business
Wikipedia, the free online encyclopedia, is the preferred choice among resources used by college students to meet their research needs. However, Wikipedia has been criticized for its low information quality, lack of accountability, inconsistency, and vulnerability to vandalism. Despite the warnings and concerns voiced by academia, online learning tools such as Wikipedia will continue their rise as major learning resource in today's classroom. Using a sample of 184 college students, the study proposed theoretical models to test the effects of internal beliefs, motivations, and social influences on Wikipedia use and information-seeking, and further empirically tested those models. The findings of …
Grades Matter In Performance: Morningstar Stewardship Grades And Mutual Fund Performance, Aurobindo Ghosh, Jeremy Goh, Wee Seng Ng
Grades Matter In Performance: Morningstar Stewardship Grades And Mutual Fund Performance, Aurobindo Ghosh, Jeremy Goh, Wee Seng Ng
Research Collection Lee Kong Chian School Of Business
Investors in mutual funds have the unenviable task of disentangling two mutually confounding effects. First, to fathom the future performance of the funds based on current evidence, and second, to assess how well the mutual fund managers will steward their investments under uncertain economic conditions. We corroborate the dependence of weighted risk-adjusted returns (viz. the Star Ratings) on corporate governance score (viz. Stewardship Grade) accounting for fund specific characteristics. We document Stewardship scores Granger cause Star Rating. We propose an objective data-driven corporate governance score based on the components of Stewardship Grade. Both the static and dynamic fixed-effects models show …
Toward A Theory Of Extended Contact: The Incentives And Opportunities For Bridging Across Network Communities, Maxim Sytch, Adam Tatarynowicz, Ranjay Gulati
Toward A Theory Of Extended Contact: The Incentives And Opportunities For Bridging Across Network Communities, Maxim Sytch, Adam Tatarynowicz, Ranjay Gulati
Research Collection Lee Kong Chian School Of Business
This study investigates the determinants of bridging ties within networks of interconnected firms. Bridging ties are defined as nonredundant connections between firms located in different network communities. We highlight how firms can enter into these relationships because of the incentives and opportunities for action that are embedded in the existing network structure. Specifically, we propose that the dynamics of proximate network structures, which reflect firms' and their partners' direct connections, affect the formation of bridging ties by shaping the value-creation and value-distribution incentives for bridging. We also argue that the evolving global network structure affects firms' propensity to form bridging …
Robust Storage Assignment In Unit-Load Warehouses, Marcus Ang, Yun Fong Lim, Melvyn Sim
Robust Storage Assignment In Unit-Load Warehouses, Marcus Ang, Yun Fong Lim, Melvyn Sim
Research Collection Lee Kong Chian School Of Business
Assigning products to and retrieving them from proper storage locations are crucial in minimizing the operating cost of a unit-load warehouse. The problem becomes intractable when the warehouse faces variable supply and uncertain demand in a multi-period setting. We assume a factor-based demand model in which demand for each product in each period is affinely dependent on some uncertain factors. The distributions of these factors are only partially characterized. We introduce a robust optimization model that minimizes the worst-case expected total travel in the warehouse with distributional ambiguity of demand. Under a linear decision rule, we obtain a storage and …
Algorithmic Trading And Changes In Firms Equity Capital, Ekkehart Boehmer, Kingsley Fong, Julie Wu
Algorithmic Trading And Changes In Firms Equity Capital, Ekkehart Boehmer, Kingsley Fong, Julie Wu
Research Collection Lee Kong Chian School Of Business
We use a large sample from 2001 to 2009 that incorporates intraday transactions data from 39 exchanges and an average of 12,800 different common stocks to assess the effect of algorithmic trading (AT) on firms’ capital raising activities. Greater AT reduces net equity issues over the next year, but this is only partly driven by AT’s effect on proceeds from new securities issues. Our findings suggest that the main driver of this relationship is AT’s effect on share repurchases.
Can Us Economic Variables Predict Chinese Stock Market?, Jeremy Goh, Fuwei Jiang, Jun Tu, Yuchen Wang
Can Us Economic Variables Predict Chinese Stock Market?, Jeremy Goh, Fuwei Jiang, Jun Tu, Yuchen Wang
Research Collection Lee Kong Chian School Of Business
In the last few decades, we observed a significant increase in global economic activities and these activities may have an impact on both China's economy and stock market. Given the potential impact, we empirically examine whether US economic variables are leading indicators of the Chinese stock market. Prior to China joining the World Trade Organization (WTO) in the end of 2001, we find no statistical relationship between US economic variables and the Chinese stock market returns. However, we find US economic variables have statistically significant predictive power for periods after China's admission into the WTO. In addition, we show that …
Innovating In The Periphery: The Impact Of Local And Foreign Inventor Mobility On The Value Of Indian Patents, Tufool Alnuaimi, Tore Opsahl, Gerard George
Innovating In The Periphery: The Impact Of Local And Foreign Inventor Mobility On The Value Of Indian Patents, Tufool Alnuaimi, Tore Opsahl, Gerard George
Research Collection Lee Kong Chian School Of Business
We examine the impact of local and foreign labor mobility in India by modeling one regional and one global network, each of which captures the inter-organizational mobility of inventors. Our analysis of the regional network shows that, within India, the productivity of inventors does not improve when they move from foreign to Indian organizations. In the global network, we find that Indian organizations remain located in the periphery as a result of employing a small number of inventors from foreign organizations. However, in the instances when inventors are hired from foreign organizations, they are able to produce patents with a …
Empowering Change: The Effects Of Energy Provision On Individual Aspirations In Slum Communities, Priti Parikh, Sankalp Chaturvedi, Gerard George
Empowering Change: The Effects Of Energy Provision On Individual Aspirations In Slum Communities, Priti Parikh, Sankalp Chaturvedi, Gerard George
Research Collection Lee Kong Chian School Of Business
This paper discusses the role of energy provision in influencing the social aspirations of people living in slums. We examine factors that influence the shift in aspirations in five slum settlements using data from 500 interviews conducted in serviced and non-serviced slums from the state of Gujarat in India. The non-serviced slums did not have access to basic services namely water, sanitation, energy, roads, solid waste and rainwater management. We find empirical evidence which suggests that when basic infrastructure provisions are met, slum dwellers shift their focus from lower order aspirations to the higher order aspirations like health, education, housing …
Understanding The Quantitative Finance Industry In Asia, Chyng Wen Tee, Christopher Hian Ann Ting
Understanding The Quantitative Finance Industry In Asia, Chyng Wen Tee, Christopher Hian Ann Ting
Research Collection Lee Kong Chian School Of Business
No abstract provided.
The Price Discovery Puzzle In Offshore Yuan Trading: Different Contributions For Different Contracts, David K. Ding, Y. Tse, M. Williams
The Price Discovery Puzzle In Offshore Yuan Trading: Different Contributions For Different Contracts, David K. Ding, Y. Tse, M. Williams
Research Collection Lee Kong Chian School Of Business
No abstract provided.
Engaging Students In Higher Education Through Mobile Learning: Lessons Learnt In A Chinese Entrepreneurship Course, Thomas Menkhoff, Magnus Lars Bengsston
Engaging Students In Higher Education Through Mobile Learning: Lessons Learnt In A Chinese Entrepreneurship Course, Thomas Menkhoff, Magnus Lars Bengsston
Research Collection Lee Kong Chian School Of Business
This evaluative-exploratory case study reports pedagogical experiences with using mobiles phones, wikis, and other mobile learning approaches such as podcasts and walking tours as educational tools in the context of an undergraduate course on Chinese Entrepreneurship and Asian Business Networks taught at a university in Singapore. Conceptualized as mobile learning, the paper argues that information and communication technologies (ICT) devices used by Gen Y students as part of their everyday life such as hand phones in combination with social media platforms such as course wikis and other proven pedagogical methods such as mini lectures, field visits, and walking tours can …
The Persistence Of Long-Run Abnormal Returns: Evidence From Stock Repurchases And Offerings, Fangjian Fu, Sheng Huang, Hu Lin
The Persistence Of Long-Run Abnormal Returns: Evidence From Stock Repurchases And Offerings, Fangjian Fu, Sheng Huang, Hu Lin
Research Collection Lee Kong Chian School Of Business
Prior studies have documented that stock returns are abnormally high during the years following share repurchases and abnormally low following seasoned equity offerings, relative to various benchmarks of expected returns. While we confirm this evidence in the event data as of 2002, we do not find robust long-run abnormal returns following either stock repurchases or issuances after 2002. Institutional ownership of event stocks has increased substantially in the recent decade, which helps to explain the disappearance of the abnormal performance following corporate stock transactions. The evidence seems consistent with the improved stock market efficiency in recent years, accompanied by reduced …
Analysts' Industry Expertise, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach
Analysts' Industry Expertise, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach
Research Collection Lee Kong Chian School Of Business
Industry expertise is an important aspect of sell-side research. We explore this aspect using a novel dataset of industry recommendations, which are often issued by strategy analysts. We study sell-side analysts' ability to rank industries relative to each other (across-industry expertise), and how it relates to analysts' ability to rank firms in a particular industry (within-industry expertise). We find that analysts express more optimism towards industries with higher levels of investment, past profitability, and past returns. Analysts exhibit across-industry expertise, as portfolios based on industry recommendations generate abnormal returns over both short and long horizons, beyond what would be explained …
How Do Institutional Investors Trade When Firms Are Buying Back Shares?, Sheng Huang, Zhe (Joe) Zhang
How Do Institutional Investors Trade When Firms Are Buying Back Shares?, Sheng Huang, Zhe (Joe) Zhang
Research Collection Lee Kong Chian School Of Business
We study how institutional investors trade when firms buy back shares. We find that aggregate institutional ownership decline following share repurchase announcements. While some institutions sell shares passively to meet the firm demand for the market to clear, the overall institutional sell-off only accounts for 27% of shares bought back contemporaneously by firms. Many firms experience a net inflow of institutional investment. The decrease in institutional shareholding is greater in firms that experience weaker recent stock performance, display more information uncertainty, have higher institutional ownership, and conduct ill-timed/motivated repurchases that are not endorsed by institutions. And most of the sell-off …
Ecosystem Advantage: How To Successfully Harness The Power Of Partners, Peter James Williamson, Arnoud De Meyer
Ecosystem Advantage: How To Successfully Harness The Power Of Partners, Peter James Williamson, Arnoud De Meyer
Research Collection Lee Kong Chian School Of Business
Changes in the global environment are generating opportunities for companies to build advantage by creating loosely coupled networks or ecosystems. Ecosystems are larger, more diverse, and more fluid than a traditional set of bilateral partnerships or complementors. By leveraging ecosystems, companies can deliver complex solutions while maintaining corporate focus. This article describes six keys to unlock ecosystem advantage: pinpointing where value is created, defining an architecture of differentiated partner roles, stimulating complementary partner investments, reducing the transaction costs, facilitating joint learning across the network, and engineering effective ways to capture profit.
Asia In The Middle East: The Internationalization Of Singapore Private Firms Into The Gcc, Caroline Yeoh, Wilfred Pow Ngee How, Simin Sharmaine Neo
Asia In The Middle East: The Internationalization Of Singapore Private Firms Into The Gcc, Caroline Yeoh, Wilfred Pow Ngee How, Simin Sharmaine Neo
Research Collection Lee Kong Chian School Of Business
Internationalization efforts into the GCC as a national initiative tend to be spearheaded by a vanguard of government-linked companies (GLCs), usually assisted in their entry through various connections, political or otherwise. As large companies with the presumed reliability of government backing, these GLCs tend to be involved in larger-scale, more critical, and more iconic projects. It is a matter of fact, however, that while internationalization may be led by large-scale and attention-grabbing GLCs, the vast majority of FDI and economic activity is, in the long term, entrenched in the activities of private companies. As such, it must logically follow that …
Social Networks And Risk Taking: Evidence From Corporate Control Activities, Yen Teik Lee
Social Networks And Risk Taking: Evidence From Corporate Control Activities, Yen Teik Lee
Research Collection Lee Kong Chian School Of Business
This paper investigates the impact of social ties between the Chief Executive Officer (CEO) andboard members on corporate risk-taking in mergers and acquisitions (M&As) and on shareholdervalue. Using a measure of CEO-director connections in a large sample of U.S. firms from 2000 to2010, we document that boardroom connections lower firm acquisitiveness. If connected CEOsundertake M&As, they are less likely to choose focus acquisitions, and more likely to pay in stock.CEO-board connections do not enhance firm value in M&As. Higher levels of boardroomconnection are associated with lower announcement returns and lower subsequent return on assets.Our results are robust to alternative explanations …
The Positive Externalities Of Social Capital: Benefitting From Senior Brokers, Charles Galunic, Gokhan Ertug, Martin Gargiulo
The Positive Externalities Of Social Capital: Benefitting From Senior Brokers, Charles Galunic, Gokhan Ertug, Martin Gargiulo
Research Collection Lee Kong Chian School Of Business
The importance of an actor’s network to his/her private benefits is well explored. Less well understood are the positive externalities of social capital, that is whether an actor’s social capital “spills-over” and improves the outcomes of those to whom s/he is connected, creating broader, not just private, benefits. This paper examines how investment bankers add value to one another in the course of everyday work. Our concern is with a banker’s second-order social capital. The main question is whether being connected to a broker matters to the ability of the focal actor to add value to those around him/her. We …