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Do Poison Pills Increase Firm Risk?, Thomas Turk, Jeremy C. Goh, Candace Ybarra Mar 2008

Do Poison Pills Increase Firm Risk?, Thomas Turk, Jeremy C. Goh, Candace Ybarra

Research Collection Lee Kong Chian School Of Business

Management scholars have argued that an active takeover market discourages risk-taking by managers and that takeover defenses serve to counter the risk-reducing pressures of an active takeover market. This study employs the Black and Scholes Option Pricing Model to determine whether or not adoption of poison pill securities increases investor perceptions of firm risk. The results provide evidence that the Option-Implied Standard Deviations of common stock returns increase significantly on the poison pill adoption date, on average. Furthermore, the implied standard deviations remained significantly above pre-adoption levels for several days after the poison pill adoption, suggesting that the perceived increase …

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Certified Value Sellers, James Anderson, Nirmalya Kumar, James A. Narus Mar 2008

Certified Value Sellers, James Anderson, Nirmalya Kumar, James A. Narus

Research Collection Lee Kong Chian School Of Business

Some companies think that offering deep discounts to buyers is the only way to sell their products in business markets. The authors propose a better way.

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The Impact Of Investor Protection Law On Takeovers: The Case Of Leveraged Buyouts, Jerry Cao, Douglas J. Cumming, Jeremy Goh, Meijun Qian, Xiaoming Wang Mar 2008

The Impact Of Investor Protection Law On Takeovers: The Case Of Leveraged Buyouts, Jerry Cao, Douglas J. Cumming, Jeremy Goh, Meijun Qian, Xiaoming Wang

Research Collection Lee Kong Chian School Of Business

This paper examines the impact of investor protection on the value creation of LBOs. We find that target shareholders’ wealth gain is higher in countries with better investor protection. The impact of investor protection on takeover premium is larger for LBO than non-LBO transactions. We also find evidence suggesting that club LBOs are not priced lower than non-club deals after accounting for endogeneity problem. These results suggest that investor protection law may act as an important safeguard for minority shareholders in LBO transactions.

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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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The Relative Importance Of Task, Citizenship And Counterproductive Performance To Job Performance Ratings: Do Rater Source And Team-Based Culture Matter?, Filip Lievens, James M. Conway, Wilfried De Corte Mar 2008

The Relative Importance Of Task, Citizenship And Counterproductive Performance To Job Performance Ratings: Do Rater Source And Team-Based Culture Matter?, Filip Lievens, James M. Conway, Wilfried De Corte

Research Collection Lee Kong Chian School Of Business

This study contributes to our understanding of which factors predict raters' policies for combining performance components into an overall job performance rating. We used a work-roles framework to examine the effects of rater source and team-based culture. The sample consisted of 612 individuals in three job categories (3 17 nurses, 168 personnel recruiters and 127 sales representatives). Respondents rated employee performance profiles that were described on task, citizenship and counterproductive performance. Raters' weights differed by (a) organizational culture (low- vs. high-team-based); (b) rating source (supervisor vs. peer) and (c) job. In a team-based culture, more weight was given to citizenship …

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A Closer Look At The Frame-Of-Reference Effect In Personality Scale Scores And Validity, Filip Lievens, Wifiried De Corte, Eveline Schollaert Mar 2008

A Closer Look At The Frame-Of-Reference Effect In Personality Scale Scores And Validity, Filip Lievens, Wifiried De Corte, Eveline Schollaert

Research Collection Lee Kong Chian School Of Business

This article contributes to the understanding of why the use of a frame-of-reference leads to increased criterion-related validity of personality inventories. Two competing explanations are described and tested. A between-subjects (N = 337) and a within-subject (N = 105) study are conducted to test the hypothesized effects of use of a frame of reference on reliability and validity. Regarding the effects on reliability, use of a frame of reference reduces within-person inconsistency (instead of between-person variability) in responding to generic items. Use of a frame of reference further leads to higher validity as a result of the reduction of between-person …

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Business Market Value Merchants, James Anderson, Nirmalya Kumar, James A. Narus Mar 2008

Business Market Value Merchants, James Anderson, Nirmalya Kumar, James A. Narus

Research Collection Lee Kong Chian School Of Business

To get a fair return on the superior value that their offerings deliver to customers, progressive B-to-B companies transform their sales forces from value spendthrifts into value merchants. These companies foster value merchants in more ways than simply compensating salespeople on profitability. As a result, their salespeople become value merchants, making business with customers more profitable by finding value drains and value leaks--rather than by seeking price cuts to retain or gain business.

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Change And Continuity In Japanese Corporate Governance, Toru Yoshikawa, Jean Mcguire Mar 2008

Change And Continuity In Japanese Corporate Governance, Toru Yoshikawa, Jean Mcguire

Research Collection Lee Kong Chian School Of Business

Previous studies on Japanese corporate governance were largely based on the agency theory framework, and can be seen as attempts to understand the unique monitoring mechanisms in the Japanese context. This paper briefly reviews prior research and then discusses the recent changes in the environment that have been affecting Japanese corporate governance. Our central argument is that there is both change and continuity in Japanese Corporate Governance. We also present emerging research from an institutional theory perspective. In this line of research, corporate governance is treated as part of a nation’s institutional framework and hence, researchers need to understand unique …

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Regret Aversion And Decision Process Quality: Effect Of Regret Salience On Decision Process Carefulness, Jochen Reb Mar 2008

Regret Aversion And Decision Process Quality: Effect Of Regret Salience On Decision Process Carefulness, Jochen Reb

Research Collection Lee Kong Chian School Of Business

A considerable amount of past research has examined the effects of regret aversion on which options decision makers choose. However, past research has largely neglected to address the effect of regret aversion on the decision process. We conducted five experiments to examine the effect of making regret salient on decision process quality. We predicted that increased regret aversion would lead to more careful decision processing. The results consistently supported this prediction across the different decision situations, incentive structures, regret salience manipulations, and dependent variables used. In all experiments making regret salient led decision makers to take significantly longer to reach …

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Investment Patterns In Singapore's Central Provident Fund System, Benedict S. K. Koh, Olivia S. Mitchell, Toto Tanuwidjaja, Joelle Fong Mar 2008

Investment Patterns In Singapore's Central Provident Fund System, Benedict S. K. Koh, Olivia S. Mitchell, Toto Tanuwidjaja, Joelle Fong

Research Collection Lee Kong Chian School Of Business

Rising elderly life expectancies imply the need to accumulate sufficient savings for retirement. This paper investigates the role of recent changes in the investment menu of the Singaporean Central Provident Fund (CPF) system. Our research explores the investment patterns of CPF participants and articulates their implications for policymakers. We find that most investors use their money for housing purchase and default the remainder to the CPF investment pool. The bulk of non-housing saving sits in bank accounts paying a low return. A fraction of workers does elect outside investment products, with high-income earners and males taking more risk than low-income …

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Non-Audit Service Fees And Audit Quality: The Impact Of Auditor Specialization, Chee Yeow Lim, Hun-Tong Tan Mar 2008

Non-Audit Service Fees And Audit Quality: The Impact Of Auditor Specialization, Chee Yeow Lim, Hun-Tong Tan

Research Collection School Of Accountancy

We posit that the effect of non-audit fees on audit quality is conditional on auditor industry specialization. Industry specialist auditors are more likely than nonspecialists to be concerned about reputation losses and litigation exposure, and to benefit from knowledge spillovers from the provision of non-audit services. We find evidence that audit quality measured by increased propensity to issue going-concern opinion, increased propensity to miss analysts' forecasts, as well as higher earnings-response coefficients increases with the level of non-audit services acquired from industry specialist auditors compared to nonspecialist auditors.

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Quanttalent Management, M. Thulasidas Mar 2008

Quanttalent Management, M. Thulasidas

Research Collection School Of Computing and Information Systems

Since structured products are a major profit engine on the trading floor of most banks, this demand represents a strong pull factor for quants from competing institutions. There is nothing much that most financial institutions can do about this pull factor, except to pull them back in with offers they can’t refuse.

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Harmoni: Context-Aware Filtering Of Sensor Data For Continuous Remote Health Monitoring, Iqbal Mohomed, Archan Misra, Maria Ebling, William Jerome Mar 2008

Harmoni: Context-Aware Filtering Of Sensor Data For Continuous Remote Health Monitoring, Iqbal Mohomed, Archan Misra, Maria Ebling, William Jerome

Research Collection School Of Computing and Information Systems

A promising architecture for remote healthcare monitoring involves the use of a pervasive device (such as a cellular phone), which aggregates data from multiple body-worn medical sensors and transmits the data to the backend. Unfortunately, the volume of data generated by increasingly sophisticated continuouslyactive sensors can overwhelm the resources on the mobile device. We propose imbuing the mobile device with the intelligence to perform context-aware filtering of sensor data streams in order to reduce transmissions in cases where the observed data corresponds to the norm expected by the system in a given context. To investigate the efficacy of this technique, …

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How Friendly Is Too Friendly?, M. Thulasidas Mar 2008

How Friendly Is Too Friendly?, M. Thulasidas

Research Collection School Of Computing and Information Systems

Being a boss is tough and being a good boss is a tricky balancing act. One issue many bosses face is: How friendly can they become with their team?

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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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A Cross-Nations, Cross-Cultures, And Cross-Conditions Analysis On The Equivalence Of The Balanced Inventory Of Desirable Responding (Bidr), Andrew Li, Jochen Reb Mar 2008

A Cross-Nations, Cross-Cultures, And Cross-Conditions Analysis On The Equivalence Of The Balanced Inventory Of Desirable Responding (Bidr), Andrew Li, Jochen Reb

Research Collection Lee Kong Chian School Of Business

This article examines measurement equivalence of the Balanced Inventory of Desirable Responding (BIDR) across two nations (the United States and Singapore), two cultural values (horizontal individualism and horizontal collectivism) and two motivational conditions (standard and faking). One sample of undergraduate students from each country (N Singapore = 158, N United States = 166) participated in this study, and a within-subject experimental design is used. Specifically, at Time 1, participants were simply asked to respond to the BIDR and the INDCOL (standard condition). At Time 2, the participants were instructed to engage in social desirability (faking condition). Multigroup confirmatory factor analyses …

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What Does Exercise-Based Assessment Really Mean?, Filip Lievens Mar 2008

What Does Exercise-Based Assessment Really Mean?, Filip Lievens

Research Collection Lee Kong Chian School Of Business

My commentary addresses Lance’s (2008) recommendation to reorient assessment center (AC) practice away from dimensions toward exercise-based assessment. As exercise-based assessment is dealt with only in general terms in Lance’s article, I aim to delineate what exercise-based assessment really means. Two points are made. First, I arguethattakingdimensionsawayfromACs does not mean that assessee behavior is no longer determined by latent traits because behavior is inherently trait determined. Second, I elaborate on the practical and research implications of exercise-based assessment because these implications are underdeveloped in Lance.

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Advertising And Collusion In Retail Markets, Kyle Bagwell, Gea Myoung Lee Mar 2008

Advertising And Collusion In Retail Markets, Kyle Bagwell, Gea Myoung Lee

Research Collection School Of Economics

We consider non-price advertising by retail firms that are privately informed as to their respective production costs. We first analyze a static model. We construct an advertising equilibrium, in which informed consumers use an advertising search rule whereby they buy from the highest-advertising firm. Consumers are rational in using the advertising search rule, since the lowest-cost firm advertises the most and also selects the lowest price. Even though the advertising equilibrium facilitates productive efficiency, we establish conditions under which firms enjoy higher expected profit when advertising is banned. Consumer welfare falls in this case, however. We next analyze a dynamic …

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Financial Frictions, Capital Reallocation, And Aggregate Fluctuations, Jürgen Von Hagen, Haiping Zhang Mar 2008

Financial Frictions, Capital Reallocation, And Aggregate Fluctuations, Jürgen Von Hagen, Haiping Zhang

Research Collection School Of Economics

We address an important business cycle fact, i.e., the amplified and hump-shaped responses of output to productivity shocks, in a dynamic general equilibrium model with financial frictions. Models with financial frictions in the current literature have either the amplification mechanism or the propagation mechanism. Our model shows that the dynamic interaction of borrowing constraints, endogenous capital accumulation, and capital reallocation among agents with different productivity constitutes a mechanism through which the effects of productivity shock on aggregate output are amplified and propagated, more in line with the empirical evidence than other related models in the literature.

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Testing Structural Change In Time-Series Nonparametric Regression Models, Liangjun Su, Zhijie Xiao Mar 2008

Testing Structural Change In Time-Series Nonparametric Regression Models, Liangjun Su, Zhijie Xiao

Research Collection School Of Economics

We propose a CUSUM type of test for structural change in dynamic nonparametric regression models. It is based upon the cumulative sums of weighted residuals from a single nonparametric regression and complements the conventional parameter instability tests in parametric models. We derive the limiting distributions of the test under both the null hypothesis and sequences of local alternatives. A boot-strap procedure is also proposed and its validity is justified. Finally, simulation experiments are conducted to investigate the finite sample properties of our test.

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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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Using The Economic Concept Of A 'Merit Good' To Justify The Teaching Of Ethics Across The University Curriculum, Mark Nowacki, Wilfried Ver Eecke Mar 2008

Using The Economic Concept Of A 'Merit Good' To Justify The Teaching Of Ethics Across The University Curriculum, Mark Nowacki, Wilfried Ver Eecke

Research Collection School of Social Sciences

What follows is an argument that can be used to justify the introduction of philosophical, and specifically ethical, discourse into a wide range of university courses. The argument advanced is, we hope, both sufficiently formal to convince administrators, and sufficiently broad to convince students, of the practical importance that at least one area of philosophy has for the successful pursuit of even the most praxis-oriented career.

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On Changes In Rural China: The Rise Of Agrarian Capitalism And Dissolution Of The Peasantry In Contemporary China, Forrest Zhang, John A. Donaldson Mar 2008

On Changes In Rural China: The Rise Of Agrarian Capitalism And Dissolution Of The Peasantry In Contemporary China, Forrest Zhang, John A. Donaldson

Research Collection School of Social Sciences

For decades, Mr. Hong and his family have toiled the ground of Dounan Village, an area of Yunnan Province that became well-known throughout China for the quality of its fresh vegetables. While Hong and his neighbors have, since the early 1980s, concentrated on the small plot of land that the state allocated to them, in recent years, Dounan village has begun producing vegetables in large enough scale to market to distant, wealthy coastal areas, bringing new-found prosperity to the area. After gaining experience producing vegetables both on the plot that the government allocated to his family, and on his neighbors’ …

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On-Line Discovery Of Hot Motion Paths, Dimitris Sacharidis, Kostas Patroumpas, Manolis Terrovitis, Verena Kantere, Michalis Potamias, Kyriakos Mouratidis, Timos Sellis Mar 2008

On-Line Discovery Of Hot Motion Paths, Dimitris Sacharidis, Kostas Patroumpas, Manolis Terrovitis, Verena Kantere, Michalis Potamias, Kyriakos Mouratidis, Timos Sellis

Research Collection School Of Computing and Information Systems

We consider an environment of numerous moving objects, equipped with location-sensing devices and capable of communicating with a central coordinator. In this setting, we investigate the problem of maintaining hot motion paths, i.e., routes frequently followed by multiple objects over the recent past. Motion paths approximate portions of objects' movement within a tolerance margin that depends on the uncertainty inherent in positional measurements. Discovery of hot motion paths is important to applications requiring classification/profiling based on monitored movement patterns, such as targeted advertising, resource allocation, etc. To achieve this goal, we delegate part of the path extraction process to objects, …

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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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Pakistan Lawyers' Movement: A Losing Cause?, Shubhankar Dam Feb 2008

Pakistan Lawyers' Movement: A Losing Cause?, Shubhankar Dam

Research Collection Yong Pung How School Of Law

On 13 January, the Pakistan Bar Council (PBC) voted to end the continuous boycott of judges who swore oath's under the country's Provisional Constitution Order and to instead substitute "a complete boycott of the superior judiciary every Thursday and a one-hour token strike on a daily basis." Predictably, the decision created a furor: for many, it was a sell-out. Both the Lawyers National Action Committee (LNAC) and the Supreme Court Bar Association (SCBA) quickly denounced the decision as "contradictory" and "against the spirit of the lawyers' sacrifices." The provincial bar councils, the high court bar associations and the district bar …

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Moulding The Corporate Social Responsibility Agenda In Singapore, Knowledge@Smu Feb 2008

Moulding The Corporate Social Responsibility Agenda In Singapore, Knowledge@Smu

Knowledge@SMU

No longer the domain of big companies where it was equated with philanthropy, corporate social responsibility (CSR) is now part of the triple bottom-line. Businesses, big and small, must take into account the interests of `stakeholders’, not just `shareholders’. Singapore Management University law professor Eugene Tan is author of a working paper on the state of CSR in Singapore. According to Tan, the state has taken on the role of promoter and practitioner of CSR, a logical development in view of the dominant role of the government in the local economy.

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Maria Brown On Ten Lessons For A Successful Career, Knowledge@Smu Feb 2008

Maria Brown On Ten Lessons For A Successful Career, Knowledge@Smu

Knowledge@SMU

Ex-BBC journalist and producer Maria Brown has spent over 14 years in the international media industry. She is a cofounder and managing director, acquisitions and programming of the Asian Food Channel (AFC), the region’s first 24-hour pay channel devoted to matters culinaire from across the globe. Brown delivered a talk at the Singapore Management University recently on “Ten lessons to have a successful career” as part of the Wee Kim Wee Centre CEO Talks Series.

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A Tale Of Two Ngos: Bangladesh’S Grameen Bank And Brac, Knowledge@Smu Feb 2008

A Tale Of Two Ngos: Bangladesh’S Grameen Bank And Brac, Knowledge@Smu

Knowledge@SMU

How has Bangladesh managed to outperform other low-income countries by doubling per capita GDP growth from 1.6% in the 1980s to 3.3% in the 1990s and beyond? The World Bank cites several key factors including an active civil society and strong partnerships forged by the government with NGOs. Two visionary NGO leaders, Nobel Peace Laureate, Muhammad Yunus (founder of Grameen Bank), and Fazle Hasan Abed (founder and chairman of BRAC), co-winner of the 2007 Clinton Global Citizen Award, visited Singapore in August and Sept 2007 to deliver two lectures on their respective organisations.

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The Impact Of Terrorism On Economic Growth And Technology Innovation, Knowledge@Smu Feb 2008

The Impact Of Terrorism On Economic Growth And Technology Innovation, Knowledge@Smu

Knowledge@SMU

A large scale terrorist attack on a country can have wide-ranging and long-lasting effects at all levels. In a recent article, Singapore Management University economics professor Winston Koh examined how terrorism affects macro-economic growth and the current and future allocation of resources to R&D on counter-terrorism and intelligence gathering technologies. Koh spoke to Knowledge@SMU about some of the economic and technological impacts of terrorism in the US and beyond, and how businesses can become more resilient and better prepared for such threats. --------------------------------------------------------------------------------

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