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Unjust Enrichment Within A Valid Contract: A Close Look At Roxborough V. Rothmans Of Pall Mall Australia Ltd, Hang Wu Tang Jan 2007

Unjust Enrichment Within A Valid Contract: A Close Look At Roxborough V. Rothmans Of Pall Mall Australia Ltd, Hang Wu Tang

Research Collection Yong Pung How School Of Law

This paper examines the decision of the High Court of Australia, Roxborough v Rothmans of Pall Mall Australia Ltd. In particular, this paper interrogates the suggestion by some English commentators that the principle of unjust enrichment ought to apply in this case. This suggestion is controversial because this case is a situation where there was a valid contract between [*2] the parties. In this paper, the central argument advanced is a negative thesis: the unjust enrichment principle is inappropriate as a framework of analysis in the Roxborough context. In a situation like Roxborough, there are two hurdles before the unjust …


Abnormal Trading Volume, Stock Returns And The Momentum Effects, Ying Zheng Jan 2007

Abnormal Trading Volume, Stock Returns And The Momentum Effects, Ying Zheng

Dissertations and Theses Collection (Open Access)

This paper intends to study the intermediate-term momentum and long-term reversal of stock prices by investigating the informational role of unusual trading volume for winner and loser stocks. I argue that unusual trading volume has different implications for winner and loser stocks. Specifically, high trading volume for losers is driven by purchases made by informed investors; while high trade volume for winners could be driven by either information or representativeness bias or both. The arguments are tested in the paper by showing that in the short run, losers/winners with high abnormal trading volume outperform losers/winners with low abnormal trading volume; …


Do Warrants Lead The Underlying Stocks And Index Futures?, Ying Kui Lin Jan 2007

Do Warrants Lead The Underlying Stocks And Index Futures?, Ying Kui Lin

Dissertations and Theses Collection (Open Access)

The lead-lag relation between options and stocks has been a subject of controversy for years with conflicting findings in the literature. In this thesis, we present an intuitive method to examine the lead-lag relation, if any, in the tick-by-tick data of covered warrants and their underlying stocks or underlying index futures. Our method is non-parametric and needs no assumptions which are critical to the regression-based methods. We find that the electronically traded warrants do not lead stocks or index futures; the movements in the warrants' quotes provide little information about the quotes of the underlying stocks or index futures. Instead, …


On The Calibration Of The Libor Market Model, U Lagunzad Demelinda Jan 2007

On The Calibration Of The Libor Market Model, U Lagunzad Demelinda

Dissertations and Theses Collection (Open Access)

This thesis presents a study of LIBOR market model calibration. In particular, the study builds on the prevailing calibration methodologies in an attempt to find a method that simultaneously recovers implied volatility and forward rate correlations structures from market prices of plain vanilla options. In order to ensure that complex derivative pricing and hedging requirements are jointly addressed, the study extends the performance analysis of calibration methods from a static level of goodness-of-fit with market prices test, to a dynamic level of approximation to next period's LIBOR (London Interbank Offer Rate) dynamics when tested on a series of market prices. …


Integrating Semantic Templates With Decision Tree For Image Semantic Learning, Ying Liu, Dengsheng Zhang, Guojun Lu, Ah-Hwee Tan Jan 2007

Integrating Semantic Templates With Decision Tree For Image Semantic Learning, Ying Liu, Dengsheng Zhang, Guojun Lu, Ah-Hwee Tan

Research Collection School Of Computing and Information Systems

Decision tree (DT) has great potential in image semantic learning due to its simplicity in implementation and its robustness to incomplete and noisy data. Decision tree learning naturally requires the input attributes to be nominal (discrete). However, proper discretization of continuous-valued image features is a difficult task. In this paper, we present a decision tree based image semantic learning method, which avoids the difficult image feature discretization problem by making use of semantic template (ST) defined for each concept in our database. A ST is the representative feature of a concept, generated from the low-level features of a collection of …


Real-Time Supply Chain Control Via Multi-Agent Adjustable Autonomy, Hoong Chuin Lau, Lucas Agussurja, Ramesh Thangarajoo Jan 2007

Real-Time Supply Chain Control Via Multi-Agent Adjustable Autonomy, Hoong Chuin Lau, Lucas Agussurja, Ramesh Thangarajoo

Research Collection School Of Computing and Information Systems

Real-time supply chain management in a rapidly changing environment requires reactive and dynamic collaboration among participating entities. In this work, we model supply chain as a multi-agent system where agents are subject to an adjustable autonomy. The autonomy of an agent refers to its capability to make and influence decisions within a multi-agent system. Adjustable autonomy means changing the autonomy of the agents during runtime as a response to changes in the environment. In the context of a supply chain, different entities will have different autonomy levels and objective functions as the environment changes, and the goal is to design …


The Surprise Exam Paradox: Disentangling Two Reductios, John N. Williams Jan 2007

The Surprise Exam Paradox: Disentangling Two Reductios, John N. Williams

Research Collection School of Social Sciences

One tradition of solving the surprise exam paradox, started by Robert Binkley and continued by Doris Olin, Roy Sorensen and Jelle Gerbrandy, construes surprise epistemically and relies upon the oddity of propositions akin to G. E. Moore's paradoxical 'p and I don't believe that p.' Here I argue for an analysis that evolves from Olin's. My analysis is different from hers or indeed any of those in the tradition because it explicitly recognizes that there are two distinct reductios at work in the student's paradoxical argument against the teacher. The weak reductio is easy to fault. Its invalidity determines the …


What Explains Credit Default Swaps Bid-Ask Spread?, Yaru Chen Jan 2007

What Explains Credit Default Swaps Bid-Ask Spread?, Yaru Chen

Dissertations and Theses Collection (Open Access)

The pace at which the Credit default swaps (CDS) has been growing since its inception topped all projections. Despite the rapid growth, there is still room for enhancement of liquidity in the CDS market. Asymmetric information is another concern of investors in CDS market, however, some literature addressed that it may not be as serious as regarded. Bid-ask spreads is commonly used as a proxy of both liquidity and asymmetric information. Our empirical study confirms that CDS bid-ask spread has explanatory power to CDS premium. We then investigate the liquidity component in CDS bid-ask spreads. We use the bond age, …


Relationships Between Daily Sexual Interactions And Domain-Specific And General Models Of Personality Traits., C. V. Smith, J. B. Nezlek, G. Webster, Elizabeth Layne Paddock Jan 2007

Relationships Between Daily Sexual Interactions And Domain-Specific And General Models Of Personality Traits., C. V. Smith, J. B. Nezlek, G. Webster, Elizabeth Layne Paddock

Research Collection Lee Kong Chian School Of Business

Although sexuality is an important component of personal relationships, there has been relatively little research on relationships between personality and everyday sexual behavior. Moreover, existing research on sexual behavior and personality (defined in terms of the Five-Factor Model, FFM) has found weak and inconsistent relationships. We hypothesized that sexual behavior can be better understood in terms of a model of personality that focuses on sexuality rather than in terms of a general model of personality. The present study examined relationships between two models of personality and daily sexual behavior. For 3 weeks, two different samples described their sexual interactions and …


The Effects Of Action, Normality, And Decision Carefulness On Anticipated Regret: Evidence For A Broad Mediating Role Of Decision Justifiability, Jochen Reb, Terry Connolly Jan 2007

The Effects Of Action, Normality, And Decision Carefulness On Anticipated Regret: Evidence For A Broad Mediating Role Of Decision Justifiability, Jochen Reb, Terry Connolly

Research Collection Lee Kong Chian School Of Business

In three studies we examined the effects of action/inaction, social normality (i.e., how typical the decision is in one’s social environment) and decision process carefulness on anticipated regret. Whereas past research has drawn on norm theory (Kahneman & Miller, 1986) to emphasize the role of mutability in (anticipated) regret, the present studies highlight the important role of perceptions of decision justifiability (Connolly & Zeelenberg, 2002). Study 1 replicated earlier findings showing greater anticipated regret when behavior was abnormal, but perceived justifiability mediated the effect. Study 2 showed that anticipated regret was higher for careless than for careful decisions; perceived decision …


Different Slopes For Different Folks: Self-Esteem Instability And Gender As Moderators Of The Relationship Between Self-Esteem And Attitudinal Aggression, G. Webster, L. Kirkpatrick, J. B. Nezlek, C. V. Smith, Elizabeth Layne Paddock Jan 2007

Different Slopes For Different Folks: Self-Esteem Instability And Gender As Moderators Of The Relationship Between Self-Esteem And Attitudinal Aggression, G. Webster, L. Kirkpatrick, J. B. Nezlek, C. V. Smith, Elizabeth Layne Paddock

Research Collection Lee Kong Chian School Of Business

The present research examined the relationships among self-esteem level, temporal self-esteem instability, gender, and self-reported aggression. Self-esteem level was negatively related to attitudinal aggression, although this relationship varied as a joint function of self-esteem instability and gender. It was strongest among men with unstable self-esteem and among women with stable self-esteem. Although self-esteem instability and narcissism (Study 3) were each positively related to behavioral aggression, the relationship between narcissism and attitudinal aggression varied as a function of self-esteem instability. The relationship between narcissism and attitudinal aggression was positive among people with stable self-esteem, but negative among people with unstable self-esteem, …


A New Variance Ratio Test Of Random Walk In Emerging Markets: A Revisit, O. Al-Khazali, David K. Ding, C.S. Pyun Jan 2007

A New Variance Ratio Test Of Random Walk In Emerging Markets: A Revisit, O. Al-Khazali, David K. Ding, C.S. Pyun

Research Collection Lee Kong Chian School Of Business

Using a nonparametric variance ratio (VR) test, we revisit the empirical validity of the random walk hypothesis in eight emerging markets in the Middle East and North Africa (MENA). After correcting for measurement biases caused by thin and infrequent trading prevalent in nascent and small stock markets, we cannot reject the random walk hypothesis for the MENA markets. We conclude that a nonparametric VR test is appropriate for emerging stock markets, and argue that our findings can reconcile previously contradictory results regarding the efficiency of MENA markets. [ABSTRACT FROM AUTHOR]


Value-At-Risk In It Services Contracts, Robert J. Kauffman, Ryan Sougstad Jan 2007

Value-At-Risk In It Services Contracts, Robert J. Kauffman, Ryan Sougstad

Research Collection School Of Computing and Information Systems

As information systems (IS) and technology solutions become increasingly service-driven, managers are faced with the task of choosing parameters such as service-levels, pricing, and contract duration. Information technology (IT) services vendors manage portfolios of contracts in which parameters, decided at inception, are often subject to future risks. The contract profit maximization decision may adversely affect the risk position of the firm's portfolio of services contracts. We propose a model to inform vendors on setting optimal parameters for IS contracts subject to acceptable levels of risk. The analytic model presented draws from IS economics research and the principles of value-at-risk (VaR) …


Creativity Across Cultures, Kirpal Singh Jan 2007

Creativity Across Cultures, Kirpal Singh

Research Collection School of Social Sciences

No abstract provided.


The Crimson Logic Case: When Is A Judgment Not A Judgment?, S. Chandra Mohan Jan 2007

The Crimson Logic Case: When Is A Judgment Not A Judgment?, S. Chandra Mohan

Research Collection Yong Pung How School Of Law

After a 62-day trial, which concluded on 29 December 2006, all four defendants in the CrimsonLogic case1 were acquitted. The accused were the CEO, Financial Controller, Vice-President of the Trade & Logistics Business Unit and Corporate Counsel of CrimsonLogic, an IT systems provider. They were charged, on one count, with engaging in a conspiracy to pay a bribe of $35,000 to Mathias Tan, an IT manager of the supermarket Carrefour, as an inducement for Tan to recommend the award of an IT contract to CrimsonLogic. In acquitting the defendants, the trial judge declared that there was a 'serious doubt' as …


Dynamic Resource Allocation And Adaptability In Teamwork, Steve W. J. Kozlowski, Richard P. Deshon, Grace Park, Paul Curran, Goran Kuljanin, Brady Firth Jan 2007

Dynamic Resource Allocation And Adaptability In Teamwork, Steve W. J. Kozlowski, Richard P. Deshon, Grace Park, Paul Curran, Goran Kuljanin, Brady Firth

Research Collection School of Social Sciences

Team performance and adaptability. A team is a set of two or more people who interact, dynamically, interdependently, and adaptively toward a common and valued goal, each having specific roles or functions to perform, and a limited life-span of membership (Salas, Dickinson, Converse, & Tannenbaum, 1992). We assume that all cognition originates within the individual. Therefore, to understand adaptive team processes it is important to understand the ways in which being a team member affects individual cognitive processes. We also assume that unique collective constructs and processes emerge at the team level from the dynamic interaction of team members that …


Changing Transitions To Adulthood In Vietnam's Remote Northern Uplands: A Focus On Ethnic Minority Youth And Their Families, Bussarawan Teerawichitchainan, Hac Van Vinh, Nguyen Thi Phuong Lan Jan 2007

Changing Transitions To Adulthood In Vietnam's Remote Northern Uplands: A Focus On Ethnic Minority Youth And Their Families, Bussarawan Teerawichitchainan, Hac Van Vinh, Nguyen Thi Phuong Lan

Research Collection School of Social Sciences

Vietnam’s rapid economic growth has provided young Vietnamese new opportunities unheard of in their parents’ generation. This is, however, not the case for ethnic minority youth. Many of them are among the poorest, least healthy, and least educated. Ethnic minorities, who tend to live in remote mountainous areas, account for 15 percent of Vietnam’s 84 million total population and, according to a recent estimate, 61 percent of them are poor. Evidence suggests that despite recent efforts of the Government of Vietnam in promoting poverty reduction in remote areas, a majority of ethnic minorities have not yet experienced positive change, contrary …


Nationalism, Civilization, And Transnational Relations: The Discourse Of Greater China, William A. Callahan Jan 2007

Nationalism, Civilization, And Transnational Relations: The Discourse Of Greater China, William A. Callahan

Research Collection School of Social Sciences

This essay examines the interplay between nationalism and foreign policy in China—but with a twist. It seeks to loosen up analytical categories to expand from cultural nationalism to see how civilization constructs identity in national and transnational ways. It examines the limits of Chinese trans/nationalism according to the main Chinese expression of inside/outside—‘civilization/barbarism’—as it constructs Chinese nationalism and Greater China. The purpose is to both critically examine Chinese nationalism and to trace what our focus on the nation-state obscures: namely, transnational politics. Rather than recounting one master narrative of Chinese nationalism, the essay argues that civilization and barbarian define Greater …


Mate Preference Necessities In Long- And Short-Term Mating: People Prioritize In Themselves What Their Mates Prioritize In Them, Norman P. Li Jan 2007

Mate Preference Necessities In Long- And Short-Term Mating: People Prioritize In Themselves What Their Mates Prioritize In Them, Norman P. Li

Research Collection School of Social Sciences

People were given highly constrained low budgets of mate dollars to allocate across various characteristics pertaining to their ideal partners and to their ideal selves for long- and short-term mating. First, results replicated findings from LI et al. (2002) and LI and KENRICK (2006). For ideal long-term mates, men prioritized physical attractiveness and women prioritized social status. For ideal short-term mates, both sexes prioritized physical attractiveness. Second, people's design of their ideal selves mirrored what the opposite sex ideally desired in their mates. For a long-term mating context, men prioritized social status in themselves and women prioritized physical attractiveness in …


Pnet For Dummies: An Introduction To Estimating Exponential Random Graph (P*) Models With Pnet, Nicholas Harrigan Jan 2007

Pnet For Dummies: An Introduction To Estimating Exponential Random Graph (P*) Models With Pnet, Nicholas Harrigan

Research Collection School of Social Sciences

PNet for Dummies is intended to walk the new user through one complete estimation in PNet. It is not a comprehensive guide to PNet. Currently the most comprehensive guide to PNet is the PNet Users Manual. PNet for Dummies exists to help get the new user started, helping them overcome the most common initial barriers, so that they can begin exploring and experimenting with PNet themselves.


Towards Efficient Computation Of Quality Bounded Solutions In Pomdps: Expected Value Approximation And Dynamic Disjunctive Beliefs, Pradeep Reddy Varakantham, Rajiv Maheswaran, Tapana Gupta, Milind Tambe Jan 2007

Towards Efficient Computation Of Quality Bounded Solutions In Pomdps: Expected Value Approximation And Dynamic Disjunctive Beliefs, Pradeep Reddy Varakantham, Rajiv Maheswaran, Tapana Gupta, Milind Tambe

Research Collection School Of Computing and Information Systems

While POMDPs (partially observable markov decision problems) are a popular computational model with wide-ranging applications, the computational cost for optimal policy generation is prohibitive. Researchers are investigating ever-more efficient algorithms, yet many applications demand such algorithms bound any loss in policy quality when chasing efficiency. To address this challenge, we present two new techniques. The first approximates in the value space to obtain solutions efficiently for a pre-specified error bound. Unlike existing techniques, our technique guarantees the resulting policy will meet this bound. Furthermore, it does not require costly computations to determine the quality loss of the policy. Our second …


Albert Rex Bergstrom: 1925-2005, Peter C. B. Phillips Jan 2007

Albert Rex Bergstrom: 1925-2005, Peter C. B. Phillips

Research Collection School Of Economics

No abstract provided.


Limit Theory For Moderate Deviations From A Unit Root Under Weak Dependence, Peter C. B. Phillips, Tassos Magadalinos Jan 2007

Limit Theory For Moderate Deviations From A Unit Root Under Weak Dependence, Peter C. B. Phillips, Tassos Magadalinos

Research Collection School Of Economics

An asymptotic theory is given for autoregressive time series with weakly dependent innovations and a root of the form rho_{n} = 1+c/n^{alpha}, involving moderate deviations from unity when alpha in (0,1) and c in R are constant parameters. The limit theory combines a functional law to a diffusion on D[0,infinity) and a central limit theorem. For c > 0, the limit theory of the first order serial correlation coefficient is Cauchy and is invariant to both the distribution and the dependence structure of the innovations. To our knowledge, this is the first invariance principle of its kind for explosive processes. The …


Indirect Inference For Dynamic Panel Models, Christian Gourieroux, Peter C. B. Phillips, Jun Yu Jan 2007

Indirect Inference For Dynamic Panel Models, Christian Gourieroux, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

Maximum likelihood (ML) estimation of the autoregressive parameter of a dynamic panel data model with fixed effects is inconsistent under fixed time series sample size and large cross section sample size asymptotics. This paper proposes a general, computationally inexpensive method of bias reduction that is based on indirect inference, shows unbiasedness and analyzes efficiency. Monte Carlo studies show that our procedure achieves substantial bias reductions with only mild increases in variance, thereby substantially reducing root mean square errors. The method is compared with certain consistent estimators and is shown to have superior finite sample properties to the generalized method of …


Statistics With Estimated Parameters, Zhenlin Yang, Yiu Kuen Tse, Zhidong Bai Jan 2007

Statistics With Estimated Parameters, Zhenlin Yang, Yiu Kuen Tse, Zhidong Bai

Research Collection School Of Economics

This paper studies a general problem of making inferences for functions of two sets of parameters where, when the first set is given, there exists a statistic with a known distribution. We study the distribution of this statistic when the first set of parameters is unknown and is replaced by an estimator. We show that under mild conditions the variance of the statistic is inflated when the unconstrained maximum likelihood estimator (MLE) is used, but deflated when the constrained MLE is used. The results are shown to be useful in hypothesis testing and confidence-interval construction in providing simpler and improved …


Temporal Aggregation And Risk-Return Relation, Xing Jin, Leping Wang, Jun Yu Jan 2007

Temporal Aggregation And Risk-Return Relation, Xing Jin, Leping Wang, Jun Yu

Research Collection School Of Economics

The function form of a linear intertemporal relation between risk and return is suggested by Merton's [1973. Econometrica 41, 867–887] analytical work for instantaneous returns, whereas empirical studies have examined the nature of this relation using temporally aggregated data, i.e., daily, monthly, quarterly, or even yearly returns. Our paper carefully examines the temporal aggregation effect on the validity of the linear specification of the risk–return relation at discrete horizons, and on its implications on the reliability of the resulting inference about the risk–return relation based on different observation intervals. Surprisingly, we show that, based on the standard Heston's [1993. Review …


To Use Or Not To Use?: Poverty Mapping In Cambodia, Tomoki Fujii Jan 2007

To Use Or Not To Use?: Poverty Mapping In Cambodia, Tomoki Fujii

Research Collection School Of Economics

No abstract provided.


Modeling Transaction Data Of Trade Direction And Estimation Of Probability Of Informed Trading, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitch Warachka Jan 2007

Modeling Transaction Data Of Trade Direction And Estimation Of Probability Of Informed Trading, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitch Warachka

Research Collection School Of Economics

This paper implements the Asymmetric AutoregressiveConditional Duration (AACD) model of Bauwens and Giot (2003) to analyzeirregularly spaced transaction data of trade direction, namely buy versus sellorders. We examine the influence of lagged transaction duration, lagged volumeand lagged trade direction on transaction duration and direction. Our resultsare applied to estimate the probability of informed trading (PIN) based on theEasley, Hvidkjaer and O’Hara (2002) framework. Unlike the Easley-Hvidkjaer-O’Hara model, which uses the daily aggregate number of buy and sellorders, the AACD model makes full use of transaction data and allows forinteractions between buy and sell orders.


Image Segmentation Using Multi-Coloured Active Illumination, Tze Ki (Xu Shuqi) Koh, Nicholas Miles, Barrie Hayes-Gill Jan 2007

Image Segmentation Using Multi-Coloured Active Illumination, Tze Ki (Xu Shuqi) Koh, Nicholas Miles, Barrie Hayes-Gill

Research Collection School Of Computing and Information Systems

In this paper, the use of active illumination is extended to image segmentation, specifically in the case of overlapping particles. This work is based on Multi-Flash Imaging (MFI), originally developed by Mitsubishi Electric Labs, to detect depth discontinuities. Illuminations of different wavelengths are projected from multiple positions, providing additional information about a scene compared to conventional segmentation techniques. Shadows are used to identify true object edges. The identification of non- occluded particles is made possible by exploiting the fact that shadows are cast on underlying particles. Implementation issues such as selecting the appropriate colour model and number of illuminations are …


Anticipatory Event Detection Via Classification, He Qi, Kuiyu Chang, Ee Peng Lim Jan 2007

Anticipatory Event Detection Via Classification, He Qi, Kuiyu Chang, Ee Peng Lim

Research Collection School Of Computing and Information Systems

The idea of event detection is to identify interesting patterns from a constant stream of incoming news documents. Previous research in event detection has largely focused on identifying the first event or tracking subsequent events belonging to a set of pre-assigned topics such as earthquakes, airline disasters, etc. In this paper, we describe a new problem, called anticipatory event detection (AED), which aims to detect if a user-specified event has transpired. AED can be viewed as a personalized combination of event tracking and new event detection. We propose using sentence-level and document-level classification approaches to solve the AED problem for …