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Investing In Hedge Funds When Returns Are Predictable, Doron Avramov, Robert Kosowski, Narayan Y. Naik, Melvyn Teo Aug 2007

Investing In Hedge Funds When Returns Are Predictable, Doron Avramov, Robert Kosowski, Narayan Y. Naik, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

This paper evaluates hedge fund performance through portfolio strategies that incorporate predictability in managerial skills, fund risk loadings, and benchmark returns. Incorporating predictability substantially improves performance for the entire universe of hedge funds as well as various subsets based on investment styles. Such out-performance is strongest during market downturns when the marginal utility of consumption is relatively high. Moreover, the major source of investment profitability is predictability in managerial skills. In particular, long-only strategies that incorporate predictable skills outperform their Fung and Hsieh (2004) benchmarks by over 12 percent per year. The economic value of predictability obtains for various rebalancing …

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Understanding Chinese Business Behaviour: A Historical Perspective, Taieb Hafsi, Li Yan Aug 2007

Understanding Chinese Business Behaviour: A Historical Perspective, Taieb Hafsi, Li Yan

Research Collection Lee Kong Chian School Of Business

The behaviour of Chinese business has been studied by a variety of strategic management scholars (see in particular Hafsi and Tian, 2005; Peng, 2006; Peng and Heat, 1996). Most of these studies rely on traditional data gathering, either in the form of interviews or published data banks. Very little attention has been given to history as a determinant of strategic behaviour. In this paper, we propose that the cognitive orientation of Chinese managers is dominated by their knowledge and understanding of Chinese history. We take the Three Kingdoms historic novel as a proxy to history to derive basic behavioral norms …

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To Trust Or To Monitor: A Dynamic Analysis, Fali Huang Aug 2007

To Trust Or To Monitor: A Dynamic Analysis, Fali Huang

Research Collection School Of Economics

In a principal-agent framework, principals can mitigate moral hazard problems not only through extrinsic incentives such as monitoring, but also through agents’ intrinsic trustworthiness. Their relative usage, however, changes over time and varies across societies. This paper attempts to explain this phenomenon by endogenizing agent trustworthiness as a response to potential returns. When monitoring becomes relatively cheaper over time, agents acquire lower trustworthiness, which may actually drive up the overall governance cost in society. Across societies, those giving employees lower weights in choosing governance methods tend to have higher monitoring intensities and lower trust. These results are consistent with the …

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Does Tv Affect Child Cognitive Development?, Fali Huang, Myoung-Jae Lee Aug 2007

Does Tv Affect Child Cognitive Development?, Fali Huang, Myoung-Jae Lee

Research Collection School Of Economics

We investigate whether TV watching at ages 6-7 and 8-9 affects cognitive development measured by math and reading scores at ages 8-9 using a rich childhood longitudinal sample from NLSY79. Dynamic panel data models are estimated to handle the unobserved child-specific factor, endogeneity of TV watching, and dynamic nature of the causal relation. A special emphasis is put on the last aspect where TV watching affects cognitive development which in turn affects the future TV watching. When this feedback occurs, it is not straightforward to identify and estimate the TV effect. We adopt estimation methods available in the biostatistics literature …

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A Welfare Analysis Of Capital Account Liberalization, Jürgen Von Hagen, Haiping Zhang Aug 2007

A Welfare Analysis Of Capital Account Liberalization, Jürgen Von Hagen, Haiping Zhang

Research Collection School Of Economics

We develop a model of a small open economy with credit market frictions to analyze the consequences of capital account liberalization. We show that nancial opening facilitates the in ows of cheap foreign funds and improves production e ciency. Reforms increasing labor market exibility can further improve such e ciency gains. However, capital account liberalization also has important distributional consequences. Speci cally, it may be impossible to use public transfers to fully compensate the loss of those negatively a ected by capital account liberalization. This explains why nancial opening often meets erce opposition even though it leads to e ciency …

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On The Segmentation Of Markets, Nicolas L. Jacquet, Serene Tan Aug 2007

On The Segmentation Of Markets, Nicolas L. Jacquet, Serene Tan

Research Collection School Of Economics

This paper endogenizes the market structure of an economy with heterogeneous agents who want to form bilateral matches in the presence of search frictions and when utility is nontransferable. There exist infinitely many marketplaces, and each agent chooses which marketplace to be in: agents get to choose not only whom to match with but also whom they meet with. Perfect segmentation is obtained in equilibrium, where agents match with the first person they meet. All equilibria have the same matching pattern. Although perfect assortative matching is not obtained in equilibrium, the degree of assortativeness is greater than in standard models.

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Theoretical And Practical Complexity Of Modeling Methods, John Erickson, Keng Siau Aug 2007

Theoretical And Practical Complexity Of Modeling Methods, John Erickson, Keng Siau

Research Collection School Of Computing and Information Systems

The estimation of theoretical and practical complexity of a system development method is discussed. Executable model capability allow developers to transform models developed during the Systems Analysis and Design portion of the systems development process into working applications. Systems are becoming more complex mostly because of influencing factors such as required and enhanced functionality, interoperability, and security. Other trends that impact the complexity of applications include systems such as enterprise resource planning, supply chain management, and customer relationship management. These types of systems are very large and complex and require close internal cooperation for the implementing organizations individually and also …

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Innovation Stack - Choosing Innovations For Commercialization, Arcot Desai Narasimhalu Aug 2007

Innovation Stack - Choosing Innovations For Commercialization, Arcot Desai Narasimhalu

Research Collection School Of Computing and Information Systems

This paper describes a method for enterprises to order the innovations of interest according to a number of parameters including their own business strategy and core competencies. The method takes into account aspects such as ability to create entry barriers and complementary assets. Enterprises can now use this method to both filter out innovations that may not be of interest to them and then order the short listed or selected innovations according to their attractiveness.

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Century: Automated Aspects Of Patient Care, Marion Blount, John Davis, Maria Ebling, Ji Hyun Kim, Kyun Hyun Kim, Kang Yoon Lee, Archan Misra, Se Hun Park, Daby Sow, Young Ju Tak, Min Wang, Karen Witting Aug 2007

Century: Automated Aspects Of Patient Care, Marion Blount, John Davis, Maria Ebling, Ji Hyun Kim, Kyun Hyun Kim, Kang Yoon Lee, Archan Misra, Se Hun Park, Daby Sow, Young Ju Tak, Min Wang, Karen Witting

Research Collection School Of Computing and Information Systems

Remote health monitoring affords the possibility of improving the quality of health care by enabling relatively inexpensive out-patient care. However, remote health monitoring raises new a problem: the potential for data explosion in health care systems. To address this problem, the remote health monitoring systems must be integrated with analysis tools that provide automated trend analysis and event detection in real time. In this paper, we propose an overview of Century, an extensible framework for analysis of large numbers of remote sensor-based medical data streams.

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A Genetic Algorithm For Cellular Manufacturing Design And Layout, Xiaodan Wu, Chao-Hsien Chu, Yunfeng Wang, Weili Yan Aug 2007

A Genetic Algorithm For Cellular Manufacturing Design And Layout, Xiaodan Wu, Chao-Hsien Chu, Yunfeng Wang, Weili Yan

Research Collection School Of Computing and Information Systems

Cellular manufacturing (CM) is an approach that can be used to enhance both flexibility and efficiency in today’s small-to-medium lot production environment. The design of a CM system (CMS) often involves three major decisions: cell formation, group layout, and group schedule. Ideally, these decisions should be addressed simultaneously in order to obtain the best results. However, due to the complexity and NP-complete nature of each decision and the limitations of traditional approaches, most researchers have only addressed these decisions sequentially or independently. In this study, a hierarchical genetic algorithm is developed to simultaneously form manufacturing cells and determine the group …

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Measuring Knowledge Sharing In Open Source Software Development Teams, Y. Long, Keng Siau, K. Howell Aug 2007

Measuring Knowledge Sharing In Open Source Software Development Teams, Y. Long, Keng Siau, K. Howell

Research Collection School Of Computing and Information Systems

The study provides an approach to measure the extent of knowledge sharing in Open Source Software (OSS) development in terms of two aspects: the quality of knowledge sharing which is indicated by the helpfulness of the messages, and the quantity of knowledge sharing which is indicated by the volume of the messages. The study developed a computer-aided content analysis program to assess the helpfulness of the messages based on a set of keywords and the length of the messages. The approach was applied to measure the extent of knowledge sharing of 150 OSS projects. The results further confirmed that the …

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Design Science Research On Systems Analysis And Design: The Case Of Uml, X. Tan, Keng Siau, J. Erickson Aug 2007

Design Science Research On Systems Analysis And Design: The Case Of Uml, X. Tan, Keng Siau, J. Erickson

Research Collection School Of Computing and Information Systems

Design science in the IS discipline seeks to create artifacts that embody the ideas, practices, technical capabilities, and products required to efficiently accomplish the analysis, design, implementation, and use of information systems (Hevner et al 2006). SA&D research, being close to the design science paradigm, has suffered from a lack of appreciation from the behavioral science paradigm. To provide a paradigmatic foundation, we propose a conceptual framework for SA&D research. The framewor was developed based on several essays that systematically articulate the design science paradigm in the IS field. Using this framework, we reviewed some UML papers that appeared in …

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Near-Duplicate Keyframe Identification With Interest Point Matching And Pattern Learning, Wan-Lei Zhao, Chong-Wah Ngo, Hung-Khoon Tan, Xiao Wu Aug 2007

Near-Duplicate Keyframe Identification With Interest Point Matching And Pattern Learning, Wan-Lei Zhao, Chong-Wah Ngo, Hung-Khoon Tan, Xiao Wu

Research Collection School Of Computing and Information Systems

This paper proposes a new approach for near-duplicate keyframe (NDK) identification by matching, filtering and learning of local interest points (LIPs) with PCA-SIFT descriptors. The issues in matching reliability, filtering efficiency and learning flexibility are novelly exploited to delve into the potential of LIP-based retrieval and detection. In matching, we propose a one-to-one symmetric matching (OOS) algorithm which is found to be highly reliable for NDK identification, due to its capability in excluding false LIP matches compared with other matching strategies. For rapid filtering, we address two issues: speed efficiency and search effectiveness, to support OOS with a new index …

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Enhanced Security By Os-Oriented Encapsulation In Tpm-Enabled Drm, Yongdong Wu, Feng Bao, Robert H. Deng, Marc Mouffron, Frederic Rousseau Aug 2007

Enhanced Security By Os-Oriented Encapsulation In Tpm-Enabled Drm, Yongdong Wu, Feng Bao, Robert H. Deng, Marc Mouffron, Frederic Rousseau

Research Collection School Of Computing and Information Systems

The Trusted Computing Group (TCG) defines the specifications for the Trusted Platform Module (TPM) and corresponding trust mechanisms that allow a TPM-enabled platform to run only authenticated software. For example, the operating system (OS) can use the facilities provided by the TPM to authenticate a Digital Rights Management (DRM) application before allowing it to run. However TCG does not provide any clear specification on what kind of software can be regarded as trusted and hence be authenticated. In fact it is unlikely that there will be a clear line between the software that should be authenticated and those should not, …

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Re-Engineering Xid Technologies - From Enterprise To Consumer Markets, Arcot Desai Narasimhalu Aug 2007

Re-Engineering Xid Technologies - From Enterprise To Consumer Markets, Arcot Desai Narasimhalu

Research Collection School Of Computing and Information Systems

Several studies have addressed the process of taking ideas to markets but few have shared the experiences of start up companies that have reexamined their product strategies and repositioned their products and services for better revenues and profits. This paper reports the efforts related to repositioning of XID technologies, a start up company, into new markets while continuing to exploit its core technical competencies.

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Are You Too Smart For Your Own Good?, M. Thulasidas Aug 2007

Are You Too Smart For Your Own Good?, M. Thulasidas

Research Collection School Of Computing and Information Systems

Knowledge can be a bad thing, if others are taking credit for it. TECHNICAL knowledge is not always a good thing for you in the modern workplace.

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Designing The Value Curve For Your Next Innovation, Arcot Desai Narasimhalu Aug 2007

Designing The Value Curve For Your Next Innovation, Arcot Desai Narasimhalu

Research Collection School Of Computing and Information Systems

This paper introduces an additional feature to the strategy canvas and value curve that will make innovation designers more effective. The new feature is to let the innovators carry out the designs of their new innovations taking into account both the cost of improving the quality of a parameter that the users value highly and the savings accrued from the drop in provisioning for parameters that users place less emphasis in an innovation.

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Predicting Coronary Artery Disease With Medical Profile And Gene Polymorphisms Data, Qiongyu Chen, Guoliang Li, Tze-Yun Leong, Chew-Kiat Heng Aug 2007

Predicting Coronary Artery Disease With Medical Profile And Gene Polymorphisms Data, Qiongyu Chen, Guoliang Li, Tze-Yun Leong, Chew-Kiat Heng

Research Collection School Of Computing and Information Systems

Coronary artery disease (CAD) is a main cause of death in the world. Finding cost-effective methods to predict CAD is a major challenge in public health. In this paper, we investigate the combined effects of genetic polymorphisms and non-genetic factors on predicting the risk of CAD by applying well known classification methods, such as Bayesian networks, naïve Bayes, support vector machine, k-nearest neighbor, neural networks and decision trees. Our experiments show that all these classifiers are comparable in terms of accuracy, while Bayesian networks have the additional advantage of being able to provide insights into the relationships among the variables. …

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An Artificial Immune System Based Approach For English Grammar Correction, Akshat Kumar, Shivashankar B. Nair Aug 2007

An Artificial Immune System Based Approach For English Grammar Correction, Akshat Kumar, Shivashankar B. Nair

Research Collection School Of Computing and Information Systems

Grammar checking and correction comprise of the primary problems in the area of Natural Language Processing (NLP). Traditional approaches fall into two major categories: Rule based and Corpus based. While the former relies heavily on grammar rules the latter approach is statistical in nature. We provide a novel corpus based approach for grammar checking that uses the principles of an Artificial Immune System (AIS).We treat grammatical error as pathogens (in immunological terms) and build antibody detectors capable of detecting grammatical errors while allowing correct constructs to filter through. Our results show that it is possible to detect a range of …

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Mapping Better Business Strategies With Gis, Tin Seong Kam Aug 2007

Mapping Better Business Strategies With Gis, Tin Seong Kam

Research Collection School Of Computing and Information Systems

The value of location as a business measure is fast becoming an important consideration for organisations. GIS (Geographical Information Systems), with its capability to manage, display, analyse business information spatially, is emerging as a powerful location intelligence tool. In the US, Starbucks, Blockbuster, Hyundai, and thousands of other businesses use census data and GIS software to help them understand what types of people buy their products and services, and how to better market to these consumers. For example, McDonald’s in Japan uses a GIS system to overlay demographic information on maps to help identify promising new store sites. Singapore Management …

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Asian Hedge Funds: A Tale Of Three Cities, Melvyn Teo Jul 2007

Asian Hedge Funds: A Tale Of Three Cities, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

The hedge fund industry in Asia is dominated by a trio of financial centres: Hong Kong, Singapore, and Sydney. In this inaugural issue of the statistical digest, we provide a broad overview of the hedge fund industry in Asia and zero in on issues relevant to investors. Our analysis will be organized along the lines of manager location. Accordingly, we ask the following questions: How are hedge fund assets deployed across the three centres? What investment strategies do these assets partake in? Does the risk-adjusted performance of those assets differ across centres? To shed light on these issues, we employ …

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The Search For Global Talent: Recent Trends In Asia, Knowledge@Smu Jul 2007

The Search For Global Talent: Recent Trends In Asia, Knowledge@Smu

Knowledge@SMU

Globally, the cross-border flow of workers has gained significant momentum over the past few decades as many countries actively seek foreign talent or encourage their own nationals to return home, state co-editors Christiane Kuptsch and Pang Eng Fong in a 2006 publication, Competing for Global Talent, which was cited in the Economist’s “Special Report, A Survey of Talent” (5 October 2006). Pang, who is Singapore Management University business school dean and professor of management, talks to Knowledge@SMU about recent trends in Asia with specific reference to Singapore’s experience in sourcing global talent.

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Games People Play: Can Singapore Power-Up Fast Enough To Claim A Share Of The Bounty?, Knowledge@Smu Jul 2007

Games People Play: Can Singapore Power-Up Fast Enough To Claim A Share Of The Bounty?, Knowledge@Smu

Knowledge@SMU

According to PricewaterhouseCooper’s latest "Global Entertainment and Media Outlook" , the Asia Pacific region is projected to top overall global spending on video games over the next five years. In Singapore, the government invested half a billion Singapore dollars (US$325 million) in 2006 in the interactive digital media (IDM) services sector. Singapore Management University professor of management Ted Tschang has been paying especial attention to the gaming and related industries, sub-sectors of IDM. In an interview with Knowledge@SMU, Tschang discusses the role of global culture as a critical success factor, and Singapore’s efforts to get into the game.

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Managing Retirement Risk In An Ageing World: The Global Picture, Knowledge@Smu Jul 2007

Managing Retirement Risk In An Ageing World: The Global Picture, Knowledge@Smu

Knowledge@SMU

According to HSBC’s 2007 global retirement study, most retirees in their 60s and 70s are living healthy, happy and productive lives. However, as the world rapidly ages, most pre-retirees are surprisingly unconcerned about how they will cope in their retirement. In Part 1 of a 2-part article, Olivia Mitchell, Wharton professor of insurance and risk management, who is also a chaired professor at Singapore Management University, cautions that these people might be living with a false sense of security, and could face a rude awakening when it is too late to do anything about it.

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An Infinite Number Of Niche Markets': The Long Tail And 21st Century Economics, Knowledge@Smu Jul 2007

An Infinite Number Of Niche Markets': The Long Tail And 21st Century Economics, Knowledge@Smu

Knowledge@SMU

Ever since Chris Anderson coined the term “long tail” in a Wired magazine article in 2004 -- expanding on this idea in a bestselling book lat year called The Long Tail: Why the Future of Business Is Selling Less of More -- people have been applying the Long Tail concept to businesses everywhere, both online and offline. At a lecture in May this year held at the Singapore Management University and organised by the Digital Media Academy of Singapore, Anderson talked about the long tail phenomenon and how it can be applied to everything from Amazon.com to LEGO robots.

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The 'Big Think Strategy' For Creativity And Innovation: Bernd Schmitt's New Book, Knowledge@Smu Jul 2007

The 'Big Think Strategy' For Creativity And Innovation: Bernd Schmitt's New Book, Knowledge@Smu

Knowledge@SMU

Bernd Schmitt, professor of international business at Columbia Business School in New York, is a driving force behind the concept of customer experiential marketing. Schmitt, who also directs Columbia’s Center on Global Brand Leadership, has published six books on the subject, three of them co-authored, with translations in 16 languages. While on a visit to Singapore in June, Schmitt provided Knowledge@SMU with a sneak preview of his new book, Big Think Strategy: How to Leverage Bold Ideas and Leave Small Thinking Behind, to be published in December.

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Preventing A Real Estate Bubble In Asia: Can Loan Securitisation Help?, Knowledge@Smu Jul 2007

Preventing A Real Estate Bubble In Asia: Can Loan Securitisation Help?, Knowledge@Smu

Knowledge@SMU

Real estate is among the most highly leveraged sectors of an economy, which makes it more likely than others to precipitate a financial crisis, as happened in some Asian countries in 1997-1998. At the recent East Asian Seminar on Economics (EASE) of the National Bureau of Economic Research (NBER), held at Singapore Management University, Richard Green, Roberto S. Mariano, Andrey Pavlov and Susan Wachter presented a joint paper suggesting that asset securitisation could help reduce such risks. --------------------------------------------------------------------------------

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Managing The Knowledge Trap In Developing Economies Through Effective Governance, Knowledge@Smu Jul 2007

Managing The Knowledge Trap In Developing Economies Through Effective Governance, Knowledge@Smu

Knowledge@SMU

Singapore Management University professor of organisational behavior Thomas Menkhoff conducts research on the role of knowledge management as a key enabler of economic and social development. Menkhoff talked to Knowledge@SMU about best practices and challenges associated with utilising knowledge as a factor of production, based on the experiences of Singapore and selected developing and emergent economies.

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Smu Celebrates Fourth Batch Of 860 Graduates, Singapore Management University Jul 2007

Smu Celebrates Fourth Batch Of 860 Graduates, Singapore Management University

SMU Press Releases and News

No abstract provided.

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Singapore's First Institute For Service Excellence Established At Smu, Singapore Management University Jul 2007

Singapore's First Institute For Service Excellence Established At Smu, Singapore Management University

SMU Press Releases and News

No abstract provided.

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