Business Commons^™

Is Commercial Real Estate Overpriced?, Stijn Van Nieuwerburgh

Perspectives@SMU

Valuations are sky-high but realised cashflow growth is sluggish. Much of the dichotomy could be attributed to the increased diversity of the commercial real estate ecosystem

Us Lawmakers Are Taking A Massive Swipe At Big Tech. If It Lands, The Impact Will Be Felt Globally, Katharine Kemp

Perspectives@SMU

Five antitrust laws proposed in the US aim to aggressively rein in the market power of “big tech” companies and change the way they do business, writes UNSW Sydney's Katharine Kemp

How To Spot And Avoid Greenwashing In Supply Chains, Singapore Management University

Perspectives@SMU

Research draws attention to practice of firms greenwashing their CSR by disclosing supply chain relationships with “green” but concealing “brown” suppliers

Customer Satisfaction Index Of Singapore 2021: Q1 Results, Institute Of Service Excellence, Smu

Research Collection Institute of Service Excellence (2007-2024)

The Customer Satisfaction Index of Singapore (CSISG) computes customer satisfaction scores at the national, sector, sub-sector, and company levels. The CSISG serves as a quantitative benchmark of the quality of goods and services produced by the Singapore economy over time. 2021 marks the 15th year of measurement for the CSISG national study.

Triads Of Interorganisational Conflict: Investigating Asymmetries, Disputes, And Tensions, Li Hao Edson Kieu

Dissertations and Theses Collection (Open Access)

Interorganisational relations are critical resources that are enablers for organisations to achieve competitive advantage. Collaborative ties provide organisations access to new markets, distribution channels, information, and present opportunities to develop or enhance capabilities and competencies. However, interorganisational ties are dynamic and susceptible to relational tensions among collaborative, coordinative, and competitive elements. As such, primarily focusing on collaborative elements between organisations presents an incomplete representation. Social relations involve elements of collaboration and conflict that are not antithetical but dialectical determinants of one another. Despite these conjectures of dialectical tensions, the nature of interorganisational conflict remains elusive. Hence, this dissertation is devoted …

Culture And Cyber Security: How Cultural Tightness-Looseness Moderates The Effects Of Threat And Coping Appraisals On Mobile Cyber Hygiene, Kok Wei Hoe

Dissertations and Theses Collection (Open Access)

With increasing adoption of smartphone for mobile-commerce and increasing incidents of cyber breaches, it is timely to investigate how the weakest link in this security chain, human, can be strengthened. To date, there has been a gap in research examining the impact of culture on protection motivation. Most extant research focus on technological, organizational and behavioral factors affecting protection motivation. In this study, I develop a model integrating Theory of Cultural Tightness-Looseness and Protective Motivation Theory to investigate how cultural norms, define as shared expectations and rules that guide behavior of people within social groups, affect a person’s intentions to …

The Pricing Of Initial Public Offering And Market Efficiency, Chiyachantana N. Chiraphol

Research Collection Lee Kong Chian School Of Business

This study investigates long-run performance of Thai initial public offerings (IPOs). To examine the longrun performance of Thai IPOs, we compute buy-and-hold abnormal returns and cumulative abnormal returns for two years after the IPOs. We find strong evidence of long run underpricing in Thai market. Specifically, the average buy-and-hold abnormal returns and cumulative abnormal returns are 64.5% and 18.4% respectively. However, our multi-variate analysis does not indicate a strong relation between long-run underperformance and firm-specific factors, such as firm size, firm age, investment banker reputation and firm profitability.

Multi-Period Lot-Sizing With Supplier Selection: Structural Results, Complexity And Algorithms, Meichun Lin, Woonghee Tim Huh, Guohua Wan

Research Collection Lee Kong Chian School Of Business

We consider a multi-period lot-sizing problem with multiple products and multiple suppliers. Demand is deterministic and time-varying. The objective is to determine order quantities to minimize the total cost over a finite planning horizon. This problem is strongly NP-hard. For a special case, we extend the classical zero-inventory-ordering principle and solve it by dynamic programming. Based on this new extension, we also develop a heuristic algorithm for the general problem and computationally show that it works well.

Generalist Versus Specialist Ceos And Acquisitions: Two-Sided Matching And The Impact Of Ceo Characteristics On Firm Outcomes, Guoli Chen, Sterling Huang, Philipp Meyer-Doyle

Research Collection School Of Accountancy

Research Summary: To address endogeneity concerns stemming from firm-CEO matching, we deploy a two-sided matching model that identifies the complementarities arising from the CEO-firm match and subsequently account for these complementarities in empirical tests. Applying this approach, we examine how the nature of CEOs' human capital affects the acquisition behavior and performance of firms. We find that generalist CEOs (CEOs with a broader set of knowledge and skills) are more likely to engage in unrelated acquisitions than specialist CEOs (CEOs with a narrower but deeper set of knowledge and skills). We also find that the fit between the nature of …

Analyst Teams, Bingxu Fang, Ole-Kristian Hope

Research Collection School Of Accountancy

This paper examines the impact of teamwork on sell-side analysts’ performance. Using a hand-collected sample of over 50,000 analyst research reports, we find that analyst teams issue more than 70% of annual earnings forecasts. In contrast, most prior research implicitly assumes that forecasts are issued by individual analysts. We document that analyst teams generate more accurate earnings forecasts than individual analysts and that the stock market reacts more strongly to forecast revisions issued by teams. Analyst teams also cover more firms, issue earnings forecasts more frequently, and issue less stale forecasts. Analysts working in teams are more likely to be …

Labor Market Mobility And Expectation Management: Evidence From Enforceability Of Noncompete Provisions, Michael Tang, Rencheng Wang, Yi Zhou

Research Collection School Of Accountancy

This study examines how managers' use of expectation management is affected by their labor market mobility, which we measure by the enforceability of noncompete provisions in their employment contracts. Exploiting quasinatural experiments, our difference-in-differences analyses provide new causal insights to the growing literature on how managers' career concerns affect their disclosure choices. Consistent with a less mobile labor market imposing more pressure on managers to achieve earnings expectations, we predict and find that managers in US states that tightened enforcement of noncompete provisions are more likely to manage analyst expectations downward. We also find that downward expectation management is used …

Essays On Predictive And Prescriptive Analytics For Risk Monitoring And Population Screening In Healthcare Management, Yan He

Dissertations and Theses Collection (Open Access)

Due to increased aging populations and changes in lifestyles, we have witnessed an increased prevalence of various chronic and acute diseases and a drastic rise in healthcare expenditures in recent years. It is of paramount importance for public health to promote regular screening and close monitoring to detect the early onset of diseases. On the other hand, the increasing availability of healthcare data and advancement in data analytics offer a huge potential to facilitate this goal. We can analyze the vast amount of data and recommend more personalized diagnostic tests after receiving results and signals from screening tests and monitoring …

On Financial Quotient: Theory And Empirical Analysis, Gang Sun

Dissertations and Theses Collection (Open Access)

Financial Quotient (FQ) has become a common topic of concern in the global academic, business and social communities, but at this stage, academic research on FQ and its education are still immature, theoretical depth and empirical support basis are shortage, and influence factors of FQ and the degree of influence of each factor have not been systematically studied. Therefore, there is a large gap between research and practice.

The purpose of this Paper is to construct a set of scientific and reasonable FQ index for individuals, to find factors that can influence or predict personal financial quotient (PFQ), and to …

Fuelling Effects Of Unique Opinion Holder’S Emotions On Team Creativity: A Collective Information Processing Perspective, Hui Si Oh

Dissertations and Theses Collection (Open Access)

Building on past studies that have found positive influence of minority member on team creativity, this research examined an underexplored yet crucial topic of a unique opinion holder’s happy and anger emotions on team creativity. Using a collective information processing perspective, this study examined whether the expression of anger and happiness would be beneficial for team creativity by spurring team members to respond qualitatively differently to each other’s ideas during the discussion. Additionally, this study examined whether the influence of a unique opinion holder’s emotions on team creativity through information-processing pathways would depend on individual members’ working memory capacities. Three …

Why Do Robots Have Smiley Faces?, Mark Findlay

Research Collection Yong Pung How School Of Law

The author discussed why engineers and designers provide machines with the semblance of friendliness, and why it takes more than that for humans to trust AI. The ground-breaking AI in community research and policy initiative by CAIDG, supported by the National Research Foundation Singapore under its Emerging Areas Research Projects Funding Initiative, seeks to understand how and why trust can be established when humans and machines come together.

Analytics For Hospital Resource Planning: Two Case Studies, Jingui Xie, Weifen Zhuang, Marcus Ang, Mabel C. Chou, Li Luo, David D. Yao

Research Collection Lee Kong Chian School Of Business

Using real data and process flows from two large hospitals (in Singapore and in Chengdu, China) as cases, we illustrate how to apply certain modeling and optimization techniques, along with simulation as a validation tool, to hospital resource planning problems. We demonstrate how these simple analytical tools can help achieve significant improvements in both patient service and resource utilization, and without the need to increase the overall level of existing capacities. Two resource planning problems are studied in detail, one concerns the re-balancing of bed capacities among various wards, and the other addresses the allocation of medical diagnostic resource among …

Central Counterparty Exposure In Stressed Markets, Wenqian Huang, Albert J. Menkveld, Shihao Yu

Research Collection Lee Kong Chian School Of Business

Time is valuable, particularly in stressed markets. Because central counterparties (CCPs) have become systemically important, we need to understand the dynamics of their exposure toward clearing members at high frequencies. We track such exposure and decompose it, yielding the following insights. The composition of CCP exposure is fundamentally different in the tails. At extreme levels or during rapid increases, there is elevated crowding. This is the result of clearing members all concentrating their positions on a single security or a particular portfolio, which is desirable if motivated by hedging but worrying if due to speculation.

Using Excel To Teach Simulation For Management Accounting, Clarence Goh, Poh Sun Seow, Gary Pan

Research Collection School Of Accountancy

In this article, we introduce an Excel exercise on simulation that can be implemented in a management accounting class. Specifically, we introduce a three phase implementation process where instructors (i) give the class an introduction to simulation, (ii) introduce students to a four-step process used in conducting analysis using simulation in Excel, and (iii) introduce a simulation problem focused on a specific area of management accounting (revenue projection) and guide students in completing the simulation analysis in Excel. By highlighting how simulation models can be built using Excel and used to solve a management accounting problem, our article identifies an …

Speed Acquisition, Shiyang Huang, Bart Zhou Yueshen

Research Collection Lee Kong Chian School Of Business

Speed is a salient feature of modern financial markets. This paper studies investors' speed acquisition together with their information acquisition. Speed heterogeneity arises in equilibrium, fragmenting the information aggregation process with a nonmonotone impact on price informativeness. Various competition effects drive speed and information to be either substitutes or complements. The model cautions the possible dysfunction of price discovery: An improving information technology might complement speed acquisition, which shifts the concentration of price discovery over time, possibly hurting price informativeness. Novel predictions are discussed regarding investor composition and their investment performance.

Hedge Funds And Their Prime Broker Analysts, Sung Gon Chung, Manoj Kulchania, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

Are sell-side analysts reluctant to go against the investment views of their hedge funds when these hedge funds are their prime brokerage clients? We show that prime broker analysts tend to upgrade stocks recently bought by their clients. For stocks with upgraded recommendations, post-announcement cumulative abnormal returns are significantly lower for those purchased by the prime brokerage clients. Our results are stronger with high-dollar-turnover clients who generate more trading commissions. We also find that a hedge fund with a large bet on a stock has a stronger incentive to pressure the fund’s prime brokers to issue a favorable recommendation on …

Divide And Conquer: A Hygienic, Efficient, And Reliable Assembly-Line For Housekeeping, Xiao Alison Chen, Rowan Wang, Jianghua Zhang

Research Collection Lee Kong Chian School Of Business

Problem definition: This work focuses on the hotel housekeeping process. In a field study, a possible channel of disease transmission between consecutive guests in hotel rooms is revealed. In order to prevent the transmission, an innovative assembly-line housekeeping method is developed. Academic/practical relevance: The transmission of infectious diseases during hotel stays (e.g., by touching unclean towels or bed linens) has been reported globally. Under the current COVID-19 pandemic, having contact with saliva or mucus left by an infected person could cause infection. The standard housekeeping process used by the majority of hotels leaves a channel for new towels and bed …

Do Animated Line Graphs Increase Risk Inferences?, Junghan Kim, Arun Lakshmanan

Research Collection Lee Kong Chian School Of Business

This article shows that animated display of time-varying data (e.g., stock or commodity prices) enhances risk judgments. We outline a process whereby animated display enhances the visual salience of transitions in a trajectory (i.e., successive changes in data values), which leads to transitions being utilized more to form cognitive inferences about risk. In turn, this leads to inflated risk judgments. The studies reported in this article provide converging evidence via eye tracking (Study 1), serial mediation analyses (Studies 2 and 3), and experimental manipulations of transition salience (graph type; Study 3) and utilization of transitions (global trend; Study 4 and …

The Gender Effects Of Covid-19 On Equity Analysts, Frank Weikai Li, Baolian Wang

Research Collection Lee Kong Chian School Of Business

We use the COVID-19 pandemic as a natural experiment to study the effects of childcare and household duties on sell-side analysts. The richness of this setting allows us to compare female and male analysts while requiring them to perform the same tasks. We find that female analysts' forecast accuracy declined more than male analysts, especially when schools were closed and among analysts who were more likely to have young children, inexperienced, were likely busier before the pandemic, and lived in southern states. Female analysts also reduced the timeliness of their forecasts and resorted to more heuristic forecasts. The stock market …

Japanese Monetary Policy And Its Impact On Stock Market Implied Volatility During Pleasant And Unpleasant Weather, Marinela Adriana Finta

Research Collection Lee Kong Chian School Of Business

We investigate the effect of Japan's Monetary Policy Meeting releases on the intraday dynamics of the Nikkei Stock Average Volatility Index and its futures during pleasant and unpleasant weather. We show that at the time of a monetary policy release when the temperature is pleasant, there is a significant decline in Japanese equities' implied volatility and futures, which lasts for about 10 min and 5 min, respectively. This decline is longer and exhibits a greater variation when releases occur during cold days. Finally, we emphasize the achievable economic profits and losses, given the reaction of Nikkei VI futures to the …

What Drives Sales Of E-Commerce Live Streaming? Evidence From Taobao, Danyang Song, Xi Chen, Zhiling Guo, Xin Gao

Research Collection School Of Computing and Information Systems

Despite the rapid development of live streaming, empirical research on the driving factors of e-commerce live streaming sales, still lags. We empirically address this question by utilizing a large and unique data set from a leading e-commerce platform in the world. Our results show that product characteristics, streamer characteristics and consumer engagement are important factors that drive e-commerce live streaming sales. Interestingly, we find that newer products from small brands with lower prices benefit more from the live streaming sales. Experienced streamers who are tied to a single seller and who have more followers perform better. In addition, real-time comments …

Digital Transformation: What? How? Why?, Chee Hau Tan, Darren Thayre, Ewen Plougastel, Mark Shmulevich

Perspectives@SMU

Leadership and prep work ahead of transformation are key

Digitally Transforming Chicken Rice, Singapore Management University

Perspectives@SMU

Lao Hung Jia's dreams of selling Singapore’s national dish all over the world might just happen thanks to cashless payment and a matured food delivery ecosystem. There is just one problem: sorting out the pre-packed chilli sauce

Building A Hook For Success, Nir Eyal

Perspectives@SMU

Nir Eyal rode the Silicon Valley wave and created the Hook model that keeps customers coming back for more. He sees shades of 2006 Silicon Valley optimism in Singapore

What Is The Role Of Large Shareholders In Monitoring Corporate Performance?, Singapore Management University

Perspectives@SMU

Research in China suggests that increased stock liquidity provides large shareholders incentives to enhance monitoring activities and improve corporate governance

Non-Fungible Tokens (Nfts): A Turning Point For Digital Content Creators And Artists?, Eric Lim

Perspectives@SMU

While NFTs may seem like a fad, they are revolutionising how digital content creators and artists create new business models