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Drift And Diffusion Function Specification For Short-Term Interest Rates, Myoung-Jae Lee, Wen Juan Li Mar 2005

Drift And Diffusion Function Specification For Short-Term Interest Rates, Myoung-Jae Lee, Wen Juan Li

Research Collection School Of Economics

Various stochastic differential equation models for short rates (rt) have been proposed, where the change (Δrt = rt−rt−1) is modeled as a sum of drift and diffusion terms depending on rt−1. These models, however, have some shortcomings. First, the same model may not apply to all countries. Second, the drift and diffusion may depend not only on rt−1 but also on further lags. Third, not just the own lagged rates, but also other countries' rates may matter. These questions are empirically analyzed for six major countries with the following findings. …


Fingerprinting Relational Databases: Schemes And Specialities, Yingjiu Li, Vipin Swarup, Sushil Jajodia Mar 2005

Fingerprinting Relational Databases: Schemes And Specialities, Yingjiu Li, Vipin Swarup, Sushil Jajodia

Research Collection School Of Computing and Information Systems

In this paper, we present a technique for fingerprinting relational data by extending Agrawal et al.'s watermarking scheme. The primary new capability provided by our scheme is that, under reasonable assumptions, it can embed and detect arbitrary bit-string marks in relations. This capability, which is not provided by prior techniques, permits our scheme to be used as a fingerprinting scheme. We then present quantitative models of the robustness properties of our scheme. These models demonstrate that fingerprints embedded by our scheme are detectable and robust against a wide variety of attacks including collusion attacks.


Evaluation Of Mpeg-4 Ipmp Extension, Hwee Hwa Pang, Yongdong Wu Mar 2005

Evaluation Of Mpeg-4 Ipmp Extension, Hwee Hwa Pang, Yongdong Wu

Research Collection School Of Computing and Information Systems

MPEG-4 IPMPX (intellectual property management and protection extension) is the latest ISO standard which provides a flexible framework for protecting MPEG streams. The message mechanism of IPMPX enables interoperability among IPMPX-compliant devices no matter which protection methods are embedded. This paper highlights several problems in the message syntax of IPMPX: the tool delivery message IPMP_ToolES_AU is vulnerable to network attack, the authentication message IMP_Mutual_Authentication is incapable of defending against forgery attack, and the configuration message IPMP_SelectiveDecrptionInit is ambiguous and redundant. We propose a number of remedies to those problems, which can be incorporated into a corrigenda to improve the present …


Bougainville Community Crime Trends: A Survey Of Crime In Arawa And Buka, Mark Findlay, Gerard Guthrie, Fiona Hukula, James Laki Mar 2005

Bougainville Community Crime Trends: A Survey Of Crime In Arawa And Buka, Mark Findlay, Gerard Guthrie, Fiona Hukula, James Laki

Research Collection Yong Pung How School Of Law

The fundamental difference in the role of the state in the recent histories of Arawa and Buka is critical to understanding community attitudes to crime and policing. In Arawa, the state was entirely absent for over 10 years during the civil war and community-based agencies provided the sole source of authority and social control. In Buka, the state remained in control in difficult circumstances. The peace process was based around indigenous dispute resolution techniques and now a role for the state is being gradually reintroduced into post-conflict Bougainville, including of policing services to Arawa. The differences in the recent histories …


Scheduling Queries To Improve The Freshness Of A Website, Haifeng Liu, Wee-Keong Ng, Ee Peng Lim Mar 2005

Scheduling Queries To Improve The Freshness Of A Website, Haifeng Liu, Wee-Keong Ng, Ee Peng Lim

Research Collection School Of Computing and Information Systems

The World Wide Web is a new advertising medium that corporations use to increase their exposure to consumers. Very large websites whose content is derived from a source database need to maintain a freshness that reflects changes that are made to the base data. This issue is particularly significant for websites that present fast-changing information such as stock-exchange information and product information. In this article, we formally define and study the freshness of a website that is refreshed by a scheduled set of queries that fetch fresh data from the databases. We propose several online-scheduling algorithms and compare the performance …


The Effects Of Ownership And Capital Structure On Board Composition And Strategic Diversification In Japanese Corporations, Toru Yoshikawa, Phillip H. Phan Mar 2005

The Effects Of Ownership And Capital Structure On Board Composition And Strategic Diversification In Japanese Corporations, Toru Yoshikawa, Phillip H. Phan

Research Collection Lee Kong Chian School Of Business

The board of directors plays an important role in solving the agency problem between shareholders and management. This paper investigates the relationships between ownership and board structure with the diversification strategy of large Japanese firms. The results show that corporate nominee directors are associated with lower levels of product diversification of their investee firms. This suggests that nominee directors in large Japanese corporations see themselves representing specific interests and therefore investors should pay attention to board composition in order to assess the level of protection they can expect to receive. Even without any apparent agency problem with management, there remains …


On ‘‘Investment Decisions In The Theory Of Finance: Some Antinomies And Inconsistencies’’, Bert De Reyck Mar 2005

On ‘‘Investment Decisions In The Theory Of Finance: Some Antinomies And Inconsistencies’’, Bert De Reyck

Research Collection Lee Kong Chian School Of Business

In the paper “Investment Decisions in the Theory of Finance: Some antinomies and inconsistencies”, Magni [Eur. J. Operat. Res. 137 (2002) 206] shows that using the net present value rule for making investment decisions can lead to inconsistencies and antinomies. The author claims that the so-called equivalent-risk tenet of finance, whereby an investor needs to compare an investment opportunity with an asset of equivalent risk, is impossible to implement. In this paper, we show that the main thesis of this paper is incorrect, and that finance theory, when applied correctly, can be used to value investment projects by comparing assets …


No Vision? Youths Need Role Models, Seow Hon Tan Feb 2005

No Vision? Youths Need Role Models, Seow Hon Tan

Research Collection Yong Pung How School Of Law

Much recent talk about the vision (or lack thereof) of our young people has revolved around a search for solutions in the form of programmes that give them an opportunity to broaden their minds and, it is hoped, develop their characters.


Older Workers: Untapped Assets For Creating Value, Knowledge@Smu Feb 2005

Older Workers: Untapped Assets For Creating Value, Knowledge@Smu

Knowledge@SMU

The days when an executive could look forward to a leisurely retirement out on the golf course are over, thanks to a possible looming job shortage, a graying population, low savings rates and an insecure Social Security system. The impact of these factors on both workers and companies was the subject of the Symposium on Older Workers, co-sponsored recently by the AARP Global Aging Program along with Wharton's Center for Human Resources and Boettner Center for Pensions and Retirement Research. Speakers included AARP CEO William D. Novelli, Olivia Mitchell, executive director of Wharton's Pension Research Council, and Thomas Dowd, a …


Statistical Arbitrage And Market Efficiency: Enhanced Theory, Robust Tests And Further Applications, Robert A. Jarrow, Melvyn Teo, Yiu Kuen Tse, Mitch Warachka Feb 2005

Statistical Arbitrage And Market Efficiency: Enhanced Theory, Robust Tests And Further Applications, Robert A. Jarrow, Melvyn Teo, Yiu Kuen Tse, Mitch Warachka

Research Collection Lee Kong Chian School Of Business

Statistical arbitrage enables tests of market efficiency which circumvent the joint-hypotheses dilemma. This paper makes several contributions to the statistical arbitrage framework. First, we enlarge the set of statistical arbitrage opportunities in Hogan, Jarrow, Teo, and Warachka (2004) to avoid penalizing incremental trading profits with positive deviations from their expected value. Second, we provide a statistical methodology to remedy the lack of consistency and statistical power in their Bonferroni approach. In addition, this procedure allows for autocorrelation and non-normality in trading profits. Third, we apply our tests to a wide range of trading strategies based on stock momentum, stock value, …


Investing In Real Estate: Mortgage Financing Practices And Optimal Holding Period, Winston T. H. Koh, Edward H. K. Ng Feb 2005

Investing In Real Estate: Mortgage Financing Practices And Optimal Holding Period, Winston T. H. Koh, Edward H. K. Ng

Research Collection School Of Economics

Real estate investments are typically characterized by high degrees of leverage and long loan tenures. In perfect capital markets, leverage has no impact on the investment decision apart from tax considerations. However, the mortgage financing market is imperfect in many countries. In the presence of market imperfections, an optimal holding period exists for real property investments. We provide a simple rule to calculate the optimal holding period is to compare the required rate of return with the leveraged rate of return on equity.


Is Stellar Hedge Fund Performance For Real?, Robert Kosowski, Narayan Y. Naik, Melvyn Teo Feb 2005

Is Stellar Hedge Fund Performance For Real?, Robert Kosowski, Narayan Y. Naik, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

We apply a robust bootstrap to evaluate the performance of a large universe of hedge funds. Our bootstrap estimates indicate that the performance of the top hedge funds cannot be attributed to chance alone. This is true even after adjusting for back fill bias, serial correlation, and structural breaks. Also, we find that hedge fund alpha differences persist over three year horizons. However, an investment strategy designed around this will run into difficulties as the persistence is often confined to small funds that are effectively closed to new inflows. Moreover, Bayesian estimates suggest that standard alphas may be overestimated by …


100% Of Smu Grads Land Jobs Within Six Months Upon Graduation With More Than Half Offered Employment Even Before They Graduated, Singapore Management University Feb 2005

100% Of Smu Grads Land Jobs Within Six Months Upon Graduation With More Than Half Offered Employment Even Before They Graduated, Singapore Management University

SMU Press Releases and News

No abstract provided.


No Vision? Youths Need Role Models, Seow Hon Tan Feb 2005

No Vision? Youths Need Role Models, Seow Hon Tan

Research Collection Yong Pung How School Of Law

Much recent talk about the vision (or lack thereof) of our young people has revolved around a search for solutions in the form of programmes that give them an opportunity to broaden their minds and, it is hoped, develop their characters.


The Value Of Mobile Applications: A Utility Company Study, Fiona Fui-Hoon Nah, Keng Siau, Hong Sheng Feb 2005

The Value Of Mobile Applications: A Utility Company Study, Fiona Fui-Hoon Nah, Keng Siau, Hong Sheng

Research Collection School Of Computing and Information Systems

The value proposition of mobile applications i.e. the net value of the benefits and costs associated with the adoption and adaptation of mobile applications is discussed. A means-ends network that depicts the fundamental relationships among the objectives such as efficiency, effectiveness, customer satisfaction, security, cost, and employee acceptance, was developed. The network is useful to researchers as it highlights the issues, concerns, and values of mobile applications. The network help the managers and practitioners to achieve their companies' objectives of implementing mobile and wireless applications.


Neither Proximity Nor Directionality: A Subjective Approach To Issue Voting, Riccardo Pelizzo Feb 2005

Neither Proximity Nor Directionality: A Subjective Approach To Issue Voting, Riccardo Pelizzo

Research Collection School of Social Sciences

Spatial theories of voting have provided one of the leading frameworks for the analysis of electoral competition and electoral behavior. Spatial theories assume that : (1) voters and parties have policy preferences, (2) these preferences can be represented by points in the policy space and (3) voters’ electoral choice is affected by the disposition of their own preferences and of those of political parties. For almost four decades proximity theory has been the most popular spatial theory of voting. Proximity theory suggested that voters value parties on the basis of how proximate they are to their own personal position. This …


Disproportionate Ownership Structure And Ipo Long-Run Performance Of Non-Soes In China, Xiaoming Wang, Jerry Cao, Jinghua Tang, Gary Gang Tian Feb 2005

Disproportionate Ownership Structure And Ipo Long-Run Performance Of Non-Soes In China, Xiaoming Wang, Jerry Cao, Jinghua Tang, Gary Gang Tian

Research Collection Lee Kong Chian School Of Business

This paper examines the relationship between ownership structures and IPO long-run performance of non-SOEs in China. Although non-SOEs underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Non-SOEs with one share one vote structure outperform those with control-ownership wedge by 30% for three years post-IPO performance in adjusted buy-and-hold returns. Non-SOEs with control-ownership wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that non-SOEs need to improve corporate governance such as disproportionate ownership structure to better safeguard the interest of long-run shareholders.


Situational Judgment Tests And Their Predictiveness Of College Students' Success: The Influence Of Faking, Helga Peeters, Filip Lievens Feb 2005

Situational Judgment Tests And Their Predictiveness Of College Students' Success: The Influence Of Faking, Helga Peeters, Filip Lievens

Research Collection Lee Kong Chian School Of Business

There is increasing interest in using situational judgment tests (SJTs) to supplement traditional student admission procedures. An important unexplored issue is whether students can intentionally distort or fake their responses on SJTs. This study examined the fakability of an SJT of college students' performance. Two hundred ninety-three psychology students completed a cognitive test, a personality measure, and an SJT. Only for the SJT, the students were assigned to either an honest or a fake condition. The scores of students in the fake condition were significantly higher than those of students in the honest condition (d = .89). Furthermore, faking had …


K-Center Problems With Minimum Coverage, Andrew Lim, Brian Rodrigues, Fan Wang, Zhou Xu Feb 2005

K-Center Problems With Minimum Coverage, Andrew Lim, Brian Rodrigues, Fan Wang, Zhou Xu

Research Collection Lee Kong Chian School Of Business

In this work, we study an extension of the k-center facility location problem, where centers are required to service a minimum of clients. This problem is motivated by requirements to balance the workload of centers while allowing each center to cater to a spread of clients. We study three variants of this problem, all of which are shown to be -hard. In-approximation hardness and approximation algorithms with factors equal or close to the best lower bounds are provided. Generalizations, including vertex costs and vertex weights, are also studied.


Transient Response Of Arrow Vcsels, Chyng Wen Tee, S. F. Yu, R. V. Penty, I. H. White Feb 2005

Transient Response Of Arrow Vcsels, Chyng Wen Tee, S. F. Yu, R. V. Penty, I. H. White

Research Collection Lee Kong Chian School Of Business

The transient response of antiresonant reflecting optical waveguide (ARROW) vertical-cavity surface-emitting lasers (VCSELs) is analyzed. It is found that under current modulation, the radiation loss of the transverse-leaky mode decreases during the state of the lasers but increases during the state. Numerical analysis shows that this variation in radiation loss is due to the carrier-induced refractive-index depression that arises from spatial-hole-burning of carrier concentration. It is noted that the increment in radiation loss during the state can be used to prevent net modal gain of the transverse-leaky mode from reacquiring threshold after turn-off. Hence, a new method to design ARROW, …


Video Summarization And Scene Detection By Graph Modeling, Chong-Wah Ngo, Yu-Fei Ma, Hong-Jiang Zhang Feb 2005

Video Summarization And Scene Detection By Graph Modeling, Chong-Wah Ngo, Yu-Fei Ma, Hong-Jiang Zhang

Research Collection School Of Computing and Information Systems

In this paper, we propose a unified approach for video summarization based on the analysis of video structures and video highlights. Two major components in our approach are scene modeling and highlight detection. Scene modeling is achieved by normalized cut algorithm and temporal graph analysis, while highlight detection is accomplished by motion attention modeling. In our proposed approach, a video is represented as a complete undirected graph and the normalized cut algorithm is carried out to globally and optimally partition the graph into video clusters. The resulting clusters form a directed temporal graph and a shortest path algorithm is proposed …


Social And Cultural Geographies Of South-East Asia, Tim Bunnell, Lily Kong, Lisa Law Feb 2005

Social And Cultural Geographies Of South-East Asia, Tim Bunnell, Lily Kong, Lisa Law

Research Collection School of Social Sciences

The paper is an overview of English language publications that discuss what might be considered 'social' and 'cultural' geographies in Southeast Asia over the past two decades. We have strategically chosen two major themes that help us shape the mass of material into digestible strands: (1) the politics of social and cultural change; and (2) constructing identities. The former addresses various politics: the politics of nationhood; the politics of national development; the politics of cultural sites; the politics of urban change; and the politics of the global-local.


Introduction: China, Ltd, William A. Callahan Feb 2005

Introduction: China, Ltd, William A. Callahan

Research Collection School of Social Sciences

The study of Chinese nationalism is very popular--both in China and the West. This article introduces a special section of seven articles (four of which are in this issue) on 'The Limits of Chinese Nationalism', arguing that our understanding of nationalism in China is problematic. This special section aims to explore the limits of many of the statements about Chinese nationalism that have now become 'common sense': the rise of Chinese nationalism, nationalism filling an ideological vacuum, elites manipulating nationalism to gain legitimacy, and so on. Using critical IR theory this Introduction explores the concept of limits to argue that …


Analysis Of Labor Participation Behavior Of Korean Women With Dynamic Probit And Conditional Logit, Myoung-Jae Lee, Yoon-Hee Tae Feb 2005

Analysis Of Labor Participation Behavior Of Korean Women With Dynamic Probit And Conditional Logit, Myoung-Jae Lee, Yoon-Hee Tae

Research Collection School Of Economics

We analyse the dynamic labour participation behaviour of Korean women. State dependence under unobserved heterogeneity is considered, where the heterogeneity may be unrelated, pseudo-related, or arbitrarily related to regressors. Three minor methodological contributions are made: interaction terms with lagged response are allowed in dynamic conditional logit; a three-stage algorithm for dynamic probit is proposed; and treating the initial response as fixed is shown to be ill-advised. The state dependence is about 0.6 × SD(error), higher for the married or junior college-educated, and lower for women in their twenties and thirties. While education increases participation, college education has negative effects for …


Household Demand, Network Externality Effects And Intertemporal Price Discrimination, Winston T. H. Koh Feb 2005

Household Demand, Network Externality Effects And Intertemporal Price Discrimination, Winston T. H. Koh

Research Collection School Of Economics

This paper examines the optimality of intertemporal price discrimination when network externality effects are present in the consumption of a durable good. We conduct our study in two settings. In a model with two household types, utilities are dependent on the cumulative proportion of households that have purchased the durable good. Next, in a model with a continuum of household types, we extend the analysis to the case where households consume both a durable good and a stream of non-durable goods. We show that in both settings, the presence of network externalities facilitates a sales strategy with intertemporal price discrimination. …


Report Of The Committee On Fare Review Mechanism, Sock Yong Phang Feb 2005

Report Of The Committee On Fare Review Mechanism, Sock Yong Phang

Research Collection School Of Economics

Today, public transport fares are reviewed annually and adjustments, if any, are capped by the “CPI + X” formula, where CPI is the change in the Consumer Price Index over the previous year and X accounts for the net effect of wage changes after deducting productivity gains. For the period from 2001 to 2005, X was determined to be 1.5%. While this mechanism has worked well in keeping public transport fares affordable, the formula lacks transparency and is not easily understood by the general public. Commuters often question the need for the “X” element given that the public transport operators …


Managing Learning Resources For Consecutive Product Generations, Lieven Demeester, Mei Qi Feb 2005

Managing Learning Resources For Consecutive Product Generations, Lieven Demeester, Mei Qi

Research Collection Lee Kong Chian School Of Business

In this paper, we study how a firm should allocate its learning resources when it is concurrently producing two consecutive generations of one product. We define learning resources as scarce firm-specific resources that a firm allocates towards the improvement of the cost, quality or timeliness of its existing products and processes. We use empirically tested models for demand substitution and learning curves to formulate this problem, and we present our results as propositions with regard to the optimal time at which a firm should direct all its learning resources to the newer product generation, depending on the substitution rate of …


Questioning Proximity: East Asian Tv Dramas In Indonesia, Charlotte Setijadi Jan 2005

Questioning Proximity: East Asian Tv Dramas In Indonesia, Charlotte Setijadi

Research Collection School of Social Sciences

The study of transnational cultural flows has been of continuing interest among media and communication researchers, with recent studies focusing on cultural flows within geographically and culturally adjacent nations. It is often suggested that the level of “cultural proximity” that exists determines the success of cultural exchange between countries regarded to possess similar cultural traits. This notion, that local audiences will have preference for cultural commodities from countries with which they share cultural ties in recognition of their own culture, has enjoyed much intellectual currency in recent times, especially in relation to analyses of regional media markets. The danger of …


Critical Thinking Straight From The Heart, Seow Hon Tan Jan 2005

Critical Thinking Straight From The Heart, Seow Hon Tan

Research Collection Yong Pung How School Of Law

The state of the hearts of our young people, specifically whether they have the moral courage to stand up for what they believe in, is in the spotlight again with this newspaper's upcoming Youthink pages intended to showcase their views. The Youthink pages might go some way to show if the concern with our youth is well-founded. An interesting issue is raised: What exactly is critical thinking?


As The Bpo Business Grows, There's A Greater Focus On Metrics And Measurement, Knowledge@Smu Jan 2005

As The Bpo Business Grows, There's A Greater Focus On Metrics And Measurement, Knowledge@Smu

Knowledge@SMU

Until recently, many CEOs were grappling with issues such as whether to send back-office operations offshore to third-party providers of business process outsourcing (BPO) services, or to perform such operations in their own offshore captive centers. Today, as more and more firms move toward hybrid models of offshore outsourcing, they are looking at new management techniques, such as "virtual prowling," according to experts at Wharton and consulting firm A.T. Kearney.