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Articles 1 - 30 of 4354

Full-Text Articles in Social and Behavioral Sciences

Political Connections And The Value Of Cash Holdings, Yuanto Kusnadi Sep 2019

Political Connections And The Value Of Cash Holdings, Yuanto Kusnadi

Research Collection School Of Accountancy

This study examines how political connections influence the value of cash holdings in an international setting. The main finding reveals that political connections are not associated with the value of cash holdings in the overall sample. However, further analysis demonstrates that political connections are negatively associated with the value of cash holdings for firms inemerging markets and in countries with high levels of corruption. Moreover, the negative valuation of cash holdings is driven by firms that are connected through large shareholders. Overall, the findings provide new insights into the value relevance of cash holdings, especially for politically connected firms.


Designing Policies In Uncertain Contexts: Entrepreneurial Capacity And The European Emission Trading Scheme, Ishani Mukherjee, Sarah Giest Sep 2019

Designing Policies In Uncertain Contexts: Entrepreneurial Capacity And The European Emission Trading Scheme, Ishani Mukherjee, Sarah Giest

Research Collection School of Social Sciences

The paper focuses on enterprising agents in policy formulation and design by looking at their capacity of dealing with different levels of uncertainty. In climate policy specifically, different degrees and types of uncertainties pose a challenge to policymakers. Policy entrepreneurs and the combination of their analytical, operational and political competences are a relevant component in reducing ambiguity in policy design and translating broad policy goals to operational programmes and specific policy instruments. Using the case of the European Emission Trading Scheme, we suggest that the success of policy entrepreneurs in catalysing policy change is determined by their capacity to work ...


Panel Threshold Regressions With Latent Group Structures, Ke Miao, Liangjun Su, Wendun Wang Jul 2019

Panel Threshold Regressions With Latent Group Structures, Ke Miao, Liangjun Su, Wendun Wang

Research Collection School Of Economics

In this paper, we consider the least squares estimation of a panel structure threshold re-gression (PSTR) model where both the slope coefficients and threshold parameters may exhibit latent group structures. We study the asymptotic properties of the estimators of the latent group structure and the slope and threshold coefficients. We show that we can estimate the latent group structure correctly with probability approaching 1 and the estimators of the slope and threshold coefficients are asymptotically equivalent to the infeasible estimators that are obtained as if the true group structures were known. We study likelihood-ratio-based inferences on the group-specific threshold parameters ...


The Role Of The Arts In Placemaking Singapore, Su Fern Hoe Jul 2019

The Role Of The Arts In Placemaking Singapore, Su Fern Hoe

Social Space

Singapore is no exception. This is palpably evident in the recent disappearance of cherished spaces such as Rochor Centre, Sungei Road Flea Market and Pearl Bank Apartments. As Janadas Devan once aptly stated, “forgetting is the condition of Singapore.”

This leads one to wonder: in a cityscape where the only constant is change, how can we foster a sense of place and belonging? How and where do we develop social relations beyond our own homes? Are we still able to form meaningful experiences with others as well as our surroundings?


Arts For Community Development In Singapore, Kar Yee Lim Jul 2019

Arts For Community Development In Singapore, Kar Yee Lim

Social Space

In the National Arts Council’s Report on the Arts and Culture Strategic Review,4 it emphasised the importance of promoting social cohesion across population segments via arts and cultural initiatives. It further stated its objective to bring the arts to everyone, everywhere and every day; and to build capabilities to achieve excellence.


Improved Marginal Likelihood Estimation Via Power Posteriors And Importance Sampling, Yong Li, Nianling Wang, Jun Yu Jul 2019

Improved Marginal Likelihood Estimation Via Power Posteriors And Importance Sampling, Yong Li, Nianling Wang, Jun Yu

Research Collection School Of Economics

The power-posterior method of Friel and Pettitt (2008) has been used to estimate the marginal likelihoods of competing Bayesian models. In this paper it is shown that the Bernstein-von Mises (BvM) theorem holds for the power posteriors under regularity conditions. Due to the BvM theorem, the power posteriors, when adjusted by the square root of the corresponding grid points, converge to the same normal distribution as the original posterior distribution, facilitating the implementation of importance sampling for the purpose of estimating the marginal likelihood. Unlike the power-posterior method that requires repeated posterior sampling from the power posteriors, the new method ...


A Quantile-Based Asset Pricing Model, Tomohiro Ando, Jushan Bai, Mitohide Nishimura, Jun Yu Jul 2019

A Quantile-Based Asset Pricing Model, Tomohiro Ando, Jushan Bai, Mitohide Nishimura, Jun Yu

Research Collection School Of Economics

It is well-known that the standard estimators of the risk premium in asset pricing models are biased when some price factors are omitted. To address this problem, we propose a novel quantile-based asset pricing model and a new estimation method. Our new asset pricing model allows for the risk premium to be quantile-dependent and our estimation method is applicable to models with unobserved factors. It avoids biased estimation results and always ensures a positive risk premium. The method is applied to the U.S., Japan, and U.K. stock markets. The empirical analysis demonstrates the clear benefits of our approach.


School Of Law Annual Report 2018: Embracing Change In An Evolving World, Singapore Management University Jul 2019

School Of Law Annual Report 2018: Embracing Change In An Evolving World, Singapore Management University

SMU Corporate Reports

The Annual Report highlights the School of Law’s modest achievements and developments over the past year, as well as the substantive impact of these initiatives.


Why And How Public Trust Matters, David Chan Jul 2019

Why And How Public Trust Matters, David Chan

Research Collection School of Social Sciences

To build high trust cities, governments need to better understandthe relationships linking people, leaders and the cities they inhabit.Behavioural scientist Professor David Chan explains the psychology ofpublic trust.


Tax Uncertainty And Business Activity, Jungho Lee, Jianhuan Xu Jun 2019

Tax Uncertainty And Business Activity, Jungho Lee, Jianhuan Xu

Research Collection School Of Economics

We investigate the extent to which uncertainties about tax policies affect business activities. We develop a statewide tax-uncertainty measure (TU measure) and show that it captures state corporate tax uncertainty. By comparing adjacent counties across state borders, we show that increasing tax uncertainty by one standard deviation (a 30% increase in the TU measure) leads to a 0.17% point per-year decrease in the growth rate of establishments over two years. The result holds after conducting a variety of robustness checks and is not likely to be driven by general state-policy uncertainties.


Global Value Chains And The Cptpp, Pao-Li Chang, Tran Bao Phuong Nguyen Jun 2019

Global Value Chains And The Cptpp, Pao-Li Chang, Tran Bao Phuong Nguyen

SMU Economics and Statistics Working Paper Series

The CPTPP, or the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, is an example of a “mega-regional” free trade agreement, whose provisions on the rules of origin and trade facilitation can have potentially large impacts on the CPTPP-wide supply chains. In this paper, we investigate whether the CPTPP members are key upstream and downstream trade partners to each other in the global value chains. We develop formulas of bilateral upstreamness and downstreamness, based on the gross-export decomposition framework of Koopman, Wang and Wei (2014) and Borin and Mancini (2017). We demonstrate how the decomposition of gross exports can be used ...


A Smoothed Q-Learning Algorithm For Estimating Optimal Dynamic Treatment Regime, Yanqin Fan, Ming He, Liangjun Su, Xiao-Hua Zhou Jun 2019

A Smoothed Q-Learning Algorithm For Estimating Optimal Dynamic Treatment Regime, Yanqin Fan, Ming He, Liangjun Su, Xiao-Hua Zhou

Research Collection School Of Economics

In this paper we propose a smoothed Q-learning algorithm for estimating optimal dynamic treatment regimes. In contrast to the Q-learning algorithm in which non-regular inference is involved, we show that under assumptions adopted in this paper, the proposed smoothed Q-learning estimator is asymptotically normally distributed even when the Q-learning estimator is not and its asymptotic variance can be consistently estimated. As a result, inference based on the smoothed Q-learning estimator is standard. We derive the optimal smoothing parameter and propose a data-driven method for estimating it. The finite sample properties of the smoothed Q-learning estimator are studied and compared with ...


Why Do Businesses Grow Faster In Urban Areas Than In Rural Areas?, Lee, Jungho, Jianhuan Xu Jun 2019

Why Do Businesses Grow Faster In Urban Areas Than In Rural Areas?, Lee, Jungho, Jianhuan Xu

Research Collection School Of Economics

We document that growth of business earnings is mostly observed among young firmsin metro areas. Three explanations are considered: metro areas attract more-productiveentrepreneurs, and reaching the optimal size takes time due to borrowing constraints;metro areas provide better learning opportunities; and high operating costs in metroareas allow only the productive firms to survive. We use a firm-dynamics model with alocation choice to quantify the extent to which the three theories explain the data. Wefind the first two theories largely explain the high growth among metro, young firms. Ourmodel also suggests the distortion in entrepreneurs’ location choice can induce substantialwelfare loss.


Singapore As A Centre For International Commercial Litigation: Party Autonomy To The Fore, Adeline Chong, Man Yip Jun 2019

Singapore As A Centre For International Commercial Litigation: Party Autonomy To The Fore, Adeline Chong, Man Yip

Research Collection School Of Law

This article considers two recent developments in Singapore private international law: the establishment of the Singapore International Commercial Court and the enactment of the Hague Convention on Choice of Court Agreements 2005 into Singapore law. These two developments are part of Singapore’s strategy to promote itself as an international dispute resolution hub and are underscored by giving an enhanced role to party autonomy. This article examines the impact of these two developments on the traditional rules of private international law and whether they achieve the stated aim of positioning Singapore as a major player in the international litigation arena.


Global Value Chains And The Cptpp, Pao-Li Chang, Tran Bao Phuong Nguyen Jun 2019

Global Value Chains And The Cptpp, Pao-Li Chang, Tran Bao Phuong Nguyen

Research Collection School Of Economics

The CPTPP, or the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, is an example of a “mega-regional” free trade agreement, whose provisions on the rules of origin and trade facilitation can have potentially large impacts on the CPTPP-wide supply chains. In this paper, we investigate whether the CPTPP members are key upstream and downstream trade partners to each other in the global value chains. We develop formulas of bilateral upstreamness and downstreamness, based on the gross-export decomposition framework of Koopman, Wang and Wei (2014) and Borin and Mancini (2017). We demonstrate how the decomposition of gross exports can be used ...


The Quest For Replicability: A Review Of Research Data Policies In Economics Journals, Melody Chin, Danping Dong May 2019

The Quest For Replicability: A Review Of Research Data Policies In Economics Journals, Melody Chin, Danping Dong

Research Collection Library

Research data openness serves as best practice and plays a critical role in facilitating the replicability and reproducibility of published research. In the field of Economics, journal data policies have been instrumental in encouraging the sharing of data and code, especially when the requirements are strict and enforceable. It is also evident that in recent years, increasing number of journals now has some form of research data policy in place. This paper attempts to analyze the data policies of the 74 general and field-specific Economics journals listed in the ranking database as part of the Tilburg University Top 100 Worldwide ...


Keep Calm And Collaborate For Impact, Gulcin Cribb May 2019

Keep Calm And Collaborate For Impact, Gulcin Cribb

Research Collection Library

No abstract provided.


Infiltrating The Business School … How We Lounged Our Way!, Sumita Govindan, Redzuan Abdullah, Rajendra Munoo May 2019

Infiltrating The Business School … How We Lounged Our Way!, Sumita Govindan, Redzuan Abdullah, Rajendra Munoo

Research Collection Library

The Business Librarians Team at SMU Libraries tested out embedded librarianship at the School of Business. The objectives were to: a. Bring closer support for faculty, especially in research productivity, teaching and information needs to where they are and when they need help. b. Be available for face-to-face consultation with faculty, staff and postgraduate students. c. Build a closer working relationship with the LKCSB community.


Small Data, Small Steps: Lessons From Assessing The Investment Studio, Jiaxin Low May 2019

Small Data, Small Steps: Lessons From Assessing The Investment Studio, Jiaxin Low

Research Collection Library

Singapore Management University’s (SMU) Li Ka Shing Library was renovated in 2014. During the renovation, the Investment Studio was created within the library to house high-end financial databases such as Bloomberg and Thomson Reuters (now Refinitiv). Usage of the space was assessed using quantitative and qualitative data, comparing the first academic terms across two academic years, 2017 and 2018. The data provided evidence to support anecdotal evidence and library staff’s knowledge and observation. The assessment resulted recommendations for further action. It also provided opportunity to engage with users and stakeholders of this unique space.


Housing Equity And Household Consumption In Retirement: Evidence From The Singapore Life Panel, Lipeng Chen, Liang Jiang, Sock Yong Phang, Jun Yu May 2019

Housing Equity And Household Consumption In Retirement: Evidence From The Singapore Life Panel, Lipeng Chen, Liang Jiang, Sock Yong Phang, Jun Yu

Research Collection School Of Economics

We utilize data from the Singapore Life Panel© survey to empirically investigate the impact of housing equity on consumption of elderly households. Based on panel analysis, we find housing equity value has no significant impact on non-durable consumption for elderly people. The conclusion holds for a battery of robustness check. Moreover, heterogeneity analyses based on subsamples by age of household head, house type, and number of property possessed also show no significant impact of housing equity on consumption in general. Finally, we use scenario analysis to study the Lease Buyback Scheme (LBS), a novel housing equity monetization scheme which allows ...


A Better Economy By "Design", Lawrence Chong May 2019

A Better Economy By "Design", Lawrence Chong

Asian Management Insights

The air was still, and I was going nowhere with the session until I asked the participants about their kids instead of talking more about the bank. The conversations soon turned chirpy as the mothers in the group spoke over one another, sharing their hearts out about their children and their hopes for them. I felt I had unlocked something new, even though this should have been obvious as this is a very family-oriented country. This experience was part of our transformation project for a Southeast Asian bank that would reshape its digital, brand and customer engagement strategy through a ...


Distilling Managerial Insights And Lessons From Ai Projects At Singapore's Changi Airport (Part 2), Steve Lee, Steven Miller May 2019

Distilling Managerial Insights And Lessons From Ai Projects At Singapore's Changi Airport (Part 2), Steve Lee, Steven Miller

Asian Management Insights

Since 2017, Changi Airport group (CAG) has initiated a host of pilot projects that use connective and intelligent technologies to enable its move towards digital transformation and SMART Airport Vision. This has resulted in a first wave of deployment of AI and Machine Learning-enabled applications across various functions that can better sense, analyse, predict, and interact with people.


Ai Gets Real At Singapore's Changi Airport (Part 1), Steve Lee, Steven Miller May 2019

Ai Gets Real At Singapore's Changi Airport (Part 1), Steve Lee, Steven Miller

Asian Management Insights

Ranked as the best airport for seven consecutive years, Singapore’s Changi Airport is lauded the world over for the efficient, safe, pleasurable and seamless service it offers the millions of passengers that pass through its facilities annually. Much of Changi Airport’s success can be attributed to the organisation’s customer-oriented business focus and deeply embedded culture of service excellence, combined with a host of advanced technologies operating invisibly in the background. The framework for this technology enablement is Changi Airport Group’s (CAG’s) SMART Airport Vision—an enterprise-wide approach to connective technologies that leverages sensors, data fusion ...


Constructed Response Formats And Their Effects On Minority-Majority Differences And Validity, Filip Lievens, Paul R. Sackett, Jeffrey Dahlke, Janneke Oostrom, Britt De Soete May 2019

Constructed Response Formats And Their Effects On Minority-Majority Differences And Validity, Filip Lievens, Paul R. Sackett, Jeffrey Dahlke, Janneke Oostrom, Britt De Soete

Research Collection Lee Kong Chian School Of Business

The inflow of immigrants challenges organizations to consider alternative selection procedures that reduce potential minority (immigrants)-majority (natives) differences, while maintaining valid predictions of performance. To deal with this challenge, this paper proposes response format as a practically and theoretically relevant factor for situational judgment tests (SJTs). We examine a range of response format categories (from traditional multiple-choice formats to more innovative constructed response formats) and conceptually link these response formats to mechanisms underlying minority-majority differences. Two field experiments are conducted with SJTs. Study 1 (274 job seekers) contrasts minority-majority differences in scores on a multiple-choice versus a written constructed ...


The Modern Library And Its Roles In Publishing And Research Support: An Example From Singapore Management University, Pin Pin Yeo May 2019

The Modern Library And Its Roles In Publishing And Research Support: An Example From Singapore Management University, Pin Pin Yeo

Research Collection Library

Modern libraries face challenges in playing roles and how they can show value in the research cycle of their institution. The presentation will show how the Singapore Management University (SMU) Libraries play a part in publishing and research support services. The Library is the owner of the SMU research publications system and it showcases SMU publications and also provides the full text where possible in the SMU repository called InK. Some examples of how the information is used and what faculty think about having their publications in InK will be shared. The Library is also involved in assessment by providing ...


Mixed Bayesian Implementation In General Environments, Takashi Kunimoto May 2019

Mixed Bayesian Implementation In General Environments, Takashi Kunimoto

Research Collection School Of Economics

A social choice rule is said to be mixed Bayesian implementable if one can design a mechanism (or institution) in which the set of all mixed Bayesian Nash equilibrium outcomes coincides with that specified by the rule. The objective of this paper is to generalize the results of mixed Bayesian implementation. By means of example, I first assess the implication of common priors in Bayesian implementation. Second, I identify a mild condition that fills the gap between the necessity and sufficiency for mixed Bayesian implementation in general environments including non-economic ones. Third, I establish some new results to unify the ...


Equal-Quantile Rules In Resource Allocation With Uncertain Needs, Yan Long, Jay Sethuraman, Jingyi Xue May 2019

Equal-Quantile Rules In Resource Allocation With Uncertain Needs, Yan Long, Jay Sethuraman, Jingyi Xue

Research Collection School Of Economics

A group of agents have uncertain needs on a resource, and the resource has to be divided before uncertainty resolves. We propose a class of division rules we call equal-quantile rules, parameterized by λ ∈ (0, 1]. The parameter λ is a common maximal probability of satisfaction — the probability that an agent’s realized need is no more than his assignment — imposed on all agents. Thus, the maximal assignment of each agent is his λ-quantile assignment. If the endowment of the resource exceeds the sum of the agents’ λ-quantile assignments, each agent receives his λ-quantile assignment and the resource is not ...


Strong Consistency Of Spectral Clustering For Stochastic Block Models, Liangjun Su, Wuyi Wang, Yichong Zhang May 2019

Strong Consistency Of Spectral Clustering For Stochastic Block Models, Liangjun Su, Wuyi Wang, Yichong Zhang

Research Collection School Of Economics

In this paper we prove the strong consistency of several methods based on the spectral clustering techniques that are widely used to study the community detection problem in stochastic block models (SBMs). We show that under some weak conditions on the minimal degree, the number of communities, and the eigenvalues of the probability block matrix, the K-means algorithm applied to the eigenvectors of the graph Laplacian associated with its first few largest eigenvalues can classify all individuals into the true community uniformly correctly almost surely. Extensions to both regularized spectral clustering and degree-corrected SBMs are also considered. We illustrate the ...


Estimating Selection Models Without Instrument With Stata, Xavier D’Haultfœuille, Arnaud Maurel, Xiaoyun Qiu, Yichong Zhang May 2019

Estimating Selection Models Without Instrument With Stata, Xavier D’Haultfœuille, Arnaud Maurel, Xiaoyun Qiu, Yichong Zhang

Research Collection School Of Economics

This article presents the eqregsel command for implementing the estimationand bootstrap inference of sample selection models via extremal quantile regression. The command estimates a semiparametric sample selection model withoutinstrument or large support regressor, and outputs the point estimates of the ho-mogenous linear coefficients, their bootstrap standard errors, as well as the p-valuefor a specification test.


Project Sidewalk: A Web-Based Crowdsourcing Tool For Collecting Sidewalk Accessibility Data At Scale, Manaswi Saha, Michael Saugstad, Hanuma Maddali, Aileen Zeng, Ryan Holland, Steven Bower, Aditya Dash, Sage Chen, Anthony Li, Kotaro Hara, Jon Froehlich May 2019

Project Sidewalk: A Web-Based Crowdsourcing Tool For Collecting Sidewalk Accessibility Data At Scale, Manaswi Saha, Michael Saugstad, Hanuma Maddali, Aileen Zeng, Ryan Holland, Steven Bower, Aditya Dash, Sage Chen, Anthony Li, Kotaro Hara, Jon Froehlich

Research Collection School Of Information Systems

We introduce Project Sidewalk, a new web-based tool that enables online crowdworkers to remotely label pedestrian-related accessibility problems by virtually walking through city streets in Google Street View. To train, engage, and sustain users, we apply basic game design principles such as interactive onboarding, mission-based tasks, and progress dashboards. In an 18-month deployment study, 797 online users contributed 205,385 labels and audited 2,941 miles of Washington DC streets. We compare behavioral and labeling quality differences between paid crowdworkers and volunteers, investigate the effects of label type, label severity, and majority vote on accuracy, and analyze common labeling errors ...