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Does Corporate Governance Matter, Evidence From Earnings Management Practices In Singapore, Lingxu HU 2010 Singapore Management University

Does Corporate Governance Matter, Evidence From Earnings Management Practices In Singapore, Lingxu Hu

Dissertations and Theses Collection (Open Access)

This paper addresses two questions. First, do good corporate governance practices add values to company or does it lead to higher stock returns in Singapore? Second, does poorly governed listed company in SGX tend to manage their earnings by using discretionary accruals? Following the approach of Gompers et al. (2003), we formed two portfolios consisting of well-governed and poorly governed companies. Well governed companies are able to maintain a higher return relative to poorly governed companies. I also look at the firm valuation from the adoption of corporate governance practices. Our result shows a positive relationship between firm valuation and …


News Which Moves The Market: Assessing The Impact Of Published Financial News On The Stock Market, Yu Chiang SOON 2010 Singapore Management University

News Which Moves The Market: Assessing The Impact Of Published Financial News On The Stock Market, Yu Chiang Soon

Dissertations and Theses Collection (Open Access)

Recent years have seen a large increase in the volume of financial news available to investors daily. What has traditionally been restricted to print media has now evolved to include the internet and satellite television as important media sources for financial news. With this overwhelming flow of information available to investors, the impact of financial news on market prices is at best uncertain. In this paper, a computational text-scoring methodology will be employed to uncover behavioral responses by investors to negative news. The empirical methodology employed in this paper will consist of three parts. Firstly, through the General Inquirer (GI) …


Idiosyncratic Risk And Risk Taking Behavior Of Mutual Fund Managers, Gao WANG 2010 Singapore Management University

Idiosyncratic Risk And Risk Taking Behavior Of Mutual Fund Managers, Gao Wang

Dissertations and Theses Collection (Open Access)

I propose that various measures of mutual funds’ performance are more consistent with their investment capability when mutual funds present low idiosyncratic risks. This paper finds conditional predictor for funds’ returns: alpha predicts returns positively for low idiosyncratic risk funds. It suggests that mutual funds which showed high alpha and low idiosyncratic risk in the past may be capable in investment. Their performance is consistently higher than funds with low idiosyncratic risk and low alpha. On the other hand, the performance of high idiosyncratic risk funds is more likely to reverse in the future: expected returns are low for high …


Corporate Governance And Earnings Management Before Share Repurchase Announcements In Singapore, Jian Ming CHUA 2010 Singapore Management University

Corporate Governance And Earnings Management Before Share Repurchase Announcements In Singapore, Jian Ming Chua

Dissertations and Theses Collection (Open Access)

Share repurchase in Singapore was legalized in 1998. It is well known that investors view share repurchase as good news. This study is based on share repurchase announcements from 2006 to 2009. The mean Cumulative Market-Adjusted Returns (CAR) for the period [0, +1] and [-1, +1] are significant at 1.25% and 1.33% respectively. In Singapore, there are positive abnormal returns following share repurchase announcements in support of the ―free cash flow‖ hypothesis. By using the Singapore Corporate Governance Index as a proxy, the weakly governed companies exhibit the strongest, positive and significant CAR of 2.62% for the period [0, +1]. …


Aircraft Leasing With Contracts, Qiong ZUO 2010 Singapore Management University

Aircraft Leasing With Contracts, Qiong Zuo

Dissertations and Theses Collection (Open Access)

We study a problem of rental rate pricing and rental contract designing in aircraft leasing industry. In a framework of Stackelberg game, the system is composed of an airline company (carrier) and an aircraft leasing company (lessor). Acting as the leader, the lessor announces daily rental rates and/or provides long-term contracts on a finite horizon with multiple periods. For each period, the carrier determines the aircraft leasing number to adjust the flight capacity, and applies a dynamic pricing policy for air-tickets based on a seasonally stochastic demand and some economic factor, such as oil price. We find the optimal policies …


Dynamic Quay Crane Allocation, Yan ZHANG 2010 Singapore Management University

Dynamic Quay Crane Allocation, Yan Zhang

Dissertations and Theses Collection (Open Access)

We introduce simple rules for quay cranes to handle containers along a berth where vessels arrive continuously in time. We first analyze a model where workload is continuous. Our analysis shows that if the system is configured properly, it will always converge to a state with the maximum possible throughput regardless of external disruptions or changes in workload. Numerical simulations based on a discrete workload model suggest that, by following the same rules, the system can still converge to state with throughput that is very close to its upper bound.


Pricing And Inventory Control In Dual-Channel Network With One Manufacturer And Retailer, Zhicong PAN 2010 Singapore Management University

Pricing And Inventory Control In Dual-Channel Network With One Manufacturer And Retailer, Zhicong Pan

Dissertations and Theses Collection (Open Access)

The study on multi-channel problems has been one of the most active research fields in recent years. In this paper, we consider a dual-channel network problem with one manufacture and one retailer. The manufacturer, acting as the Stackelberg leader, sells a single type of product through a traditional channel to the retailer and/or through a direct channel to customers. The retailer, acting as the follower, operates a Newsvendor model, ordering from the manufacturer and selling to the customers. We study the problem with the deterministic demand. We develop an efficient algorithm to find the joint optimal policy for three prices: …


A Flexible Payment Scheme In Hotel Business, Ciwei DONG 2010 Singapore Management University

A Flexible Payment Scheme In Hotel Business, Ciwei Dong

Dissertations and Theses Collection (Open Access)

This paper introduces a flexible payment scheme in the hotel business. When a customer makes a reservation for a hotel room, the hotel offers an optional payment scheme (Scheme O). If the customer chooses the Scheme O, he/she makes a non-refundable down payment immediately. Meanwhile, the hotel offers a discount if the customer actually checks in to the hotel. Thus, the payment at check-out time is much lower than the original rental rate. Alternatively, if the customer rejects the Scheme O, the reservation is made under a traditional Scheme (Scheme T), where no down payment is required. However, the customer …


A Remanufacturing News-Vendor With Pricing And Take-Back Pricing, Keyu LU 2010 Singapore Management University

A Remanufacturing News-Vendor With Pricing And Take-Back Pricing, Keyu Lu

Dissertations and Theses Collection (Open Access)

This paper analyzes the problem of a remanufacturing news-vendor with selling and take-back price decision. In our model, the remanufacturer decides selling price, take-back price, and order quantity for new materials. She then uses the stochastic take-back quantity and the new material to meet the stochastic demand comparably to a news vendor setting. We allow demand and take-back supply to be correlated. In this thesis, we study a production problem with dual input sources: raw materials and recycled or remanufactured take-back items. To answer when mixed-sourcing is best, we analyze the model under deterministic setting first, provide criteria for different …


Pricing And Lead Time Decisions In A Duopoly Common Retailer Channel, Xiuming NIU 2010 Singapore Management University

Pricing And Lead Time Decisions In A Duopoly Common Retailer Channel, Xiuming Niu

Dissertations and Theses Collection (Open Access)

This thesis studies a dual-level decentralized supply chain consisting of two suppliers and two retailers facing a price- and lead-time-sensitive demand. We model the suppliers’ operations as M/M/1 queues and demand as a linear function of the retail prices and promised delivery lead-times offered to the customers. Three different kinds of games are constructed to analyze the pricing and lead-time decisions of the suppliers and retailers. We show the existence of a unique equilibrium in all games and provide the exact formulas to compute the optimal decisions for both the suppliers and retailers. We further present numerical examples to illustrate …


Ownership Structure, Financial Structure And R&D Investment: Evidence From Korean Firms, Yanghua CHEN 2010 Singapore Management University

Ownership Structure, Financial Structure And R&D Investment: Evidence From Korean Firms, Yanghua Chen

Dissertations and Theses Collection (Open Access)

Understanding factors that can enhance a firm‟s innovativeness is of critical concern in management research. Prior studies in strategy and financial economics have advanced our understanding of how resource allocation into innovation is shaped in a firm, mainly from the perspectives of ownership and financial structures. However, the extant literature is incomplete, because it treats ownership and financial structures as separate determinants, even though theoretical arguments and empirical evidences suggest that they are interdependent. This study investigates the determinants of firm‟s R&D investments by bridging ownership and financial structures. Ownerships held by inside and external owners are considered for ownership …


Organizational Slack, International Expansion And Firm Profitability, Anran LIU 2010 Singapore Management University

Organizational Slack, International Expansion And Firm Profitability, Anran Liu

Dissertations and Theses Collection (Open Access)

International expansion is a viable growth strategy for firms operating in an increasingly competitive business environment. Understanding the relationship between international expansion and firm performance has been a significant concern for theory development in the strategy and international business literature. The extant literature, however, has paid insufficient attention to the tradeoff between firm growth and profitability that may imply the existence of an optimal rate of growth. Drawing from the Penrosian perspective that emphasizes the role of resources in firm growth, this study investigates whether and how firm slack resources affect the tradeoff between international expansion and profitability. Specifically, this …


The Relationship Between Product And International Diversification: The Effect Of Asset Dispersion And Asset Diversity On Firm Performance, Yulia MUZYRYA 2010 Singapore Management University

The Relationship Between Product And International Diversification: The Effect Of Asset Dispersion And Asset Diversity On Firm Performance, Yulia Muzyrya

Dissertations and Theses Collection (Open Access)

There is little consensus on the diversification-performance relationship in the diversification literature. We aim to contribute to this literature by looking simultaneously at product and international diversification and the relationship between both. Furthermore, we distinguish theoretically and empirically between two different components of any diversification strategy, i.e. the degree of diversification and the type of diversification. We test our hypotheses on panel data covering 115 firms. We find that the dispersion of a firm’s activities, both internationally and in different product markets, results in higher levels of performance. Contrary, we find that higher levels in the diversity of the firm’s …


Procure Financing For Shipping By Auctions, Kekun WU 2010 Singapore Management University

Procure Financing For Shipping By Auctions, Kekun Wu

Dissertations and Theses Collection (Open Access)

We study a risk management problem in the scenario of ship procurement. A shipping firm faces a certain financing pressure for the procurement of a new ship. On the other hand, the capacity of the ship excesses the demand requirement of the firm. The firm wants to reduce the payment and control the risk by selling a percentage of capacity to another shipping company. We introduce an auction mechanism for the firm to select the partner and determine the sharing percentage. Acting as the auctioneer, the firm announces a certain percentage of capacity to a set of buyers. The payment …


The Impact Of Employees' Perception Of Corporate Social Responsibility On Job Attitudes And Behaviors: A Study In China, Dan ZHENG 2010 Singapore Management University

The Impact Of Employees' Perception Of Corporate Social Responsibility On Job Attitudes And Behaviors: A Study In China, Dan Zheng

Dissertations and Theses Collection (Open Access)

Corporate social responsibility (CSR) is regarded as voluntary bahaviors that contribute to the soceity welfare. Based on the concept of sustainable development, corporations should not only stress on their economic and business outcomes, but also pay attention to their effect on the society and environment. Corporations are expected to engage in the improvement of their employees' quality of life, as well as the well-being of employees' families, local communities, and the overall society. With the acceleration of global integration, CSR has become a main concern by the public, and is considered as an essential part of the business strategy. It …


Creating A Successful Marketing Strategy For Your Small New Business, Stanley F. Stasch 2010 Loyola University Chicago

Creating A Successful Marketing Strategy For Your Small New Business, Stanley F. Stasch

School of Business: Faculty Publications and Other Works

Strategies for marketing small businesses.

According to the Wall Street Journal, 572,900 new businesses were started in the United States in 2003—and 554,800 businesses failed that same year. Perhaps that dismal statistic comes from the fact that more than 95 percent of all small, new businesses make one or more of the four major marketing strategy mistakes identified in this book.


Understanding Mortality Rates Of Laying Hens In Cage-Free Egg Production Systems, 2010 WellBeing International

Understanding Mortality Rates Of Laying Hens In Cage-Free Egg Production Systems

Agribusiness Reports

In cage-free egg production systems, concerns have been raised over hen mortality rates. High mortality is an obvious indicator of poor welfare, and problems should be addressed without delay. It is important to note, however, that mortality can vary substantially between hen flocks, and that some cage-free systems have healthy flocks that do not suffer substantial death losses. These systems can serve as models for the rest of the industry, since mortality is not inherent to any particular system, but a consequence of how well the system is managed.


The Welfare Of Animals In The Pig Industry, 2010 WellBeing International

The Welfare Of Animals In The Pig Industry

Agribusiness Reports

The discordance between the behavioral needs of pigs and the life afforded to those raised commercially for the meat industry has created many animal welfare problems. Methods of pig production have changed substantially over the last several decades, and industrialized confinement operations have largely overtaken small, diversified farms. Overcrowded in indoor, barren environments, pigs in commercial production facilities are offered little opportunity to display their full range of complex social, foraging, and exploratory behavior. Behavioral abnormalities, such as tail-biting and aggression, arise due to environmental and social deficiencies. Poor air quality and intensive confinement may lead to health problems, and …


Adopting A Cage-Free Production Policy For Animal Products In Brazil, 2010 WellBeing International

Adopting A Cage-Free Production Policy For Animal Products In Brazil

Agribusiness Reports

Farm animal welfare is becoming an important concern for governments, producers, and consumers worldwide. In particular, intensive confinement systems, such as battery cages and gestation crates, have been acknowledged as severely impairing to the physical comfort and expression of natural behaviors of animals. The European Union and select states in the United States have already passed bills eliminating these housing systems over the next several years. Numerous international retail and food production companies, including Burger King (North America), Smithfield Foods, and McDonald’s (Europe) are committed to gradually eliminating the use and sale of eggs and pork produced via intensive confinement …


The Public Health Impacts Of Concentrated Animal Feeding Operations On Local Communities, Michael Greger, Gowri Koneswaran 2010 The Humane Society of the United States

The Public Health Impacts Of Concentrated Animal Feeding Operations On Local Communities, Michael Greger, Gowri Koneswaran

Environment Collection

Large-scale farm animal production facilities, also known as concentrated animal feeding operations (CAFOs), release a significant amount of contaminants into the air and water. Adverse health effects related to exposure to these contaminants among CAFO workers have been welldocumented; however, less is known about their impact on the health of residents in nearby communities. Epidemiological research in this area suggests that neighboring residents are at increased risk of developing neurobehavioral symptoms and respiratory illnesses, including asthma. Additional research is needed to better understand community-scale exposures and health outcomes related to the management practices and emissions of CAFOs.


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