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Generating Music With Emotions, Chunhui Bao, Qianru Sun Mar 2022

Generating Music With Emotions, Chunhui Bao, Qianru Sun

Research Collection School Of Computing and Information Systems

We focus on the music generation conditional on human emotions, specifically the positive and negative emotions. There is no existing large-scale music datasets with the annotation of human emotion labels. It is thus not intuitive how to generate music conditioned on emotion labels. In this paper, we propose an annotation-free method to build a new dataset where each sample is a triplet of lyric, melody and emotion label (without requiring any labours). Specifically, we first train the automated emotion recognition model using the BERT (pre-trained on GoEmotions dataset) on Edmonds Dance dataset. We use it to automatically ‘`label’' the music …

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Can Identifier Splitting Improve Open-Vocabulary Language Model Of Code?, Jieke Shi, Zhou Yang, Junda He, Bowen Xu, David Lo Mar 2022

Can Identifier Splitting Improve Open-Vocabulary Language Model Of Code?, Jieke Shi, Zhou Yang, Junda He, Bowen Xu, David Lo

Research Collection School Of Computing and Information Systems

Statistical language models on source code have successfully assisted software engineering tasks. However, developers can create or pick arbitrary identifiers when writing source code. Freely chosen identifiers lead to the notorious out-of-vocabulary (OOV) problem that negatively affects model performance. Recently, Karampatsis et al. showed that using the Byte Pair Encoding (BPE) algorithm to address the OOV problem can improve the language models’ predictive performance on source code. However, a drawback of BPE is that it cannot split the identifiers in a way that preserves the meaningful semantics. Prior researchers also show that splitting compound identifiers into sub-words that reflect the …

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Hermes: Using Commit-Issue Linking To Detect Vulnerability-Fixing Commits, Truong Giang Nguyen, Hong Jin Kang, David Lo, Abhishek Sharma, Andrew E. Santosa, Asankhaya Sharma, Ming Yi Ang Mar 2022

Hermes: Using Commit-Issue Linking To Detect Vulnerability-Fixing Commits, Truong Giang Nguyen, Hong Jin Kang, David Lo, Abhishek Sharma, Andrew E. Santosa, Asankhaya Sharma, Ming Yi Ang

Research Collection School Of Computing and Information Systems

Software projects today rely on many third-party libraries, and therefore, are exposed to vulnerabilities in these libraries. When a library vulnerability is fixed, users are notified and advised to upgrade to a new version of the library. However, not all vulnerabilities are publicly disclosed, and users may not be aware of vulnerabilities that may affect their applications. Due to the above challenges, there is a need for techniques which can identify and alert users to silent fixes in libraries; commits that fix bugs with security implications that are not officially disclosed. We propose a machine learning approach to automatically identify …

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Deep Learning For Anomaly Detection: A Review, Guansong Pang, Chunhua Shen, Longbing Cao, Anton Van Den Hengel Mar 2022

Deep Learning For Anomaly Detection: A Review, Guansong Pang, Chunhua Shen, Longbing Cao, Anton Van Den Hengel

Research Collection School Of Computing and Information Systems

Anomaly detection, a.k.a. outlier detection or novelty detection, has been a lasting yet active research area in various research communities for several decades. There are still some unique problem complexities and challenges that require advanced approaches. In recent years, deep learning enabled anomaly detection, i.e., deep anomaly detection, has emerged as a critical direction. This article surveys the research of deep anomaly detection with a comprehensive taxonomy, covering advancements in 3 high-level categories and 11 fine-grained categories of the methods. We review their key intuitions, objective functions, underlying assumptions, advantages, and disadvantages and discuss how they address the aforementioned challenges. …

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Efficient Certificateless Multi-Copy Integrity Auditing Scheme Supporting Data Dynamics, Lei Zhou, Anmin Fu, Guomin Yang, Huaqun Wang, Yuqing Zhang Mar 2022

Efficient Certificateless Multi-Copy Integrity Auditing Scheme Supporting Data Dynamics, Lei Zhou, Anmin Fu, Guomin Yang, Huaqun Wang, Yuqing Zhang

Research Collection School Of Computing and Information Systems

To improve data availability and durability, cloud users would like to store multiple copies of their original files at servers. The multi-copy auditing technique is proposed to provide users with the assurance that multiple copies are actually stored in the cloud. However, most multi-replica solutions rely on Public Key Infrastructure (PKI), which entails massive overhead of certificate computation and management. In this article, we propose an efficient multi-copy dynamic integrity auditing scheme by employing certificateless signatures (named MDSS), which gets rid of expensive certificate management overhead and avoids the key escrow problem in identity-based signatures. Specifically, we improve the classic …

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Gender Role Ideology And Implications For Well-Being Among Older Adults In Singapore, Nadya Haifan, Erra Natalia Sayri, Micah Tan, Mindy Eiko Tadai Mar 2022

Gender Role Ideology And Implications For Well-Being Among Older Adults In Singapore, Nadya Haifan, Erra Natalia Sayri, Micah Tan, Mindy Eiko Tadai

ROSA Research Briefs

Gender role ideology, referring to the attitudes that individuals hold with respect to the social roles that different genders should adopt, have been suggested to affect the mental well-being (e.g., Paul & Moser, 2009; Sweeting, 2014) and marital satisfaction (e.g., Amato et al., 2007; Davis & Greenstein, 2009) of individuals. Despite this, gender role ideology and the impact they may have on well-being is understudied among older adults in Singapore. Given this, the current report provides a brief examination of gender role ideology among older adults in Singapore. This includes the following: 1. The demographic distribution of gender role ideology …

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From Roadman To Royalties: Inter-Representational Value And The Hypercapitalist Impulses Of Grime, Orlando Woods Mar 2022

From Roadman To Royalties: Inter-Representational Value And The Hypercapitalist Impulses Of Grime, Orlando Woods

Research Collection School of Social Sciences

This paper explores how digital media can cause the representational value of rap artists to be transformed. Ubiquitous access to digital recording, production and distribution technologies grants rappers an unprecedented degree of representational autonomy, meaning they are able to integrate the street aesthetic into their lyrics and music videos, and thus create content that offers a more authentic representation of their (past) lives. Sidestepping the mainstream music industry, the digital enables these integrations and bolsters the hypercapitalist impulses of content creators. I illustrate these ideas through a case study of grime artist, Bugzy Malone, who uses his music to narrate …

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Consumer Search And Marketing Actions In Retailing, Yi Peng Mar 2022

Consumer Search And Marketing Actions In Retailing, Yi Peng

Dissertations and Theses Collection (Open Access)

This dissertation seeks to gain insight into the critical roles of consumers and marketers in a retail context using a variety of unique and rich data sources (e.g., tracking data, retail scanner data, ad intel data and publicly available data). The main aim of the two essays is to focus on unique aspects of retail analytics. The first essay examines how consumers conduct haptic search to make purchase decisions using a unique dataset collected by the state-of-the-art sensing technology. This research contributes to the literature by defining key attributes of the shoppers’ speed, consideration set, and shopping path at the …

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Occupation Density Estimation For Noisy High-Frequency Data, Congshan Zhang, Jia Li, Tim Bollerslev Mar 2022

Occupation Density Estimation For Noisy High-Frequency Data, Congshan Zhang, Jia Li, Tim Bollerslev

Research Collection School Of Economics

This paper studies the nonparametric estimation of occupation densities for semimartingale processes observed with noise. As leading examples we consider the stochastic volatility of a latent efficient price process, the volatility of the latent noise that separates the efficient price from the actually observed price, and nonlinear transformations of these processes. Our estimation methods are decidedly nonparametric and consist of two steps: the estimation of the spot price and noise volatility processes based on pre-averaging techniques and in-fill asymptotic arguments, followed by a kernel-type estimation of the occupation densities. Our spot volatility estimates attain the optimal rate of convergence, and …

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Bank, Stock Market Efficiency And Economic Growth: Panel Data Evidence From Asean-5, Asia-5 And Oecd-7 Countries, Swee Liang Tan Mar 2022

Bank, Stock Market Efficiency And Economic Growth: Panel Data Evidence From Asean-5, Asia-5 And Oecd-7 Countries, Swee Liang Tan

Research Collection School Of Economics

This paper estimates bank and stock market efficiency associations with real per capita GDP growth by examining panel-data across three different regions using Beck-Katz Panel-Corrected Standard Errors (PCSE) regression. It allows heteroskedastic and/or contemporaneously correlated disturbances across panels, with to specify a common first-order autocorrelation within the panel. The results suggest efficiency effects on growth is not unambiguous. The results suggest a threshold beyond which increase in bank overhead cost hurts economic growth, for developing countries. Likewise, there is a threshold beyond which increase in stock market turnover ratio hurts economic growth, for developed countries. One policy implication of the …

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A Posterior-Based Wald-Type Statistic For Hypothesis Testing, Yong Li, Xiaobin Liu, Tao Zeng, Jun Yu Mar 2022

A Posterior-Based Wald-Type Statistic For Hypothesis Testing, Yong Li, Xiaobin Liu, Tao Zeng, Jun Yu

Research Collection School Of Economics

A new Wald-type statistic is proposed for hypothesis testing based on Bayesian posterior distributions under the correct model specification. The new statistic can be explained as a posterior version of the Wald statistic and has several nice properties. First, it is well-defined under improper prior distributions. Second, it avoids Jeffreys–Lindley–Bartlett’s paradox. Third, under the null hypothesis and repeated sampling, it follows a χ2" role="presentation" style="box-sizing: border-box; margin: 0px; padding: 0px; display: inline-block; line-height: normal; font-size: 16.2px; word-spacing: normal; overflow-wrap: normal; white-space: nowrap; float: none; direction: ltr; max-width: none; max-height: none; min-width: 0px; min-height: 0px; border: 0px; position: relative;">χ2 …

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A Trap For The Unwary: Enforcing Writs Of Seizure And Sale Against Joint Tenancies, Hang Wu Tang Mar 2022

A Trap For The Unwary: Enforcing Writs Of Seizure And Sale Against Joint Tenancies, Hang Wu Tang

Research Collection Yong Pung How School Of Law

Joint tenancies are a common method of holding properties in Singapore, and yet, the issue in relation to enforcing writs of seizure and sale against a judgment debtor who owns a property on a joint tenancy with another is fraught with great legal and procedural uncertainty. This paper seeks to cut through the thicket of confusion by unpacking the various legal and procedural difficulties surrounding enforcing a judgment via a writ of seizure and sale against a judgment debtor who owns property as a joint tenant with another. Specifically, this article seeks to offer solutions to the practical difficulties of …

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The Roadmap To The Asean-Eu Fta In The Post-Pandemic Era, Pasha L. Hsieh Mar 2022

The Roadmap To The Asean-Eu Fta In The Post-Pandemic Era, Pasha L. Hsieh

Research Collection Yong Pung How School Of Law

Relations between the Association of Southeast Asian Nations (ASEAN) and the European Union (EU) have enriched the multifaceted concept of interregionalism from legal and international relations perspectives. The article argues that the transformative ASEAN-EU frameworks have shaped the Third Interregionalism. Brussels' building-block approach envisions pathfinder agreements with individual ASEAN states as the basis for the ASEAN-EU FTA, which will help realize the EU's Indo-Paafic strategy and the ASEAN-EU Strategic Partnership. The designs of the EU's trade and investment agreements with Singapore and Vietnam are therefore critical. The article assesses core areas such as tariff liberalization and ASEAN cumulative rules of …

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Declining Discount Rates In Singapore's Market For Privately Developed Apartments, Eric Fesselmeyer, Haoming Liu, Alberto Salvo Mar 2022

Declining Discount Rates In Singapore's Market For Privately Developed Apartments, Eric Fesselmeyer, Haoming Liu, Alberto Salvo

Research Collection College of Integrative Studies

Singapore's market for new privately developed apartments exhibits wide quasi-experimental variation in ownership tenure. We develop an empirical model in which prices are decomposed into the utility of housing services and a factor that shifts with asset tenure and the discount rate schedule, which we discipline to vary smoothly over time. We estimate discount rates that decline over time and, to accommodate the observed price differences, fall to 0.5-1.5% p.a. by year 400. The finding that households making sizable transactions do not entirely discount benefits accruing centuries from today is relevant, with the appropriate risk adjustment, for evaluating climate-change investments.

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Online Falsehoods, Constitutional Free Speech And Its Limits: The Online Citizen V The Attorney-General, Gary K. Y. Chan Mar 2022

Online Falsehoods, Constitutional Free Speech And Its Limits: The Online Citizen V The Attorney-General, Gary K. Y. Chan

Research Collection Yong Pung How School Of Law

The Singapore Court of Appeal has for the first time in The Online Citizen v The Attorney-General (8 October 2021) adjudicated on the constitutionality of correction directions issued by Ministers against allegedly false statements of fact under the Protection from Online Falsehoods and Manipulation Act 2019. An overarching framework was utilised to assess whether the Ministerial directions restrict free speech under Article 14(1)(a) of the Constitution; if so, whether the restrictions are justifiable under the Constitution and whether there is a rational nexus between the statutory aims and enumerated exceptions. This case comment also examines the constitutional stance towards subject …

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Mapping Sustainable Development In Investment Treaties: An Analysis Of Asean States' Practice, Mark Mclaughlin Mar 2022

Mapping Sustainable Development In Investment Treaties: An Analysis Of Asean States' Practice, Mark Mclaughlin

Research Collection Yong Pung How School Of Law

The interaction between sustainable development and international investment treaties is of growing concern. Could investment protection stymie health regulation? Will States be sued for introducing measures to tackle climate change? A growing body of sustainability-related case law is evidence that arbitral tribunals balance investment obligations against States’ ability to regulate for national security, health, the environment, labour rights, transparency, and corporate social responsibility. Against this background, this paper maps sustainable development issues in 371 bilateral investment treaties (hereinafter “BITs”) concluded by the Association of Southeast Asian Nations (ASEAN) States. It finds that only 26% of these treaties make any reference …

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Analysing Tweets On Covid-19 Vaccine : A Text Mining Approach, Swetha Gottipati, Debashis Guha Mar 2022

Analysing Tweets On Covid-19 Vaccine : A Text Mining Approach, Swetha Gottipati, Debashis Guha

Research Collection School Of Computing and Information Systems

The COVID-19 pandemic has caused large scale health, economic, and social crisis. Scientists throughout the globe have been working on producing effective vaccines to combat this pandemic. COVID-19 vaccine release started in 2020, and low take-up rates among the public have been observed initially. There has been a soar in social media data on vaccines. This paper presents a comprehensive analysis of COVID-19 vaccine-related tweets. Sentiments shared by people through tweets and common topics have been extracted using classification and sentiment analysis. Our results showed a higher negative sentiment when the pandemic was declared, and it gradually changed to positive …

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Learning Variable Ordering Heuristics For Solving Constraint Satisfaction Problems, Wen Song, Zhiguang Cao, Jie Zhang, Chi Xu, Andrew Lim Mar 2022

Learning Variable Ordering Heuristics For Solving Constraint Satisfaction Problems, Wen Song, Zhiguang Cao, Jie Zhang, Chi Xu, Andrew Lim

Research Collection School Of Computing and Information Systems

Backtracking search algorithms are often used to solve the Constraint Satisfaction Problem (CSP), which is widely applied in various domains such as automated planning and scheduling. The efficiency of backtracking search depends greatly on the variable ordering heuristics. Currently, the most commonly used heuristics are hand-crafted based on expert knowledge. In this paper, we propose a deep reinforcement learning based approach to automatically discover new variable ordering heuristics that are better adapted for a given class of CSP instances, without the need of relying on hand-crafted features and heuristics. We show that directly optimizing the search tree size is not …

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Viral Pneumonia Screening On Chest X-Rays Using Confidence-Aware Anomaly Detection, Jianpeng Zhang, Yutong Xie, Guansong Pang, Zhibin Liao, Johan Verjans, Wenxing Li, Zongji Sun, Jian He, Yi Li, Chunhua Shen, Yong Xia Mar 2022

Viral Pneumonia Screening On Chest X-Rays Using Confidence-Aware Anomaly Detection, Jianpeng Zhang, Yutong Xie, Guansong Pang, Zhibin Liao, Johan Verjans, Wenxing Li, Zongji Sun, Jian He, Yi Li, Chunhua Shen, Yong Xia

Research Collection School Of Computing and Information Systems

Clusters of viral pneumonia occurrences over a short period may be a harbinger of an outbreak or pandemic. Rapid and accurate detection of viral pneumonia using chest X-rays can be of significant value for large-scale screening and epidemic prevention, particularly when other more sophisticated imaging modalities are not readily accessible. However, the emergence of novel mutated viruses causes a substantial dataset shift, which can greatly limit the performance of classification-based approaches. In this paper, we formulate the task of differentiating viral pneumonia from non-viral pneumonia and healthy controls into a one-class classification-based anomaly detection problem. We therefore propose the confidence-aware …

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Androevolve: Automated Android Api Update With Data Flow Analysis And Variable Denormalization, Stefanus A. Haryono, Ferdian Thung, David Lo, Lingxiao Jiang, Julia Lawall, Hong Jin Kang, Lucas Serrano, Gilles Muller Mar 2022

Androevolve: Automated Android Api Update With Data Flow Analysis And Variable Denormalization, Stefanus A. Haryono, Ferdian Thung, David Lo, Lingxiao Jiang, Julia Lawall, Hong Jin Kang, Lucas Serrano, Gilles Muller

Research Collection School Of Computing and Information Systems

The Android operating system is frequently updated, with each version bringing a new set of APIs. New versions may involve API deprecation; Android apps using deprecated APIs need to be updated to ensure the apps’ compatibility with old and new Android versions. Updating deprecated APIs is a time-consuming endeavor. Hence, automating the updates of Android APIs can be beneficial for developers. CocciEvolve is the state-of-the-art approach for this automation. However, it has several limitations, including its inability to resolve out-of-method variables and the low code readability of its updates due to the addition of temporary variables. In an attempt to …

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Deconfounded Visual Grounding, Jianqiang Huang, Yu Qin, Jiaxin Qi, Qianru Sun, Hanwang Zhang Mar 2022

Deconfounded Visual Grounding, Jianqiang Huang, Yu Qin, Jiaxin Qi, Qianru Sun, Hanwang Zhang

Research Collection School Of Computing and Information Systems

We focus on the confounding bias between language and location in the visual grounding pipeline, where we find that the bias is the major visual reasoning bottleneck. For example, the grounding process is usually a trivial languagelocation association without visual reasoning, e.g., grounding any language query containing sheep to the nearly central regions, due to that most queries about sheep have groundtruth locations at the image center. First, we frame the visual grounding pipeline into a causal graph, which shows the causalities among image, query, target location and underlying confounder. Through the causal graph, we know how to break the …

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Mwptoolkit: An Open-Source Framework For Deep Learning-Based Math Word Problem Solvers, Yihuai Lan, Lei Wang, Qiyuan Zhang, Yunshi Lan, Bing Tian Dai, Yan Wang, Dongxiang Zhang, Ee-Peng Lim Mar 2022

Mwptoolkit: An Open-Source Framework For Deep Learning-Based Math Word Problem Solvers, Yihuai Lan, Lei Wang, Qiyuan Zhang, Yunshi Lan, Bing Tian Dai, Yan Wang, Dongxiang Zhang, Ee-Peng Lim

Research Collection School Of Computing and Information Systems

While Math Word Problem (MWP) solving has emerged as a popular field of study and made great progress in recent years, most existing methods are benchmarked solely on one or two datasets and implemented with different configurations. In this paper, we introduce the first open-source library for solving MWPs called MWPToolkit, which provides a unified, comprehensive, and extensible framework for the research purpose. Specifically, we deploy 17 deep learning-based MWP solvers and 6 MWP datasets in our toolkit. These MWP solvers are advanced models for MWP solving, covering the categories of Seq2seq, Seq2Tree, Graph2Tree, and Pre-trained Language Models. And these …

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Efficient Search Of Live-Coding Screencasts From Online Videos, Chengran Yang, Ferdian Thung, David Lo Mar 2022

Efficient Search Of Live-Coding Screencasts From Online Videos, Chengran Yang, Ferdian Thung, David Lo

Research Collection School Of Computing and Information Systems

Programming videos on the Internet are valuable resources for learning programming skills. To find relevant videos, developers typically search online video platforms (e.g., YouTube) with keywords on topics they wish to learn. Developers often look for live-coding screencasts, in which the videos’ authors perform live coding. Yet, not all programming videos are livecoding screencasts. In this work, we develop a tool named PSFinder to identify live-coding screencasts. PSFinder leverages a classifier to identify whether a video frame contains an IDE window. It uses a sampling strategy to pick a number of frames from an input video, runs the classifer on …

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Aspect-Based Api Review Classification: How Far Can Pre-Trained Transformer Model Go?, Chengran Yang, Bowen Xu, Junaed Younus Khan, Gias Uddin, Donggyun Han, Zhou Yang, David Lo Mar 2022

Aspect-Based Api Review Classification: How Far Can Pre-Trained Transformer Model Go?, Chengran Yang, Bowen Xu, Junaed Younus Khan, Gias Uddin, Donggyun Han, Zhou Yang, David Lo

Research Collection School Of Computing and Information Systems

APIs (Application Programming Interfaces) are reusable software libraries and are building blocks for modern rapid software development. Previous research shows that programmers frequently share and search for reviews of APIs on the mainstream software question and answer (Q&A) platforms like Stack Overflow, which motivates researchers to design tasks and approaches related to process API reviews automatically. Among these tasks, classifying API reviews into different aspects (e.g., performance or security), which is called the aspect-based API review classification, is of great importance. The current state-of-the-art (SOTA) solution to this task is based on the traditional machine learning algorithm. Inspired by the …

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Meta-Transfer Learning Through Hard Tasks, Qianru Sun, Yaoyao Liu, Zhaozheng Chen, Chua Tat-Seng, Schiele Bernt Mar 2022

Meta-Transfer Learning Through Hard Tasks, Qianru Sun, Yaoyao Liu, Zhaozheng Chen, Chua Tat-Seng, Schiele Bernt

Research Collection School Of Computing and Information Systems

Meta-learning has been proposed as a framework to address the challenging few-shot learning setting. The key idea is to leverage a large number of similar few-shot tasks in order to learn how to adapt a base-learner to a new task for which only a few labeled samples are available. As deep neural networks (DNNs) tend to overfit using a few samples only, typical meta-learning models use shallow neural networks, thus limiting its effectiveness. In order to achieve top performance, some recent works tried to use the DNNs pre-trained on large-scale datasets but mostly in straight-forward manners, e.g., (1) taking their …

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Volunteerism Among Older Adults In Singapore, Micah Tan, John Frederic Pedro Ortega, Nur Syafiqah Abdullah, Mindy Eiko Tadai, Rachel Wen Yi Ngu Mar 2022

Volunteerism Among Older Adults In Singapore, Micah Tan, John Frederic Pedro Ortega, Nur Syafiqah Abdullah, Mindy Eiko Tadai, Rachel Wen Yi Ngu

ROSA Research Briefs

Volunteerism is recognised as a beneficial activity for individuals for many reasons. Beyond the potential of volunteerism to create new and meaningful communities (Hodge et al., 2013), it offers numerous benefits including improvement to one’s mental health (Willigen, 2000), self-esteem (Russell et al., 2018), and social connectedness (Hodge et al., 2013). Volunteering has also been found to provide a sense of purpose in one’s life (Schwingel et al., 2009). For these reasons and more, voluntary work among older adults may be a meaningful and effective pathway towards successful ageing, particularly for those in retirement. In Singapore, the National Volunteer and …

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The Effects Of Conflict Type And Conflict Expression Intensity On Conflict Management, Gergana Todorova, Kenneth T. Goh, Laurie Weingart Mar 2022

The Effects Of Conflict Type And Conflict Expression Intensity On Conflict Management, Gergana Todorova, Kenneth T. Goh, Laurie Weingart

Research Collection Lee Kong Chian School Of Business

Purpose: This paper aims to add to the current knowledge about conflict management by examining the relationships between conflict type, conflict expression intensity and the use of the conflict management approach. Design/methodology/approach: The authors test theory-based hypotheses using a field study of new product development teams in an interdisciplinary Masters program (Study 1) and an experimental vignette study (Study 2). Findings: Results show that people are more likely to respond to task conflict and conflicts expressed with less intensity using collectivistic conflict management approaches (i.e. problem-solving, compromising and yielding), and to relationship conflicts and conflicts expressed with higher intensity through …

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Financial Intermediaries And Contagion In Market Efficiency: The Case Of Etfs, Claire Yurong Hong, Frank Weikai Li, Avanidhar Subrahmanyam Mar 2022

Financial Intermediaries And Contagion In Market Efficiency: The Case Of Etfs, Claire Yurong Hong, Frank Weikai Li, Avanidhar Subrahmanyam

Research Collection Lee Kong Chian School Of Business

Capital constraints of financial intermediaries can affect liquidity provision. We investigate whether these constraints spillover and consequently cause contagion in the degree of market efficiency across assets managed by a common intermediary. Specifically, we provide evidence of strong comovement in pricing gaps between ETFs and their constituents for ETFs served by the same lead market maker (LMM). The effects are stronger for ETFs that are more illiquid and volatile, when the underlying constituents of the ETFs are more costly to arbitrage, and for LMMs with more constrained capital. Using extreme disruptions in debt markets during COVID-19 as an experiment, we …

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How Do Firms Respond To Reduced Private Equity Buyout Activity?, Yi-Hsin Lo Mar 2022

How Do Firms Respond To Reduced Private Equity Buyout Activity?, Yi-Hsin Lo

Research Collection Lee Kong Chian School Of Business

This paper presents new evidence on the economic role of private equity buyouts by exploiting the staggered adoption of the constructive fraud provision by U.S. state courts. The law unintentionally shifts the credit default risk borne by existing unsecured creditors of the buyout target to the selling shareholders and lenders in the form of ex-post litigation risk, thereby discouraging buyout activity. Using a difference-in-differences framework, I find that firms raise less capital, reduce payouts and investments, and form alliances with employees. Firms also avoid positive NPV projects that carry too much risk. These findings are consistent with managers enjoying a …

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Platform Governance Design In Platform Ecosystems: Implications For Complementors' Multihoming Decision, Liang Chen, Jingtao Yi, Sali Li, Tony W. Tong Mar 2022

Platform Governance Design In Platform Ecosystems: Implications For Complementors' Multihoming Decision, Liang Chen, Jingtao Yi, Sali Li, Tony W. Tong

Research Collection Lee Kong Chian School Of Business

Extant platform research focuses on how platform owners' governance behaviors directly affect complementors. This study explicates the multilateral interdependence among different groups of producers within a platform ecosystem. We theorize about how platform owners' governance design may create frictions between platform providers and complementors. While open governance grants greater autonomy to platform providers, it also cultivates a more complex ecosystem for complementors. Since ecosystem complexity raises the cost of product customization, complementors will be less willing to port an existing complement to a more complex ecosystem, that is, less likely to multihome. The negative effect is weakened as the complementor …

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