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Spatial Exploration Patterns Determine Navigation Efficiency: Trade-Off Between Memory Demands And Distance Travelled, Tamas Makany, Edward S. Redhead, Itiel E. Dror Dec 2007

Spatial Exploration Patterns Determine Navigation Efficiency: Trade-Off Between Memory Demands And Distance Travelled, Tamas Makany, Edward S. Redhead, Itiel E. Dror

Research Collection Lee Kong Chian School Of Business

A total of 41 participants explored a novel square-shaped environment containing five identical boxes each hiding a visually distinct object. After an initial free exploration the participants were required to locate the objects first in a predetermined and subsequently in an optional order task. Two distinct exploration strategies emerged: Participants explored either along the main axes of the room (axial), or in a more spatially spread, circular pattern around the edges of the room (circular). These initial exploration strategies influenced the optimality of spatial navigation performance in the subsequent optional order task. The results reflect a trade-off between memory demands …

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The Challenge Of Developing Across Borders: Singapore’S Gambit In Bangalore, India, Choong Tze Chua, Wilfred Pow Ngee How, Caroline Yeoh Dec 2007

The Challenge Of Developing Across Borders: Singapore’S Gambit In Bangalore, India, Choong Tze Chua, Wilfred Pow Ngee How, Caroline Yeoh

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Japanese Corporate Governance: Structural Change And Financial Performance, Asli M. Colpan, Toru Yoshikawa, Takashi Hikino, Hiroaki Miyoshi Dec 2007

Japanese Corporate Governance: Structural Change And Financial Performance, Asli M. Colpan, Toru Yoshikawa, Takashi Hikino, Hiroaki Miyoshi

Research Collection Lee Kong Chian School Of Business

This paper analyzes institutional and legal changes related to corporate governance and their impact on financial performance in Japan since the second half of the 1990s. We attempt to address two issues systematically: (1) how much the governance reforms of Japanese firms transformed the conventional system of alliance capitalism and managerial control; and (2) what economic outcomes those governance changes have yielded. As the Commercial Code and other legal and institutional frameworks were revised, Japanese firms experienced shifts in terms of stock ownership, corporate control and managerial organizations. Our empirical results show that the influence of new ownership composition and …

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Building Social Trust: A Human Capital Approach, Fali Huang Dec 2007

Building Social Trust: A Human Capital Approach, Fali Huang

Research Collection School Of Economics

Much evidence suggests individuals di¤er in their predisposition to cooperate, which is essentially a component of human capital. This paper examines the role of individual cooperative tendencies and their interactions with institutions in generating social trust; it also endogenizes cooperative tendencies using a human capital investment model. Multiple equilibria and ine¢ ciencies exist due to positive externalities. An innovative …nding is that, when institutions are more e¤ective in punishing defecting behaviors, more people invest in cooperative tendencies and hence the endogenous social trust is higher, though the equilibrium cooperative tendencies are lower. This paper provides a plausible explanation for many …

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Geographic Decomposition Of Inequality In Health And Wealth: Evidence From Cambodia, Tomoki Fujii Dec 2007

Geographic Decomposition Of Inequality In Health And Wealth: Evidence From Cambodia, Tomoki Fujii

Research Collection School Of Economics

The small-area estimation developed by Elbers, Lanjouw and Lanjouw (2002, 2003), in which a census and a survey are combined to produce the estimates of welfare measures for small geographic areas, has become a standard tool for poverty analysis in developing countries. The small-area estimates are typically plotted on a map, which are commonly called a poverty map. Poverty maps proved useful for policy analysis and formulation, and have become increasingly popular among policy-makers and researchers. In Cambodia, poverty maps have been used by various international organizations, ministries and non-governmental organizations for analyzing the poverty situations for their operation areas, …

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Global Analysis Of An Expectations Augmented Evolutionary Dynamics, Angelo Antoci, Antonio Gay, Massimiliano Landi, Pier Luigi Sacco Dec 2007

Global Analysis Of An Expectations Augmented Evolutionary Dynamics, Angelo Antoci, Antonio Gay, Massimiliano Landi, Pier Luigi Sacco

Research Collection School Of Economics

We consider a deterministic evolutionary model where players form expectations about future play. Players are not fully rational and have expectations that change over time in response to current payoffs and feedback from the past. We provide a complete characterization of the qualitative dynamics so induced for a two strategies population game, and relate our findings to standard evolutionary dynamics and equilibrium selection when agents have rational forward looking expectations.

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Singapore's Exchange Rate Policy: Some Implementation Issues, Hwee Kwan Chow Dec 2007

Singapore's Exchange Rate Policy: Some Implementation Issues, Hwee Kwan Chow

Research Collection School Of Economics

Reflecting the small open nature of its economy, Singapore has adopted an exchange rate-centered monetary policy framework since 1981. The exchange rate regime in Singapore is an intermediate regime that follows the basket-band-crawl system. With this managed float system, the MAS has successfully deterred speculators from attacking the domestic currency for most of the past three decades. At the same time, the flexibility accorded by the managed float system aided Singapore in escaping from the 1997–1998 Asian crisis relatively unscathed. In order to advance our understanding of the hitherto successful operation of Singapore's exchange rate policy, we examine the following …

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Long Run Covariance Matrices For Fractionally Integrated Processes, Peter C. B. Phillips, Sik Kim Chang Dec 2007

Long Run Covariance Matrices For Fractionally Integrated Processes, Peter C. B. Phillips, Sik Kim Chang

Research Collection School Of Economics

An asymptotic expansion is given for the autocovariance matrix of a vector of stationary long-memory processes with memory parameters d ∈ [0,½). The theory is then applied to deliver formulas for the long-run covariance matrices of multivariate time series with long memory.Phillips acknowledges partial support from a Kelly Fellowship and from the NSF under grant SES 04-142254. This may be proved directly using a Fourier integral asymptotic expansion when the spectrum of the short-memory component is analytic.

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Nonstationary Discrete Choice: A Corrigendum And Addendum, Peter C. B. Phillips, Sainan Jin, Ling Hu Dec 2007

Nonstationary Discrete Choice: A Corrigendum And Addendum, Peter C. B. Phillips, Sainan Jin, Ling Hu

Research Collection School Of Economics

We correct the limit theory presented in an earlier paper by Hu and Phillips [2004a. Nonstationary discrete choice. Journal of Econometrics 120, 103-138] for nonstationary time series discrete choice models with multiple choices and thresholds. The new limit theory shows that, in contrast to the binary choice model with nonstationary regressors and a zero threshold where there are dual rates of convergence (n1/4 and n3/4), all parameters including the thresholds converge at the rate n3/4. The presence of nonzero thresholds therefore materially affects rates of convergence. Dual rates of convergence reappear when stationary variables are present in the system. Some …

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Incidental Trends And The Power Of Panel Unit Root Tests, Hyungsik Roger Moon, Benoit Perrron, Peter C. B. Phillips Dec 2007

Incidental Trends And The Power Of Panel Unit Root Tests, Hyungsik Roger Moon, Benoit Perrron, Peter C. B. Phillips

Research Collection School Of Economics

The asymptotic local power of various panel unit root tests is investigated. The (Gaussian) power envelope is obtained under homogeneous and heterogeneous alternatives. The envelope is compared with the asymptotic power functions for the pooled t-test, the Ploberger and Phillips [2002. Optimal testing for unit roots in panel data. Mimeo] test, and a point optimal test in neighborhoods of unity that are of order n-1/4T-1 and n-1/2T-1, depending on whether or not incidental trends are extracted from the panel data. In the latter case, when the alternative hypothesis is homogeneous across individuals, it is shown that the point optimal test …

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Building Social Trust: A Human Capital Approach, Fali Huang Dec 2007

Building Social Trust: A Human Capital Approach, Fali Huang

Research Collection School Of Economics

Much evidence suggests individuals differ in their predisposition to cooperate, which is essentially a component of human capital. This paper examines the role of individual cooperative tendencies and their interactions with institutions in generating social trust; it also endogenizes cooperative tendencies using a human-capital investment model. Multiple equilibria and inefficiencies exist due to positive externalities. An innovative finding is that, when institutions are more effective in punishing defecting behaviors, more people invest in cooperative tendencies and hence the endogenous social trust is higher, though the equilibrium cooperative tendencies are lower. This paper provides a plausible explanation for many empirical and …

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A Consistent Characteristic Function-Based Test For Conditional Independence, Liangjun Su, Halbert White Dec 2007

A Consistent Characteristic Function-Based Test For Conditional Independence, Liangjun Su, Halbert White

Research Collection School Of Economics

Y is conditionally independent of Z given X if Pr{f(y|X,Z)=f(y|X)}=1 for all y on its support, where f(·|·) denotes the conditional density of Y given (X,Z) or X. This paper proposes a nonparametric test of conditional independence based on the notion that two conditional distributions are equal if and only if the corresponding conditional characteristic functions are equal. We extend the test of Su and White (2005. A Hellinger-metric nonparametric test for conditional independence. Discussion Paper, Department of Economics, UCSD) in two directions: (1) our test is less sensitive to the choice of bandwidth sequences; (2) our test has power …

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Norming "Moderation" In An "Iconic Target": Public Policy And The Regulation Of Religious Anxieties In Singapore, Eugene K. B. Tan Dec 2007

Norming "Moderation" In An "Iconic Target": Public Policy And The Regulation Of Religious Anxieties In Singapore, Eugene K. B. Tan

Research Collection Yong Pung How School Of Law

The maintenance of a “moderate mainstream” Muslim community as a bulwark against the fraying of harmonious ethnic relations has become a key governance concern post-September 11. In light of the global concern—and often paranoia—with diasporic Islam, Islamic religious institutions and civil society have been portrayed in the popular media as hotbeds of radicalism, promoters of hatred, and recruiters for a “conflict of civilization” between the Muslim world and the modern world. Having declared itself a terrorist's “iconic target,” Singapore has taken a broad-based community approach in advancing inter-religious tolerance, including a subtle initiative to include the “Muslim civil society” in …

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The Sunset Of "Quality Control" In Modern Trademark Licensing, Irene Calboli Dec 2007

The Sunset Of "Quality Control" In Modern Trademark Licensing, Irene Calboli

Research Collection Yong Pung How School Of Law

Historically, based on the premise that trademark protection is about consumer welfare, trademark law has allowed trademark licensing only as long as licensors control the quality of the products bearing the licensed marks. Ever since its adoption, however, this rule has been difficult to enforce because it hinges on a concept that is ambiguous and difficult to frame in a legal context: quality control. Unsurprisingly, the consequence has been inconsistent case law and much uncertainty as to what represents valid licensing. In addition, in the past decades, courts have proven increasingly reticent to strictly apply this rule and have declared …

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Preventing Location-Based Identity Inference In Anonymous Spatial Queries, Panos Kalnis, Gabriel Ghinita, Kyriakos Mouratidis, Dimitris Papadias Dec 2007

Preventing Location-Based Identity Inference In Anonymous Spatial Queries, Panos Kalnis, Gabriel Ghinita, Kyriakos Mouratidis, Dimitris Papadias

Research Collection School Of Computing and Information Systems

The increasing trend of embedding positioning capabilities (for example, GPS) in mobile devices facilitates the widespread use of location-based services. For such applications to succeed, privacy and confidentiality are essential. Existing privacy-enhancing techniques rely on encryption to safeguard communication channels, and on pseudonyms to protect user identities. Nevertheless, the query contents may disclose the physical location of the user. In this paper, we present a framework for preventing location-based identity inference of users who issue spatial queries to location-based services. We propose transformations based on the well-established K-anonymity concept to compute exact answers for range and nearest neighbor search, without …

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Tuning Tabu Search Strategies Via Visual Diagnosis, Steven Halim, Hoong Chuin Lau Dec 2007

Tuning Tabu Search Strategies Via Visual Diagnosis, Steven Halim, Hoong Chuin Lau

Research Collection School Of Computing and Information Systems

While designing working metaheuristics can be straightforward, tuning them to solve the underlying combinatorial optimization problem well can be tricky. Several tuning methods have been proposed but they do not address the new aspect of our proposed classification of the metaheuristic tuning problem: tuning search strategies. We propose a tuning methodology based on Visual Diagnosis and a generic tool called Visualizer for Metaheuristics Development Framework(V-MDF) to address specifically the problem of tuning search (particularly Tabu Search) strategies. Under V-MDF, we propose the use of a Distance Radar visualizer where the human and computer can collaborate to diagnose the occurrence of …

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A Trans-Tasman Business Elite?, Nicholas Harrigan, Shaun Goldfinch Dec 2007

A Trans-Tasman Business Elite?, Nicholas Harrigan, Shaun Goldfinch

Research Collection School of Social Sciences

This article examines the close relationship between the Australian and New Zealand business communities to ask whether the relationship is best characterized as simply a bi-lateral trading relationship, or whether there is evidence of the formation of a transnational business community. This article also seeks to explore the nature of Australia—New Zealand integration, and specifically the degree to which the relationship is interdependent or asymmetrical. Data are drawn from quantitative sources — including a dataset developed from the IBISWorld's Largest 2000 Enterprises in Australia and New Zealand, Who's Who in Australia, and Who's Who in Business in Australia — and …

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Competitive Equilibrium In E-Commerce: Pricing And Outsourcing, Parijat Dube, Zhen Liu, Laura Wynter, Cathy Xia Dec 2007

Competitive Equilibrium In E-Commerce: Pricing And Outsourcing, Parijat Dube, Zhen Liu, Laura Wynter, Cathy Xia

Research Collection School Of Computing and Information Systems

The success of firms engaged in e-commerce depends on their ability to understand and exploit the dynamics of the market. One component of this is the ability to extract maximum profit and minimize costs in the face of the harsh competition that the internet provides. We present a general framework for modeling the competitive equilibrium across two firms, or across a firm and the market as a whole. Within this framework, we study pricing choices and analyze the decision to outsource IT capability. Our framework is novel in that it allows for any number of distributions on usage levels, price–QoS …

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Study Of The Minimum Spanning Hyper-Tree Routing Algorithm In Wireless Sensor Networks, Ting Yang, Yugeng Sun, Zhaoxia Wang, Juwei Zhang, Yingqiang Ding Dec 2007

Study Of The Minimum Spanning Hyper-Tree Routing Algorithm In Wireless Sensor Networks, Ting Yang, Yugeng Sun, Zhaoxia Wang, Juwei Zhang, Yingqiang Ding

Research Collection School Of Computing and Information Systems

Designing energy-efficient routing protocols to effectively increase the networks' lifetime and provide the robust network service is one of the important problems in the research of wireless sensor networks. Using the hyper-graph theory, the paper represents large-scale wireless sensor networks into a hyper-graph model, which can effectively decrease the control messages in routing process. Based on this mathematic model, the paper presents the minimum spanning hyper-tree routing algorithm in synchronous wireless sensor networks (MSHT-SN), which builds a minimum energy consumption tree for data collection from multi-nodes to Sink node. The validity of the algorithm is proved by the theatrical analysis. …

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Multi-Order Neurons For Evolutionary Higher Order Clustering And Growth, Kiruthika Ramanathan, Sheng Uei Guan Dec 2007

Multi-Order Neurons For Evolutionary Higher Order Clustering And Growth, Kiruthika Ramanathan, Sheng Uei Guan

Research Collection School Of Computing and Information Systems

This letter proposes to use multiorder neurons for clustering irregularly shaped data arrangements. Multiorder neurons are an evolutionary extension of the use of higher-order neurons in clustering. Higher-order neurons parametrically model complex neuron shapes by replacing the classic synaptic weight by higher-order tensors. The multiorder neuron goes one step further and eliminates two problems associated with higher-order neurons. First, it uses evolutionary algorithms to select the best neuron order for a given problem. Second, it obtains more information about the underlying data distribution by identifying the correct order for a given cluster of patterns. Empirically we observed that when the …

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Location Update Versus Paging Trade-Off In Cellular Networks: An Approach Based On Vector Quantization, Abhishek Roy, Archan Misra, Sajal K. Das Dec 2007

Location Update Versus Paging Trade-Off In Cellular Networks: An Approach Based On Vector Quantization, Abhishek Roy, Archan Misra, Sajal K. Das

Research Collection School Of Computing and Information Systems

In this paper we propose two information-theoretic techniques for efficiently trading off the location update and paging costs associated with mobility management in wireless cellular networks. Previous approaches attempt to always accurately convey a mobile's movement sequence and hence, cannot reduce the signaling cost below the entropy bound. Our proposed techniques, however, exploit rate-distortion theory to arbitrarily reduce the update cost, at the expense of an increase in the corresponding paging overhead. To this end, we describe two location tracking algorithms, based on spatial quantization and temporal quantization, which first quantize the movement sequence into a smaller set of codewords, …

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Lawyers And Great Expectations In Pakistan, Shubhankar Dam Nov 2007

Lawyers And Great Expectations In Pakistan, Shubhankar Dam

Research Collection Yong Pung How School Of Law

No abstract provided.

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Lessons From The Sub-Prime Crisis, Melvyn Teo Nov 2007

Lessons From The Sub-Prime Crisis, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

We show that there is significant variation in performance across hedge funds during the subprime crisis. Hedge funds that (i) invested in Asia, (ii) had equity exposure, (iii) adopted directional strategies, or (iv) allowed for frequent redemptions, underperformed other funds. Moreover, leveraged funds did not fare significantly worse than their non-leveraged counterparts. Our results suggest that credit market illiquidity was not directly responsible for the bloodshed amongst hedge funds. Rather, funds were hurt by an increase in global risk aversion and by fire sales conducted in anticipation of redemptions.

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Transforming A Region Into A Vibrant Entrepreneurial Economy: How To Create The Multiplier Effect, Knowledge@Smu Nov 2007

Transforming A Region Into A Vibrant Entrepreneurial Economy: How To Create The Multiplier Effect, Knowledge@Smu

Knowledge@SMU

Sankaran Venkataraman is business administration professor at the Darden Graduate School of Business Administration, University of Virginia, and visiting professor of entrepreneurship and business at the Singapore Management University. At a recent seminar in Singapore, Venkataraman explored the question, “What does it take for a nascent entrepreneurial region to create the multiplier effect necessary to transform itself into a vibrant entrepreneurial economy?” In his view, institutional specialisation, division of labour, the architecture of entrepreneurial sub-systems and intangible cultures all play critical roles.

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Michael Schaper On Small Businesses: Unravelling Popular Myths About Their Value And Viability, Knowledge@Smu Nov 2007

Michael Schaper On Small Businesses: Unravelling Popular Myths About Their Value And Viability, Knowledge@Smu

Knowledge@SMU

Small businesses typically account for more than 95% of all private sector entities and employ more than half the workforce in some countries, reveals a study by Michael Schaper, dean of the Murdoch University Business School in Australia. Speaking at the Singapore Management University’s UOB-SMU Enterprise Alliance Centre recently, Schaper dismantled some common misconceptions about the value and profiles of small businesses and their owners.

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Global Sourcing Model Helps Companies Optimise Benefits From Free Trade Agreements, Knowledge@Smu Nov 2007

Global Sourcing Model Helps Companies Optimise Benefits From Free Trade Agreements, Knowledge@Smu

Knowledge@SMU

As FTAs (Free Trade Agreements) proliferate, companies increasingly face difficult decisions about where to source for components and set up manufacturing bases so as to benefit from FTAs. Brian Rodrigues, professor of operations management at the Singapore Management University, and management sciences professors Li Yanzhi and Andrew Lim at the City University of Hong Kong, have developed an easy to use algorithm which helps companies do just that.

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Understanding Differences In Behaviour: The Role Of Mental Models, Knowledge@Smu Nov 2007

Understanding Differences In Behaviour: The Role Of Mental Models, Knowledge@Smu

Knowledge@SMU

Why do some people make snap judgements about another person based on a single behaviour, while others make up their minds only after repeated observations in different situations? Singapore Management University psychology professor Jennifer Tong attempts to shed new light on why people entertain different assumptions about the nature of human behaviour in a series of psychological studies with a difference. Her findings have practical implications for interactions in the office and at the personal level. --------------------------------------------------------------------------------

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Do Software Development Projects Dispersed Across The Globe Deliver The Goods?, Knowledge@Smu Nov 2007

Do Software Development Projects Dispersed Across The Globe Deliver The Goods?, Knowledge@Smu

Knowledge@SMU

Higher demands on computer systems and networks compel technology companies to assign software development duties across many dispersed centres in the US, India, China and elsewhere. In actual practice, does this distributed development model work well? Singapore Management University information systems professors Narayan Ramasubbu and Rajesh Krishna Balan examined this question in an award-winning paper, “Globally Distributed Software Development Project Performance: An Empirical Analysis,” presented recently at a joint meeting of the European Software Engineering Conference and the ACM SIGSOFT symposium.

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Is Direct Method Cash Flow Reporting Better At Predicting Future Performance?, Knowledge@Smu Nov 2007

Is Direct Method Cash Flow Reporting Better At Predicting Future Performance?, Knowledge@Smu

Knowledge@SMU

“Cash is king” goes the saying. Even companies enjoying brisk business have been known to fail because of unhealthy cash flows. The accounting profession is split over the benefits of the direct method (DM) versus the indirect method (IM) of preparing cash flow reports. In a study of over 100 US-based companies which used direct cash flow statements, Singapore Management University accounting professor Yoonseok Zang shows conclusively that the direct method does better at predicting future performance and earnings. --------------------------------------------------------------------------------

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State-Led Transborder Industrialization In Asia: A Note On Singapore's Manufacturing Enclaves In Vietnam And China, Caroline Yeoh, Wilfred Pow Ngee How Nov 2007

State-Led Transborder Industrialization In Asia: A Note On Singapore's Manufacturing Enclaves In Vietnam And China, Caroline Yeoh, Wilfred Pow Ngee How

Research Collection Lee Kong Chian School Of Business

State-led, market-driven interventions have been the hallmark of the Singapore `success storyÆ. This paper revisits SingaporeÆs state-enterprise strategy and takes a closer look at the portability of this strategy, in the framework of Regionalization21, a series of transborder industrialization experiments in Indonesia, Vietnam and China. These state-engineered projects, orchestrated to encapsulate economic space for Singapore-based firms to expand into the region, remain controversial. This strategic initiative is promulgated on the exportability of SingaporeÆs state credibility, systemic and operational efficiencies as well as technological competencies, to locations where these attributes are less distinct. We present evidence culled from surveys and interviews …

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