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Target Saving In An Overlapping Generations Model, Brishti Guha, Ashok S. Guha Mar 2008

Target Saving In An Overlapping Generations Model, Brishti Guha, Ashok S. Guha

Research Collection School Of Economics

We examine a model in which the utility function has been engineered so that it is optimal for consumers to aim for a fixed target level of retirement resources. In this case, consumption displays excess sensitivity to current income as well as perfect old age insurance. In an overlapping generations model, this leads naturally to multiple and unstable equilibria. Under static expectations, it also leads to a well-defined dynamics, including possible historical traps, implosions involving ever-diminishing capital stock and ever-increasing interest rates, and the feasibility of optimal one-time interventions.

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Processing Transitive Nearest-Neighbor Queries In Multi-Channel Access Environments, Xiao Zhang, Wang-Chien Lee, Prasnjit Mitra, Baihua Zheng Mar 2008

Processing Transitive Nearest-Neighbor Queries In Multi-Channel Access Environments, Xiao Zhang, Wang-Chien Lee, Prasnjit Mitra, Baihua Zheng

Research Collection School Of Computing and Information Systems

Wireless broadcast is an efficient way for information dissemination due to its good scalability [10]. Existing works typically assume mobile devices, such as cell phones and PDAs, can access only one channel at a time. In this paper, we consider a scenario of near future where a mobile device has the ability to process queries using information simultaneously received from multiple channels. We focus on the query processing of the transitive nearest neighbor (TNN) search [19]. Two TNN algorithms developed for a single broadcast channel environment are adapted to our new broadcast enviroment. Based on the obtained insights, we propose …

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Juror Comprehension And The Hard Case: Making Forensic Evidence Simpler, Mark Findlay Mar 2008

Juror Comprehension And The Hard Case: Making Forensic Evidence Simpler, Mark Findlay

Research Collection Yong Pung How School Of Law

The complexity/comprehension nexus as it impacts on juror decision-making is addressed in the particular context of prosecution-led DNA evidence. Such evidence is for jurors the subject of pre-trial preconceptions, and is notoriously difficult to present and argue before a jury. The article looks at the comprehension of forensic evidence by jurors, a task qualified by the opinion of legal professionals whose responsibility it is to present and interpret such evidence in adversarial contexts.Jurors were surveyed post-verdict in trials where forensic evidence featured in circumstantial cases. These insights into comprehension were qualified by contesting views of legal professionals, and critical reflections …

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Speaking Out: The Responsibilities Of Management Intellectuals: A Survey, Stephen Dunne, Stefano Harney, Martin Parker Mar 2008

Speaking Out: The Responsibilities Of Management Intellectuals: A Survey, Stephen Dunne, Stefano Harney, Martin Parker

Research Collection Lee Kong Chian School Of Business

This article discusses our analysis of over 2,000 articles publishedwithin 20 top business and management journals. The article empirically demonstrates how little attention is being paid by the work published within these journals to contemporary political issues across the globe. We also demonstrate the extent to which the same is true of ‘critical’ journals such as Organization. To this end we argue that mass scholarly ranking mechanisms, such as the British Research Assessment Exercise (RAE),create a general state of myopia on the part of business and management scholars towards a variety of political issues, even making a virtue out of …

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Short-Horizon Contrarian And Momentum Strategies In Asian Markets: An Integrated Analysis, Thomas H. Mcinish, David K. Ding, Chong Soo Pyun, Udomsak Wongchoti Feb 2008

Short-Horizon Contrarian And Momentum Strategies In Asian Markets: An Integrated Analysis, Thomas H. Mcinish, David K. Ding, Chong Soo Pyun, Udomsak Wongchoti

Research Collection Lee Kong Chian School Of Business

In this paper, we test the profitability of short-term contrarian and momentum strategies, which take into account the effects of trading activity, size/value characteristics, and asymmetric investor responses to news regarding stock markets in Japan, Taiwan, Korea, Hong Kong, Malaysia, Thailand, and Singapore during 1990–2000. Except for the Taiwanese and Korean markets, “winner” (“loser”) portfolios experience subsequent reversal (momentum) of stock prices. Among actively traded stocks, significant contrarian profits can be obtained from only “winner” portfolios in Japan, while sizeable momentum profits from “loser portfolios” in both Japan and Hong Kong.

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The Dark Side Of Authority: Antecedents, Mechanisms, And Outcomes Of Organizational Corruption, Ruth V. Aguilera, Abhijeet K. Vadera Feb 2008

The Dark Side Of Authority: Antecedents, Mechanisms, And Outcomes Of Organizational Corruption, Ruth V. Aguilera, Abhijeet K. Vadera

Research Collection Lee Kong Chian School Of Business

Corruption poisons corporations in America and around the world, and has devastating consequences for the entire social fabric. In this article, we focus on organizational corruption, described as the abuse of authority for personal benefit, and draw on Weber's three ideal-types of legitimate authority to develop a theoretical model to better understand the antecedents of different types of organizational corruption. Specifically, we examine the types of business misconduct that organizational leaders are likely to engage in, contingent on their legitimate authority, motives, and justifications. We conclude by suggesting managerial implications of our theoretical model and propose directions for future research. …

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Multimodal News Story Clustering With Pairwise Visual Near-Duplicate Constraint, Xiao Wu, Chong-Wah Ngo, Alexander G. Hauptmann Feb 2008

Multimodal News Story Clustering With Pairwise Visual Near-Duplicate Constraint, Xiao Wu, Chong-Wah Ngo, Alexander G. Hauptmann

Research Collection School Of Computing and Information Systems

Story clustering is a critical step for news retrieval, topic mining, and summarization. Nonetheless, the task remains highly challenging owing to the fact that news topics exhibit clusters of varying densities, shapes, and sizes. Traditional algorithms are found to be ineffective in mining these types of clusters. This paper offers a new perspective by exploring the pairwise visual cues deriving from near-duplicate keyframes (NDK) for constraint-based clustering. We propose a constraint-driven co-clustering algorithm (CCC), which utilizes the near-duplicate constraints built on top of text, to mine topic-related stories and the outliers. With CCC, the duality between stories and their underlying …

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Discretionary Behavior With Respect To The Adoption Of Sfas 142 And The Behavior Of Security Prices, Yoonseok Zang Feb 2008

Discretionary Behavior With Respect To The Adoption Of Sfas 142 And The Behavior Of Security Prices, Yoonseok Zang

Research Collection School Of Accountancy

In June 2001, the Financial Accounting Standards Board (FASB) issued SFAS 142, Goodwill and Other Intangible Assets, which takes a very different approach to how goodwill is accounted for subsequent to the initial recognition. The new statement requires that goodwill no longer be amortized, but instead requires a transitional goodwill impairment (initial impairment loss or IIL) test in the adoption fiscal year and an annual impairment test thereafter. Since SFAS 142 allows firms substantial judgment in the adoption year in determining the amount of impairment loss, this dissertation first examines management discretionary behavior in measuring the IIL. The result shows …

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Integrating Temporal Difference Methods And Self‐Organizing Neural Networks For Reinforcement Learning With Delayed Evaluative Feedback, Ah-Hwee Tan, Ning Lu, Dan Xiao Feb 2008

Integrating Temporal Difference Methods And Self‐Organizing Neural Networks For Reinforcement Learning With Delayed Evaluative Feedback, Ah-Hwee Tan, Ning Lu, Dan Xiao

Research Collection School Of Computing and Information Systems

This paper presents a neural architecture for learning category nodes encoding mappings across multimodal patterns involving sensory inputs, actions, and rewards. By integrating adaptive resonance theory (ART) and temporal difference (TD) methods, the proposed neural model, called TD fusion architecture for learning, cognition, and navigation (TD-FALCON), enables an autonomous agent to adapt and function in a dynamic environment with immediate as well as delayed evaluative feedback (reinforcement) signals. TD-FALCON learns the value functions of the state-action space estimated through on-policy and off-policy TD learning methods, specifically state-action-reward-state-action (SARSA) and Q-learning. The learned value functions are then used to determine the …

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The Implications Of Debt Heterogeneity For R&D Investment And Firm Performance, Parthiban David, Jonathan P. O'Brien, Toru Yoshikawa Feb 2008

The Implications Of Debt Heterogeneity For R&D Investment And Firm Performance, Parthiban David, Jonathan P. O'Brien, Toru Yoshikawa

Research Collection Lee Kong Chian School Of Business

An assumption in prior research is that debt is homogeneous and provides inappropriate governance for R&D investments. We argue that debt is heterogeneous: although transactional debt does indeed impose strict contractual constraints that provide inappropriate governance for R&D investments, relational debt has very different characteristics that provide more appropriate governance. Using a sample of Japanese firms, we find that firms that align their debt structures with their R&D investments perform better than those that are misaligned. Furthermore, firms tend to align their debt structure with R&D investments, but only after deregulation permits relatively free access to various types of debt.

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Further Evidence On The Approximation Of Confidence Intervals For Sharpe Style Weights: The Case Of Australian Listed Managed Funds, Kok Fai Phoon, John Watson, Jayasinghe Wickramanayake Feb 2008

Further Evidence On The Approximation Of Confidence Intervals For Sharpe Style Weights: The Case Of Australian Listed Managed Funds, Kok Fai Phoon, John Watson, Jayasinghe Wickramanayake

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Resuscitating A Healthcare Charity, R Akhileswaran, Seet Ai Mee Jan 2008

Resuscitating A Healthcare Charity, R Akhileswaran, Seet Ai Mee

Social Space

When government funding policies change, voluntary welfare organisations that depend largely on subsidies to run their services can find their survival at stake. Dr R Akhileswaran and Dr Seet Ai Mee present the case study of HCA Hospice Care.

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Situational Judgment Tests: A Review Of Recent Research, Filip Lievens, Helga Peeters, Eveline Schollaert Jan 2008

Situational Judgment Tests: A Review Of Recent Research, Filip Lievens, Helga Peeters, Eveline Schollaert

Research Collection Lee Kong Chian School Of Business

Purpose - The purpose of this paper is to give an empirically-based review of the strengths and weaknesses of situational judgment tests (SJTs).Design/methodology/approach - The features, history, and development of SJTs are discussed. Next, a computerized search (from 1990-2007) is conducted to retrieve empirical studies related to SJTs. The effectiveness of SJTs is discussed in terms of reliability, criterion-related validity, incremental validity, construct-related validity, utility, adverse impact, applicant perceptions, fakability, and susceptibility to practice and coaching effects.Findings - Strengths of SJTs are that they show criterion-related validity and incremental validity above cognitive ability and personality tests. SJTs have also less …

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A Growth-Theoretic Empirical Analysis Of Simultaneity In Cross-National E-Commerce Development, Shu-Chun Ho, Robert J. Kauffman, Ting-Peng Liang Jan 2008

A Growth-Theoretic Empirical Analysis Of Simultaneity In Cross-National E-Commerce Development, Shu-Chun Ho, Robert J. Kauffman, Ting-Peng Liang

Research Collection School Of Computing and Information Systems

The emergence of information and communication technologies infrastructure has transformed the global economy. The development of information technology infrastructure is limited to some developed countries though. This research explores the role of information technology infrastructure in B2C e-commerce growth at the country-level from the perspective of growth theory in economics. We propose a hybrid exogenous and endogenous growth model to explain e-commerce growth. We estimate a panel data model that incorporates the direct effects of e-commerce infrastructure and other key explanatory variables. We further specify a simultaneous effects model that permits the analysis of reverse causality in the association between …

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Face Annotation Using Transductive Kernel Fisher Discriminant, Jianke Zhu, Steven C. H. Hoi, Michael R. Lyu Jan 2008

Face Annotation Using Transductive Kernel Fisher Discriminant, Jianke Zhu, Steven C. H. Hoi, Michael R. Lyu

Research Collection School Of Computing and Information Systems

Face annotation in images and videos enjoys many potential applications in multimedia information retrieval. Face annotation usually requires many training data labeled by hand in order to build effective classifiers. This is particularly challenging when annotating faces on large-scale collections of media data, in which huge labeling efforts would be very expensive. As a result, traditional supervised face annotation methods often suffer from insufficient training data. To attack this challenge, in this paper, we propose a novel Transductive Kernel Fisher Discriminant (TKFD) scheme for face annotation, which outperforms traditional supervised annotation methods with few training data. The main idea of …

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Exchange Rate Changes And Trade Balance: An Empirical Study Of The Case Of Japan, Ziwei Shao Jan 2008

Exchange Rate Changes And Trade Balance: An Empirical Study Of The Case Of Japan, Ziwei Shao

Dissertations and Theses Collection (Open Access)

This paper attempts to identify the major economic factors that influence the bilateral trade balance between Japan and the US. Differing from conventional elasticities approach, one more variable--the net foreign assets--is added in the Vector Autoregression estimation using quarterly data from 1980: I to 2006: IV. The Johansen and Juselius result indicates three long-run relationships among five macro variables: trade balance, domestic income, foreign income, net foreign assets and real exchange rate. Short run adjustment parameters are identified as coefficients of the error correction terms. The variance in trade balance due to variations in the two macro variables--the exchange rate …

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Stock Markets And Income Inequality: A Cross-Country Study, Elizabeth Mathew Jan 2008

Stock Markets And Income Inequality: A Cross-Country Study, Elizabeth Mathew

Dissertations and Theses Collection (Open Access)

This paper conducts a comprehensive analysis to understand how stock market ratios affect net income inequality. The study of how finance impacts income distribution is relevant as the income distribution of a nation influences savings decisions, resource allocation, innovation incentives and public policy and hence impacts the process of economic development. Using a cross-sectional data set of 68 countries and panel data set of 61 countries from 1975 to 2005, I apply cross-sectional OLS and panel regressions to look at how stock market size, liquidity, and activity impact income inequality. While stock market size is found to strongly impact income …

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Flow-Performance Relationship And Tournament Behavior In The Mutual Fund Industry, Baoling Ma Jan 2008

Flow-Performance Relationship And Tournament Behavior In The Mutual Fund Industry, Baoling Ma

Dissertations and Theses Collection (Open Access)

In this paper, we interpret the flow-performance relationship as an incentive scheme implicitly given to mutual fund managers by mutual fund investors. We show that the flow-performance relationship varies not only with economic activity but also across fund attributes. We provide evidence that the degree of convexity of the flow-performance relationship has a positive effect on the magnitude of tournament behavior. Different from the conventional tournament hypothesis, we show that although the convexity of the flow-performance relationship does produce implicit incentives for fund managers to modify risk-taking behavior as a function of their prior performance, whether or not the mid-year …

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Ethnic Differentials In Parental Health Seeking For Childhood Illness In Vietnam, Bussarawan Teerawichitchainan, James F. Phillips Jan 2008

Ethnic Differentials In Parental Health Seeking For Childhood Illness In Vietnam, Bussarawan Teerawichitchainan, James F. Phillips

Research Collection School of Social Sciences

Vietnam's sustained investment in primary healthcare since the onset of socialism has lowered infant and childhood mortality rates and improved life expectancy, exceeding progress achieved in other poor countries with comparable levels of income per capita. The recent introduction of user fees for primary healthcare services has generated concern that economic policies may have adversely affected health-seeking behavior and health outcomes of the poor, particularly among impoverished families who are members of socially marginalized minority groups. This paper examines this debate by analyzing parental recall of illness and care-seeking for sick children under the age of 5 years recorded by …

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Test For Infinite Variance In Stock Returns, Xian Ning Yan Jan 2008

Test For Infinite Variance In Stock Returns, Xian Ning Yan

Dissertations and Theses Collection (Open Access)

The existence of second order moment or the finite variance is a commonly used assumption in financial time series analysis. We examine the validation of this condition for main stock index return series by applying the extreme value theory. We compare the performances of the adaptive Hill's estimator and the Smith's estimator for the tail index using Monte Carlo simulations for both i.i.d data and dependent data. The simulation results show that the Hill's estimator with adaptive data-based truncation number performs better in both cases. It has not only smaller bias but also smaller MSE when the true tail index …

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The Cross-Section Of Stock Return And Volatility, Hongchao Han Jan 2008

The Cross-Section Of Stock Return And Volatility, Hongchao Han

Dissertations and Theses Collection (Open Access)

There has been increasing research on the cross-sectional relation between stock return and volatility. Conclusions are, however, mixed, partially because volatility or variance is modeled or parameterized in various ways. This paper, by using the Jiang and Tian (2005)'s model-free method, estimates daily option implied volatility for all US individual stocks from 1996:01 to 2006:04, and then employs this information to extract monthly volatilities and their idiosyncratic parts for cross-sectional regression analyses. We follow the Fama and French (1992) cross-sectional regression procedure and show that each of the 4 monthly measures of change of total volatility, total volatility, expected idiosyncratic …

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The Impact Of Credit Watch And Bond Rating Changes On Abnormal Stock Returns For Non-Usa Domiciled Corporations, Benjamin Boon Ching Ee Jan 2008

The Impact Of Credit Watch And Bond Rating Changes On Abnormal Stock Returns For Non-Usa Domiciled Corporations, Benjamin Boon Ching Ee

Dissertations and Theses Collection (Open Access)

In this paper, we investigate whether credit watches and bond rating changes issued by Moodys' and S&P Credit Rating Agencies provide significant new information to investors for Non-USA domiciled corporations. We also examine whether the stock related cumulative abnormal return (CAR) differs according to the classification of the country of domicile (emerging or developed) of the corporation, and varies by state of the local stock market during the time of the rating event.
We find that on average, negative credit watches as well as long term rating downgrades result in significant stock related CAR for Non-USA domiciled 4 corporations. However, …

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The Well-Being Of Nations: Linking Together Trust, Cooperation, And Democracy, William Tov, Ed Diener Jan 2008

The Well-Being Of Nations: Linking Together Trust, Cooperation, And Democracy, William Tov, Ed Diener

Research Collection School of Social Sciences

The theme of this chapter is that cooperative and trusting social relationships tend to enhance people’s subjective well-being (happiness and life satisfaction), and that in turn positive feelings of well-being tend to augment cooperation and trust. Extensive empirical work now supports the fact that sociability, interpersonal warmth, community involvement, and interpersonal trust are heightened by positive emotions. New analyses based on the World Value Survey show that nations that are high on subjective well-being (SWB) also tend to be high on generalized trust, volunteerism, and democratic attitudes. Additional analyses indicate that the association of SWB to volunteerism and democratic attitudes …

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Estimating The Dynamics Of Mutual Fund Alphas And Betas, Harry Mamaysky, Matthew Spiegel, Hong Zhang Jan 2008

Estimating The Dynamics Of Mutual Fund Alphas And Betas, Harry Mamaysky, Matthew Spiegel, Hong Zhang

Research Collection Lee Kong Chian School Of Business

This article develops a Kalman filter model to track dynamic mutual fund factor loadings. It then uses the estimates to analyze whether managers with market-timing ability can be identified ex ante. The primary findings are as follows: (i) Ordinary least squares (OLS) timing models produce false positives (nonzero alphas) at too high a rate with either daily or monthly data. In contrast, the Kalman filter model produces them at approximately the correct rate with monthly data; (ii) In monthly data, though the OLS models fail to detect any timing among fund managers, the Kalman filter does; (iii) The alpha and …

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Project Options Valuation With Net Present Value And Decision Tree Analysis, Bert De Reyck, Zeger Degraeve, Roger Vandenborre Jan 2008

Project Options Valuation With Net Present Value And Decision Tree Analysis, Bert De Reyck, Zeger Degraeve, Roger Vandenborre

Research Collection Lee Kong Chian School Of Business

Real options analysis (ROA) has been developed to correctly value projects with inherent flexibility, including the possibility to abandon, defer, expand, contract or switch to a different project. ROA allows computing the correct discount rate using the replicating portfolio technique or risk-neutral probability method. We propose an alternative approach for valuing Real Options based on the certainty-equivalent version of the net present value formula, which eliminates the need to identify market-priced twin securities. In addition, our approach can be extended to the case of multinomial trees, a useful tool for modeling uncertainty in projects. We introduce within decision tree analysis …

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A Closer Look At The Relationship Between Justice Perceptions And Feedback Reactions: The Role Of The Quality Of The Relationship With The Supervisor, Marjolein Feys, Nele Libbrecht, Frederik Anseel, Filip Lievens Jan 2008

A Closer Look At The Relationship Between Justice Perceptions And Feedback Reactions: The Role Of The Quality Of The Relationship With The Supervisor, Marjolein Feys, Nele Libbrecht, Frederik Anseel, Filip Lievens

Research Collection Lee Kong Chian School Of Business

Two field studies were undertaken to investigate the nature of the relationship between justice perceptions and feedback reactions. Previous work Suggests that the relationship between procedural justice and feedback reactions is mediated by the quality of the relationship with the supervisor. However, there are also good theoretical reasons to hypothesise that the relationship between justice perceptions and feedback reactions is moderated by relationship quality. Across two field studies, we found Support for both mediated and moderated relationships. Results of the moderator analyses showed that the positive relationship between justice perceptions and feedback reactions was more pronounced for subordinates in a …

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Discussing The Role Of The Business School, Stephen Dunne, Stefano Harney, Tony Tinker, Martin Parker Jan 2008

Discussing The Role Of The Business School, Stephen Dunne, Stefano Harney, Tony Tinker, Martin Parker

Research Collection Lee Kong Chian School Of Business

During the lead up to the publication of this Special Issue, we invited several figures to engage our original call for contributions in what ever way they saw fit. As these commentaries proliferated, it became increasingly apparent to us that it would be worth staging a virtual roundtable discussion – that being an online discussion co-ordinated and chaired by ephemera (in this case represented by Stephen Dunne) – devoted to the question of what today’s Business School is for. With this end in mind, contributors to this feature were asked to debate the Role of the Business School, with particular …

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Personnel Selection, Paul R. Sackett, Filip Lievens Jan 2008

Personnel Selection, Paul R. Sackett, Filip Lievens

Research Collection Lee Kong Chian School Of Business

We review developments in personnel selection since the previous review by Hough & Oswald (2000) in the Annual Review of Psycholog. We organize the review around a taxonomic structure of possible bases for improved selection, which includes (a) better understanding of the criterion domain and criterion measurement, (b) improved measurement of existing predictor methods or constructs, (c) identification and measurement of new predictor methods or constructs, (d) improved identification of features that moderate or mediate predictor-criterion relationships, (e) clearer understanding of the relationship between predictors or between predictors and criteria (e.g., via meta-analytic synthesis), (f) identification and prediction of new …

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Multi-Echelon Repairable Item Inventory System With Limited Repair Capacity Under Nonstationary Demands, Hoong Chuin Lau, Huawei Song Jan 2008

Multi-Echelon Repairable Item Inventory System With Limited Repair Capacity Under Nonstationary Demands, Hoong Chuin Lau, Huawei Song

Research Collection School Of Computing and Information Systems

Classical multi-echelon repairable item inventory models are based either on steady-state analysis or infinite repair capacity, which may not work well in situations when the demand is nonstationary, or repair capacity is limited. In this paper, we propose an analytical model for evaluating system performance that works well under limited repair capacity and nonstationary demands. Following the METRIC methodology, we then develop an optimisation algorithm to solve the corrective maintenance problem in military logistics. Experimental results show that our approach yields good solutions efficiently. This work has also resulted in a software that has been field-tested by a military organisation.

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Collective Outsourcing To Market (Com): A Market-Based Framework For Information Supply Chain Outsourcing, Fang Fang, Zhiling Guo, Andrew B. Whinston Jan 2008

Collective Outsourcing To Market (Com): A Market-Based Framework For Information Supply Chain Outsourcing, Fang Fang, Zhiling Guo, Andrew B. Whinston

Research Collection School Of Computing and Information Systems

This paper discusses the importance of and a solution to separating the information flow from the physical product flow in a supply chain. Motivated by the inefficient demand forecast caused by information asymmetry and lack of an incentive among supply chain partners to share valuable information, we propose a radically new framework called collective outsourcing to market (COM) to address many information supply chain design challenges. To validate the COM framework, we consider a supply chain with one manufacturer and multiple downstream retailers. Retailers privately acquire demand forecast information that they do not have incentive to share horizontally with other …

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