Open Access. Powered by Scholars. Published by Universities.®

Social and Behavioral Sciences Commons™

Open Access. Powered by Scholars. Published by Universities.®

Singapore Management University

Series

2009

Discipline
Keyword
Publication

Articles 31 - 60 of 203

Full-Text Articles in Social and Behavioral Sciences

Stimulated Maximum Likelihood Estimation Of Continuous Time Stochastic Volatility Models, Tore Selland Kleppe, Jun Yu, Hans J. Skaug Nov 2009

Stimulated Maximum Likelihood Estimation Of Continuous Time Stochastic Volatility Models, Tore Selland Kleppe, Jun Yu, Hans J. Skaug

Research Collection School Of Economics

In this paper we develop and implement a method for maximum simulated likelihood estimation of the continuous time stochastic volatility model with the constant elasticity of volatility. The approach do not require observations on option prices nor volatility. To integrate out latent volatility from the joint density of return and volatility, a modified efficient importance sampling technique is used after the continuous time model is approximated using the Euler-Maruyama scheme. The Monte Carlo studies show that the method works well and the empirical applications illustrate usefulness of the method. Empirical results provide strong evidence against the Heston model.

Go to article

Automated Likelihood Based Inference For Stochastic Volatility Models, H. Skaug, Jun Yu Nov 2009

Automated Likelihood Based Inference For Stochastic Volatility Models, H. Skaug, Jun Yu

Research Collection School Of Economics

The Laplace approximation is used to perform maximum likelihood estimation of univariate and multivariate stochastic volatility (SV) models. It is shown that the implementation of the Laplace approximation is greatly simplified by the use of a numerical technique known as automatic differentiation (AD). Several algorithms are proposed and compared with some existing maximum likelihood methods using both simulated data and actual data. It is found that the new methods match the statistical efficiency of the existing methods while significantly reducing the coding effort. Also proposed are simple methods for obtaining the filtered, smoothed and predictive values for the latent variable. …

Go to article

Transformation Of The Urban Rail Sector Through Ppp, Sock-Yong Phang Nov 2009

Transformation Of The Urban Rail Sector Through Ppp, Sock-Yong Phang

Research Collection School Of Economics

The recent proliferation of Public Private Partnership (PPP) projects in numerous cities has transformed the urban rail sector. The enthusiasm for PPPs can be explained by improved understanding of efficiency gains and risks of bundling and unbundling tasks as well as availability and lower cost of private sector finance. The four main PPP approaches identified are: (i) development of new systems through DBFOs (Design- Build-Finance-Operate); (ii) concessioning of rail and subway services; (iii) sale of stateowned operators through share issue privatisation; and (iv) PPPs for infrastructure maintenance and upgrading. This paper examines examples of successes and failures to better understand …

Go to article

Reaching Out And Beyond: A Review Of Southeast Asian Writing In English [Book Review], Kirpal Singh Nov 2009

Reaching Out And Beyond: A Review Of Southeast Asian Writing In English [Book Review], Kirpal Singh

Research Collection School of Social Sciences

No abstract provided.

Go to article

Social Networks, Personal Values, And Creativity: Evidence For Curvilinear And Interaction Effects, Jing Zhou, Shung Jae Shin, Daniel J. Brass, Jaepil Choi, Zhi-Xue Zhang Nov 2009

Social Networks, Personal Values, And Creativity: Evidence For Curvilinear And Interaction Effects, Jing Zhou, Shung Jae Shin, Daniel J. Brass, Jaepil Choi, Zhi-Xue Zhang

Research Collection Lee Kong Chian School Of Business

Taking an interactional perspective on creativity, the authors examined the influence of social networks and conformity value on employees' creativity. They theorized and found a curvilinear relationship between number of weak ties and creativity such that employees exhibited greater creativity when their number of weak ties was at intermediate levels rather than at lower or higher levels. In addition, employees' conformity value moderated the curvilinear relationship between number of weak ties and creativity such that employees exhibited greater creativity at intermediate levels of number of weak ties when conformity was low than when it was high. A proper match between …

Go to article

Personality Scale Validities Increase Throughout Medical School, Filip Lievens, Deniz S. Ones, Stephan Dilchert Nov 2009

Personality Scale Validities Increase Throughout Medical School, Filip Lievens, Deniz S. Ones, Stephan Dilchert

Research Collection Lee Kong Chian School Of Business

Admissions and personnel decisions rely on stable predictor-criterion relationships. The authors studied the validity of Big Five personality factors and their facets for predicting academic performance in medical school across multiple years, investigating whether criterion-related validities change over time. In this longitudinal investigation, an entire European country's 1997 cohort of medical students was studied throughout their medical school career (Year 1, N = 627; Year 7, N = 306). Over time, extraversion, openness, and conscientiousness factor and facet scale scores showed increases in operational validity for predicting grade point averages. Although there may not be any advantages to being open …

Go to article

Emotional Expression Of Capacity And Trustworthiness In Humor And In Social Dilemmas, Norman P. Li, Daniel Balliet Oct 2009

Emotional Expression Of Capacity And Trustworthiness In Humor And In Social Dilemmas, Norman P. Li, Daniel Balliet

Research Collection School of Social Sciences

Humor and social dilemmas are two disparate areas that have been linked to emotions. However, they tend to have been studied apart from considerations of emotion and emotional expression. We provide an overview of how such areas might be illuminated by Vigil's socio-relational framework, and how capacity and trustworthiness are communicated in humor and social dilemmas.

Go to article

Wissen Und Entwicklung In Singapur: Trends Und Thesen / Knowledge And Development In Singapore: Trends And Propositions, Thomas Menkhoff, Solvay Gerke, Hans-Dieter Evers, Yue-Wah Chay Oct 2009

Wissen Und Entwicklung In Singapur: Trends Und Thesen / Knowledge And Development In Singapore: Trends And Propositions, Thomas Menkhoff, Solvay Gerke, Hans-Dieter Evers, Yue-Wah Chay

Research Collection Lee Kong Chian School Of Business

This paper addresses the question how knowledge is used to benefit the economic development of Singapore. The country has followed strict science policies to establish knowledge governance regimes for a knowledge-based economy. On the basis of empirical studies the authors show, how cultural diversity and social capital impact on the ability to develop an epistemic culture of knowledge sharing and ultimately an innovative knowledge-based economy.

Go to article

First Acm Sigmm International Workshop On Social Media (Wsm'09), Suzanne Boll, Steven C. H. Hoi, Jiebo Luo, Rong Jin, Dong Xu, Irwin King Oct 2009

First Acm Sigmm International Workshop On Social Media (Wsm'09), Suzanne Boll, Steven C. H. Hoi, Jiebo Luo, Rong Jin, Dong Xu, Irwin King

Research Collection School Of Computing and Information Systems

The ACM SIGMM International Workshop on Social Media(WSM’09) is the first workshop held in conjunction withthe ACM International Multimedia Conference (MM’09) atBejing, P.R. China, 2009. This workshop provides a forumfor researchers and practitioners from all over the world toshare information on their latest investigations on social mediaanalysis, exploration, search, mining, and emerging newsocial media applications.

Go to article

A Semi-Parametric Two-Stage Projection Type Estimator Of Multivalued Treatment Effects, Aurobindo Ghosh Oct 2009

A Semi-Parametric Two-Stage Projection Type Estimator Of Multivalued Treatment Effects, Aurobindo Ghosh

Research Collection School Of Economics

One of the most well documented regularities in evaluation literature like returns to schooling(or funding for programs) is that several factors come together to confound the measurement of its effect. First, in observational studies the true return is often individual specific, and so it is almost impossible to use a traditional treatment effect models with randomly assigned treatment and control groups. This endogeneity in the model further exacerbates our inability to conduct such trials. Second, the problem is not a classical treatment effect measurement problem where we have discrete or more often binary treatments. Hence, techniques like measuring the Local …

Go to article

Culture As Common Sense: Perceived Consensus Versus Personal Beliefs As Mechanisms Of Cultural Influence, Xi Zou, Kim-Pong Tam, Michael W. Morris, Sau-Lai Lee, Ivy Yee-Man Lau, Chi-Yue Chiu Oct 2009

Culture As Common Sense: Perceived Consensus Versus Personal Beliefs As Mechanisms Of Cultural Influence, Xi Zou, Kim-Pong Tam, Michael W. Morris, Sau-Lai Lee, Ivy Yee-Man Lau, Chi-Yue Chiu

Research Collection School of Social Sciences

The authors propose that culture affects people through their perceptions of what is consensually believed. Whereas past research has examined whether cultural differences in social judgment are mediated by differences in individuals’ personal values and beliefs, this article investigates whether they are mediated by differences in individuals’ perceptions of the views of people around them. The authors propose that individuals who perceive that traditional views are culturally consensual (e.g., Chinese participants who believe that most of their fellows hold collectivistic values) will themselves behave and think in culturally typical ways. Four studies of previously well-established cultural differences found that cultural …

Go to article

Foreign Direct Investment And Foreign Portfolio Investment Under Asymmetric Information, Ruanjai Suwantaradon Oct 2009

Foreign Direct Investment And Foreign Portfolio Investment Under Asymmetric Information, Ruanjai Suwantaradon

Research Collection School Of Economics

This paper develops a model of international capital flows when there is asymmetric information between foreign investors and domestic managers. Direct investors have a direct influence on the management, thus overcoming agency and information problems. This information advantage, however, comes at the cost of having to acquire management expertise. The tradeoff between management costs and the costs of asymmetric information consequently determines the level and composition of a country’s international capital flows. Analyzing how this tradeoff changes with economic conditions in a country, the model can qualitatively capture the experiences of many crisis countries during the 1990s. Specifically, the model …

Go to article

Monetary Policy And Asset Prices In A Small Open Economy: A Factor-Augmented Var Analysis For Singapore, Hwee Kwan Chow, Keen Meng Choy Oct 2009

Monetary Policy And Asset Prices In A Small Open Economy: A Factor-Augmented Var Analysis For Singapore, Hwee Kwan Chow, Keen Meng Choy

Research Collection School Of Economics

The ongoing global financial turmoil has revived the question of whether central bankers ought to tighten monetary policy preemptively in order to head off asset price misalignments before a sudden crash triggers financial instability. This study explores the issue of the appropriate monetary policy response to asset price swings in the small open economy of Singapore. Empirical analysis of monetary policy based on standard VAR models, unfortunately, is often hindered by the use of sparse information sets. To better reflect the extensive information monitored by Singapore’s central bank, including global economic indicators, we augment a monetary VAR model with common …

Go to article

Analyzing And Forecasting Business Cycles In A Small Open Economy: A Dynamic Factor Model For Singapore, Hwee Kwan Chow, Keen Meng Choy Oct 2009

Analyzing And Forecasting Business Cycles In A Small Open Economy: A Dynamic Factor Model For Singapore, Hwee Kwan Chow, Keen Meng Choy

Research Collection School Of Economics

A dynamic factor model is applied to a large panel dataset of Singapore’s macroeconomic variables and global economic indicators with the initial objective of analysing business cycles in a small open economy. The empirical results suggest that four common factors – which can broadly be interpreted as world, regional, electronics and domestic economic cycles – capture a large proportion of the co-variation in the quarterly time series. The estimated factor model also explains well the observed fluctuations in real economic activity and price inflation, leading us to use it in forecasting Singapore’s business cycles. We find that the forecasts generated …

Go to article

A Nonparametric Goodness-Of-Fit-Based Test For Conditional Heteroskedasticity, Liangjun Su, Aman Ullah Oct 2009

A Nonparametric Goodness-Of-Fit-Based Test For Conditional Heteroskedasticity, Liangjun Su, Aman Ullah

Research Collection School Of Economics

In this paper we propose a nonparametric test for conditional heteroskedasticity based on a new measure of nonparametric goodness-of-fit (R2). In analogy with the ANOVA tools for classical linear regression models, the nonparametric R2 is obtained for the local polynomial regression of the residuals from a parametric regression on some covariates. It is close to 0 under the null hypothesis of conditional homoskedasticity and stays away from 0 otherwise. Unlike most popular parametric tests in the literature, the new test does not require the correct specification of parametric conditional heteroskedasticity form and thus is able to detect all kinds of …

Go to article

A Service Choice Model For Optimizing Taxi Service Delivery, Shih-Fen Cheng, Xin Qu Oct 2009

A Service Choice Model For Optimizing Taxi Service Delivery, Shih-Fen Cheng, Xin Qu

Research Collection School Of Computing and Information Systems

Taxi service has undergone radical revamp in recent years. In particular, significant investments in communication system and GPS devices have improved quality of taxi services through better dispatches. In this paper, we propose to leverage on such infrastructure and build a service choice model that helps individual drivers in deciding whether to serve a specific taxi stand or not. We demonstrate the value of our model by applying it to a real-world scenario. We also highlight interesting new potential approaches that could significantly improve the quality of taxi services.

Go to article

First Acm Sigmm International Workshop On Social Media (Wsm'09), Suzanne Boll, Steven C. H. Hoi, Jiebo Luo, Rong Jin, Dong Xu, Irwin King Oct 2009

First Acm Sigmm International Workshop On Social Media (Wsm'09), Suzanne Boll, Steven C. H. Hoi, Jiebo Luo, Rong Jin, Dong Xu, Irwin King

Research Collection School Of Computing and Information Systems

No abstract provided.

Go to article

Deep Rationality: The Evolutionary Economics Of Decision Making, Douglas T. Kenrick, Vladas Griskevicius, Jill M. Sundie, Norman P. Li, Jessica Yexin Li, Steven L. Neuberg Oct 2009

Deep Rationality: The Evolutionary Economics Of Decision Making, Douglas T. Kenrick, Vladas Griskevicius, Jill M. Sundie, Norman P. Li, Jessica Yexin Li, Steven L. Neuberg

Research Collection School of Social Sciences

What is a “rational” decision? Economists traditionally viewed rationality as maximizing expected satisfaction. This view has been useful in modeling basic microeconomic concepts, but falls short in accounting for many everyday human decisions. It leaves unanswered why some things reliably make people more satisfied than others, and why people frequently act to make others happy at a cost to themselves. Drawing on an evolutionary perspective, we propose that people make decisions according to a set of principles that may not appear to make sense at the superficial level, but that demonstrate rationality at a deeper evolutionary level. By this, we …

Go to article

Booty Calls: Is It Just About Sex?, Knowledge@Smu Sep 2009

Booty Calls: Is It Just About Sex?, Knowledge@Smu

Knowledge@SMU

It may seem that booty calls serve men more so than women. After all, men desire sex more than women – a notion often rationalised by the lower biological cost of sex to men, compared to women. However, if booty calls favour men more than women, why might women be inclined to entertain calls for casual sex? Psychology professor Norman Li believes that booty calls should be looked upon as more than just sex; that it is, in fact, a strategy employed by both sexes in negotiating between their needs.

Go to article

Econometric Forecasting And High-Frequency Data Analysis, Yiu Kuen Tse, Yiu Kuen Tse Sep 2009

Econometric Forecasting And High-Frequency Data Analysis, Yiu Kuen Tse, Yiu Kuen Tse

Research Collection School of Economics

This important book consists of surveys of high-frequency financial data analysis and econometric forecasting, written by pioneers in these areas including Nobel laureate Lawrence Klein. Some of the chapters were presented as tutorials to an audience in the Econometric Forecasting and High-Frequency Data Analysis Workshop at the Institute for Mathematical Science, National University of Singapore in May 2006. They will be of interest to researchers working in macroeconometrics as well as financial econometrics. Moreover, readers will find these chapters useful as a guide to the literature as well as suggestions for future research.

Go to article

Estimation Of Bidder Valuations In An Fcc Spectrum Auction, Jungwon Yeo Sep 2009

Estimation Of Bidder Valuations In An Fcc Spectrum Auction, Jungwon Yeo

Research Collection School Of Economics

The Federal Communications Commission (FCC) uses auctions to allocate radio spectrum frequencies to wireless service providers. The innovation of the auction design is that it offers many heterogeneous licenses simultaneously in one ascending auction. This paper develops an empirical model and procedure to estimate bidder valuations. Given that the complex nature of the auction does not admit formal modeling in a general setting, I do not explore a particular model of equilibrium bidding. Instead, I propose two revealed preference inequalities which should hold in any reasonable model of these auctions. The .rst inequality requires that a bidder never bids on …

Go to article

The Indian Mystique, Nirmalya Kumar Sep 2009

The Indian Mystique, Nirmalya Kumar

Research Collection Lee Kong Chian School Of Business

The rise of global business means that Western companies will increasingly encounter Indians as customers, competitors and collaborators. The author profiles how best to collaborate with Indian business leaders.

Go to article

Testing Structural Change In Conditional Distributions Via Quantile Regressions, Liangjun Su, Zhijie Xiao Sep 2009

Testing Structural Change In Conditional Distributions Via Quantile Regressions, Liangjun Su, Zhijie Xiao

Research Collection School Of Economics

We propose tests for structural change in conditional distributions via quantile regressions. To avoid misspecification on the conditioning relationship, we construct the tests based on the residuals from local polynomial quantile regressions. In particular, the tests are based upon the cumulative sums of generalized residuals from quantile regressions and have power against local alternatives at rate n−1/2. We derive the limiting distributions for our tests under the null hypothesis of no structural change and a sequence of local alternatives. The proposed tests apply to a wide range of dynamic models, including time series regressions with m.d.s. errors, as well as …

Go to article

Simulation-Based Estimation Of Contingent-Claims Prices, Peter C. B. Phillips, Jun Yu Sep 2009

Simulation-Based Estimation Of Contingent-Claims Prices, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

A new methodology is proposed to estimate theoretical prices of financial contingent claims whose values are dependent on some other underlying financial assets. In the literature, the preferred choice of estimator is usually maximum likelihood (ML). ML has strong asymptotic justification but is not necessarily the best method in finite samples. This paper proposes a simulation-based method. When it is used in connection with ML, it can improve the finite-sample performance of the ML estimator while maintaining its good asymptotic properties. The method is implemented and evaluated here in the Black-Scholes option pricing model and in the Vasicek bond and …

Go to article

International Management Expert Helms Smu Business School, Singapore Management University Sep 2009

International Management Expert Helms Smu Business School, Singapore Management University

SMU Press Releases

No abstract provided.

Go to article

Smu Launches Institute Of Innovation And Entrepreneurship, Singapore Management University Sep 2009

Smu Launches Institute Of Innovation And Entrepreneurship, Singapore Management University

SMU Press Releases

No abstract provided.

Go to article

One Cheer For Constantinople: A Comment On Pettit And Skinner On Hobbes And Freedom, Chandran Kukathas Sep 2009

One Cheer For Constantinople: A Comment On Pettit And Skinner On Hobbes And Freedom, Chandran Kukathas

Research Collection School of Social Sciences

Philip Pettit and Quentin Skinner find Hobbes's understanding of freedom as non-interference inadequate because it fails to appreciate what is wrong with a life lived as a slave. Though their critiques have some force, however, Hobbes's view of freedom has virtues of its own. It is highly sensitive to the fact that freedom is a matter of degree. It is also unlikely to mistake freedom for something else, like security or dignity. Moreover, Hobbes is not as unmindful of the dangers of servility as many think.

Go to article

Emotional Labor Demands, Wages And Gender: A Within-Person, Between-Jobs Study, Devasheesh P. Bhave, Theresa M. Glomb Sep 2009

Emotional Labor Demands, Wages And Gender: A Within-Person, Between-Jobs Study, Devasheesh P. Bhave, Theresa M. Glomb

Research Collection Lee Kong Chian School Of Business

Although research suggests the important role of gender in emotional labour, its effect on the relationship between emotional labour demands and wages has not been examined explicitly. The current study investigates this relationship by testing hypotheses derived from theories of vocational choice and labour market supply and demand. Hypotheses are tested using a unique within-person, between-jobs longitudinal dataset with information on two jobs for each worker in a national sample of U.S. workers (N=5,488). After controlling for relevant variables related to wages, results suggest men incur wage penalties of approximately 6% when moving to occupations with higher emotional labour demands. …

Go to article

The Networked Electorate: The Internet And The Quiet Democratic Revolution In Malaysia And Singapore, Hang Wu Tang Sep 2009

The Networked Electorate: The Internet And The Quiet Democratic Revolution In Malaysia And Singapore, Hang Wu Tang

Research Collection Yong Pung How School Of Law

This paper is intended to be a contribution to the literature on claims of the democratising effect of the Internet. The paper begins by setting out the arguments and also critiques of claims of the democratising power of the Internet. In order to test the validity of these arguments, the author will undertake a comparative study of the impact of the Internet on recent general elections in Malaysia and Singapore. The study will demonstrate that in the case of Singapore, the Internet has merely exerted some pressure on the pre-existing laws and state-imposed norms governing free speech; in contrast, in …

Go to article

China-United States Trade Negotiations And Disputes: The Wto And Beyond, Pasha L. Hsieh Sep 2009

China-United States Trade Negotiations And Disputes: The Wto And Beyond, Pasha L. Hsieh

Research Collection Yong Pung How School Of Law

This article examines trade negotiations and disputes between China and the United States. It begins by ascertaining the unique political aspects of China-U.S. bilateral economic ties and explains the historical background underlying the relations. The article then argues that trade frictions between China and the United States are unlikely to repeat the Depression-era trade wars. The article observes that both the Chinese and U.S. governments are aware that the adoption of WTO-inconsistent measures may result in retaliatory actions from the other side. Hence, the two governments have attempted to resolve potential disputes through high-level official talks. Even when certain issues …

Go to article

First Prev Next Last