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Articles 1 - 30 of 138
Full-Text Articles in Business
Analyst Price Target Expected Returns And Option Implied Risk, Turan G. Bali, Jianfeng Hu, Scott Murray
Analyst Price Target Expected Returns And Option Implied Risk, Turan G. Bali, Jianfeng Hu, Scott Murray
Research Collection Lee Kong Chian School Of Business
Motivated by the nature of asset pricing models, we investigate the cross-sectional relation between the market's ex-ante view of a stock's risk and the stock's ex-ante expected return. We demonstrate that an ex-ante measure of expected returns based on analyst price targets is highly related to the market's required rate of return. Using this measure, we show that ex-ante measures of volatility, skewness, and kurtosis derived from option prices are positively related to ex-ante expected returns. We then decompose the risk measures into systematic and unsystematic components and find that while expected returns are related to both systematic and unsystematic …
A Network Bidder Behavior Model In Online Auctions: A Case Of Fine Art Auctions, Mayukh Dass, Srinivas K. Reddy, Dawn Iacobucci
A Network Bidder Behavior Model In Online Auctions: A Case Of Fine Art Auctions, Mayukh Dass, Srinivas K. Reddy, Dawn Iacobucci
Research Collection Lee Kong Chian School Of Business
The marketing literature provides a solid understanding of auctions regarding final sales prices and many aspects of the processes that unfold to result in those outcomes. This research complements those perspectives by first presenting a new bidder behavior model that shows the role of emergent network ties among bidders on the auction outcome. Dyadic ties are identified as the bid and counter-bid patterns of interactions between bidders that unfold throughout the duration of an auction. These structures are modeled using network analyses, which enables: (1) a richer understanding of detailed auction processes, both within auctions and across auctions of multiple …
Rethinking Governance In Management Research: From The Editors, Laszlo Tihanyi, Scott Graffin, Gerard George
Rethinking Governance In Management Research: From The Editors, Laszlo Tihanyi, Scott Graffin, Gerard George
Research Collection Lee Kong Chian School Of Business
In the field of management, the study of governance has primarily dealt with decision-making by boards of directors, chief executives, and senior managers. The corporate governance literature has generated important insights regarding incentive alignment, risk taking, and coordination challenges. Emerging trends, highlighted in this issue, raise new questions regarding managerial roles, organizational contexts, internal and social processes, and changes in governance over time. We encourage management scholars to rethink their approach to governance research by considering stakeholder engagement, the implications of big data, social impact, global dimensions, and comparative analysis of governance. A broadened conceptualization of governance may also deal …
Managing Value In Supply Chains: Case Studies On The Sourcing Hub Concept, Anupam Agrawal, Arnoud De Meyer, Luk N. Van Wassenhove
Managing Value In Supply Chains: Case Studies On The Sourcing Hub Concept, Anupam Agrawal, Arnoud De Meyer, Luk N. Van Wassenhove
Research Collection Lee Kong Chian School Of Business
A firm’s raw material sourcing knowledge can be a strategic resource. This article explores how firms can capture and use this knowledge. It examines the sourcing experiences of four firms in four different countries in the automotive industry and identifies the raw material sourcing knowledge-related parameters. Synthesizing the findings from these case studies, it proposes the concept of the sourcing hub—a collaborative center involving the firm, its suppliers, and raw material suppliers—which can effectively capture and deploy the raw material sourcing knowledge for managing value in upstream sourcing.
Negotiating Deals From A Position Of Powerlessness, Michael Schaerer, Roderick I. Swaab
Negotiating Deals From A Position Of Powerlessness, Michael Schaerer, Roderick I. Swaab
Research Collection Lee Kong Chian School Of Business
When you are negotiating a deal it pays to have viable alternatives to fall back on – or at least that’s what most people think. New research suggests that being powerless can be liberating and help you achieve better deals.
Substitutes Or Complements? A Configurational Examination Of Corporate Governance Mechanisms, Vilmos Misangyi, Abhijith G. Acharya
Substitutes Or Complements? A Configurational Examination Of Corporate Governance Mechanisms, Vilmos Misangyi, Abhijith G. Acharya
Research Collection Lee Kong Chian School Of Business
We conduct an exploratory qualitative comparative case analysis of the S&P 1500 firms with the aim of elaborating theory on how corporate governance mechanisms work together effectively. To do so, we integrate extant theory and research to specify the bundle of mechanisms that operate to mitigate the agency problem among publicly traded corporations and review what previous research has said about how these mechanisms combine. We then use the fuzzy-set approach to qualitative comparitive analysis (QCA) to explore the combinations of governance mechanisms that exist among the S&P 1500 firms that achieve high (and not-high) profitability. Our findings suggest that …
Cash Is Suprisingly Valuable As A Strategic Asset, Changhyun Kim, Richard A. Bettis
Cash Is Suprisingly Valuable As A Strategic Asset, Changhyun Kim, Richard A. Bettis
Research Collection Lee Kong Chian School Of Business
Academics, politicians, and journalists are often highly critical of U.S. firms for holding too much cash. Cash holdings are stockpiled free-cash flow and incur substantial opportunity costs from the perspectives of economics. However, behavioral theory highlights the benefits of cash holdings as fungible slack resources facilitating adaptive advantages. We use the countervailing forces embodied in these two theories to hypothesize and test a quadratic functional relationship of returns to cash measured by Tobin's q. We also build and test a related novel hypothesis of scale-dependent returns to cash based on the competitive strategy concept of strategic deterrence. Tests for both …
Where There’S A Will: Can Highlighting Future Youth-Targeted Marketing Increase Support For Soda Taxes?, Sungjong Roh, Jonathon P. Schuldt
Where There’S A Will: Can Highlighting Future Youth-Targeted Marketing Increase Support For Soda Taxes?, Sungjong Roh, Jonathon P. Schuldt
Research Collection Lee Kong Chian School Of Business
Objective: Amid concern about high rates of obesity and related diseases, the marketing of nutritionally poor foods to young people by the food industry has come under heavy criticism by public health advocates, who cite decades of youth-targeted marketing in arguing for reforms. In light of recent evidence that the same event evokes stronger emotional reactions when it occurs in the future versus the past, highlighting youth-targeted marketing that has yet to occur may evoke stronger reactions to such practices, and perhaps, greater support for related health policy initiatives. Method: In a between-subjects experiment, Web participants (N = 285) read …
A Universal Appointment Rule With Patient Classification For Service Times, No-Shows And Walk-Ins, Cayirli Tugba, Kum Khiong Yang
A Universal Appointment Rule With Patient Classification For Service Times, No-Shows And Walk-Ins, Cayirli Tugba, Kum Khiong Yang
Research Collection Lee Kong Chian School Of Business
This study evaluates patient classification for scheduling and sequencing appointments for patients differentiated by their mean and standard deviation of service times, no-show, and walk-in probabilities. Alternative appointment systems are tested through simulation using a universal Dome rule and some of the best traditional appointment rules in the literature. Our findings show that the universal Dome rule performs better in terms of reducing the total cost of patient’s waiting time, doctor’s idle time, and overtime, and its performance improves further with the right sequencing of patient groups. Although it is a challenge to find the best sequence, we propose a …
Efficacy Of R&D Work In Offshore Captive Centers: An Empirical Study Of Task Characteristics, Coordination Mechanisms, And Performance, Deepa Mani, Kannan Srikanth, Anandhi Bharadwaj
Efficacy Of R&D Work In Offshore Captive Centers: An Empirical Study Of Task Characteristics, Coordination Mechanisms, And Performance, Deepa Mani, Kannan Srikanth, Anandhi Bharadwaj
Research Collection Lee Kong Chian School Of Business
Seizing the latest technological advances in distributed work, an increasing number of firms have set up offshore captive centers (CCs) in emerging economies to carry out sophisticated R&D work. We analyse survey data from 132 R&D CCs established by foreign multinational companies in India to understand how firms execute distributed innovative work. Specifically, we examine the performance outcomes of projects using different technology-enabled coordination strategies to manage their interdependencies across multiple locations. We find that modularization of work across locations is largely ineffective when the underlying tasks are less routinized, less analyzable, and less familiar to the CC. Coordination based …
On The Limitations Of Using Situational Judgement Tests To Measure Interpersonal Skills: The Moderating Influence Of Employee Anger, Jerel E. Slaughter, Michael S. Christian, Nathan P. Podsakoff, Evan F. Sinar, Filip Lievens
On The Limitations Of Using Situational Judgement Tests To Measure Interpersonal Skills: The Moderating Influence Of Employee Anger, Jerel E. Slaughter, Michael S. Christian, Nathan P. Podsakoff, Evan F. Sinar, Filip Lievens
Research Collection Lee Kong Chian School Of Business
Many authors have suggested that situational judgment tests (SJTs) are useful tools for assessing applicants because SJT items can be written to assess a number of job-related knowledges, skills, abilities and other characteristics (KSAOs). However, SJTs may not be appropriate for measuring certain KSAOs for some applicants. We posit that using SJTs to measure interpersonal skills may lead to invalid inferences about applicants with higher levels of angry hostility (AH), and thus, AH should moderate the relation between interpersonally oriented SJTs and job performance. Three studies, using samples of healthcare workers (n = 225), police officers (n = 54), and …
How Firms Respond To Financial Restatement: Ceo Successors And External Reactions, David Gomulya, Warren Boeker
How Firms Respond To Financial Restatement: Ceo Successors And External Reactions, David Gomulya, Warren Boeker
Research Collection Lee Kong Chian School Of Business
Although past studies have paid considerable attention to firms' reputations, few have investigated the actions that firms take following a reputation-damaging event. We identify firms involved in financial earnings restatements and examine whether naming a successor CEO with specific qualities serves to signal the seriousness of a firm's efforts to restore its reputation. Using theories of market signaling, we argue that attributes of successor CEOs significantly influence the reactions of key external constituencies. In particular, firms with more severe restatement tend to name successors who have prior CEO or turnaround experience and a more elite education. The naming of such …
Double Adjusted Mutual Fund Performance, Jeffrey Busse, Lei Jiang, Yuehua Tang
Double Adjusted Mutual Fund Performance, Jeffrey Busse, Lei Jiang, Yuehua Tang
Research Collection Lee Kong Chian School Of Business
We develop a new approach for estimating mutual fund performance that controls for both factor model betas and stock characteristics in one measure. Our double adjustment procedure shows that fund returns are significantly related to stock characteristics in the cross section after controlling for risk via factor models. Compared to standard mutual fund performance estimates, the new measure substantially affects performance rankings, with a quarter of funds experiencing a change in percentile ranking greater than ten. Double-adjusted fund performance persists a full nine years after the initial ranking period, much longer than standard performance. Moreover, inference based on the new …
The Role Of Operations Executives In Strategy Making, Lieven Demeester, Arnoud De Meyer, Jovan Grahovac
The Role Of Operations Executives In Strategy Making, Lieven Demeester, Arnoud De Meyer, Jovan Grahovac
Research Collection Lee Kong Chian School Of Business
Creating competitive advantage based on operations capabilities is likely to require much analysis and communication within the operations function. At the same time, much communication and joint strategizing with the top and other functional executives is likely to be needed as well. Hence, given that operations executives have limited time and also have to perform many other routine tasks, they need to manage two tradeoffs. The first one is between the time spent on strategy making and the time spent on everything else. The other is within strategy making, between the time spent on "functional deliberation" within the operations function …
Kinship In Entrepreneur Networks: Performance Effects Of Resource Assembly In Africa, Jane N. O. Khayesi, Gerard George, John Antonakis
Kinship In Entrepreneur Networks: Performance Effects Of Resource Assembly In Africa, Jane N. O. Khayesi, Gerard George, John Antonakis
Research Collection Lee Kong Chian School Of Business
We examine the relationship among structural social capital, resource assembly, and firm performance of entrepreneurs in Africa. We posit that social capital primarily composed of kinship or family ties helps the entrepreneur to raise resources, but it does so at a cost. Using data drawn from small firms in Kampala, Uganda, we explore how shared identity among the entrepreneur's social network moderates the relationship between social capital and outcomes. A large network contributed a higher quantity of resources raised, but at a higher cost when shared identity was high. We discuss the implications of these findings for the role of …
Geography Of Firms And Propagation Of Local Economic Shocks, Gennaro Bernile, George Korniotis, Alok Kumar
Geography Of Firms And Propagation Of Local Economic Shocks, Gennaro Bernile, George Korniotis, Alok Kumar
Research Collection Lee Kong Chian School Of Business
This study shows that the geographical distribution of publicly-traded firms generates an economic network that links the economic environments of all U.S. states. Using a novel measure of economic linkages among publicly-traded firms, we build a state-level network of economic connections and show that local economic shocks propagate through this geographical network. Specifically, for each state, we identify U.S. states that are economically relevant for firms headquartered in that state and show that economic conditions in economically relevant states predict the economic environment in the headquarter state. These results do not merely reflect the impact of omitted common national shocks. …
Portfolio Manager Ownership And Mutual Fund Risk Taking, Linlin Ma, Yuehua Tang
Portfolio Manager Ownership And Mutual Fund Risk Taking, Linlin Ma, Yuehua Tang
Research Collection Lee Kong Chian School Of Business
We study the effect of portfolio manager ownership, that is, “skin in the game”, on the risk taking of mutual funds. Using a holdings-based risk-shifting measure and a difference-indifferences approach, we find that managers with greater ownership engage in less risk-shifting behavior. We also find that managers with higher ownership exhibit superior reward-to-risk (i.e., Sharpe and appraisal) ratios. Funds with greater managerial ownership attract more capital flows. Taken together, our findings indicate that managerial ownership reduces managers’ incentive to engage in risk-shifting behavior and increases shareholder wealth.
Mutual Funds And Information Diffusion: The Role Of Country-Level Governance, Chunmei Lin, Massimo Massa, Hong Zhang
Mutual Funds And Information Diffusion: The Role Of Country-Level Governance, Chunmei Lin, Massimo Massa, Hong Zhang
Research Collection Lee Kong Chian School Of Business
We hypothesize that poor country-level governance, which makes public information less reliable, induces fund managers to increase their use of semipublic information. Utilizing data from international mutual funds and stocks over the 2000-2009 period, we find that semipublic information-related stock rebalancing can be five times higher in countries with the worst quality of governance than in countries with the best. The use of semipublic information increases price informativeness but also increases information asymmetry and reduces stock liquidity. It also intensified the price impact and liquidity crunch during the recent global financial crisis.
Ceo Optimism And Incentive Compensation, Clemens A. Otto
Ceo Optimism And Incentive Compensation, Clemens A. Otto
Research Collection Lee Kong Chian School Of Business
I study the effect of chief executive officer (CEO) optimism on CEO compensation. Usingdata on compensation in US firms, I provide evidence that CEOs whose option exercisebehavior and earnings forecasts are indicative of optimistic beliefs receive smaller stockoption grants, fewer bonus payments, and less total compensation than their peers. Thesefindings add to our understanding of the interplay between managerial biases andremuneration and show how sophisticated principals can take advantage of optimisticagents by appropriately adjusting their compensation contracts.
Start-Up Reputations In Asian Markets, Mark Chong, Jurrien Gregor Halff
Start-Up Reputations In Asian Markets, Mark Chong, Jurrien Gregor Halff
Research Collection Lee Kong Chian School Of Business
No abstract provided.
Rethinking Cross-Border Talent Management: The Emerging Markets Perspective, Tejpavan Gandhok, Richard Raymond Smith
Rethinking Cross-Border Talent Management: The Emerging Markets Perspective, Tejpavan Gandhok, Richard Raymond Smith
Research Collection Lee Kong Chian School Of Business
A closer look at the relatively little understood issue of how and why emerging market MNCs manage their senior talent for international growth leads us to question the conventional wisdom on talent management practices.
Dynamic Capabilities And The Business School Of The Future, Howard Thomas, Peter Lorange, Jagdish Sheth
Dynamic Capabilities And The Business School Of The Future, Howard Thomas, Peter Lorange, Jagdish Sheth
Research Collection Lee Kong Chian School Of Business
Business schools need to focus more clearly on their dynamic capabilities in order to re-invigorate and re-develop themselves and their students.
Stability And Endogenous Formation Of Inventory Transshipment Networks, Xin Fang, Soo-Haeng Cho
Stability And Endogenous Formation Of Inventory Transshipment Networks, Xin Fang, Soo-Haeng Cho
Research Collection Lee Kong Chian School Of Business
This paper studies a cooperative game of inventory transshipment among multiple firms. In this game, firms first make their inventory decisions independently and then decide collectively how to transship excess inventories to satisfy unmet demands. In modeling transshipment, we use networks of firms as the primitive, which offer a richer representation of relationships among firms by taking the coalitions used in all previous studies as special cases. For any given cooperative network, we construct a dual price allocation under which the network is stable for any residual demands and supplies in the sense that no firms find it more profitable …
It’S Alive! How Kinetic Property In Ads Shapes Novelty Perceptions, Junghan Kim, Arun Lakshmanan
It’S Alive! How Kinetic Property In Ads Shapes Novelty Perceptions, Junghan Kim, Arun Lakshmanan
Research Collection Lee Kong Chian School Of Business
We propose that speed and direction changes in moving ad elements influence product novelty perceptions. Three studies show thatinanimate but moving elements within an advertisement enhance novelty perceptions due to their kinetic property. Further, we showthat this effect is driven by perceptions of ad aliveness and product atypicality.
Finance And Social Responsibility In The Informal Economy: Institutional Voids, Globalization And Microfinance Institutions, Hao Liang, Chris Marquis, Sunny Li Sun
Finance And Social Responsibility In The Informal Economy: Institutional Voids, Globalization And Microfinance Institutions, Hao Liang, Chris Marquis, Sunny Li Sun
Research Collection Lee Kong Chian School Of Business
We examine how different types of country-level globalization and the industry structure of microfinance institutions (MFIs) affect organization-level microcredit interest rates which crucially affect the poor's entrepreneurial opportunities. We develop an opportunity structure perspective that argues that MFI interest rates can be reduced by egalitarian-based social globalization but increased by neoliberal-based economic globalization. Moreover, stronger presence of nonprofit organizations in the microfinance industry lowers interest rates. Furthermore, these three forces can moderate the relationship between MFIs' outreach to the poor and average interest rate. Analyses of 2,559 MFI observations across 74 countries from 2002 - 2012 largely support our hypotheses.
Interpersonal Trust Within Negotiations: Meta-Analytic Evidence, Critical Contingencies, And Directions For Future Research, Dejun Tony Kong, Kurt T. Dirks, Donald L. Ferrin
Interpersonal Trust Within Negotiations: Meta-Analytic Evidence, Critical Contingencies, And Directions For Future Research, Dejun Tony Kong, Kurt T. Dirks, Donald L. Ferrin
Research Collection Lee Kong Chian School Of Business
Trust has long been recognized by scholars and practitioners alike as an important factor for negotiation success. However, there has been little effort to date to empirically review or theoretically synthesize the research on trust in the context of negotiations. We present a social exchange framework that describes the processes through which trust influences negotiation behaviors and outcomes. We identified three critical contingencies that modified the effects of trust on negotiation behaviors and outcomes. A meta-analysis on a sample of 38 independent studies provided considerable support for the model and also confirmed the importance of the three contingencies for understanding …
The Role Of Simmelian Friendship Ties On Retaliation Within Triads, Kenneth T. Goh, David Krackhardt, Laurie R. Weingart, Tat Koon Koh
The Role Of Simmelian Friendship Ties On Retaliation Within Triads, Kenneth T. Goh, David Krackhardt, Laurie R. Weingart, Tat Koon Koh
Research Collection Lee Kong Chian School Of Business
We examine the effect of friendship in triads on retaliatory responses to unfair outcomes that originate from a group member. Drawing on Simmel's classic discussion of relationships in social triads versus dyads, we hypothesized that the effect of unfairness on retaliation between friends is stronger when the third party in the triad is a mutual friend, rather than a stranger. We also draw on social categorization theory to hypothesize that the effect of unfairness on retaliation between strangers is stronger when the third party is a friend of that stranger than when the triad consists of all strangers. Hypotheses were …
Does It Pay To Outclass? Corporate Social Responsibility And Its Impact On Firm Value, C. Ferreira, David K. Ding, U. Wongchoti
Does It Pay To Outclass? Corporate Social Responsibility And Its Impact On Firm Value, C. Ferreira, David K. Ding, U. Wongchoti
Research Collection Lee Kong Chian School Of Business
We show that conventional aggregation of corporate social responsibility (CSR) raw scores and its interpreted impact on firm value is less than reliable. Instead, the value impact of CSR activities relies heavily on the industry-specific relative position of the firm. Firms that distinguish themselves over their peers are associated with an increased value. This finding is robust and holds for both responsible and irresponsible behavior. Information concerns and portfolio construction allude to a possible CSR clientele, suggesting the existence of an optimal CSR level. Our peer-effect results are robust to unobserved heterogeneity.
Organizations With Purpose: From The Editors, Elaine Hollensbe, Charles Wookey, Loughlin Hickey, Gerard George, Vincent Nichols
Organizations With Purpose: From The Editors, Elaine Hollensbe, Charles Wookey, Loughlin Hickey, Gerard George, Vincent Nichols
Research Collection Lee Kong Chian School Of Business
Trust in business is improving from its nadir in 2009, but still remains dishearteningly low. Recent surveys report that only one in four members of the general public trusts business leaders to correct issues, and only one in five trusts them to tell the truth and make ethical and moral decisions. The 2014 Edelman Trust Barometer, a 27-country survey with more than 33,000 respondents, finds that overall trust declined across countries and sectors, with CEOs ranking second lowest at 43% and government officials the lowest at 36% as credible spokespeople to win public trust (Edelman Berland, 2014). This public distrust …
Firm Litigation Risk And The Insurance Value Of Corporate Social Performance, Ping-Sheng Koh, Cuili Qian, Heli Wang
Firm Litigation Risk And The Insurance Value Of Corporate Social Performance, Ping-Sheng Koh, Cuili Qian, Heli Wang
Research Collection Lee Kong Chian School Of Business
This paper advances the risk management perspective that superior social performance enhances firm value by serving as an ex ante valuable insurance mechanism. We posit that good social performance is more valuable as an insurance mechanism for firms with higher litigation risks. Moreover, value generation of corporate social performance (CSP) depends on whether a firm has gained pragmatic legitimacy (i.e., a firm's financial health) and moral legitimacy (i.e., whether or not a firm operates in a socially contested industry) among its stakeholders. We find that the value of CSP as insurance against litigation risk is practically significant, adding 2 to …