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Full-Text Articles in Business

Urban Complex Value Study Based On Management Practice Of China Central Place, Chao Fang Sep 2019

Urban Complex Value Study Based On Management Practice Of China Central Place, Chao Fang

Dissertations and Theses Collection (Open Access)

In recent years in China, with the rapid development of China’s economy, the acceleration of urbanization, the extension of city size and the rapid growth of urban population, living conditions, traffic and environment in the cities are getting worse and worse. Under this background, urban complex integrating a series of functions like “living, business, office, tourism, culture and entertainment etc” has become popular with the urban administrators and developers in many cities. According to relevant statistics, by the end of 2015, there had been more than 2000 urban complexes (including the ones which have been completed, the ones which are …

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Political Connections And The Value Of Cash Holdings, Yuanto Kusnadi Sep 2019

Political Connections And The Value Of Cash Holdings, Yuanto Kusnadi

Research Collection School Of Accountancy

This study examines how political connections influence the value of cash holdings in an international setting. The main finding reveals that political connections are not associated with the value of cash holdings in the overall sample. However, further analysis demonstrates that political connections are negatively associated with the value of cash holdings for firms inemerging markets and in countries with high levels of corruption. Moreover, the negative valuation of cash holdings is driven by firms that are connected through large shareholders. Overall, the findings provide new insights into the value relevance of cash holdings, especially for politically connected firms.

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Do Firms Manage Their Csr Reputation? Evidence From Twitter, Richard M. Crowley, Wenli Huang, Hai Lu, Wei Luo Sep 2019

Do Firms Manage Their Csr Reputation? Evidence From Twitter, Richard M. Crowley, Wenli Huang, Hai Lu, Wei Luo

Research Collection School Of Accountancy

Using a machine learning approach to process 11 million tweets posted by S&P 1500 firms from 2011 through 2016, we find that poor CSR performance firms tweet more about CSR activities and use tweets that are shorter, and with more passive voice and extreme tone. Good CSR performance firms tweet less about CSR, yet gain twice more followers per CSR tweet than poor CSR performance firms. Good CSR performance firms also experience a greater decrease in institutional ownership along with higher increases in bid-ask spread and stock return volatility after joining Twitter than do poor CSR performance firms. Our findings …

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Forecasting Realized Volatility Using A Nonnegative Semiparametric Model, Anders Eriksson, Daniel P. A. Preve, Jun Yu Sep 2019

Forecasting Realized Volatility Using A Nonnegative Semiparametric Model, Anders Eriksson, Daniel P. A. Preve, Jun Yu

Research Collection School Of Economics

This paper introduces a parsimonious and yet flexible semiparametric model to forecast financial volatility. The new model extends a related linear nonnegative autoregressive model previously used in the volatility literature by way of a power transformation. It is semiparametric in the sense that the distributional and functional form of its error component is partially unspecified. The statistical properties of the model are discussed and a novel estimation method is proposed. Simulation studies validate the new method and suggest that it works reasonably well in finite samples. The out-of-sample forecasting performance of the proposed model is evaluated against a number of …

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Can Vuca Help Us Generate New Theory Within International Business?, L. Jeremy Clegg, Hinrich Voss, Liang Chen Sep 2019

Can Vuca Help Us Generate New Theory Within International Business?, L. Jeremy Clegg, Hinrich Voss, Liang Chen

Research Collection Lee Kong Chian School Of Business

The acronym and neologism “VUCA” is employed by management and some scholars to denote the unpredictability of the modern world and its impact on business. The VUCA approach suggests that a rational firm’s response should be to: protect against volatility by engineering-in redundancy and slack, gather information to reduce uncertainty, develop expertise to make complexity computable, and learn heuristically to reduce ambiguity. We combine a critical perspective on the VUCA approach with the global factory model, popularly used to describe the flexibility sought by advanced economy multinational enterprises (MNEs) within the global value chain. Both VUCA and the global factory …

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Effects Of Rescheduling On Patient No-Show Behavior In Outpatient Clinics, Jiayi Liu, Jingui Xie, Kum Khiong Yang, Zhichao Zheng Sep 2019

Effects Of Rescheduling On Patient No-Show Behavior In Outpatient Clinics, Jiayi Liu, Jingui Xie, Kum Khiong Yang, Zhichao Zheng

Research Collection Lee Kong Chian School Of Business

We study the effects of rescheduling on no-show behavior in an outpatient appointment system for both new and follow-up patients. Previous literature has primarily focused on new patients and investigated the role of waiting time on no-show probability. We offer a more nuanced understanding of this costly phenomenon. Using comprehensive clinical data, we demonstrate that for follow-up patients, their no-show probability decreases by 10.9 percentage points if their appointments were rescheduled at their own request, but increases by 6.2 percentage points if they were rescheduled by the clinic. New patients, in contrast, are more concerned about waiting time and less …

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When Individual Goal Pursuit Turns Competitive: How We Sabotage And Coast, Szu-Chi Huang, Stephanie C. Lin, Ying Zhang Sep 2019

When Individual Goal Pursuit Turns Competitive: How We Sabotage And Coast, Szu-Chi Huang, Stephanie C. Lin, Ying Zhang

Research Collection Lee Kong Chian School Of Business

People working toward individual goals often find themselves surrounded by others who are pursuing similar goals, such as at school, in fitness classes, and through goal-oriented network devices like Fitbit. This research explores when these individual goal pursuits can turn into competitions, why it happens, and the downstream consequences of this pseudo-competition on goal pursuers. We found that people were more likely to treat their goal pursuit as a competition when they were near the end (vs. at the beginning) of their individual goal and thus prioritized relative positional gain (i.e., performing better than others sharing similar pursuits) over making …

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Future-Proofing Students In Higher Education With Uav Technology: A Km Case Study, Thomas Menkhoff, Siew Ning Kan, Eugene K. B. Tan Sep 2019

Future-Proofing Students In Higher Education With Uav Technology: A Km Case Study, Thomas Menkhoff, Siew Ning Kan, Eugene K. B. Tan

Research Collection Lee Kong Chian School Of Business

In this paper we report experiences in implementing a new course ‘Understanding Drone & Robotics Technology – History, Usage, Ethics & Legal Issues’ at the Singapore Management University (SMU) framed as a strategic knowledge management initiative in an institution of higher learning aimed at capturing, sharing and creating new knowledge about disruptive technologies such as unmanned aerial vehicles (UAVs). We posit the new course as a knowledge innovation initiative (similar to a KM-enabled business case in a corporate setting) in support of the university’s mission and vision so as to deliver new value to students and to stay ahead of …

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An Examination Of Corporate Performance And Altman Z-Scores Of Indian Manufacturing Firms, See Liang Foo, Shaakalya Pathak Sep 2019

An Examination Of Corporate Performance And Altman Z-Scores Of Indian Manufacturing Firms, See Liang Foo, Shaakalya Pathak

Research Collection School Of Accountancy

India is a key leading economy in the Asia Pacific region. This study examines the relationship between the financial health, as measured by the Altman Z-Score, and corporate performance, as measured by the Return on Equity (ROE), of listed manufacturing companies in this market. A linear regression has been conducted between these variables to determine the magnitude and direction of their relationships. The trends of Z-Scores over a five-year period have also been analysed. The analysis covers the period from 2013 to 2017 (inclusive) and yields a statistically positive correlation between ROE and the Z-Score for the market. India registered …

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Studying The Relationship Between Japanese Firms' Corporate Health And Results, See Liang Foo, Shaakalya Pathak Sep 2019

Studying The Relationship Between Japanese Firms' Corporate Health And Results, See Liang Foo, Shaakalya Pathak

Research Collection School Of Accountancy

Japan is a key leading economy in the Asia Pacific region. This study examines the relationship between the financial health, as measured by the Altman Z-Score, and corporate performance, as measured by the Return on Equity (ROE), of listed manufacturing companies in this market (the Tokyo Stock Exchange). A linear regression has been conducted between these variables to determine the magnitude and direction of their relationships. The trends of Z-Scores over a five-year period have also been analysed. The analysis covers the period from 2013 to 2017 (inclusive) and yields a statistically positive correlation between ROE and the Z-Score for …

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The Minimum Wage And Corporate Tax Planning, Xiaoxi Li, Chee Yeow Lim, Yanping Xu Sep 2019

The Minimum Wage And Corporate Tax Planning, Xiaoxi Li, Chee Yeow Lim, Yanping Xu

Research Collection School Of Accountancy

This paper investigates the impact of the minimum wage (MW) on corporate tax planning. By exploiting heterogeneity in the MW level across cities and over time in China, we find that increases in the MW are associated with greater tax planning by firms. Our results are robust to the consideration of a sample of contiguous firms in two adjacent cities subject to different MWs, a change specification and a difference-in-differences research design that exploits the enactment of the Labor Contract Law in 2008 as an exogenous shock to the MW. In cross-sectional analyses, we find that the positive impact of …

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What Should Business Schools Be For?, Howard Thomas, Kenneth Starkey Sep 2019

What Should Business Schools Be For?, Howard Thomas, Kenneth Starkey

Research Collection Lee Kong Chian School Of Business

Howard Thomas and Kenneth Starkey report on a new initiative that looks to business schools to re-orient themselves to a challenging new future.

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Wti Crude Oil Option Implied Var And Cvar: An Empirical Application, Giovanni Barone-Adesi, Marinela Adriana Finta, Chiara Legnazzi, Carlo Sala Sep 2019

Wti Crude Oil Option Implied Var And Cvar: An Empirical Application, Giovanni Barone-Adesi, Marinela Adriana Finta, Chiara Legnazzi, Carlo Sala

Research Collection Lee Kong Chian School Of Business

Using option market data we derive naturally forward-looking, non-parametric and model-free risk estimates, three desired characteristics hardly obtainable using historical returns. The option-implied measures are only based on the first derivative of the option price with respect to the strike price, bypassing the difficult task of estimating the tail of the return distribution. We estimate and backtest the 1%, 2.5%, and 5% WTI crude oil futures option-implied value at risk and conditional value at risk for the turbulent years 2011–2016 and for both tails of the distribution. Compared with risk estimations based on the filtered historical simulation methodology, our results …

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Capacity Allocation In Flexible Production Networks: Theory And Applications, Guodong Lyu, Wang-Chi Cheung, Mabel C. Chou, Chung-Piaw Teo, Zhichao Zheng, Yuanguang Zhong Sep 2019

Capacity Allocation In Flexible Production Networks: Theory And Applications, Guodong Lyu, Wang-Chi Cheung, Mabel C. Chou, Chung-Piaw Teo, Zhichao Zheng, Yuanguang Zhong

Research Collection Lee Kong Chian School Of Business

In many production environments, a fixed network of capacity is shared flexibly between multiple products with random demands. What is the best way to configure the capacity of the production network and to allocate the available capacity, to meet pre-determined fill rate requirements? We develop a new approach for network capacity configuration and allocation, and characterize the relationship between the capacity of the network and the attainable fill rate levels for the products, taking into account the flexibility structure of the network. This builds on a new randomized allocation mechanism to deliver the desired services.We use this theory to investigate …

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When Do Expert Teams Fail To Create Impactful Inventions?, Simon J.D. Schillebeeckx, Yimin Lin, Gerard George Sep 2019

When Do Expert Teams Fail To Create Impactful Inventions?, Simon J.D. Schillebeeckx, Yimin Lin, Gerard George

Research Collection Lee Kong Chian School Of Business

We investigate the salience of expertise in creating high impact inventions and question experts’ ability to deploy novel ideas. Specifically, we examine the relationships between expertise, component originality, and a team's structural holes’ position in the collaborative network and propose that, in relative terms, expert teams create lower impact inventions if they deploy more original components and if they occupy structural holes. We test and confirm our hypotheses in a sample of semiconductor firms. In post‐hoc analyses, we find a three‐way interaction where the negative effect of structural holes almost disappears when an expert team experiments with original components whereas …

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Volatility Timing Under Low-Volatility Strategy, Poh Ling Neo, Chyng Wen Tee Sep 2019

Volatility Timing Under Low-Volatility Strategy, Poh Ling Neo, Chyng Wen Tee

Research Collection Lee Kong Chian School Of Business

The authors devise a volatility timing strategy based on statistical tests on the slope of the volatility decile portfolio return profile. Superior performance is obtained, with a 30% increase in Sharpe ratio and an order of magnitude improvement on cumulated wealth. The profitability of the volatility timing strategy can be attributed to holding a diversified portfolio during bear markets, while holding a concentrated growth portfolio during bull markets.

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Introduction: Understanding The Transformational Power Of China's Belt And Road Initiative, Yue Wah Chay, Thomas Menkhoff Sep 2019

Introduction: Understanding The Transformational Power Of China's Belt And Road Initiative, Yue Wah Chay, Thomas Menkhoff

Research Collection Lee Kong Chian School Of Business

This book features several introductory readings about the “Belt and Road Initiative” (BRI), a strategic development initiative launched by the Chinese Government under the leadership of President Xi Jinping in 2013 to jointly build an economic belt along the Silk Road. Some of the key objectives of BRI, previously known as One Belt, One Road (OBOR) or Silk Road Economic Belt, include promoting infrastructure development, trade and investments in Asia, Europe and Africa. BRI is a gigantic development initiative whose key components include the creation of several interconnected economic land corridors (=belts): China–Mongolia–Russia; China–Central Asia– West Asia, China–Pakistan, the China–Indochina …

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Authentic Leadership In The Digital Age, Richard R. Smith Sep 2019

Authentic Leadership In The Digital Age, Richard R. Smith

Research Collection Lee Kong Chian School Of Business

Artificial intelligence algorithms are actively assessing our personality and behaviour based on our social media footprint with amazing accuracy – even after we have retired or died.

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A Common Approach For Consumer And Provider Fairness In Recommendations, Dimitris Sacharidis, Kyriakos Mouratidis, Dimitrios Kleftogiannis Sep 2019

A Common Approach For Consumer And Provider Fairness In Recommendations, Dimitris Sacharidis, Kyriakos Mouratidis, Dimitrios Kleftogiannis

Research Collection School Of Computing and Information Systems

We present a common approach for handling consumer and provider fairness in recommendations. Our solution requires defining two key components, a classification of items and a target distribution, which together define the case of perfect fairness. This formulation allows distinct fairness concepts to be specified in a common framework. We further propose a novel reranking algorithm that optimizes for a desired trade-off between utility and fairness of a recommendation list.

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Optimizing Impression Counts For Outdoor Advertising, Yipeng Zhang, Yuchen Li, Zhifeng Bao, Songsong Mo, Ping Zhang Aug 2019

Optimizing Impression Counts For Outdoor Advertising, Yipeng Zhang, Yuchen Li, Zhifeng Bao, Songsong Mo, Ping Zhang

Research Collection School Of Computing and Information Systems

In this paper we propose and study the problem of optimizing theinfluence of outdoor advertising (ad) when impression counts aretaken into consideration. Given a database U of billboards, each ofwhich has a location and a non-uniform cost, a trajectory databaseT and a budget B, it aims to find a set of billboards that has themaximum influence under the budget. In line with the advertisingconsumer behavior studies, we adopt the logistic function to takeinto account the impression counts of an ad (placed at differentbillboards) to a user trajectory when defining the influence measurement. However, this poses two challenges: (1) our problemis …

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Taking Careful Stock Of The Chro Role, Richard Raymond Smith Aug 2019

Taking Careful Stock Of The Chro Role, Richard Raymond Smith

Research Collection Lee Kong Chian School Of Business

Professor Richard R. Smith, of Singapore Management University, reveals some key insights into the burgeoning Chief HR Officer role.

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Blockchain: Disrupting Entertainment, Singapore Management University Aug 2019

Blockchain: Disrupting Entertainment, Singapore Management University

Perspectives@SMU

The technology could cut out the middleman for content

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Three Useful Things To Know About Customer Value Propositions, Singapore Management University Aug 2019

Three Useful Things To Know About Customer Value Propositions, Singapore Management University

Perspectives@SMU

Business performance will be boosted for firms that get it right

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The Fintech Revolution, Robert J. Kauffman Aug 2019

The Fintech Revolution, Robert J. Kauffman

MITB Thought Leadership Series

The traditional dominance of established big-hitters in financial services is at an end. The market for many types of financial transaction is being disrupted by small businesses, start-ups and entrepreneurs. They are quicker off the mark in both spotting gaps in the market and developing state-of-the-art systems to respond to customer needs.

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Skbi Big 5 Survey 2019 August, Singapore Management University Aug 2019

Skbi Big 5 Survey 2019 August, Singapore Management University

Sim Kee Boon Institute for Financial Economics

On balance, our overall interpretation of the multiyear Big5 survey results implies the following economy-at-risk scale (least to most): India, China, US, Japan and Euro Area (i.e., India’s economy appears to be the least at-risk, while the Euro Area might be the most at-risk). Broadly, survey participants expect the risks to GDP growth to be tilted to the downside in 2019 and 2020 followed by a more balanced growth environment in 2021. But participants seem to lean toward a more balanced risk assessment on headline inflation from 2019 through 2021, with the exception of the Euro Area, where a modest …

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Technology Specifications And Production Timing In A Co-Opetitive Supply Chain, Baozhuang Niu, Kanglin Chen, Xin Fang, Xiaohang Yue, Xin Wang Aug 2019

Technology Specifications And Production Timing In A Co-Opetitive Supply Chain, Baozhuang Niu, Kanglin Chen, Xin Fang, Xiaohang Yue, Xin Wang

Research Collection Lee Kong Chian School Of Business

Motivated by Google’s technology specifications on Android devices, we consider firms’ decisions on production timing in a co-opetitive supply chain comprising a manufacturer and an original equipment manufacturer (OEM), where the manufacturer acts as the OEM’s upstream contract manufacturer and downstream competitor. We consider the market acceptance uncertainty of key product designs. If a firm decides to implement ex post production strategy (PS), it can delay the production until the market acceptance uncertainty of its product is resolved. Otherwise, ex-ante production strategy (AS) is implemented. We find that, due to the co-opetition, PS does not always benefit either the manufacturer …

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Time-Varying Contemporaneous Spillovers During The European Debt Crisis, Marinela Adriana Finta, Bart Frijins, Alireza Tourani-Rad Aug 2019

Time-Varying Contemporaneous Spillovers During The European Debt Crisis, Marinela Adriana Finta, Bart Frijins, Alireza Tourani-Rad

Research Collection Lee Kong Chian School Of Business

This paper considers contemporaneous spillover effects between Germany and four peripheral European countries that were most affected by the European Debt Crisis, and provides evidence of bidirectional spillovers among these equity markets. We document that there is asymmetry and time variation in contemporaneous spillovers. Particularly, contemporaneous return spillovers from Germany to the peripheral equity markets is higher than the other way around. We show that European Debt Crisis led to a decrease in the contemporaneous spillover effects.

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Mortgage Dollar Roll, Zhaogang Song, Haoxiang Zhu Aug 2019

Mortgage Dollar Roll, Zhaogang Song, Haoxiang Zhu

Research Collection Lee Kong Chian School Of Business

Mortgage dollar roll, the most common financing strategy for agency MBS, differs from repo in that the returned collateral can differ from those received. Also, MBS ownership changes hands in the funding period. We show that dollar roll “specialness,” how much implied financing rates fall below MBS repo rates, (1) increases in the value of the cheapest-to-deliver option, (2) decreases in the leverage of primary dealers, (3) decreases in prepayment risk exposure during the financing period, and (4) decreases in MBS returns. The Federal Reserve’s dollar roll sales in quantitative easing operations are associated with lower specialness.

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Informativeness Of The Expanded Audit Report: Evidence From China, Beng Wee Goh, Jimmy Lee, Dan Li, Muzhi Wang Aug 2019

Informativeness Of The Expanded Audit Report: Evidence From China, Beng Wee Goh, Jimmy Lee, Dan Li, Muzhi Wang

Research Collection School Of Accountancy

This study investigates whether the expanded audit report is informative to investors in the setting of an emerging economy. Using the recent staggered adoption of the expanded audit report for A+H and A share firms in China, we find robust evidence that abnormal trading volume and earnings response coefficients are higher, and stock price synchronicity are lower, in the post-adoption periods than in the pre-adoption periods. In additional tests, we find that the expanded audit report is more informative for non-State Owned Enterprises and for firms with higher information asymmetry. Overall, our study documents systematic evidence that the expanded audit …

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Middle-Status Conformity Revisited: The Interplay Between Achieved And Ascribed Status, Matteo Prato, Emmanuel Krypraios, Gokhan Ertug, Yonghoon G. Lee Aug 2019

Middle-Status Conformity Revisited: The Interplay Between Achieved And Ascribed Status, Matteo Prato, Emmanuel Krypraios, Gokhan Ertug, Yonghoon G. Lee

Research Collection Lee Kong Chian School Of Business

Decisions about conforming to or deviating from conventional practices in a field is an important concern of organization and management theory. The position that actors occupy in the status hierarchy has been shown to be an important determinant of these decisions. The dominant hypothesis, known as middle-status-conformity, posits that middle-status actors are more likely to conform to conventional practices than high- and low-status actors do. We challenge this hypothesis by revisiting its fundamental assumptions and developing a theory where actors’ propensity to conform based on their achieved status further depends on their ascribed status that actors inherit from their social …

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