Open Access. Powered by Scholars. Published by Universities.®
Finance and Financial Management Commons™
Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 5 of 5
Full-Text Articles in Finance and Financial Management
The Downstream Impact Of Upstream Tariffs: Evidence From Investment Decisions In Supply Chains, Thorsten Martin, Clemens A. Otto
The Downstream Impact Of Upstream Tariffs: Evidence From Investment Decisions In Supply Chains, Thorsten Martin, Clemens A. Otto
Research Collection Lee Kong Chian School Of Business
We study how US manufacturing firms' investment responds to tariff reductions in supplier industries. Our estimates, based on tariff reductions following multinational trade agreements, suggest that a hypothetical 10% reduction of all upstream tariffs would increase downstream investment by 4% to 6%. This estimate is not explained by decreasing uncertainty and stems from tariff reductions for homogeneous and low-R\&D inputs, consistent with the investment response resulting from cost reductions rather than superior foreign technology embodied in imported inputs. Evidence from an instrumental variable estimation using the sudden increase in Chinese import penetration suggests that import competition also increases downstream investment.
Marriage Of Unequals? Investment Quality Heterogeneity, Market Heat, And The Formation Of Status-Asymmetric Ties In The Venture Capital Industry, Pavel I. Zhelyazkov, Adam Tatarynowicz
Marriage Of Unequals? Investment Quality Heterogeneity, Market Heat, And The Formation Of Status-Asymmetric Ties In The Venture Capital Industry, Pavel I. Zhelyazkov, Adam Tatarynowicz
Research Collection Lee Kong Chian School Of Business
In this study, we investigate the emergence of status-asymmetric ties among venture capital firms. In particular, we highlight the venture's performance trajectory as a powerful antecedent of upward-status asymmetries (in which a lower-status actor brings a higher-status alter into a venture) as well as downward-status asymmetries (in which a higher-status actor brings in a lower-status alter). We hypothesize that lower-status firms tend to bring higher-status alters into ventures on a better performance trajectory, whereas higher-status firms tend to bring lower-status alters into poorly performing ventures. Furthermore, we argue that these effects will be moderated by market heat, which affects whether …
Trust And Retirement Preparedness: Evidence From Singapore, Benedict S. K. Koh, Olivia S. Mitchell, Joelle H. Fong
Trust And Retirement Preparedness: Evidence From Singapore, Benedict S. K. Koh, Olivia S. Mitchell, Joelle H. Fong
Research Collection Lee Kong Chian School Of Business
Trust is an essential component of any financial system, and distrust can undermine savings and economic growth. Our study draws on the Singapore Life Panel to assess how trust ties to older respondents’ (1) pension plan participation and withdrawals; (2) life, health, and long-term care insurance holdings; and (3) stock market engagement. We show that the widely-used ‘trust in people’ question is uncorrelated with household behaviours related to retirement preparedness. Instead, trust in private and public financial representatives is positively associated with pension savings, investments, and insurance holdings. Financial literacy also plays an important and consistent role in retirement decision-making.
Collective Investments For Pension Savings: Lessons From Singapore's Central Provident Fund Scheme, Benedict S. Koh, Olivia S. Mitchell, Joelle H. Y. Fong
Collective Investments For Pension Savings: Lessons From Singapore's Central Provident Fund Scheme, Benedict S. Koh, Olivia S. Mitchell, Joelle H. Y. Fong
Research Collection Lee Kong Chian School Of Business
Singapore's mandatory national defined contribution pension system permits participants to invest their retirement savings in a wide range of investment instruments if they wish, rather than leaving their savings in Central Provident Fund (CPF) accounts to earn interest rates by default. This article asks whether workers seeking to earn higher returns can expect to do better than the CPF-managed default, by moving their money into professionally managed unit trusts. We use historical data to investigate whether fund managers possess superior stock picking and market timing skills, as well as whether they exhibit persistence in performance and offer diversification benefits to …
Cost Structures In Defined Contribution Systems: The Case Of Singapore's Central Provident Fund, Benedict S. K. Koh, Olivia S. Mitchell, Joelle H. Y. Fong
Cost Structures In Defined Contribution Systems: The Case Of Singapore's Central Provident Fund, Benedict S. K. Koh, Olivia S. Mitchell, Joelle H. Y. Fong
Research Collection Lee Kong Chian School Of Business
Retirement systems are increasingly asked to do an ever-better job of enhancing the performance of pension investments. The Singaporean Central Provident Fund permits pension system participants to keep their money in a government-run investment pool, or if they wish, they may select professionally managed unit trusts for their retirement accumulations. Opting for investment choice also exposes members to additional investment costs not charged by the government-managed account. This paper explores the charges levied by the private fund managers and we show that foreign ownership, active style of management and equity/balanced funds tend to be most expensive. We conclude with a …