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Nonparametric Testing For Anomaly Effects In Empirical Asset Pricing Models, Sainan Jin, Liangjun Su, Yonghui Zhang Jan 2014

Nonparametric Testing For Anomaly Effects In Empirical Asset Pricing Models, Sainan Jin, Liangjun Su, Yonghui Zhang

Research Collection School Of Economics

In this paper we propose a class of nonparametric tests for anomaly effects in empirical asset pricing models in the framework of nonparametric panel data models with interactive fixed effects. Our approach has two prominent features: one is the adoption of nonparametric component to capture the anomaly effects of some asset-specific characteristics, and the other is the flexible treatment of both observed/constructed and unobserved common factors. By estimating the unknown factors, betas, and nonparametric function simultaneously, our setup is robust to misspecification of functional form and common factors and avoids the well-known “error-in-variable” (EIV) problem associated with the commonly used …


Optimal Estimation Of Cointegrated Systems With Irrelevant Instruments, Peter C. B. Phillips Jan 2014

Optimal Estimation Of Cointegrated Systems With Irrelevant Instruments, Peter C. B. Phillips

Research Collection School Of Economics

It has been known since Phillips and Hansen (1990) that cointegrated systems can be consistently estimated using stochastic trend instruments that are independent of the system variables. A similar phenomenon occurs with deterministically trending instruments. The present work shows that such "irrelevant" deterministic trend instruments may be systematically used to produce asymptotically efficient estimates of a cointegrated system. The approach is convenient in practice, involves only linear instrumental variables estimation, and is a straightforward one step procedure with no loss of degrees of freedom in estimation. Simulations reveal that the procedure works well in practice both in terms of point …


An Institutional Alchemy: India’S Two Parliaments In Comparative Perspective, Shubhankar Dam Jan 2014

An Institutional Alchemy: India’S Two Parliaments In Comparative Perspective, Shubhankar Dam

Research Collection Yong Pung How School Of Law

India has a parliamentary system. But articled in India’s Constitution is a provision that authorizes the President to occasionally enact legislation without involving Parliament. Such presidential legislation are called ordinances, not Acts; and rather than enact, the President promulgates them. Textually, ordinances are bounded by several ‘controls’. They are limited to circumstances when at least one House of Parliament is not in session, and the President is satisfied that the circumstances are such that immediate action is necessary. And without such formal parliamentary approval after a specified duration, they cease to exist. But after sixty years of constitutional practice these …


Specification Testing For Transformation Models, Arthur Lewbel, Xun Lu, Liangjun Su Jan 2014

Specification Testing For Transformation Models, Arthur Lewbel, Xun Lu, Liangjun Su

Research Collection School Of Economics

Consider a nonseparable model Y=R(X,U) where Y and X are observed, while U is unobserved and conditionally independent of X. This paper provides the first nonparametric test of whether R takes the form of a transformation model, meaning that Y is monotonic in the sum of a function of X plus a function of U. Transformation models of this form are commonly assumed in economics, including, e.g., standard specifications of duration models and hedonic pricing models. Our test statistic is asymptotically normal under local alternatives and consistent against nonparametric alternatives. Monte Carlo experiments show that our test performs well in …


Civil Case Management In Singapore: Of Models, Measures And Justice, Chee Hock Foo, Eunice Chua, Louis Ng Jan 2014

Civil Case Management In Singapore: Of Models, Measures And Justice, Chee Hock Foo, Eunice Chua, Louis Ng

Research Collection Yong Pung How School Of Law

The goals of all ASEAN member states are to “accelerate economic growth, social progress and cultural development” and “promote peace and stability” in the region. To achieve these goals, the public will need to trust and respect the Judiciary. Such trust and respect can be lost if there are inefficient practices that result in delay in the courts. The Singapore Judiciary is presently lauded for “its efficiency, its technological sophistication, its accessibility and the confidence of Singapore’s citizens and businesses in the system.” The World Economic Forum has also ranked Singapore first (out of 142 countries) in recognition of Singapore’s …


A View From Australia’S Regional Partners: Recent Developments In New Zealand And Singapore, Elsabe Schoeman, Adeline Chong Jan 2014

A View From Australia’S Regional Partners: Recent Developments In New Zealand And Singapore, Elsabe Schoeman, Adeline Chong

Research Collection Yong Pung How School Of Law

No abstract provided.


“Where Does A Wise Man Hide A Leaf?” : Modernising The Laws Of Disclosure In The Information Age, Denise Huiwen Wong Jan 2014

“Where Does A Wise Man Hide A Leaf?” : Modernising The Laws Of Disclosure In The Information Age, Denise Huiwen Wong

Research Collection Yong Pung How School Of Law

Litigation practice has been significantly altered by the advent of electronically stored information in daily corporate life. It is argued that the laws of disclosure should be updated to recognise that technology-assisted document review via keyword searching is crucial in ensuring that the costs of litigation are well managed. In order to facilitate keyword searching, a new legal concept of accuracy in the selection of keywords should be introduced into the laws of disclosure. At the same time, despite the adversarial nature of litigation, it is imperative that parties approach electronic disclosure with a spirit of collaboration in order to …


Milestones For Animal Welfare: Public Prosecutor V. Ling Chung Yee Roy, Alvin W. L. See Jan 2014

Milestones For Animal Welfare: Public Prosecutor V. Ling Chung Yee Roy, Alvin W. L. See

Research Collection Yong Pung How School Of Law

Animal law is a little-known subject in Singapore. However, the increase in public awareness and concern about animal welfare issues demand that more attention is directed at the legal aspects of such issues. An opportunity to examine this area of the law arose in the case of Ling Chung Yee Roy. The District Court, presided by District Judge Ng Peng Hong, had to decide whether the accused was guilty of an animal cruelty offence under s. 42(1)(e) of the Animals and Birds Act. The majority of animal cruelty complaints were against pet owners, of which a significant number concerned the …


Further Clarification From The High Court On The Limits To The Constitutional Right To Counsel: James Raj S/O Arokiasamy V Pp [2014] Sghc 10, Siyuan Chen, Kenneth Tan Jan 2014

Further Clarification From The High Court On The Limits To The Constitutional Right To Counsel: James Raj S/O Arokiasamy V Pp [2014] Sghc 10, Siyuan Chen, Kenneth Tan

Research Collection Yong Pung How School Of Law

Article 9(3) of the Constitution1 states that “Where a person is arrested, he … shall be allowed to consult and be defended by a legal practitioner of his choice.” However, art 9(3) does not stipulate the point in time at which an arrested person is entitled to consult counsel. The local jurisprudence over the past few decades have affirmed the interpretation that an arrested person is not entitled to access counsel immediately upon arrest, but only after a reasonable amount of time has elapsed. The High Court in James Raj s/o Arokiasamy v Public Prosecutor (“James Raj”) has now shed …


Redefining Relevancy And Exclusionary Discretion In Sir James Fitzjames Stephen’S Indian Evidence Act Of 1872: The Singapore Experiment And Lessons For Other Indian Evidence Act Jurisdictions, Siyuan Chen Jan 2014

Redefining Relevancy And Exclusionary Discretion In Sir James Fitzjames Stephen’S Indian Evidence Act Of 1872: The Singapore Experiment And Lessons For Other Indian Evidence Act Jurisdictions, Siyuan Chen

Research Collection Yong Pung How School Of Law

In many jurisdictions, the rules of evidence can often be instrumental in determining the outcome of a dispute. But to what extent can evidence law be controlled by codification, or is it better to leave its regulation and development to the judges via common law? In an attempt to bridge the gap between the rules of an antiquated evidence statute and the modern realities of practice, Singapore’s Evidence Act was amended in 2012. Certain relevancy provisions were amended to allow greater admissibility of evidence, while new provisions were introduced to act as a check against abuse. However, it will be …


A Wrong Turn In History: Re-Understanding The Exclusionary Rule Against Prior Negotiations In Contractual Interpretation, Yihan Goh Jan 2014

A Wrong Turn In History: Re-Understanding The Exclusionary Rule Against Prior Negotiations In Contractual Interpretation, Yihan Goh

Research Collection Yong Pung How School Of Law

A reason justifying the exclusionary rule against prior negotiations in the interpretation of contracts is its longevity. Yet, the authorities commonly cited in support of the exclusionary rule are mostly traceable to Lord Wilberforce’s speech in the relatively recent case of Prenn v Simmonds. This article suggests that the law took a wrong turn in that case and caused later courts to support the exclusionary rule by recourse to policy-oriented justifications, instead of principle-based ones. The emphasis on policy-oriented justifications, and the recantation of Prenn v Simmonds as reason enough for the exclusionary rule, support an independent rule against prior …


Signaling The Green Sell: The Influence Of Eco-Label Source, Argument Specificity, And Product Involvement On Consumer Trust, Lucy Atkinson, Sonny Rosenthal Jan 2014

Signaling The Green Sell: The Influence Of Eco-Label Source, Argument Specificity, And Product Involvement On Consumer Trust, Lucy Atkinson, Sonny Rosenthal

Research Collection College of Integrative Studies

Consumers cannot verify green attributes directly and must rely on such signals as eco-labels to authenticate claims. Using signaling theory, this study explored which aspects of eco-label design yield more positive effects. The study uses a 2 (argument specificity: specific versus general) × 2 (label source: government versus corporate) × 2 (product involvement: low versus high) experimental design (n = 233). Specific arguments consistently yield greater eco-label trust and positive attitudes toward the product and label source, but only with low-involvement products is source important, with corporate labels yielding more positive attitudes. Findings are discussed in terms of theoretical and …


Agency And Partnership Law [2013], Pearlie M. C. Koh, Stephen Noel Henry Bull Jan 2014

Agency And Partnership Law [2013], Pearlie M. C. Koh, Stephen Noel Henry Bull

Research Collection Yong Pung How School Of Law

The laws relating to the creation of an agency, implied authority, holding out and apparent authority, duties of the agent in relation to Agency law are discussed. The laws relating to partnership law and issues such as relationship of partners to third parties, relationships of partners between themselves and capacity to be a partner are highlighted.


In Territorio Veritas? Bringing Geographical Coherence Into The Ambiguous Definition Of Geographical Indications Of Origin, Irene Calboli Jan 2014

In Territorio Veritas? Bringing Geographical Coherence Into The Ambiguous Definition Of Geographical Indications Of Origin, Irene Calboli

Research Collection Yong Pung How School Of Law

In this article, I criticize what I call “ambiguous geographical origin” in the concept of geographical indications of origin (GIs) and note that the current definition of GIs in Art. 22(1) of TRIPS essentially misuses, or at least misinterprets, of the terms “geographical origin.” More specifically, I expose the partial inconsistency between the legal definition under TRIPs and the dictionary definition of the terms “geographical” and “origin”. In this respect, I point out that, from a strictly linguistic standpoint, the term “geographical”, in its variation as “geographic”, is defined as “of or relating to geography” and as “belonging to or …


Coupling Graphs, Efficient Algorithms And B-Cell Epitope Prediction, Liang Zhao, Steven C. H. Hoi, Zhenhua Li, Limsoon Wong, Hung Nguyen Jan 2014

Coupling Graphs, Efficient Algorithms And B-Cell Epitope Prediction, Liang Zhao, Steven C. H. Hoi, Zhenhua Li, Limsoon Wong, Hung Nguyen

Research Collection School Of Computing and Information Systems

Coupling graphs are newly introduced in this paper to meet many application needs particularly in the field of bioinformatics. A coupling graph is a two-layer graph complex, in which each node from one layer of the graph complex has at least one connection with the nodes in the other layer, and vice versa. The coupling graph model is sufficiently powerful to capture strong and inherent associations between subgraph pairs in complicated applications. The focus of this paper is on mining algorithms of frequent coupling subgraphs and bioinformatics application. Although existing frequent subgraph mining algorithms are competent to identify frequent subgraphs …


A Robust Smart Card-Based Anonymous User Authentication Protocol For Wireless Communications, Fengton Wen, Willy Susilo, Guomin Yang Jan 2014

A Robust Smart Card-Based Anonymous User Authentication Protocol For Wireless Communications, Fengton Wen, Willy Susilo, Guomin Yang

Research Collection School Of Computing and Information Systems

Anonymous user authentication is an important but challenging task for wireless communications. In a recent paper, Das proposed a smart cardï based anonymous user authentication protocol for wireless communications. The scheme can protect user privacy and is believed to be secure against a range of network attacks even if the secret information stored in the smart card is compromised. In this paper, we reanalyze the security of Das' scheme, and show that the scheme is in fact insecure against impersonation attacks. We then propose a new smart cardï based anonymous user authentication protocol for wireless communications. Compared with the existing …


On The Security Of Auditing Mechanisms For Secure Cloud Storage, Yong Yu, Lei Niu, Guomin Yang, Yi Mu, Willy Susilo Jan 2014

On The Security Of Auditing Mechanisms For Secure Cloud Storage, Yong Yu, Lei Niu, Guomin Yang, Yi Mu, Willy Susilo

Research Collection School Of Computing and Information Systems

Cloud computing is a novel computing model that enables convenient and on-demand access to a shared pool of configurable computing resources. Auditing services are highly essential to make sure that the data is correctly hosted in the cloud. In this paper, we investigate the active adversary attacks in three auditing mechanisms for shared data in the cloud, including two identity privacy-preserving auditing mechanisms called Oruta and Knox, and a distributed storage integrity auditing mechanism.We show that these schemes become insecure when active adversaries are involved in the cloud storage. Specifically, an active adversary can arbitrarily alter the cloud data without …


How Can Consumer Preferences Be Leveraged For Targeted Upselling In Cable Tv Services?, Bing Tian Dai Jan 2014

How Can Consumer Preferences Be Leveraged For Targeted Upselling In Cable Tv Services?, Bing Tian Dai

Research Collection School Of Computing and Information Systems

Internet TV has attracted a significant amount of attention from the conventional cable TV service providers, by providing customized TV programs at preferred time slots. The cable TV service providers are seeking to retain their customers by giving them a better experience: by understanding their customers’ preferences and upselling them the right products to cater to their interests. It is not easy to understand customer preferences though, since customers are not able to watch channels to which they have not subscribed. This makes it difficult to predict what they will like to watch, as a result. In this paper, I …


Risk Minimization Of Disjunctive Temporal Problem With Uncertainty, Hoong Chuin Lau, Tuan Anh Hoang Jan 2014

Risk Minimization Of Disjunctive Temporal Problem With Uncertainty, Hoong Chuin Lau, Tuan Anh Hoang

Research Collection School Of Computing and Information Systems

The Disjunctive Temporal Problem with Uncertainty (DTPU) is a fundamental problem that expresses temporal reasoning with both disjunctive constraints and contingency. A recent work (Peintner et al, 2007) develops a complete algorithm for determining Strong Controlla- bility of a DTPU. Such a notion that guarantees 100% confidence of execution may be too conservative in practice. In this paper, following the idea of (Tsamardinos 2002), we are interested to find a schedule that minimizes the risk (i.e. probability of failure) of executing a DTPU. We present a problem decomposition scheme that enables us to compute the probability of failure efficiently, followed …


Mining Weakly Labeled Web Facial Images For Search-Based Face Annotation, Dayong Wang, Steven C. H. Hoi, Ying He, Jianke Zhu Jan 2014

Mining Weakly Labeled Web Facial Images For Search-Based Face Annotation, Dayong Wang, Steven C. H. Hoi, Ying He, Jianke Zhu

Research Collection School Of Computing and Information Systems

This paper investigates a framework of search-based face annotation (SBFA) by mining weakly labeled facial images that are freely available on the World Wide Web (WWW). One challenging problem for search-based face annotation scheme is how to effectively perform annotation by exploiting the list of most similar facial images and their weak labels that are often noisy and incomplete. To tackle this problem, we propose an effective unsupervised label refinement (ULR) approach for refining the labels of web facial images using machine learning techniques. We formulate the learning problem as a convex optimization and develop effective optimization algorithms to solve …


Socialization Tactics: Antecedents For Goal Interdependence And Newcomer Adjustment And Retention, Serena Changhong Lu, Dean Tjosvold Dec 2013

Socialization Tactics: Antecedents For Goal Interdependence And Newcomer Adjustment And Retention, Serena Changhong Lu, Dean Tjosvold

Research Collection Lee Kong Chian School of Business

This study argues that Deutsch's theory of goal interdependence is useful to examine the dynamics of serial and investiture tactics on newcomer adjustment and retention in work team contexts. Structural equation results of interviews of specific incidents collected from one hundred and two newcomers support the hypothesized model that serial and investiture tactics used by teams promote cooperative goal interdependence and weaken competitive goal interdependence and independent goal relationship between newcomers and their teams. Cooperative goals were also found to promote positive attitudes and strong co-worker relationships whereas competitive and independent goals resulted in intentions to quit and low levels …


Identifying Latent Structures In Panel Data, Liangjun Su, Zhentao Shi, Peter C. B. Phillips Dec 2013

Identifying Latent Structures In Panel Data, Liangjun Su, Zhentao Shi, Peter C. B. Phillips

Research Collection School Of Economics

This paper provides a novel mechanism for identifying and estimating latent group structures in panel data using penalized regression techniques. We focus on linear models where the slope parameters are heterogeneous across groups but homogenous within a group and the group membership is unknown. Two approaches are considered -- penalized least squares (PLS) for models without endogenous regressors, and penalized GMM (PGMM) for models with endogeneity. In both cases we develop a new variant of Lasso called classifier-Lasso (C-Lasso) that serves to shrink individual coefficients to the unknown group-specific coefficients. C-Lasso achieves simultaneous classification and consistent estimation in a single …


Divided We Stand: Defying Hegemony In Global Public Relations And Practice?, Gregor Halff, Anne Gregory Dec 2013

Divided We Stand: Defying Hegemony In Global Public Relations And Practice?, Gregor Halff, Anne Gregory

Research Collection Lee Kong Chian School Of Business

The last decade has seen the world becoming increasingly complex. One way of dealing with complexity, according to Schwab (2010a, is to look for certainties or solutions that impose order by simplifying. The authors contend that this is a risk in public relations practice and the academy. While recognizing their benefits they warn against attempts to produce global models which also seek to impose hegemony and argue for maintaining a diversity that reflects reality. They take the cases of the UK and Singapore as respective exemplars where hegemony has arguably occurred and where it can still be resisted. They call …


Economic Effects Of Sox Section 404 Compliance: A Corporate Insider Perspective, Cindy Alexander, Scott Bauguess, Gennaro Bernile, Alex Lee, Jennifer Marietta-Westberg Dec 2013

Economic Effects Of Sox Section 404 Compliance: A Corporate Insider Perspective, Cindy Alexander, Scott Bauguess, Gennaro Bernile, Alex Lee, Jennifer Marietta-Westberg

Research Collection Lee Kong Chian School Of Business

We use survey responses from 2,901 corporate insiders to assess the costs and benefits of compliance with Section 404 of the Sarbanes-Oxley Act. The majority of respondents recognize compliance benefits, but they do not perceive these benefits to outweigh the costs, on average. This is particularly true among smaller companies where the start-up costs are proportionately larger. However, the perceived efficiency of compliance increases with auditor attestations, years of compliance experience, and after the remediation of a material weakness. Notably, the perceived effects of compliance depend largely on firm complexity, but are mostly unrelated to firm governance structure.


Socialization Tactics: Antecedents For Goal Interdependence And Newcomer Adjustment And Retention, Serena Changhong Lu, Dean Tjosvold Dec 2013

Socialization Tactics: Antecedents For Goal Interdependence And Newcomer Adjustment And Retention, Serena Changhong Lu, Dean Tjosvold

Research Collection Lee Kong Chian School Of Business

This study argues that Deutsch's theory of goal interdependence is useful to examine the dynamics of serial and investiture tactics on newcomer adjustment and retention in work team contexts. Structural equation results of interviews of specific incidents collected from one hundred and two newcomers support the hypothesized model that serial and investiture tactics used by teams promote cooperative goal interdependence and weaken competitive goal interdependence and independent goal relationship between newcomers and their teams. Cooperative goals were also found to promote positive attitudes and strong co-worker relationships whereas competitive and independent goals resulted in intentions to quit and low levels …


A State Space Model Approach To Integrated Covariance Matrix Estimation With High Frequency Data, Cheng Liu, Cheng Yong Tang Dec 2013

A State Space Model Approach To Integrated Covariance Matrix Estimation With High Frequency Data, Cheng Liu, Cheng Yong Tang

Research Collection Lee Kong Chian School Of Business

We consider a state space model approach forhigh frequency financial data analysis. An expectationmaximization(EM) algorithm is developed for estimatingthe integrated covariance matrix of the assets. The statespace model with the EM algorithm can handle noisy financialdata with correlated microstructure noises. Difficultydue to asynchronous and irregularly spaced trading data ofmultiple assets can be naturally overcome by consideringthe problem in a scenario with missing data. Since the statespace model approach requires no data synchronization, norecord in the financial data is deleted so that it efficientlyincorporates information from all observations. Empiricaldata analysis supports the general specification of the statespace model, and simulations confirm …


What Are Analysts Really Good At?, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach Dec 2013

What Are Analysts Really Good At?, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach

Research Collection Lee Kong Chian School Of Business

Sell-side analysts employ different benchmarks when defining their stock recommendations. For example, a ‘buy’ for some brokers means the stock is expected to outperform its peers in the same sector (“industry benchmarkers”), while for other brokers it means the stock is expected to outperform the market (“market benchmarkers”), or just some absolute return (“total benchmarkers”). We use these benchmarks to analyze the role of stock picking, industry picking and market timing in contributing to the performance of stock recommendations. We are able to do so given that different benchmarks suggest the use of different sets of abilities. Analysis of the …


The Costs Of Ambient Cultural Disharmony: Indirect Intercultural Conflicts In Social Environment Undermine Creativity, Roy Y. J. Chua Dec 2013

The Costs Of Ambient Cultural Disharmony: Indirect Intercultural Conflicts In Social Environment Undermine Creativity, Roy Y. J. Chua

Research Collection Lee Kong Chian School Of Business

Intercultural tensions and conflicts are inevitable in the global workplace. This paper introduces the concept of ambient cultural disharmony—indirect experience of intercultural tensions and conflicts in individuals' immediate social environment—and demonstrates how it undermines creative thinking in tasks that draw on knowledge from multiple cultures. Three studies (a network survey and two experiments) found that ambient cultural disharmony decreases individuals' effectiveness at connecting ideas from disparate cultures. Beliefs that ideas from different cultures are incompatible mediate the relationship between ambient cultural disharmony and creativity. Alternative mechanisms such as negative affect and cognitive disruption were not viable mediators. Although ambient cultural …


Management Forecast Credibility And Underreaction To News, Jeffrey Ng, Irem Tuna, Rodrigo Verdi Dec 2013

Management Forecast Credibility And Underreaction To News, Jeffrey Ng, Irem Tuna, Rodrigo Verdi

Research Collection School Of Accountancy

In this paper, we first document evidence of underreaction to management forecast news. We then hypothesize that the credibility of the forecast influences the magnitude of this underreaction. Relying on evidence that more credible forecasts are associated with a larger reaction in the short window around the management forecasts and a smaller post-management forecast drift in returns, we show that the magnitude of the underreaction is smaller for firms that provide more credible forecasts. Our paper contributes to the literature by providing out-of-sample evidence of the drift in returns documented in the post-earnings-announcement drift literature, with the credibility of the …


Query-Document-Dependent Fusion: A Case Study Of Multimodal Music Retrieval, Zhonghua Li, Bingjun Zhang, Yi Yu, Jialie Shen, Ye Wang Dec 2013

Query-Document-Dependent Fusion: A Case Study Of Multimodal Music Retrieval, Zhonghua Li, Bingjun Zhang, Yi Yu, Jialie Shen, Ye Wang

Research Collection School Of Computing and Information Systems

In recent years, multimodal fusion has emerged as a promising technology for effective multimedia retrieval. Developing the optimal fusion strategy for different modality (e.g. content, metadata) has been the subject of intensive research. Given a query, existing methods derive a unified fusion strategy for all documents with the underlying assumption that the relative significance of a modality remains the same across all documents. However, this assumption is often invalid. We thus propose a general multimodal fusion framework, query-document-dependent fusion (QDDF), which derives the optimal fusion strategy for each query-document pair via intelligent content analysis of both queries and documents. By …