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

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

Dissertations and Theses Collection (Open Access)

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

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The Promises And Prospects Of Geography In Higher Education, Lily Kong Jan 2007

The Promises And Prospects Of Geography In Higher Education, Lily Kong

Research Collection School of Social Sciences

The idea for this JGHE symposium came to me as I reflected on the spatial turn in the humanities and social sciences, and felt encouraged by the growing influence of geography in the intellectual spaces of other disciplines. Amidst positive thoughts, I wondered if the institutional position of the discipline had strengthened with its recently enhanced intellectual position, and what the geography of geography's institutional presence and strength was. For sure, anecdotal stories circulate regarding the opening or closure of a geography department, a renaming, a split and so forth…. A symposium of papers from different parts of the world …

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

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

Research Collection School of Social Sciences

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

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Merleau-Ponty On Human Motility And Libet's Paradox, T. Brian Mooney, Damien Norris Jan 2007

Merleau-Ponty On Human Motility And Libet's Paradox, T. Brian Mooney, Damien Norris

Research Collection School of Social Sciences

In 1979, neuroscientists Libet, Wright, Feinstein and Pearl introduced the delay-and-antedating hypothesis/paradox based on the results of an on-going series of experiments dating back to 1964 that measured the neural adequacy [brain wave activity] of conscious sensory experience. What is fascinating about the results of this experiment is the implication, especially when considered in the light of Merleau-Ponty’s notions of intentionality and the pre-reflective life of human motility, that the body, and hence not solely the mind, is a thinking thing. The experiments and conclusions of Libet et al. have attracted considerable academic attention and have been used in the …

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Party Groups And Policy Positions In The European Parliament, Gall Mcelroy, Kenneth Benoit Jan 2007

Party Groups And Policy Positions In The European Parliament, Gall Mcelroy, Kenneth Benoit

Research Collection School of Social Sciences

As the legislative body of the European Union (EU), the European Parliament (EP) comprises 732 elected representatives from over 150 national political parties from 25 member states. At the EP level, these members are affiliated with seven major party groups representing distinct policy positions. Here we provide precise estimates of these policy positions based on expert surveys, in addition to characterizing the dimensionality of policy competition in the EP. Our results suggest not only that party groups have identifiable and differentiated positions on multiple issues of policy, but also that these positions group broadly into two orthogonal dimensions: one consisting …

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

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

Research Collection School of Social Sciences

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

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Geography's Place In Higher Education In Singapore, Lily Kong Jan 2007

Geography's Place In Higher Education In Singapore, Lily Kong

Research Collection School of Social Sciences

Unlike the other papers in this symposium, which deal with countries where there are large numbers of universities, and comparison can be made over time and across space of geography's place in higher education, this paper focuses on a country that was for a long time described as a 'one-university town': Singapore. What interesting story call there be when geography's presence in higher education is so circumscribed? In this paper, the author illustrates how geography's,fate in higher education in Singapore is closely bound up with developments in other parts of the world, not unlike the way in which the country's …

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

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

Research Collection School of Social Sciences

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

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Trauma And Community: The Visual Politics Of Chinese Identity In Sino-Japanese Relations, William A. Callahan Jan 2007

Trauma And Community: The Visual Politics Of Chinese Identity In Sino-Japanese Relations, William A. Callahan

Research Collection School of Social Sciences

With the coming of industry to Europe and European empire to the world, individual bodies took on a new role to represent the modern body politic in international space. [...]the Boy Scouts was established as a way of safeguarding the fitness not just of specific boys against venereal disease, but of safeguarding the general fitness of British imperial rule that was 'threatened' by miscegenational temptations in the colonies.2 2. Rather than producing and distributing positive role models of Chinese patriots like the Boy Scouts, the National Humiliation Gymnastics primer uses basically the same image to construct the community of China …

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

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

Research Collection School of Social Sciences

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

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Globalization, The Developmental State, And The Politics Of Urban Growth In Korea: A Multilevel Analysis, Yooil Bae, Jefferey M. Sellers Jan 2007

Globalization, The Developmental State, And The Politics Of Urban Growth In Korea: A Multilevel Analysis, Yooil Bae, Jefferey M. Sellers

Research Collection School of Social Sciences

This article explores the politics of urban growth in a transitional society. Korea, which is experiencing rapid industrialization, urbanization and democratic transition exemplifies a set of conditions that may seem to favor the emergence of an urban growth politics and business-led growth coalition much like that found in urban areas at the time of industrialization, and still prevalent in much of the US and other western democracies today. Yet our multilevel case analyses show that the transformations in Korea as a late industrializer, late democratizer and late adopter of urban policy have helped to consolidate more restricted policies toward urban …

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Developing Leadership Talent: A Guide To Succession Planning And Leadership Development: Guidelines For Effective Talent Management, David Vaughan Day Jan 2007

Developing Leadership Talent: A Guide To Succession Planning And Leadership Development: Guidelines For Effective Talent Management, David Vaughan Day

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Integrated Crisis Mapping: Towards A Publics-Based, Emotion-Driven Conceptualization In Crisis Communication, Yan Jin, Augustine Pang, Glen T. Cameron Jan 2007

Integrated Crisis Mapping: Towards A Publics-Based, Emotion-Driven Conceptualization In Crisis Communication, Yan Jin, Augustine Pang, Glen T. Cameron

Research Collection Lee Kong Chian School Of Business

Extending current situation-based conceptualizations of crisis response, this paper develops a more generic and systemic approach tounderstanding the role of emotions in crisis situations. Taking an integrated approach, the authors propose a public-based, emotion-drivenperspective to crisis communication modeling, mapping different crisistypes, and underpinning them with two continua, the organization’s involvement with the crisis issue and primary public’s coping strategy. Thepaper further argues that the appropriate crisis response and tools tomanage a crisis should address the full range of emotions for optimal effectiveness at both strategic and tactical levels.

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Joint Ventures And Real Options: An Integrated Perspective, Ilya Cuypers, Xavier Martin Jan 2007

Joint Ventures And Real Options: An Integrated Perspective, Ilya Cuypers, Xavier Martin

Research Collection Lee Kong Chian School Of Business

We provide a comprehensive synthesis and extension of the real option (RO) literature on joint ventures (JVs), contributing in three main areas. First, we examine major alternative theoretical perspectives on JVs - learning, bargaining, transaction cost and agency theory - to elaborate how they complement or contradict RO predictions. Second, we compare arguments and variables used to explain different JV stages - initial RO explicitness and equity shares, JV stability, and performance consequences - and highlight research opportunities. Third, we discuss and extend research about behavioral aspects of making RO (JV) investments. Overall, we offer new predictions and suggestions for …

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The Puzzle Of Insular Domains: A Longitudinal Study Of Knowledge Structuration And Innovation In Biotechnology Firms, Gerald George, Reddi Kotha, Yanfeng Zheng Jan 2007

The Puzzle Of Insular Domains: A Longitudinal Study Of Knowledge Structuration And Innovation In Biotechnology Firms, Gerald George, Reddi Kotha, Yanfeng Zheng

Research Collection Lee Kong Chian School Of Business

In this study we explain the puzzle of insular domains: insular domains are niches where new innovation is built on the knowledge within the domain. Given the nature of knowledge needed for new innovation in an insular domain the puzzle is why do new firms enter these niches? In a longitudinal sample of 128 biotechnology start-ups founded from 1980 to 1999 we explain why start-ups enter insular domains and how the start-ups develop technology capabilities.

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Risky Debt-Maturity Choice Under Information Asymmetry, Chunchi Wu, Sheen Liu Jan 2007

Risky Debt-Maturity Choice Under Information Asymmetry, Chunchi Wu, Sheen Liu

Research Collection Lee Kong Chian School Of Business

The traditional equilibrium models of signaling with debt-maturity require transaction costs by firms when raising new capital. In this paper, we propose a new model that has no such requirement. We demonstrate that a separating equilibrium of debt-maturity choice exists under a much more general condition, once accounting for the interactions between borrowers and lenders. The model is able to explain the observed complex financial structure. It is found that callable debt functions much like short-term debt, and serial debt similar to long-term debt. In equilibrium, high-quality firms issue short-term debt, and low-quality firms issue long-term debt.

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

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

Research Collection Lee Kong Chian School Of Business

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

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Towards A Holistic Framework In Fostering Spirituality At Work, Gilbert Tan Jan 2007

Towards A Holistic Framework In Fostering Spirituality At Work, Gilbert Tan

Research Collection Lee Kong Chian School Of Business

Management theories are shaped by the assumptions of man. The Scientific and Administrative School of Thoughts adopt a mechanistic view of human. The Human Relations School views humans as social beings. Spirituality at work looks at the spiritual side of the organization and views an as a spiritual being. This paper proposes a holistic framework to spirituality at work. Taking a systems approach the framework discusses how training, cultural and structural interventions directed the four sub-systems of the organization, namely, culture, leadership, structure and people, help to promote spirituality at work. The framework also discusses the organizational and individual outcomes …

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

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

Dissertations and Theses Collection (Open Access)

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

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

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

Dissertations and Theses Collection (Open Access)

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

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Interest Rate Uncertainty And Stock Market Volatility, Jincai Xu Jan 2007

Interest Rate Uncertainty And Stock Market Volatility, Jincai Xu

Dissertations and Theses Collection (Open Access)

The reason for volatility changing over time is still open. As stated in the extant papers uncertainty of Macroeconomic variable plays more important role in explaining the time varying of volatility than the volatility of Macroeconomic variable itself. In this paper we illustrate this with exploring the relationship between stock market volatility and the Interest Uncertainty. In the paper, we take the uncertainty of the decision of FOMC meeting as the uncertainty of interest rate. As we know, asset price is a tool for people to express their belief about the state of the economy, when uncertainty is high, a …

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

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

Dissertations and Theses Collection (Open Access)

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

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

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

Research Collection School Of Economics

No abstract provided.

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

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

Research Collection School Of Economics

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

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

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

Research Collection School Of Economics

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

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

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

Research Collection School Of Economics

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

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

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

Research Collection School Of Economics

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

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The Singapore Model Of Housing And The Welfare State, Sock Yong Phang Jan 2007

The Singapore Model Of Housing And The Welfare State, Sock Yong Phang

Research Collection School Of Economics

While Singapore is not generally regarded as a welfare state, the provision of housing welfare on a large scale has been a defining feature of its welfare system. The extensive housing system has played a useful role in raising savings and homeownership rates as well as contributing to sustained economic growth in general and development of the housing sector in particular. Few would dispute the description of Singapore’s housing policies as 'phenomenally successful' (Ramesh, 2003). Singapore’s economic growth record in the past four decades has brought it from third world to first world status (Lee, 2000), with homeownership widespread at …

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

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

Research Collection School Of Economics

No abstract provided.

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Indeterminacy And Market Instability, Kong Weng Ho, Nicholas Sim Jan 2007

Indeterminacy And Market Instability, Kong Weng Ho, Nicholas Sim

Research Collection School Of Economics

No abstract provided.

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