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Audit Committees, Boards Of Directors, And Remediation Of Material Weaknesses In Internal Control, Beng Wee Goh Jun 2009

Audit Committees, Boards Of Directors, And Remediation Of Material Weaknesses In Internal Control, Beng Wee Goh

Research Collection School Of Accountancy

The Sarbanes-Oxley Act (SOX) was passed in 2002 in response to a series ofaccounting improprieties at well-known companies such as Enron and WorldCom.One important aspect of SOX is the internal control requirements. SOX section302 requires that management evaluate the effectiveness of disclosure and controlprocedures, report results of the evaluation, and indicate any “significant changes”in internal controls since the last 10-K or 10-Q report (Securities and ExchangeCommission [SEC] 2002). In addition, SOX section 404 requires that manage-ment’s assessment of the effectiveness of internal control over financial reportingand auditors’ attestation on management’s assessment be included in firms’ 10-Kreports (SEC 2003a). The heightened …


Justifying Circumstances And Moore-Paradoxical Beliefs: A Response To Brueckner, John N. Williams Jun 2009

Justifying Circumstances And Moore-Paradoxical Beliefs: A Response To Brueckner, John N. Williams

Research Collection School of Social Sciences

In 2004, I explained the absurdity of Moore-paradoxical belief via the syllogism (Williams 2004): (1) All circumstances that justify me in believing that p are circumstances that tend to make me believe that p. (2) All circumstances that tend to make me believe that p are circumstances that justify me in believing that I believe that p. (3) All circumstances that justify me in believing that p are circumstances that justify me in believing that I believe that p.


Cyber Attacks: Cross-Country Interdependence And Enforcement, Qiu-Hong Wang, Seung Hyun Kim Jun 2009

Cyber Attacks: Cross-Country Interdependence And Enforcement, Qiu-Hong Wang, Seung Hyun Kim

Research Collection School Of Computing and Information Systems

This study empirically characterizes the interdependence in cyber attacks and examines theimpact from the first international treaty against cybercrimes (Convention on Cybercrimes:Europe Treaty Series No. 185). With the data covering 62 countries over the period from year2003 to 2007, we find that, international cooperation in enforcement as measured by theindicator of joining the Convention on Cybercrimes, deterred cyber attacks originating from anyparticular country by 15.81% ~ 24.77% (in 95% confidence interval). Second, joining theConvention also affected the interdependence in cyber attacks from two angels. First, for anypair of country, closer status in joining or not joining the Convention was associated …


An Empirical Analysis Of Stock Market Integration: Comparison Study Of Singapore And Malaysia, Zheng Yi, Swee Liang Tan Jun 2009

An Empirical Analysis Of Stock Market Integration: Comparison Study Of Singapore And Malaysia, Zheng Yi, Swee Liang Tan

Research Collection School Of Economics

Using a GARCH (1,1) model, this paper compares the extent to which financial sector liberalization in Singapore and Malaysia each has led to integration of its domestic equity market with external markets. The results show that the level of integration of the domestic markets with the external markets is higher when MSCI regional and global data are used, as compared to when individual country data are used to proxy regional and global markets. Inferences are made about the preferred pace of liberalization in Singapore, as well as, the impact of the Asian financial crisis and capital control measures imposed in …


Auction Design And Tacit Collusion In Fcc Spectrum Auctions, Patrick Bajari, Jungwon Yeo Jun 2009

Auction Design And Tacit Collusion In Fcc Spectrum Auctions, Patrick Bajari, Jungwon Yeo

Research Collection School Of Economics

The Federal Communications Commission (FCC) has used auctions to award spectrum since 1994. During this time period, the FCC has experimented with a variety of auctions rules including click box bidding and anonymous bidding. These rule changes make the actions of bidders less visible during the auction and also limit the set of bids that can be submitted during a particular round. Economic theory suggests that tacit collusion may be more difficult as a result. We examine this proposition using data from four auctions: the PCS-C Block, the PCS-C&F Block Reauction, the Advanced Wireless Service auction and the 700 MHz …


A Two-Stage Realized Volatility Approach To Estimation Of Diffusion Processes With Discrete Data, Peter C. B. Phillips, Jun Yu Jun 2009

A Two-Stage Realized Volatility Approach To Estimation Of Diffusion Processes With Discrete Data, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

This paper motivates and introduces a two-stage method of estimating diffusion processes based on discretely sampled observations. In the first stage we make use of the feasible central limit theory for realized volatility, as developed in [Jacod, J., 1994. Limit of random measures associated with the increments of a Brownian semiartingal. Working paper, Laboratoire de Probabilities, Universite Pierre et Marie Curie, Paris] and [Barndorff-Nielsen, O., Shephard, N., 2002. Econometric analysis of realized volatility and its use in estimating stochastic volatility models. Journal of the Royal Statistical Society. Series B, 64, 253-280], to provide a regression model for estimating the parameters …


Discrete Choice Modeling With Nonstationary Panels Applied To Exchange Rate Regime Choice, Sainan Jin Jun 2009

Discrete Choice Modeling With Nonstationary Panels Applied To Exchange Rate Regime Choice, Sainan Jin

Research Collection School Of Economics

This paper develops a regression limit theory for discrete choice nonstationary panels with large cross section (N) and time series (T) dimensions. Some results emerging from this theory are directly applicable in the wider context of M-estimation. This includes an extension of work by Wooldridge [Wooldridge, J.M., 1994. Estimation and Inference for Dependent Processes. In: Engle, R.F., McFadden, D.L. (Eds.). Handbook of Econometrics, vol. 4, North-Holland, Amsterdam] on the limit theory of local extremum estimators to multi-indexed processes in nonlinear nonstationary panel data models. It is shown that the maximum likelihood (ML) estimator is consistent without an incidental parameters problem …


Case Comment: Robertson Quay Investment Pte Ltd V Steen Consultants Pte Ltd, Yihan Goh Jun 2009

Case Comment: Robertson Quay Investment Pte Ltd V Steen Consultants Pte Ltd, Yihan Goh

Research Collection Yong Pung How School Of Law

In recent times, the venerable principles relating to remoteness of damage in contract have undergone a period of sustained re-evaluation. Key amongst this exercise is the House of Lords’ decision in Transfield Shipping Inc v Mercator Shipping Inc—referred to as ‘The Achilleas’, which represents a fundamental shift in the understanding of remoteness principles. Caught in the winds of The Achilleas is the considered judgment of the Singapore Court of Appeal in Robertson Quay Investment Pte Ltd v Steen Consultants Pte Ltd.In direct contrast with some of the speeches in The Achilleas, the judgment delivered by Andrew Phang JA in Robertson …


A Revisit Of Generative Model For Automatic Image Annotation Using Markov Random Fields, Yu Xiang, Xiangdong Zhou, Tat-Seng Chua, Chong-Wah Ngo Jun 2009

A Revisit Of Generative Model For Automatic Image Annotation Using Markov Random Fields, Yu Xiang, Xiangdong Zhou, Tat-Seng Chua, Chong-Wah Ngo

Research Collection School Of Computing and Information Systems

Much research effort on Automatic Image Annotation (AIA) has been focused on Generative Model, due to its well formed theory and competitive performance as compared with many well designed and sophisticated methods. However, when considering semantic context for annotation, the model suffers from the weak learning ability. This is mainly due to the lack of parameter setting and appropriate learning strategy for characterizing the semantic context in the traditional generative model. In this paper, we present a new approach based on Multiple Markov Random Fields (MRF) for semantic context modeling and learning. Differing from previous MRF related AIA approach, we …


Applying Sanitizable Signature To Web-Service-Enabled Business Processes: Going Beyond Integrity Protection, Kar Way Tan, Robert H. Deng Jun 2009

Applying Sanitizable Signature To Web-Service-Enabled Business Processes: Going Beyond Integrity Protection, Kar Way Tan, Robert H. Deng

Research Collection School Of Computing and Information Systems

This paper studies the scenario where data in business documents is aggregated by different entities via the use of web services in streamlined business processes. The documents are transported within the Simple Object Access Protocol (SOAP) messages and travel through multiple intermediary entities, each potentially makes changes to the data in the documents. The WS-Security provides integrity protection by allowing portions of a SOAP message to be signed using eXtensible Markup Language (XML) signature scheme. This method however, has not considered the situation where a portion of data may be modified by another entity, therefore a need to allow the …


The Two Faces Of Control: Network Closure And Individual Performance Among Knowledge Workers, Martin Gargiulo, Gokhan Ertug, Charles Galunic Jun 2009

The Two Faces Of Control: Network Closure And Individual Performance Among Knowledge Workers, Martin Gargiulo, Gokhan Ertug, Charles Galunic

Research Collection Lee Kong Chian School Of Business

This paper argues that the effect of dense social ties, or network closure, on a knowledge worker's performance depends on the predominant role this worker plays with his or her exchange partners in the relationships affected by that closure. Using data on informal exchanges among investment bankers in the equities division of a large financial services firm operating in Europe, Asia-Pacific, Africa, and the Americas in 2001, we find that network closure in relationships in which the banker acts as an acquirer of information increases his or her performance, whereas closure in relationships in which the banker acts as a …


Categories In Evaluation Of Innovative Activities Of Competing Firms, Xuesong Geng Jun 2009

Categories In Evaluation Of Innovative Activities Of Competing Firms, Xuesong Geng

Research Collection Lee Kong Chian School Of Business

I examine how the stock market evaluation of a firm’s innovative activities is influenced by the categorization of the firm and its rivals. I find that innovations that blur the industry boundaries cause negative evaluation bias, but the competing innovations by outside industry firms cause positive evaluation bias in firm valuation.


A Formal Framework For Modeling And Validating Simulink Diagrams, Chunqing Chen, Jin Song Dong, Jun Sun May 2009

A Formal Framework For Modeling And Validating Simulink Diagrams, Chunqing Chen, Jin Song Dong, Jun Sun

Research Collection School Of Computing and Information Systems

Simulink has been widely used in industry to model and simulate embedded systems. With the increasing usage of embedded systems in real-time safety-critical situations, Simulink becomes deficient to analyze (timing) requirements with high-level assurance. In this article, we apply Timed Interval Calculus (TIC), a realtime specification language, to complement Simulink with TIC formal verification capability. We elaborately construct TIC library functions to model Simulink library blocks which are used to compose Simulink diagrams. Next, Simulink diagrams are automatically transformed into TIC models which preserve functional and timing aspects. Important requirements such as timing bounded liveness can be precisely specified in …


The Global Economy, In A Downturn; Corporate Social Responsibility, At The Crossroads, Knowledge@Smu May 2009

The Global Economy, In A Downturn; Corporate Social Responsibility, At The Crossroads, Knowledge@Smu

Knowledge@SMU

While plenty of misconception still exists, the concept of corporate social responsibility (CSR) has been gaining traction, and many companies, especially the larger corporations, have been implementing their own programmes in this field. Just as when a growing number of companies are treating CSR as an integral part of what they do, the economic crisis struck, threatening to derail many of these fledging efforts. Going forward, CSR needs to be seen as more than just philanthropic activities if they are to continue in a meaningful way, says CSR expert Peter Shergold.


The Effective Reach Of In Personam Reasoning In Private International Law, Tiong Min Yeo May 2009

The Effective Reach Of In Personam Reasoning In Private International Law, Tiong Min Yeo

2009 Yong Pung How Professorship of Law Lecture

Within the equitable jurisdiction, the phrase in personam has been used to describe the means of enforcement of the equitable decree, the justification for equitable jurisdiction generally, and the mechanism by which chancery rulings effectively override the common law. In the context of curial proceedings, the phrase is also used to describe the nature of jurisdiction assumed over a person, as well as the effect of a decree against a person, as opposed to a thing. In the discourse on rights, it is used to distinguish personal from property rights. In personam reasoning in the equitable sense has been used …


Promoting Nonprofit Organisations' It Enablement In Singapore, Projjal Ghatak, Guillaume Sachet, Jared Tham May 2009

Promoting Nonprofit Organisations' It Enablement In Singapore, Projjal Ghatak, Guillaume Sachet, Jared Tham

Lien Centre for Social Innovation: Research

The non profit landscape in Singapore is large and diverse, consisting of more than 1,800 registered charities and more than 500 approved Institutions of a Public Character (IPCs). These organisations vary in size from less than $100,000 in annual receipts to those with over $10 million in receipts. They also operate in over 10 sectors ranging from religion to education to sports. NPOs could consider the following four common models for enabling and deploying IT: In-sourcing; Outsourcing; Shared Services; Software as a Service (SaaS). Overcoming the challenges and capturing the opportunities can allow Singapore to increase the automation of the …


Using High-Frequency Transaction Data To Estimate The Probability Of Informed Trading, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitchell Warachka May 2009

Using High-Frequency Transaction Data To Estimate The Probability Of Informed Trading, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitchell Warachka

Research Collection School Of Economics

This paper applies the asymmetric autoregressive conditional duration (AACD) model of Bauwens and Giot (2003) to estimate the probability of informed trading (PIN) using irregularly spaced transaction data. We model trade direction (buy versus sell orders) and the duration between trades jointly. Unlike the Easley, Hvidkjaer, and O'Hara (2002) approach, which uses the aggregate numbers of daily buy and sell orders to estimate PIN, our methodology allows for interactions between consecutive buy-sell orders and accounts for the duration between trades and the volume of trade. We extend the Easley–Hvidkjaer–O'Hara framework by allowing the probabilities of good news and bad news …


Classification Of Software Behaviors For Failure Detection: A Discriminative Pattern Mining Approach, David Lo, Hong Cheng, Jiawei Han, Siau-Cheng Khoo, Chengnian Sun May 2009

Classification Of Software Behaviors For Failure Detection: A Discriminative Pattern Mining Approach, David Lo, Hong Cheng, Jiawei Han, Siau-Cheng Khoo, Chengnian Sun

Research Collection School Of Computing and Information Systems

Software is a ubiquitous component of our daily life. We often depend on the correct working of software systems. Due to the difficulty and complexity of software systems, bugs and anomalies are prevalent. Bugs have caused billions of dollars loss, in addition to privacy and security threats. In this work, we address software reliability issues by proposing a novel method to classify software behaviors based on past history or runs. With the technique, it is possible to generalize past known errors and mistakes to capture failures and anomalies. Our technique first mines a set of discriminative features capturing repetitive series …


Hype My Stock: Do Firms Really Want Biased Research?, Roger Loh May 2009

Hype My Stock: Do Firms Really Want Biased Research?, Roger Loh

Research Collection Lee Kong Chian School Of Business

Analyst research is alleged to be biased because of conflicts of interest when analysts’ employers underwrite securities for the firms covered. I posit that affiliated analyst optimism should be the strongest for offering firms with a desire to over-inflate stock prices. I hypothesize that a firm’s corporate governance and its CEO incentives are related to the affiliation bias. Using stock recommendations data, I find evidence that the affiliation bias is indeed more pervasive for firms with high CEO wealth sensitivity to stock price (i.e., high CEO delta). The larger affiliation bias for high delta firms remains even after the introduction …


On Mining Rating Dependencies In Online Collaborative Rating Networks, Hady W. Lauw, Ee Peng Lim, Ke Wang May 2009

On Mining Rating Dependencies In Online Collaborative Rating Networks, Hady W. Lauw, Ee Peng Lim, Ke Wang

Research Collection School Of Computing and Information Systems

The trend of social information processing sees e-commerce and social web applications increasingly relying on user-generated content, such as rating, to determine the quality of objects and to generate recommendations for users. In a rating system, a set of reviewers assign to a set of objects different types of scores based on specific evaluation criteria. In this paper, we seek to determine, for each reviewer and for each object, the dependency between scores on any two given criteria. A reviewer is said to have high dependency between a pair of criteria when his or her rating scores on objects based …


Dynamic Programming Approximations For Partially Observable Stochastic Games, Akshat Kumar, Shlomo Zilberstein May 2009

Dynamic Programming Approximations For Partially Observable Stochastic Games, Akshat Kumar, Shlomo Zilberstein

Research Collection School Of Computing and Information Systems

Partially observable stochastic games (POSGs) provide a rich mathematical framework for planning under uncertainty by a group of agents. However, this modeling advantage comes with a price, namely a high computational cost. Solving POSGs optimally quickly becomes intractable after a few decision cycles. Our main contribution is to provide bounded approximation techniques, which enable us to scale POSG algorithms by several orders of magnitude. We study both the POSG model and its cooperative counterpart, DEC-POMDP. Experiments on a number of problems confirm the scalability of our approach while still providing useful policies.


Do Direct Cash Flow Disclosures Help Predict Future Operating Cash Flows And Earnings?, Steven F. Orpurt, Yoonseok Zang May 2009

Do Direct Cash Flow Disclosures Help Predict Future Operating Cash Flows And Earnings?, Steven F. Orpurt, Yoonseok Zang

Research Collection School Of Accountancy

Motivated by recent FASB, IASB, and CFA Institute comments, we explore the predictive value of direct method cash flow disclosures. A primary stated purpose of the direct method is to better forecast future performance. To examine this purpose, we first document that direct method line items, such as cash received from customers, are not reliably estimable using income statements and either balance sheets or indirect method statements of cash flows. When these estimation (articulation) errors are included in cash flows and earnings forecasting models, forecasting performance significantly improves. In addition, employing a future ERC (FERC) methodology, we find evidence suggesting …


A Paradox Of Inconsistent Parametric And Consistent Nonparametric Regression, Peter C. B. Phillips, Liangjun Su May 2009

A Paradox Of Inconsistent Parametric And Consistent Nonparametric Regression, Peter C. B. Phillips, Liangjun Su

Research Collection School Of Economics

This paper explores a paradox discovered in recent work by Phillips and Su (2009). That paper gave an example in which nonparametric regression is consistent whereas parametric regression is inconsistent even when the true regression functional form is known and used in regression. This appears to be a paradox, as knowing the true functional form should not in general be detrimental in regression. In the present case, local regression methods turn out to have a distinct advantage because of endogeneity in the regressor. The paradox arises because additional correct information is not necessarily advantageous when information is incomplete. In the …


Automatic Mining Of Functionally Equivalent Code Fragments Via Random Testing, Lingxiao Jiang, Zhendong Su May 2009

Automatic Mining Of Functionally Equivalent Code Fragments Via Random Testing, Lingxiao Jiang, Zhendong Su

Research Collection School Of Computing and Information Systems

Similar code may exist in large software projects due to some common software engineering practices, such as copying and pasting code and n-version programming. Although previous work has studied syntactic equivalence and small-scale, coarse-grained program-level and function-level semantic equivalence, it is not known whether significant fine-grained, code-level semantic duplications exist. Detecting such semantic equivalence is also desirable because it can enable many applications such as code understanding, maintenance, and optimization. In this paper, we introduce the first algorithm to automatically mine functionally equivalent code fragments of arbitrary size - down to an executable statement. Our notion of functional equivalence is …


The Impact Of Process Choice In High Maturity Environments: An Empirical Analysis, Narayanasamy Ramasubbu, Rajesh Krishna Balan May 2009

The Impact Of Process Choice In High Maturity Environments: An Empirical Analysis, Narayanasamy Ramasubbu, Rajesh Krishna Balan

Research Collection School Of Computing and Information Systems

We present the results of a three year field study of the software development process choices made by project teams at two leading offshore vendors. In particular, we focus on the performance implications of project teams that chose to augment structured, plan-driven processes to implement the CMM level-5 Key Process Areas (KPAs) with agile methods. Our analysis of 112 software projects reveals that the decision to augment the firm-recommended, plan-driven approach with improvised, agile methods was significantly affected by the extent of client knowledge and involvement, newness of technology, and the project size. Furthermore this decision had a significant and …


A Novel Framework For Efficient Automated Singer Identification In Large Music Databases, Jialie Shen, John Shepherd, Bin Cui, Kian-Lee Tan May 2009

A Novel Framework For Efficient Automated Singer Identification In Large Music Databases, Jialie Shen, John Shepherd, Bin Cui, Kian-Lee Tan

Research Collection School Of Computing and Information Systems

Over the past decade, there has been explosive growth in the availability of multimedia data, particularly image, video, and music. Because of this, content-based music retrieval has attracted attention from the multimedia database and information retrieval communities. Content-based music retrieval requires us to be able to automatically identify particular characteristics of music data. One such characteristic, useful in a range of applications, is the identification of the singer in a musical piece. Unfortunately, existing approaches to this problem suffer from either low accuracy or poor scalability. In this article, we propose a novel scheme, called Hybrid Singer Identifier (HSI), for …


Are Online Auction Markets Efficient? An Empirical Study Of Market Liquidity And Abnormal Returns., Robert J. Kauffman, Trent J Spaulding, Charles A. Wood May 2009

Are Online Auction Markets Efficient? An Empirical Study Of Market Liquidity And Abnormal Returns., Robert J. Kauffman, Trent J Spaulding, Charles A. Wood

Research Collection School Of Computing and Information Systems

Technological advances have facilitated investment in collectibles through online auction markets, where information regarding product characteristics, current and historical prices, and product availability is available to millions of market participants. However, market inefficiencies may still exist, where prices do not reflect market information and where savvy speculators can profit. Using unit root and variance ratio tests, we examine 8538 rare stamp and 56,997 rare coin auctions to evaluate the efficiency of online markets. In particular, we study market liquidity, abnormal returns and weak-form efficiency. We find an inverse relationship between market efficiency and liquidity. Bidder competition intrinsic to liquidity increases …


An Actor-Focused Model Of Justice Rule Adherence And Violation: The Role Of Managerial Motives And Discretion., Brent A. Scott, Jason A. Colquitt, E. Layne Paddock May 2009

An Actor-Focused Model Of Justice Rule Adherence And Violation: The Role Of Managerial Motives And Discretion., Brent A. Scott, Jason A. Colquitt, E. Layne Paddock

Research Collection Lee Kong Chian School Of Business

Research on organizational justice has focused primarily on the receivers of just and unjust treatment. Little is known about why managers adhere to or violate rules of justice in the first place. The authors introduce a model for understanding justice rule adherence and violation. They identify both cognitive motives and affective motives that explain why managers adhere to and violate justice rules. They also draw distinctions among the justice rules by specifying which rules offer managers more or less discretion in their execution. They then describe how motives and discretion interact to influence justice-relevant actions. Finally, the authors incorporate managers' …


Joint Ranking For Multilingual Web Search, Wei Gao, Cheng Niu, Ming Zhou, Kam-Fai Wong Apr 2009

Joint Ranking For Multilingual Web Search, Wei Gao, Cheng Niu, Ming Zhou, Kam-Fai Wong

Research Collection School Of Computing and Information Systems

Ranking for multilingual information retrieval (MLIR) is a task to rank documents of different languages solely based on their relevancy to the query regardless of query’s language. Existing approaches are focused on combining relevance scores of different retrieval settings, but do not learn the ranking function directly. We approach Web MLIR ranking within the learning-to-rank (L2R) framework. Besides adopting popular L2R algorithms to MLIR, a joint ranking model is created to exploit the correlations among documents, and induce the joint relevance probability for all the documents. Using this method, the relevant documents of one language can be leveraged to improve …


Liquidity And Hedge Funds, Melvyn Teo Apr 2009

Liquidity And Hedge Funds, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

Market liquidity profoundly impacts hedge funds. Funds trading illiquid securities earns significant risk premium, report smoother returns, can better leverage on information asymmetries, and grapple with stronger capacity constraints. Importantly, the funding liquidity of hedge funds, or their ease of obtaining financing, can have a significant effect on the market liquidity of the securities they trade in, creating a downward liquidity spiral during economic downturns. We review the academic literature and deliver insights that resonate with recent market events.