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Under-Pricing And Long-Run Performance Of Initial Public Offerings In Developing Markets, Sze Wei Daniel Ong Jan 2006

Under-Pricing And Long-Run Performance Of Initial Public Offerings In Developing Markets, Sze Wei Daniel Ong

Dissertations and Theses Collection (Open Access)

The transition from being a private company to a public one is one of the most important events in the life of a firm. It is also one of particular interest to institutional investors, and the transition is facilitated through the initial public offering (IPO) process. The IPO provides a fresh source of capital that is critical to the growth of the firm and provides the founder and other shareholders such as venture capitalists a liquid market for their shares. From an institutional investor's perspective, the IPO provides an opportunity to share in the rewards of the growth of the …

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Dynamics In Legislative Budgeting In Italy: 1982-2001, Carolyn Forestiere, Riccardo Pelizzo Jan 2006

Dynamics In Legislative Budgeting In Italy: 1982-2001, Carolyn Forestiere, Riccardo Pelizzo

Research Collection School of Social Sciences

For much of the First Republic, the Italian Parliament was notorious for its fiscal irresponsibility. However, using data over a 20-year period we note that the performance of the Parliament during the passage of the national budget changed over time. During most the 1980s the Parliament always spent more than the amount specified in the government’s Budget Bill. But this trend slowed towards the late 1980s, and of particular interest is that for several years during the 1990s the Parliament voted to spend less than what the government originally proposed. We explain this anomaly using institutional theories and contextual explanations.

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What Makes And What Does Not Make A Real Option? A Study Of International Joint Ventures, Ilya Cuypers, Xavier Martin Jan 2006

What Makes And What Does Not Make A Real Option? A Study Of International Joint Ventures, Ilya Cuypers, Xavier Martin

Research Collection Lee Kong Chian School Of Business

This paper examines the boundaries of real options logic, with an application to joint ventures (JVs). We distinguish between forms of uncertainty that are resolved endogenously and those that are resolved exogenously, and theorize that only exogenous uncertainty will have the impact predicted by real options theory on a foreign investor's choice of how large an equity share to take in a JV. We theorize that macroeconomic and institutional variables generate exogenous uncertainty whereas, by contrast, cultural distance and choices pertaining to corporate scope and product or process development activities involve endogenous sources of uncertainty that investors can both assess …

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Asymmetry Of Processing Trade In China : Theory And Empirics, Zhaopeng Xing Jan 2006

Asymmetry Of Processing Trade In China : Theory And Empirics, Zhaopeng Xing

Dissertations and Theses Collection (Open Access)

This paper studies decision of whether outsourcing or localization in China. Both strategies can enjoy low wage advantage. But outsourcing induces processing trade, while localization, which has additional localization cost can turn processing trade of some goods to ordinary trade. The asymmetric effect lies on that once localized, it is hard to return to outsourcing due to competition or fixed expenditures involved. If wage difference larger, it is more preferable to localized. Therefore, we can expect asymmetric effect of processing trade due to movement of relative wage difference, which was proved by econometrics on recent data by cointegrating analysis within …

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Punishment: The Supposed Justifications Revisited, John N. Williams Jan 2006

Punishment: The Supposed Justifications Revisited, John N. Williams

Research Collection School of Social Sciences

Review of Punishment: The Supposed Justifications Revisited by Ted Honderich, Pluto Press, 2006, ISBN: 9780745321318

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The Roles Of Digital Libraries In Teaching And Learning Geography, Chew-Hung Chang, John Hedberg, Tiong-Sa Teh, Ee Peng Lim Jan 2006

The Roles Of Digital Libraries In Teaching And Learning Geography, Chew-Hung Chang, John Hedberg, Tiong-Sa Teh, Ee Peng Lim

Research Collection School Of Computing and Information Systems

Adopting a problem-centred approach helps students to learn Geography more effectively as they are able to identify and generalize about where different resources or activities are spatially located and they learn to associate certain patterns and processes with geographical changes. In an era where web-based student-centred inquiry is gaining popularity as a mode of learning Geography, the role of digital libraries as delivery trucks (in Clark’s terminology, 1983) needs to be better understood. An obvious affordance of the digital library is that it organizes information around themes for problems to be solved. This paper describes a developmental project to build …

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Multiagent Teamwork: Hybrid Approaches, Praveen Paruchuri, Emma Bowring, Ranjit Nair, Jonathan Pearce, Nathan Schurr, Milind Tambe, Pradeep Varakantham Jan 2006

Multiagent Teamwork: Hybrid Approaches, Praveen Paruchuri, Emma Bowring, Ranjit Nair, Jonathan Pearce, Nathan Schurr, Milind Tambe, Pradeep Varakantham

Research Collection School Of Computing and Information Systems

Today within the multiagent community, we see at least four competing methods to building multiagent systems: beliefdesireintention (BDI), distributed constraint optimization (DCOP), distributed POMDPs, and auctions or game-theoretic methods. While there is exciting progress within each approach, there is a lack of cross-cutting research. This article highlights the various hybrid techniques for multiagent teamwork developed by the teamcore group. In particular, for the past decade, the TEAMCORE research group has focused on building agent teams in complex, dynamic domains. While our early work was inspired by BDI, we will present an overview of recent research that uses DCOPs and distributed …

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Encouraging Knowledge Sharing In Knowledge-Based Organizations: Individual And Organizational Aspects Of Knowledge Management Leadership, Thomas Menkhoff, Yue Wah Chay, Benjamin Loh, Hans-Dieter Evers Jan 2006

Encouraging Knowledge Sharing In Knowledge-Based Organizations: Individual And Organizational Aspects Of Knowledge Management Leadership, Thomas Menkhoff, Yue Wah Chay, Benjamin Loh, Hans-Dieter Evers

Research Collection Lee Kong Chian School Of Business

This study aims to understand the antecedents of knowledge sharing behavior amongst tenant firms in Science and Technology Parks (STPs) which has been highlighted as a key factor for the development of an epistemic culture of innovation in STPs. Components of a model of knowledge management leadership with a focus on knowledge sharing and innovative value creation in STPs are developed inspired by the work of Nonaka, Nahapiet and Ghoshal, Guns and others. Collection of data on various relevant measures is ongoing, covering technology firms and STPs in Singapore and other Asian countries. Besides outlining model components and hypotheses, tentative …

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Conflicts Of Interest And Stock Recommendations: The Effects Of The Global Settlement And Related Regulations, Rong Wang, Ohad Kadan, Leonardo Madureira, Tzachi Zach Jan 2006

Conflicts Of Interest And Stock Recommendations: The Effects Of The Global Settlement And Related Regulations, Rong Wang, Ohad Kadan, Leonardo Madureira, Tzachi Zach

Research Collection Lee Kong Chian School Of Business

Prior research has shown that sell-side analysts in general, and especially those facing conflicts of interest driven by investment bank relationships, issue overly optimistic recommendations. This paper studies the effect of regulations on sell-side analysts’ research. These regulations — Rule NASD 2711, Rule NYSE 472, and the “Global Analyst Research Settlement” — attempted to mitigate the interdependence between the research and the investment bank departments of US brokerage houses. The results suggest that the regulations have partially achieved their goal of curbing the conflicts of interest’s influence over analysts’ stock recommendations. After the adoption of the new regulations, the likelihood …

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Have We Taught Our Students The Right Stuff?, Jaydeep Balakrishnan, Kum Khiong Yang Jan 2006

Have We Taught Our Students The Right Stuff?, Jaydeep Balakrishnan, Kum Khiong Yang

Research Collection Lee Kong Chian School Of Business

Operations Management involves managing the resources that are required to convert inputs to outputs. These resources include materials, capital and people which requires decision making within the operations function to be cross functional (Schroeder, 2000). The resulting impact is that whenever an operations manager makes a decision, he or she should be cognizant of its impact on other areas within the firm, such as finance, marketing and human resources, as well as the external partners such as suppliers and customers. Our question is whether Production and Operations Management (POM) educators are training students adequately to make the necessary cross functional …

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International Situational Judgment Tests, Filip Lievens Jan 2006

International Situational Judgment Tests, Filip Lievens

Research Collection Lee Kong Chian School Of Business

The above item was given in the late 1930s to German employees to measure something else other than cognitive ability (e.g., planning and organizing). It illustrates that situational judgment tests (SJTs) have been used outside the United States for quite sometime. Early international applications of SJTs can also be found in the so-called cultural assimilators in cross-cultural training programs (Bhawuk&Brislin,2000). In these cultural assimilators, future expatriates are presented with written situations of an expatriate interacting with a host national and are asked to indicate the most effective response alternative.

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Indirect Inference For Dynamic Panel Models, Christian Gourieroux, Peter C. B. Phillips, Jun Yu Jan 2006

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

Research Collection Lee Kong Chian School Of Business

It is well-known that 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 (T) and large cross section sample size (N) asymptotics. The estimation bias is particularly relevant in practical applications when T is small and the autoregressive parameter is close to unity. The present paper proposes a general, computationally inexpensive method of bias reduction that is based on indirect inference (Gouriéroux et al., 1993), shows unbiasedness and analyzes efficiency. The method is implemented in a simple linear dynamic panel model, but has wider …

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The Impact Of Certain And Uncertain Store Promotions On The Decision-Making Process In Product Choices, Cathy Yi Chen Jan 2006

The Impact Of Certain And Uncertain Store Promotions On The Decision-Making Process In Product Choices, Cathy Yi Chen

Research Collection Lee Kong Chian School Of Business

Various store promotions ranging from dollar-off discounts to sweepstakes can induce different affects among consumers. Built on recent studies on the uncertainty of incidental affect, this research examines how promotions differ in the feeling of uncertainty elicited, which, in turn, influence the decision-making process of product choices. Specifically, we demonstrate that “uncertain” promotions (e.g., sweepstakes) can increase the extent of systematic decision-making in a subsequent product choice relative to “certain” promotions (e.g., discount) when the choice is easy. But the pattern is reversed when the choice is difficult. The implications to the incidental affect and promotion research are discussed.

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Does Governance Matter? Yes, No Or Maybe Some Evidence From Developing Asia, M. G. Quibria Jan 2006

Does Governance Matter? Yes, No Or Maybe Some Evidence From Developing Asia, M. G. Quibria

Research Collection School Of Economics

This paper seeks to explore the relationship between economic growth and governance performance in Asian developing economies. This exploration yields some interesting conclusions. First, notwithstanding its tremendous economic achievements, the state of governance in Asia is not stellar by international comparison. Indeed, a majority of these countries seem to suffer from a governance deficit. Second, contrary to our expectation, data do not suggest any strong positive link between governance and growth: paradoxically, countries that exhibit surpluses in governance on average grew much slower than those with deficits. The paper ends with some conjecture about this apparent paradox.

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Democracy And Oversight, Riccardo Pelizzo, Rick Stapenhurst Jan 2006

Democracy And Oversight, Riccardo Pelizzo, Rick Stapenhurst

Research Collection School of Social Sciences

In the course of the past decade, political science has started paying increasing attention to the study of legislative oversight, which had been previously been described as an important but inadequately researched area of legislative activity (Lees, 1977). Lees’ comment is particularly true with regard to comparative analyses of oversight tools and practices. Some studies have recently discussed the instruments of legislative oversight (Maffio, 2002), other studies have instead investigated how legislative oversight relates to both political variables (Pennings, 2000; Damgaard, 2000; Pelizzo and Stapenhurst, 2004a) and socio-economic conditions (Pelizzo and Stapenhurst, 2004b). In spite of this renewed interest in …

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Ideological Orientation: Does It Still Make A Difference?, Riccardo Pelizzo Jan 2006

Ideological Orientation: Does It Still Make A Difference?, Riccardo Pelizzo

Research Collection School of Social Sciences

No abstract provided.

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Parliamentary Oversight For Government Accountability, Riccardo Pelizzo, Rick Stapenhurst, David Olson Jan 2006

Parliamentary Oversight For Government Accountability, Riccardo Pelizzo, Rick Stapenhurst, David Olson

Research Collection School of Social Sciences

No abstract provided.

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A Code Of Conduct For Indonesia: Problems And Perspectives, Riccardo Pelizzo, Bernice Ang Jan 2006

A Code Of Conduct For Indonesia: Problems And Perspectives, Riccardo Pelizzo, Bernice Ang

Research Collection School of Social Sciences

The purpose of the present paper is fairly straightforward. We want to show that institutional reforms, such as the adoption of a conduct code, represent a necessary albeit insufficient condition to curb corruption and promote good governance. As several scholars have pointed out the success of institutional reform in general and the success of codes of conduct in particular depends, among other things, on ideational conditions. With regard to codes of conduct, parliamentary ethics experts believe in fact that the success of a code of conduct depends on whether the individuals who are supposed to be regulated by the disposition …

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Culture And Counterfactuals: On The Importance Of Life Domains, Jing Chen, Chi-Yue Chiu, Neal J. Roese, Kim-Pong Tam, Ivy Yee-Man Lau Jan 2006

Culture And Counterfactuals: On The Importance Of Life Domains, Jing Chen, Chi-Yue Chiu, Neal J. Roese, Kim-Pong Tam, Ivy Yee-Man Lau

Research Collection School of Social Sciences

Past research, with its emphasis on affective regulatory processes, has failed to find cross-cultural differences in counterfactual thoughts. In the current study, the authors examine the tendency to generate additive counterfactuals (those that focus on the addition of new aspects that were not in fact present) and subtractive counterfactuals (those that focus on subtraction of factual aspects) among Mainland Chinese and European American university students in five life domains: schoolwork, romantic relationships, family relationships, friendships, and life in general. As in previous studies, the authors find an overall main effect, in which additive counterfactuals predominate over subtractive counterfactuals within both …

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Rights Of Culture, Rights Of Conscience, Chandran Kukathas Jan 2006

Rights Of Culture, Rights Of Conscience, Chandran Kukathas

Research Collection School of Social Sciences

In this contribution I take up a particularly troubling issue in the theory of human rights. It is the issue of intervention to defend or uphold — or re-assert and re-establish — human rights. The issue is a troubling one because intervention in the affairs of others is always something we should be wary of, not least because history is full of unhappy episodes of intervention, from the Spanish in the Americas to the Chinese in Tibet. Indeed, so difficult and complex are the issues raised that one might be tempted in a discussion of human rights simply to separate …

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Review Of Scott Cook, Ed., Hiding The World In The World: Uneven Discourses On The Zhuangzi, Alan Kam Leung Chan Jan 2006

Review Of Scott Cook, Ed., Hiding The World In The World: Uneven Discourses On The Zhuangzi, Alan Kam Leung Chan

Research Collection College of Integrative Studies

The ten essays collected in this volume offer different perspectives on key issues in the Zhuangzi and should be warmly welcomed as a helpful addition to the field. The authors disagree on many things about the Zhuangzi; but there is certainly nothing "uneven" about the quality of their "discourses," which is uniformly high.

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Accounting Restatements: Are They Always Bad News For Investors?, Dan Segal, Jeffrey L. Callen, Joshua Livnat Jan 2006

Accounting Restatements: Are They Always Bad News For Investors?, Dan Segal, Jeffrey L. Callen, Joshua Livnat

Research Collection School Of Accountancy

This study investigates a large sample of financial statement restatements over the period 1986-2001, and compares restatements caused by changes in accounting principles to those caused by errors. Typically, investors perceive restatements as negative signals due to three potential reasons: (a) the restatement indicates problems with the accounting system that may be manifestations of broader operational (and managerial) problems, (b) the restatement causes downward revisions in future cash flows expectations, and (c) the restatement indicates managerial attempts to cover up income decline through “cooking the books.” We provide evidence that market reactions to restatements due to errors are generally negative. …

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Efficient Mining Of Group Patterns From User Movement Data, Yida Wang, Ee Peng Lim, San-Yih Hwang Jan 2006

Efficient Mining Of Group Patterns From User Movement Data, Yida Wang, Ee Peng Lim, San-Yih Hwang

Research Collection School Of Computing and Information Systems

In this paper, we present a new approach to derive groupings of mobile users based on their movement data. We assume that the user movement data are collected by logging location data emitted from mobile devices tracking users. We formally define group pattern as a group of users that are within a distance threshold from one another for at least a minimum duration. To mine group patterns, we first propose two algorithms, namely AGP and VG-growth. In our first set of experiments, it is shown when both the number of users and logging duration are large, AGP and VG-growth are …

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Measuring Global Poverty Right: Mission Impossible?, M. G. Quibria Jan 2006

Measuring Global Poverty Right: Mission Impossible?, M. G. Quibria

Research Collection School Of Economics

The international community is committed to millennium development goals which postulate a vision of global development that makes eliminating poverty and sustaining development the overriding objective of global development efforts. In the hierarchy of the MDGs, the first and foremost goal is to reduce by half, between 1990–2015, the proportion of people whose income is less than a dollar a day (a widely used yardstick to measure extreme poverty). However, estimating such poverty across developing countries and globally is by no means a simple exercise nor has it yielded unambiguous results. This article provides a brief summary of the state …

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A Class Of Nonlinear Stochastic Volatility Models, Jun Yu, Zhenlin Yang Jan 2006

A Class Of Nonlinear Stochastic Volatility Models, Jun Yu, Zhenlin Yang

Research Collection School Of Economics

This paper proposes a class of nonlinear stochastic volatility models based on the Box-Cox transformation which offers an alternative to the one introduced in Andersen (1994). The proposed class encompasses many parametric stochastic volatility models that have appeared in the literature, including the well known lognormal stochastic volatility model, and has an advantage in the ease with which different specifications on stochastic volatility can be tested. In addition, the functional form of transformation which induces marginal normality of volatility is obtained as a byproduct of this general way of modeling stochastic volatility. The efficient method of moments approach is used …

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Realized Variance And Market Microstructure Noise - Comment, Peter C. B. Phillips, Jun Yu Jan 2006

Realized Variance And Market Microstructure Noise - Comment, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

No abstract provided.

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Modeling The Firm-Size Distribution Using Box-Cox Heteroscedastic Regression, Zhenlin Yang, Yiu Kuen Tse Jan 2006

Modeling The Firm-Size Distribution Using Box-Cox Heteroscedastic Regression, Zhenlin Yang, Yiu Kuen Tse

Research Collection School Of Economics

Using the Box-Cox regression model with heteroscedasticity (BCHR), we re-examine the size distribution of the Portuguese manufacturing firms studied by Machado and Mata () using the Box-Cox quantile regression (BCQR) method. We show that the BCHR model compares favourably against the BCQR method. In particular, the BCHR model can answer the key questions addressed by the BCQR method, with the advantage that the estimated quantile functions are monotonic. Furthermore, estimation of the BCHR model is straightforward and the confidence intervals of the BCHR regression quantiles are easy to compute.

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Semi-Parametric Inference In A Bivariate (Multivariate) Mixture Model, Denis H. Y. Leung, Jing Qin Jan 2006

Semi-Parametric Inference In A Bivariate (Multivariate) Mixture Model, Denis H. Y. Leung, Jing Qin

Research Collection School Of Economics

We consider estimation in a bivariate mixture model in which the component distributions can be decomposed into identical distributions. Previous approaches to estimation involve parametrizing the distributions. In this paper, we use a semi-parametric approach. The method is based on the exponential tilt model of Anderson (1979), where the log ratio of probability (density) functions from the bivariate components is linear in the observations. The proposed model does not require training samples, i.e., data with confirmed component membership. We show that in bivariate mixture models, parameters are identifiable. This is in contrast to previous works, where parameters are identifiable if …

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Coalition Formation Theories Revisited: An Empirical Investigation Of Aumann's Hypothesis, Vincent Chua, Dan S. Felsenthal Jan 2006

Coalition Formation Theories Revisited: An Empirical Investigation Of Aumann's Hypothesis, Vincent Chua, Dan S. Felsenthal

Research Collection School Of Economics

In one of the earliest attempts to examine the effect of a priori voting power on actual political phenomena, Riker (1959) looked at changes in party affiliation in the French National Assembly in 1953–54, and used these data to test the hypothesis that deputies who switched parties were seeking thereby to increase their a priori voting power. His findings were negative, or at best inconclusive.

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Commune-Level Estimation Of Poverty Measure And Its Application In Cambodia, Tomoki Fujii Jan 2006

Commune-Level Estimation Of Poverty Measure And Its Application In Cambodia, Tomoki Fujii

Research Collection School Of Economics

Cambodia is still suffering from the legacy of civil conflict after more than a decade. With over one-third of the population living below the poverty line, poverty remains one of the most serious problems in Cambodia. A number of governmental bodies, local and international nongovernmental organizations (NGOs), and international organizations operating in Cambodia have made eradicating poverty a priority and have established many social programmes to this end. In designing such programmes, the efficient allocation of resources is essential for making poverty alleviation more cost-effective. Targeting is often helpful for this purpose because one can avoid wasting resources on the …

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