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Full-Text Articles in Business

Exploring The Factors That Affecting Adoption Of Mobile Banking In Bangladesh, Md. Abdullah A. Mamun, Masud Rana, Md. Ashraful Islam, Md. Abdullah A. Mamun Mar 2023

Exploring The Factors That Affecting Adoption Of Mobile Banking In Bangladesh, Md. Abdullah A. Mamun, Masud Rana, Md. Ashraful Islam, Md. Abdullah A. Mamun

Journal of Global Business Insights

This paper seeks to unearth the factors affecting the adoption of mobile banking in Bangladesh. Primary data from 630 respondents are collected from January 2021 to June 2021 using a structured questionnaire to accomplish this objective. The questionnaire contains 20 statements regarding the adoption of mobile banking. Gathered data are tabulated, categorized, and arranged to fulfill the purpose. The convenience sampling method is used to choose respondents from the Pabna district in Bangladesh. The collected data are examined using exploratory factor analysis, KMO and Bartlett testing, and reliability testing. Findings confirm that risk, the convenience of use, ease of access, …

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Steering Steadily In The Post-Pandemic World, Chartsiri Sophopanich, Chin Tiong Tan Mar 2023

Steering Steadily In The Post-Pandemic World, Chartsiri Sophopanich, Chin Tiong Tan

Asian Management Insights

Chartsiri Sophonpanich, President of Bangkok Bank, speaks with Tan Chin Tiong about the future of banking in Thailand and the region as the world slowly emerges from the COVID-19 pandemic.

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Effects Of Level Of Effort Measurement In The Application Of Earned Value Management, James M. Demos Mar 2023

Effects Of Level Of Effort Measurement In The Application Of Earned Value Management, James M. Demos

Theses and Dissertations

Major Air Force contracts are subject to overview utilizing Earned Value Management (EVM). EVM is flexible in its application through the adherence of guidelines rather than strict rules. Due to this method, there is concern for potential abuse of application through overuse of Level of Effort (LOE) as a measurement technique. There are current recommended practices and rules of thumb that suggest LOE should be limited to 15% of a program’s budget with no quantitative research to support this claim. This study examines how LOE is currently employed in ACAT I Air Force programs and what LOE’s impact is on …

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Rate Effects In Aircraft Learning Curves, Caleb J. Ahern Mar 2023

Rate Effects In Aircraft Learning Curves, Caleb J. Ahern

Theses and Dissertations

Across the Department of Defense (DoD), a wide variety of analytical tools are employed by cost analysts to estimate weapon system costs. One of the techniques widely employed by practitioners is the learning curve (LC). Although learning curves have been widely studied, using rate-adjustments or production rate effects (PRE), their usage have only intermittently been evaluated in place of using the traditional learning curve. Previous studies analyzing production rate found mixed results. This research aims to examine aircraft production data to determine if production rate model is preferrable in United States Air Force programs. Additionally, this PRE research seeks to …

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Rethinking The "Phillips Curve" In Nigeria: Assessing The Unemployment-Inflation Nexus In A Non-Linear Framework, Oba Efayema Obukohwo, Hilda Enoh Olele Mar 2023

Rethinking The "Phillips Curve" In Nigeria: Assessing The Unemployment-Inflation Nexus In A Non-Linear Framework, Oba Efayema Obukohwo, Hilda Enoh Olele

Bullion

The need to boost economic growth through policies that will simultaneously enhance employment and price stability cannot be overemphasized for a developing economy like Nigeria. This study thus seeks to ascertain the nexus between unemployment and inflation in Nigeria utilizing unemployment, and other control variables between 1980 and 2020 within a nonlinear framework, the study invalidated the inverse relationship. The study thus proposed that government should formulate and implement policies that will stimulate growth through an unemployment-inflation decelerating trajectory.

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Robowealth: Boosting Financial Inclusion In Thailand, Chiraphol N. Chiyachantana, David K. Ding, Pattarawan Mai Prasarnphanich, Chi Wei Chan Mar 2023

Robowealth: Boosting Financial Inclusion In Thailand, Chiraphol N. Chiyachantana, David K. Ding, Pattarawan Mai Prasarnphanich, Chi Wei Chan

Asian Management Insights

Advanced fintech lowers barriers to investing.

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Peer Effects In Equity Research, Kenny Phua, Mandy Tham, Chi Shen Wei Mar 2023

Peer Effects In Equity Research, Kenny Phua, Mandy Tham, Chi Shen Wei

Research Collection Lee Kong Chian School Of Business

We study the importance of peer effects among sell-side analysts who work at the same brokerage house, but cover different firms. By mapping the information network within each brokerage, we identify analysts who occupy central positions in their network. Central analysts incorporate more information from their coworkers and produce better research. Using shocks to network structures around brokerage mergers, we identify the influence of peer effects and the importance of industry expertise on analysts’ performance. A portfolio strategy that exploits the forecast revisions of central analysts earns up to 24% per annum.

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The Effect Of Nondiagnostic Information On Internal Auditor Skepticism: Capturing The Dilution Effect, Joseph Anthony Giordano Mar 2023

The Effect Of Nondiagnostic Information On Internal Auditor Skepticism: Capturing The Dilution Effect, Joseph Anthony Giordano

Electronic Theses and Dissertations

Internal auditors assigned to assess internal controls over financial reporting incorporate irrelevant information into their judgment, showing decreased skepticism when irrelevant information contradicts preconceived stereotypes of management, known as the dilution effect and attributed to the representativeness heuristic. Irrelevant information consistent with preconceived stereotypes does not decrease skepticism. In this experiment practicing internal auditors are provided an irrelevant description of the Chief Information Officer portrayed as either gregarious or introverted then subsequently receive relevant internal controls information. When the Chief Information Officer is described as gregarious, counter to common stereotypes, internal auditors assess risk as less likely to occur compared …

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Cost Estimating Relationships For Recurring T100 Flyaway Costs, Kyrie M. Rojo Mar 2023

Cost Estimating Relationships For Recurring T100 Flyaway Costs, Kyrie M. Rojo

Theses and Dissertations

This research investigates a dataset of over 80 Air Force and Navy aircraft and applies regression techniques to create two cost estimating relationships (CERs) for predicting recurring T100 flyaway costs, depending on where in the acquisition lifecycle the estimate takes place. The first CER explains 89 percent of the variation in the dataset and can be applied prior to Milestone B (MS B). The second CER explains 88 percent of the variation in the dataset and can be applied between MS B and MS C. Significant cost drivers identified include stealth, cohort, empty weight, the natural log of speed, legacy …

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A Decadal Analysis Of Factor Trends In Production Data For Department Of Defense Acquisition Programs, Scott A. Reilly Mar 2023

A Decadal Analysis Of Factor Trends In Production Data For Department Of Defense Acquisition Programs, Scott A. Reilly

Theses and Dissertations

This research involves the analysis of standard parametric cost factors across decades within the Production phase of Department of Defense (DoD) acquisitions. DoD cost estimators utilize factors to develop budgets, build cost estimates, measure program progress, and crosscheck for other estimating methodologies. This research analyzed contract data from 732 cost data summary reports (DD Form 1921) across seven decades and eight common work breakdown structure (WBS) elements. In addition to analyzing differences in these WBS elements, this research also provides analysis across decades for several commodity types, contract types, contractor types, and service branches. The statistical tests conducted in our …

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Price Comovement And Market Segmentation Of Chinese A- And H-Shares: Evidence From A Panel Latent-Factor Model, Yingjie Dong, Wenxin Huang, Yiu Kuen Tse Mar 2023

Price Comovement And Market Segmentation Of Chinese A- And H-Shares: Evidence From A Panel Latent-Factor Model, Yingjie Dong, Wenxin Huang, Yiu Kuen Tse

Research Collection School Of Economics

This paper examines the price comovement of cross-listed Chinese A- and H-shares using a panel model with latent factors and a heterogeneous long-run structure. Our model is more flexible than the cointegration system and is estimated using the data-driven Cup–Lasso method. The long-run H-share price discounts are heterogeneous across different groups of stocks. We have identified both stationary and nonstationary latent factors in the price differentials, which are driven by different economic variables. By analyzing the factor loadings of the nonstationary latent factor, we identify some trading-friction and information-friction variables that have effects on the price convergence between the A- …

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Machine Learning Techniques For Stock Price Prediction And Graphic Signal Recognition, Junde Chen, Yuxin Wen, Y. A. Nanehkaran, M. D. Suzauddola, Weirong Chen, Defu Zhang Mar 2023

Machine Learning Techniques For Stock Price Prediction And Graphic Signal Recognition, Junde Chen, Yuxin Wen, Y. A. Nanehkaran, M. D. Suzauddola, Weirong Chen, Defu Zhang

Engineering Faculty Articles and Research

Stock market analysis is extremely important for investors because knowing the future trend and grasping the changing characteristics of stock prices will decrease the risk of investing capital for profit. Thereupon, the prediction of stock prices and identifying the graphic signals of candlestick charts, which are two crucial tasks in stock price analysis, attract much attention from investors owing to the returns and risks that coexist in financial markets. To introduce a reliable approach for addressing these challenges, this paper proposes the modeling strategies based on machine learning (ML) techniques. A vector autoregression (VAR)-based rolling prediction model is proposed for …

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Exchange-Traded Funds And Real Investment, Constantinos Antoniou, Frank Weikai Li, Xuewen Liu, Avanidhar Subrahmanyam, Chengzhu Sun Mar 2023

Exchange-Traded Funds And Real Investment, Constantinos Antoniou, Frank Weikai Li, Xuewen Liu, Avanidhar Subrahmanyam, Chengzhu Sun

Research Collection Lee Kong Chian School Of Business

We investigate the link between exchange-traded funds and real investment. Cross-sectionally, higher ETF ownership is associated with an increased sensitivity of real investment to Tobin's q and a heightened ability of stock returns to forecast future earnings. Inclusion of stocks in industry ETFs enhances investment-q sensitivity and implies greater incorporation of earnings information into prices prior to public releases. Greater nonmarket ETF ownership leads to increased (reduced) reliance of real investment on own (peers') stock prices. Overall, the evidence is consistent with ETFs positively affecting real investment efficiency via greater flows of information.

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Loan Spreads And Credit Cycles: The Role Of Lenders' Personal Economic Experiences, Daniel Carvalho, Janet Gao, Pengfei Ma Mar 2023

Loan Spreads And Credit Cycles: The Role Of Lenders' Personal Economic Experiences, Daniel Carvalho, Janet Gao, Pengfei Ma

Research Collection Lee Kong Chian School Of Business

We provide evidence that changes in lender optimism can lead to excessive fluctuations in credit spreads across the credit cycle. Using data on the real estate properties of loan officers originating large corporate loans, we find that credit spreads overreact to sophisticated lenders' recent local economic experiences, captured by local housing price growth. These effects are only present when borrowers own real estate assets and during times of greater uncertainty about real estate values, i.e., boom-and-bust cycles in housing prices. Our analysis suggests that recent personal experiences shape sophisticated lenders' beliefs about real estate values, which affect their pricing decisions.

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Strategic Financial Management Part Iii: Debt Maturity And Priority And Corporate Liquidity, Fangjian Fu, Clifford W. Smith Mar 2023

Strategic Financial Management Part Iii: Debt Maturity And Priority And Corporate Liquidity, Fangjian Fu, Clifford W. Smith

Research Collection Lee Kong Chian School Of Business

This is the third in our series ofJACFarticles that explores thecorporate motives for and consequences of seasoned equity offer-ings (SEOs) by U.S. public companies over the past 50 years. Likeits two predecessors, this article begins by examining each of thethree standard theories (or “models”) of corporate capital structureand financing policy that continue to receive serious considerationin academic discussions: (1) the Tradeoff Model;(2)thePeckingOrder Model, and (3) theMarket Timing Model.Aswealsobeganby noting in our two previous articles, each of these three modelshas implications that do not fit comfortably with the findings ofour analysis of over 8500 SEOs by U.S. companies between 1970and 2019.

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A Review On Derivative Hedging Using Reinforcement Learning, Peng Liu Mar 2023

A Review On Derivative Hedging Using Reinforcement Learning, Peng Liu

Research Collection Lee Kong Chian School Of Business

Hedging is a common trading activity to manage the risk of engaging in transactions that involve derivatives such as options. Perfect and timely hedging, however, is an impossible task in the real market that characterizes discrete-time transactions with costs. Recent years have witnessed reinforcement learning (RL) in formulating optimal hedging strategies. Specifically, different RL algorithms have been applied to learn the optimal offsetting position based on market conditions, offering an automatic risk management solution that proposes optimal hedging strategies while catering to both market dynamics and restrictions. In this article, the author provides a comprehensive review of the use of …

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Automatic Identification Of Crash-Inducing Smart Contracts, Chao Ni, Cong Tian, Kaiwen Yang, David Lo, Jiachi Chen, Xiaohu Yang Mar 2023

Automatic Identification Of Crash-Inducing Smart Contracts, Chao Ni, Cong Tian, Kaiwen Yang, David Lo, Jiachi Chen, Xiaohu Yang

Research Collection School Of Computing and Information Systems

Smart contract, a special software code running on and resided in the blockchain, enlarges the general application of blockchain and exchanges assets without dependence of external parties. With blockchain's characteristic of immutability, they cannot be modified once deployed. Thus, the contract and the records are persisted on the blockchain forever, including failed transactions that are caused by runtime errors and result in the waste of computation, storage, and fees. In this paper, we refer to smart contracts which will cause runtime errors as crash-inducing smart contracts. However, automatic identification of crash-inducing smart contracts is limited investigated in the literature. The …

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Prudex-Compass: Towards Systematic Evaluation Of Reinforcement Learning In Financial Markets, Shuo Sun, Molei Qin, Xinrun Wang, Bo An Mar 2023

Prudex-Compass: Towards Systematic Evaluation Of Reinforcement Learning In Financial Markets, Shuo Sun, Molei Qin, Xinrun Wang, Bo An

Research Collection School Of Computing and Information Systems

The financial markets, which involve more than $90 trillion market capitals, attract the attention of innumerable investors around the world. Recently, reinforcement learning in financial markets (FinRL) has emerged as a promising direction to train agents for making profitable investment decisions. However, the evaluation of most FinRL methods only focuses on profit-related measures and ignores many critical axes, which are far from satisfactory for financial practitioners to deploy these methods into real-world financial markets. Therefore, we introduce PRUDEX-Compass, which has 6 axes, i.e., Profitability, Risk-control, Universality, Diversity, rEliability, and eXplainability, with a total of 17 measures for a systematic evaluation. …

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Obedience To Uli’L-Amr And Tax Compliance: Islamic Scholarly Perceptions, Prianto B. Saptono, Ismail Khozen, Ferry Jie Mar 2023

Obedience To Uli’L-Amr And Tax Compliance: Islamic Scholarly Perceptions, Prianto B. Saptono, Ismail Khozen, Ferry Jie

Research outputs 2022 to 2026

For Muslims, all aspects of human life including politics and leadership are governed by the Holy Qur’an. One of the well-known verses is QS. An-Nisa 4:59 which instructs the Muslims to obey uli’l-amr. The literature, however, shows that the scope of obedience is not absolute. Resultantly, the current research aims to understand the tax compliance in the context of obedience to authority. It provides a contemporary viewpoint from the Islamic boarding school (pesantren) communities in Depok, Indonesia about enrichment. Both quantitative research and field observations have been used to accomplish the research goals. Focusing on the pesantren communities’ support for …

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If It Ain't Broke, Don't Fix It: Understanding The Value In Producing Film Adaptations And Movie Franchises, Courtney Mcdonald Mar 2023

If It Ain't Broke, Don't Fix It: Understanding The Value In Producing Film Adaptations And Movie Franchises, Courtney Mcdonald

University Honors Theses

The business of making movies is not an easy one; in an industry where very few see financial success, risk aversion often takes the wheel. In order to combat the immense amount of uncertainty, existing research has attempted to establish factors of film success, including actor star power and reviews. However, statistical studies evaluating these factors have produced consistently inconclusive results. To approach this idea from another perspective, this paper investigates two specific areas of film—movie adaptations and film franchises—that contain valuable properties not always as explicitly connected to box office results. While many movies are referenced, two film franchises …

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Centering Transgender Consumers In Conceptualizations Of Marketplace Marginalization And Digital Spaces, Beck Hansman, Jenna Drenten Ph.D. Feb 2023

Centering Transgender Consumers In Conceptualizations Of Marketplace Marginalization And Digital Spaces, Beck Hansman, Jenna Drenten Ph.D.

School of Business: Faculty Publications and Other Works

The purpose of this study is to center transgender consumers in the conceptualizations between marketplace marginalization and digital spaces. We examine trans-gender crowdfunding as a hashtag-bounded digital space created by and for the transgender community–namely, the #TransCrowdFund digital space on Twitter. We draw on trans digital geographies as a novel analytical lens to focus attention on transgender consumers' unique experiences in and between digital spaces. Through qualitative hashtag mapping, we analyzed a sample of 200 Twitter profiles and accompanying tweets drawn from individuals using the#TransCrowdFund hashtag. Findings suggest transgender consumers utilize crowdfunding as a hashtag-bounded digital space in three ways: …

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Are Markets Interested In Adapting To Climate? Insights From Singapore, Stella Whittaker, Tran Bao Phuong Nguyen Feb 2023

Are Markets Interested In Adapting To Climate? Insights From Singapore, Stella Whittaker, Tran Bao Phuong Nguyen

Sim Kee Boon Institute for Financial Economics

We have collected the views of leading practitioners and academics in Singapore involved in funding and financing urban climate change adaptation1 (thereon referred to as urban adaptation). Throughout this paper we discuss several vital perspectives on adaptation financing, namely responsibility for adaptation investment, the extent of government adaptation investment, private sector adaptation investment appetite and prospects for experimentation in adaptation financing. We also attempt to shed light on the existence or not of an adaptation financing gap2 in Singapore.

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Assessing The Odds Of A Us Recession, Thomas Lam, David Fernandez Feb 2023

Assessing The Odds Of A Us Recession, Thomas Lam, David Fernandez

Sim Kee Boon Institute for Financial Economics

In this commentary, SMU Sim Kee Boon Institute for Financial Economics (SKBI) Principal Researcher Thomas Lam and SKBI Director SMU Professor of Finance (Practice) Dave Fernandez offer their perspectives on the current multifaceted and highly charged US recession debate. While America is currently not in a downturn, the near-term odds of one have edged up, according to models based on key monthly and weekly indicators.

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Ceo Tournament Incentives And Corporate Debt Contracting, Chinmoy Ghosh, Di Huang, Nam H. Nguyen, Hieu V. Phan Feb 2023

Ceo Tournament Incentives And Corporate Debt Contracting, Chinmoy Ghosh, Di Huang, Nam H. Nguyen, Hieu V. Phan

Finance Faculty Publications

This study examines the relation between CEO tournament incentives, proxied by the difference between CEO pay and the median pay of the senior executives of a given firm, and corporate debt contracting. We find negative relations between CEO pay gap and the cost of debt and default risk, and a positive relation between CEO pay gap and debt maturity. Further analysis indicates that the results are stronger for firms with near-retirement CEOs, which are more likely to run CEO tournaments. Our evidence suggests that creditors view tournament incentives favorably and are willing to provide better debt terms.

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Litigation Risk Management Through Corporate Payout Policy, Matteo P. Arena, Brandon Julio Feb 2023

Litigation Risk Management Through Corporate Payout Policy, Matteo P. Arena, Brandon Julio

Finance Faculty Research and Publications

Firms modify their payout policy in anticipation of future litigation costs. We examine a comprehensive sample of U.S. corporate lawsuits and find that firms facing significant litigation risk pay lower dividends, and in some cases omit dividends while distributing more cash through share repurchases. Litigation risk changes the distribution of payouts but not the total payout yield as the increase in share repurchases offsets the decrease in dividends. Cash-poor firms cut share repurchases when settlement costs are incurred. The results suggest that firms at a higher risk of litigation increase their payout flexibility.

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Bearer Negotiable Instruments: Addressing A Financial Intelligence Gap And Identifying Criminogenic Weaknesses, Hollis B. Kegg Feb 2023

Bearer Negotiable Instruments: Addressing A Financial Intelligence Gap And Identifying Criminogenic Weaknesses, Hollis B. Kegg

Dissertations, Theses, and Capstone Projects

Bearer Negotiable Instruments (BNI) are a long-standing category of financial instruments used to transfer large amounts of money in ways that may not be subject to regulation, reporting, tracking, review, or oversight. There is limited information available on BNIs, and no evidence that any studies have been undertaken on BNIs alone, much less reported. Increasingly, BNIs are being used for illegal purposes including money laundering. This study gathers information about their characteristics, nature, purpose, legal status, and numbers. It also focuses on the crime risks associated with BNIs, the crime opportunities they facilitate, and the criminal weaknesses in the financial …

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The City Never Sleeps: But When Will Investment Banks Wake Up To The Climate Crisis?, Theodor Florian Cojoianu, Andrea G. F. Hoepner, Fabiola I. Schneider, Michael Urban, Anh Vu, Dariusz Wojcik Feb 2023

The City Never Sleeps: But When Will Investment Banks Wake Up To The Climate Crisis?, Theodor Florian Cojoianu, Andrea G. F. Hoepner, Fabiola I. Schneider, Michael Urban, Anh Vu, Dariusz Wojcik

Research Collection College of Integrative Studies

Using a global dataset of over 840,000 equity, bond and syndicated loan investment banking deals, we build the fossil fuel investment brokerage profile of financial centres worldwide between 2000 and 2018. We also study whether city-level fossil fuel divestment commitments and country-level green banking policies impact the profile of fossil fuel financial centres over our study timeframe. We find that several financial centres shift their fossil fuel investment brokerage profiles substantially, including the asset classes in which they are active. However, we do not find any evidence that this is driven by city-level divestment commitments. In contrast, we find that …

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Simultaneous Multilateral Search, Sergei Glebkin, Bart Zhou Yueshen, Ji Shen Feb 2023

Simultaneous Multilateral Search, Sergei Glebkin, Bart Zhou Yueshen, Ji Shen

Research Collection Lee Kong Chian School Of Business

This paper studies simultaneous multilateral search (SMS) in over-the-counter markets: When searching, a customer simultaneously contacts several dealers and trades with the one offering the best quote. Higher search intensity (how often one can search) improves welfare, but higher search capacity (how many dealers one can contact) might be harmful. When the market is in distress, customers might inefficiently favor bilateral bargaining (BB) over SMS. Such a preference for BB speaks to the sluggish adoption of SMS trading, like request-for-quote protocols, in over-the-counter markets. Furthermore, a market-wide shift to SMS may not be socially optimal.

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The Financialization Of Cryptocurrencies, Lei Huang, Tse-Chun Lin, Fangzhou Lu, Jian Sun Feb 2023

The Financialization Of Cryptocurrencies, Lei Huang, Tse-Chun Lin, Fangzhou Lu, Jian Sun

Research Collection Lee Kong Chian School Of Business

We show that change in Grayscale Bitcoin Trust premium is the single most significant predictor of Bitcoin daily return. This sentiment measure is similar to the closed-end fund discount measure as in Baker and Wurgler (2006), but more likely to reflect the excess demand from traditional investors than from blockchain specialists. Although there is a substantial variation in Bitcoin price quotes worldwide, this Grayscale premium and discount predict Bitcoin daily return for the most liquid Bitcoin exchanges. Using K-means clustering and LDA analysis, we find that this predictability is especially significant when there is a large variation in bullish and …

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Impact Of Geographical Diversification And Limited Attention On Private Equity Fund Returns, Victor Ong Feb 2023

Impact Of Geographical Diversification And Limited Attention On Private Equity Fund Returns, Victor Ong

Research Collection Lee Kong Chian School Of Business

This article analyzes the effect of geographical diversification on global private equity (PE) fund returns. We find that there is a negative correlation between geographical diversification and PE fund returns. To establish the causality between geographical diversification and PE fund returns, we employ an instrumental variable analysis where the instrument used is the stock market capitalization of the host country where the PE fund is based. Our results apply to Net IRR, TVPI and DPI as dependent variables used to proxy for PE fund returns in the main regression model. A one standard deviation increase in geographical diversification results in …

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