Digital Commons Network^™

Essays On Empirical Asset Pricing, Luying Wang

Dissertations and Theses Collection (Open Access)

The dissertation consists of three chapters on empirical asset pricing. The first chapter examines
the market return predictability of media coverage on climate change. Specifically, we introduce a
comprehensive media climate change concern (ΔCMCCC) index, derived from unexpected climate
change coverage across diverse media channels, including print (newspapers), voice (radio), and
video (television). We show that this index negatively predicts aggregate stock market returns, both
in-sample and out-of-sample, offering potential gains for investors. Our findings emphasize the
media’s influence on market returns through climate change discussions, mainly via the cash-flow
channel. This reveals possible shifts in product demand, while demand …

Impact Of Hr Slack On Firm Performance: An Empirical Study On Chinese High-Tech Firms, Weixiong Feng

Dissertations and Theses Collection (Open Access)

As part of organizational slack, HR slack plays a role in managing external risks and opportunities when the global business environment is in turmoil. In recent years, Chinese high-tech companies have faced external shocks such as reverse globalization, the decoupling of economic and trade relations, supply chain disruptions, and epidemics. These have posed new challenges to their strategy formulation, business operations, and talent acquisition. High-tech Chinese companies must know whether they must prepare adequate human resources as buffers to address these challenges and opportunities. For high-tech companies, this study proposes, for the first time, that HR slack must be analyzed …

Exploring Divestitures: Studies On Motivation Factors And Tools, Yun Qiao

Dissertations and Theses Collection (Open Access)

This paper explores the phenomenon of 'big company disease' commonly experienced by large companies as they expand. In Western markets, companies are more inclined to respond to the financial market by undergoing divestitures to address this issue. Divestitures simplify the company's structure, making it easier for investors to understand its value. Consequently, this facilitates companies in acquiring more capital resources and provides strong incentives for management. However, in emerging markets, divestitures are less likely due to a less developed financial market and the advantages associated with maintaining a large size and control.

The first study focuses on how listed companies …

Exploring The Dynamics Of Cross-Boundary Interactions In Qinglinkou, China: The Perspective Of Networks Of Second-Home Owners, Meiling Wu, Mengqiu Cao, Jiuxia Sun

Research Collection School of Social Sciences

Cross-boundary interactions between second-home owners and local are complex over time–networks form and evolve within second-home owners and between owners and locals, each with its deliberately selective inclusion and exclusion. However, little attention has been paid to this phenomenon in the literature. This study, based on social network analysis alongside qualitative interviews, explores the dynamics of interactions between second-home owners and locals by analysing the networks formed by second-home owners in Qinglinkou, China. The ways in which second-home owners maintain and strengthen pre-existing networks with other owners and forge new links with locals, shape the cross-boundary interactions between the two …

Masculinity On The Margins: Boundary Work Among Immobile Fathers In Indonesia’S Transnational Families, Andy Scott Chang

Research Collection School of Social Sciences

Scholars underline the persistence of gender disparities in the household division of labor. However, it remains understudied how working-class men manage family life amid the physical absence of breadwinning women. Drawing on 54 in-depth interviews and over 22 months of fieldwork in Indonesia, this article investigates how non-migrant fathers navigate conjugal and paternal responsibilities in families headed by migrant mothers. I argue that the reproduction of mother-away transnational families hinges on a refashioning of male conduct for the accomplishment of immobile fatherhood — a model of parenthood developed by non-migrant fathers to accommodate the migration of mothers. I examine the …

Religious Stewardship And Pro-Environmental Action: The Mediating Roles Of Environmental Guilt And Anger, Shu Tian Ng, Kimin Eom

Research Collection School of Social Sciences

Past research has found that stewardship belief can motivate pro-environmentalism among religious individuals. The present study investigates the emotional pathways linking religious stewardship belief and pro-environmental policy support. In an online experiment conducted with Christians in the United States (N = 604), we experimentally primed stewardship belief (N = 195) using a video that highlighted the human responsibility to care for God’s creations. We also included a control condition (N = 206) and a religion condition (N = 203), which presented a more generic religious message. As demonstrated in a mediation model, the stewardship manipulation (vs. …

The Interpersonal Effects Of Emotional Expressions With Both And Single Valences On Work-Related Satisfaction: An Examination Of Emotions And Perceived Openness As Mediators, Ming-Hong Tsai

Research Collection School of Social Sciences

Work-related satisfaction has critical benefits. To predict work-related satisfaction, we investigated how a counterpart’s expressions of emotional complexity (both positive and negative emotions), positive emotions, and negative emotions influenced a perceiver’s work-related satisfaction during discussions over different work-relevant ideas. We conducted a three-wave coworker survey (N = 529) and an experiment with a confederate as a task partner (N = 378). The results consistently showed significant positive impacts of a counterpart’s emotional complexity and positive emotion expressions on a perceiver’s work-related satisfaction by enhancing the perceiver’s positive emotions and evaluation of the counterpart’s openness. Conversely, a counterpart’s negative emotion expression …

Effects Of Voice Pitch On Social Perceptions Vary With Relational Mobility And Homicide Rate, T. Aung, A.K. Hill, J.K. Hlay, C. Hess, M. Hess, J. Johnson, L. Doll, S.M. Carlson, C. Magdinec, I. González-Santoyo, R.S. Walker, D. Bailey, S. Arnocky, Bryan Choy Kwok Cheng, Li, Norman P., T. Kyritsis, Q. Atkinson, B. Jones, J. Koster, J. Burns

Research Collection School of Social Sciences

Fundamental frequency (fo) is the most perceptually salient vocal acoustic parameter, yet little is known about how its perceptual influence varies across societies. We examined how fo affects key social perceptions and how socioecological variables modulate these effects in 2,647 adult listeners sampled from 44 locations across 22 nations. Low male fo increased men’s perceptions of formidability and prestige, especially in societies with higher homicide rates and greater relational mobility in which male intrasexual competition may be more intense and rapid identification of highstatus competitors may be exigent. High female fo increased women’s perceptions of flirtatiousness where relational mobility was …

The Interplay Of Interdependence And Correlation In Bilateral Trade, Takashi Kunimoto, Cuiling Zhang

Research Collection School Of Economics

Crémer and McLean (1988) show that the seller can extract full surplus almost always by an incentive compatible, individually rational mechanism in a single-unit auction model with a finite type space in which agents' beliefs are correlated and their valuations can be interdependent. We first show that this paradoxically positive result can be extended to a model of bilateral trades. To make it more realistic, we investigate when ex-post efficiency and ex-post budget balance in bilateral trades can also be achieved by an incentive compatible, individually rational mechanism. We identify a necessary condition for the existence of such mechanisms and …

Robust Inference On Correlation Under General Heterogeneity, Liudas Giraitis, Yuefei Li, Peter C. B. Phillips

Research Collection School Of Economics

Considerable evidence in past research shows size distortion in standard tests for zero autocorrelation or zero cross-correlation when time series are not independent identically distributed random variables, pointing to the need for more robust procedures. Recent tests for serial correlation and cross-correlation in Dalla, Giraitis, and Phillips (2022) provide a more robust approach, allowing for heteroskedasticity and dependence in uncorrelated data under restrictions that require a smooth, slowly-evolving deterministic heteroskedasticity process. The present work removes those restrictions and validates the robust testing methodology for a wider class of innovations and regression residuals allowing for heteroscedastic uncorrelated and non-stationary data settings. …

State Institutions In Northeast Thailand: Lao Ethnics And The Thai Identity, Jacob Ricks

Research Collection School of Social Sciences

In this last chapter on state representation, we focus on a case where there has been an absence of demands. In Northeast Thailand, the large ethnic Lao population has not demanded cultural concessions from the state. In fact, not only have the demands been absent, but most people in the region see themselves as Thai (the broader national identity) or Isan (a moniker meaning “northeast”)—as opposed to ethnically Lao. The absence of the Lao identity has less to do with the absence of civic associations from the bottom up than with the absence of political representation from the top down. …

Age And Ideology: The Emergence Of New Political Cleavages In Thailand’S 2566 (2023) Election, Napon Jatusripitak, Jacob Ricks

Research Collection School of Social Sciences

The Move Forward Party’s victory in Thailand’s 14 May 2566 (2023 CE) election surprised most observers, defying widespread predictions of a Pheu Thai win. Departing from traditional vote-mobilization strategies, Move Forward’s campaign focused largely on social media and broad calls for political reform while eschewing the vote-canvassing networks and economic policy promises that had delivered victory after victory for Pheu Thai. Does Move Forward’s win indicate changes in Thai voting behaviour? Relying on data from an original survey collected the week before and the week after the election, as well as observations from fieldwork, we identify two political cleavages that …

Negative Work-To-Family Spillover Stress And Heightened Cardiovascular Risk Biomarkers In Midlife And Older Adults, Andree Hartanto, K.T.A.Sandeeshwara Kasturiratna, Meilan Hu, Shu Fen Diong, Verity Y. Q. Lua

Research Collection School of Social Sciences

Objectives: The current study aimed to investigate the health implications of negative work-to-family spillover on cardiovascular risk biomarkers. Methods: In a large-scale cross-sectional dataset of working or self-employed midlife and older adults in the United States (N = 1179), we examined five biomarkers linked to cardiovascular risk, including high-density lipoprotein (HDL) cholesterol, low-density lipoprotein cholesterol, triglyceride, interleukin-6, and C-reactive protein. Negative work-to-family spillover, measured using a four-item self-reported questionnaire, was included into our model to study its association with these cardiovascular risk biomarkers. Results: Our findings indicate a significant association between negative work-to-family spillover and cardiovascular risk biomarkers – higher …

Grievance Politics And Technocracy In A Developmental State, Ijlal Naqvi, Federico M. Rossi, Rayner Kay Jin Tan

Research Collection School of Social Sciences

This article uses a process-tracing approach to understand changes in Singapore’s health sector from the start of self-rule in 1959 to the end of the COVID-19 pandemic in 2022. Singapore is a developmental state recognized for its effective management of healthcare costs and its lack of political freedom. In both respects, the ‘Singapore model’ is of interest to other cities and nations. The standard narrative is one of technocratic proficiency in a context in which civic freedoms are heavily constrained, but this article identifies the surprisingly important role of social voices at key moments. It finds episodes in which effective …

Diversification Strategies And Corporate Financial Distress: The Impact Of Monetary Tightening And Ipo Timing, Yingcen Zhang

Dissertations and Theses Collection (Open Access)

Diversification as a strategic objective has become increasingly pursued by many enterprises. However, whether diversification truly brings robust business operations and risk dispersion effects remains a focal point of attention in both academic and practical realms. This study, grounded in Chinese practice, empirically examines the relationship between corporate diversification and financial distress and further discusses the interactive impact of monetary policy tightening and diversification on corporate financial distress.

Empirical analysis results indicate a positive correlation between corporate diversification and financial distress in China. This finding suggests that diversification may not always confer the advantage of risk dispersion to enterprises; it …

The Effect Of Internet Firms’ Data Analytics Capability On Their Innovation Speed And Innovation Quality: A Dynamic Capability Perspective, Yeyu Hua

Dissertations and Theses Collection (Open Access)

With the advent of big data era, data plays a pivotal role in sustainingfirms’ competitive advantages. Although a few studies have shown that data analytics capability contributes to firms’ innovative performance, these studies either focus on general innovative performance or specific types of innovation, such as incremental innovation, radical innovation, and supply chaininnovation. In this thesis, I enrich this stream of literature by conducting twostudies to further examine the relationship between data analytics capabilityand innovation speed as well as innovation quality. This thesis consists of twostudies. Study 1 is a survey study, in which I investigate the relationshipbetween data analytics …

Essays On The Impact Of Acquisitions On Alliance Portfolios And Interorganizational Dynamics, Jiawen Ma

Dissertations and Theses Collection (Open Access)

This dissertation investigates the impact of acquisition activities on the current partners of the involved firms and the restructuring of their alliance portfolios. The first essay examines how acquisitions by a firm’s current alliance partners influence this firm’s subsequent alliance formation. The literature suggests that if a focal firm’s current alliance partners acquire targets that are in the same industry as the focal firm, the focal firm would be concerned about these alliance partners’ commitment, their increased bargaining power, and opportunistic behaviors. This essay contends that in response, the focal firm will form alliances with new partners to mitigate concerns …

Can Recyclable Packaging Enhance Consumers’ Willingness To Buy? The Mediating Role Of Corporate Social Responsibility Perception, Haifeng Shi

Dissertations and Theses Collection (Open Access)

The usage of recyclable packaging is a manifestation of corporate social responsibility and conforms to the trend of green and sustainable development. In recent years, with the rapid growth of the environmental awareness, consumers tend to choose more environmentally friendly and recyclable packaged products. Therefore, in order to better promote the usage of recyclable packaging, it is necessary to conduct in-depth research on why consumers choose recyclable packaging. Aiming to explore the impact of recyclable packaging on consumer behavior and its underlying mechanism, this study receives 314 questionnaire surveys all over the country, and adopts ANOVA and process model analyses …

Bootstrap Inference For Quantile Treatment Effects In Randomized Experiments With Matched Pairs, Liang Jiang, Xiaobin Liu, Peter C B Phillips, Yichong Zhang

Research Collection School Of Economics

This paper examines methods of inference concerning quantile treatment effects (QTEs) in randomized experiments with matched-pairs designs (MPDs). Standard multiplier bootstrap inference fails to capture the negative dependence of observations within each pair and is therefore conservative. Analytical inference involves estimating multiple functional quantities that require several tuning parameters. Instead, this paper proposes two bootstrap methods that can consistently approximate the limit distribution of the original QTE estimator and lessen the burden of tuning parameter choice. Most especially, the inverse propensity score weighted multiplier bootstrap can be implemented without knowledge of pair identities.

Testing The Dimensionality Of Policy Shocks, Jia Li, Viktor Todorov, Qiushi Zhang

Research Collection School Of Economics

This paper provides a nonparametric test for deciding the dimensionality of a policy shock as manifest in the abnormal change in asset returns' stochastic covariance matrix, following the release of a macroeconomic announcement. We use high-frequency data in local windows before and after the event to estimate the covariance jump matrix, and then test its rank. We find a one-factor structure in the covariance jump matrix of the yield curve resulting from the Federal Reserve's monetary policy shocks prior to the 2007-2009 financial crisis. The dimensionality of policy shocks increased afterwards due to the use of unconventional monetary policy tools.

Optimal Inference For Spot Regressions, Tim Bollerslev, Jia Li, Yuexuan Ren

Research Collection School Of Economics

Betas from return regressions are commonly used to measure systematic financial market risks. "Good" beta measurements are essential for a range of empirical inquiries in finance and macroeconomics. We introduce a novel econometric framework for the nonparametric estimation of time-varying betas with high-frequency data. The "local Gaussian" property of the generic continuous-time benchmark model enables optimal "finite-sample" inference in a well-defined sense. It also affords more reliable inference in empirically realistic settings compared to conventional large-sample approaches. Two applications pertaining to the tracking performance of leveraged ETFs and an intraday event study illustrate the practical usefulness of the new procedures.

Obfuscation And Rational Inattention, Aljoscha Janssen, Johannes Kasinger

Research Collection School Of Economics

We study the behavior of duopolistic firms that can obfuscate their prices before competing on price. Obfuscation affects the rational inattentive consumers' optimal information strategy, which determines the probabilistic demand. Our model advances related models by allowing consumers to update their unrestricted prior beliefs with an informative signal of any form. We show that the game may result in an obfuscation equilibrium with high prices or a transparency equilibrium with low prices and no obfuscation, providing an argument for market regulation. Obfuscation equilibria cease to exist for low information costs and if one firm seems a priori considerably more attractive.

Migration And Resource Misallocation In China, Xiaolu Li, Lin Ma, Yang Tang

Research Collection School Of Economics

We structurally estimate the firm-level frictions across prefectures in China and quantify their aggregate and distributional implications. Based on a general equilibrium model with input and output distortions and migration, we show that the firm-level frictions are less dispersed and less correlated with firm productivity in richer prefectures. Counterfactual exercises show that reducing the within-prefecture misallocation increases aggregate welfare, discourages migration toward large prefectures, and reduces spatial inequality. Moreover, internal migration alleviates micro-frictions’ impacts on aggregate welfare and worsens their effects on spatial inequality.

The Distributional Impacts Of Transportation Networks In China, Lin Ma, Yang Tang

Research Collection School Of Economics

We document that the quality of roads and railroads vary substantially over time and space in China, and neglecting these variations biases the distributional impacts of transportation networks. To account for quality differences, we construct a new panel dataset and approximate quality using the design speed of roads and railroads that varies by vintage, class, and terrain at the pixel level. We then build a dynamic spatial general equilibrium model for multiple modes, transportation routes, and forward-looking migration decisions. Our findings demonstrate that disregarding quality differences leads to a median bias of approximately 31% in estimating real wage growth rates …

Panel Data Models With Time-Varying Latent Group Structures, Yiren Wang, Peter C. B. Phillips, Liangjun Su

Research Collection School Of Economics

This paper considers a linear panel model with interactive fixed effects and unobserved individual and time heterogeneities that are captured by some latent group structures and an unknown structural break, respectively. To enhance realism, the model may have different numbers of groups and/or different group memberships before and after the break. With preliminary nuclear norm regularized estimation followed by row- and column-wise linear regressions, we estimate the break point based on the idea of binary segmentation and the latent group structures together with the number of groups before and after the break by sequential testing K-means algorithm simultaneously. It is …

Who Watched Pre/Post-Lecture Tutorial Videos? Does Flipped Learning Help Beginners In Economics?, Bei Hong

Research Collection School Of Economics

The modern-day classroom is characterized by academic diversity, with students from varied backgrounds and with different levels of prior knowledge. To cater to the diverse abilities of students, this paper explored the use of flipped learning as a teaching approach in an introductory economics course. We investigated the effectiveness of 40 pre-lecture videos covering basic concepts and 27 post-lecture tutorial videos focusing on practice in improving students' exam outcomes, especially for beginners in economics who may require more support from instructors than other students. We collected data about video engagement and students' grades in progress assessments. Surveys were conducted to …

High Frequency Principal Component Analysis Based On Correlation Matrix That Is Robust To Jumps, Microstructure Noise And Asynchronous Observation Times, Dachuan Chen

Research Collection School Of Economics

This paper developed the high frequency estimation for the principal component analysis (PCA) based on correlation matrix. This estimation methodology is robust to jumps, microstructure noise and asynchronous observation times simultaneously, which is enabled by the newly proposed Truncated and Smoothed Two-Scales Realized Volatility (Truncated S-TSRV) estimator. The general framework of our methodology is constructed based on the estimation of realized spectral functions with respect to the spot correlation matrix. A new asymptotic representation for the element-wise estimation error of the spot correlation matrix estimate has been derived, resulting in a new bias correction term which is much more complex …

Navigating Through Chaos, Hoong Chuin Lau

Asian Management Insights

How AI and optimisation models can strengthen supply chain resilience.

Maximizing The Ai Revolution In Southeast Asia, Shoeb Kagda

Asian Management Insights

For that, the region must narrow the digital divide.

The False Hope Of Stewardship In The Context Of Controlling Shareholders: Making Sense Out Of The Global Transplant Of A Legal Misfit, Dan W. Puchniak

Research Collection Yong Pung How School Of Law

In 2010, the United Kingdom issued the world’s first stewardship code. Since then, stewardship codes have been issued in many of the world’s leading economies and now exist in 20 jurisdictions on six continents, with more jurisdictions considering adopting them. In the UK, stewardship codes were promised to transform rationally passive institutional investors into actively engaged shareholders to prevent another Global Financial Crisis. More recently, the new 2020 UK Code has been promoted as a mechanism to save the planet by incentivizing institutional investors to pressure listed companies to focus on ESG. There is a vigorous debate and developed literature …