Business Commons^™

Volatility Spillovers Among Oil And Stock Markets In The Us And Saudi Arabia, Marinela Adriana Finta, Bart Frijns, Alireza Tourani-Rad

Research Collection Lee Kong Chian School Of Business

In this article, we use high frequency data and an identification via changes in volatility approach to assess the volatility spillovers among oil and the US and Saudi Arabian stock markets. We document the existence of asymmetry in contemporaneous spillover effects. Particularly, during the times when oil’s trading hours overlap with the US and Saudi Arabian stock markets, the volatility spillover from oil to the stock markets is higher than the other way around. We highlight the importance of taking into consideration the information present during continuous trading hours of oil, especially during simultaneous trading hours with the stock markets. …

Perceived Product Creativity And Mental Contrasting: Desired Future On Consumers’ Product Replacement Decisions, Yong Seok Sohn, Kun Woo Yoo, Jin K. Han

Research Collection Lee Kong Chian School Of Business

Consumers often imagine what it would be like to own a new product. Does engaging in such thoughts on desired future impact consumers’ purchase intentions, and if so, what is the underlying process? This study sets out to investigate the posed questions by assessing self-regulatory strategies consumers employ upon pondering on a desired future. Based on Oettingen’s fantasy realization model, the authors take a comparative approach of two modes on desired future—mental contrasting and indulging—en route to purchase intentions. In mental contrasting, an individual juxtaposes a desired future with his/her present reality, whereas, indulging is simply envisioning a desired future. …

The Geography Of Csr, David K. Ding, Christo Ferreira, Udomsak Wongchoti

Research Collection Lee Kong Chian School Of Business

We regress socio-economic indicators against firm level CSR scores using a sample of over 26,000 firm year observations from 1991 through 2009. We find that a firm's CSR profile is linked to the socio-economic conditions of the firm's geographic headquarters (HQ) location. The study documents that the legal, cultural, economic, and demographic differences across geography significantly explain the variation in CSR means between metropolitan statistical areas, states, and regions. We also find that the relation between CSR and firm performance is conditional on socio-economic factors, which highlight the endogeneity concerns inherent in CSR studies. Lastly, we show that firms that …

Head Above The Parapet: How Minority Subordinates Influence Group Outcomes And The Consequences They Face, Burak Oc, Michael R. Bashshur, Celia Moore

Research Collection Lee Kong Chian School Of Business

The vast majority of research on power, social, and minority influence treats those who are recipients of powerholders’ decisions (i.e., subordinates) as an undifferentiated group, overlooking how recipients may respond in unique ways to the decisions that affect them. In this paper we examine the role of minority subordinates in shaping how powerholders allocate resources. We also explore how psychological distance between the minority subordinate and powerholder moderates this relationship, as well as the individual consequences minority subordinates face for articulating their unique opinions. In three experimental studies, we show that even as a lone voice, the feedback of a …

When Silence Is Golden: The Use Of Strategic Silence In Crisis Management, Phuong D. Le, Hui Xun Teo, Augustine Pang, Yuling Li, Cai-Qin Goh

Research Collection Lee Kong Chian School Of Business

Purpose: Scholars have discouraged using silence in crises as it magnifies the information vacuum (see Pang, 2013). The purpose of this paper is to argue for its viability and explore the type of silence that can be used. Design/methodology/approach: Eight international cases were analyzed to examine how silence was adopted, sustained and broken. Findings: The findings uncovered three intention-based typologies of strategic silence: delaying, avoiding and hiding silences. Among such, avoiding/hiding silence intensified crises and adversely affected post-silence organizational image when forcefully broken, while delaying silence helped preserve/restore image with primary stakeholders if successfully sustained and broken as planned. Research …

Trading Regularity And Fund Performance, Jeffrey Busse, Lin Tong, Qing Tong, Zhe Zhang

Research Collection Lee Kong Chian School Of Business

We construct a new measure of trading regularity, capturing the extent to which investors trade on a regular basis. Institutional investors that regularly trade outperform those that trade less regularly. The performance of funds that regularly trade persists for at least a year. Among those who trade most regularly, larger funds perform relatively worse, because they incur higher transaction costs associated with their larger trades. Institutions that regularly trade generate superior performance, in part, by behaving as contrarians and by trading more aggressively on information. By contrast, we find no relation between trading regularity and performance among index funds.

Made In Singapore, Pao-Li Chang, Phuong T. B. Nguyen

Research Collection School Of Economics

In this paper, we characterize the position of Singapore in global value chains and identify Singapore's key upstream and downstream trade partners. We trace how the position of Singapore in global value chains has changed in the past two decades: whether it has moved upstream or downstream, how involved it is in global value chains, how its trend compares with other major Asian exporting countries (China, Japan, Korea and Taiwan), and which key sectors of Singapore play a major role in these global trade networks.

Overseas Listing Location And Cost Of Capital: Evidence From Chinese Firms Listed In Hong Kong, Singapore, And The United States, Warrington College Of Business, Frank Weikai Li, Central University Of Finance And Economics

Research Collection Lee Kong Chian School Of Business

As at the end of 2012, more than 600 nonstate-owned Chinese firms were listed in overseas stock markets. We find that Chinese firms listed in the US have the lowest cost of capital when compared to those listed in Hong Kong and Singapore, and these results hold when controlling for firm characteristics and the endogeneity of listing locations. Cross-sectional tests indicate that listing in the US is more beneficial to those firms which face higher information asymmetry and agency costs. Overall, our evidence supports the view that the institutional environment has a first-order impact on a firm’s cost of capital.

Sustainable Digital Finance In Asia: Creating Environmental Impact Through Bank Transformation, Ryan Knowles Merrill, Simon J.D. Schillebeeckx, Sofie Blakstad

Research Collection Lee Kong Chian School Of Business

Data is arguably the most valuable resource in the digital economy. Used effectively and responsibly it has the potential to serve as a driving force in creating a more sustainable world. The potential is especially potent in the financial sector given its central place in the financial system, and its access to and use of data.Using technologies such as blockchain, artificial intelligence (AI), mobile technology, internet of things (IoT), and the cloud, data can be captured by sensors in the environment and structured to integrate sustainability into existing financial products and services. These can be creatively combined into entirely new …

Managing Patient Expectations Through Understanding Health Service Experiences, Benedetta Crisafulli, Mohammad Wasil, Jaywant Singh, Sabine Benoit

Research Collection Lee Kong Chian School Of Business

The ever-increasing demand for health care services, together with heightened expectations for quality care, continue to put pressures on health care professionals. In this editorial, we introduce our perspective on managing patient expectations through gaining research insights on health service experiences of patients and their support network. Drawing upon research from social psychology, we examine the types of threat that typically confront patients during health care service experiences, and their subsequent coping strategies. We call for enhanced focus on social science research for effective delivery of high-quality health care services.

The Rise Of Real-Time Retail Payments, Zhiling Guo

MITB Thought Leadership Series

TRANSACTING for just about anything using our mobile phones has become commonplace, and so many consumers will be intrigued to discover that after making a purchase it can still take longer for payment to reach a vendor’s bank account than it does for the purchased goods to be delivered.

Leveraging Artificial Intelligence To Capture The Singapore Rideshare Market, Pradeep Varakantham

MITB Thought Leadership Series

BIKE-SHARING programmes face many of the issues encountered by their counterparts in the carsharing world. But in Singapore, there are a number of factors that have a unique impact on the industry. These include the regulatory structure and the significant fines for those companies who do not abide by these regulations. When this is combined with the competitive nature of the industry in one of the world's most dynamic cities, it becomes clear that first movers who leverage machine learning and prediction will come to dominate the industry

Voting And Commenting Mechanisms In Ongoing Crowdsourcing Platforms: A Case Study Of Lego Ideas Platform, Khalid Murzig M. Alharbi

Dissertations and Theses Collection (Open Access)

Although crowdsourcing, an innovative online call to help solve problems or generate new ideas, has gained much traction in the business word, not much research has been done on the commenting and voting mechanisms. Most of the research has focussed on the why and how businesses crowdsource. To fill the gap, this research focusses on the commenting and voting mechanisms and aims to analyse the effectiveness of the commenting and voting mechanism in an ongoing crowdsourcing platform, Lego Idea. Using Python software, 8663 comments were extracted from the Lego Ideas platform. These comments were then manually categorised into 10 variables …

Essays On The Information Role Of Credit Default Swaps, Hao Cheng

Dissertations and Theses Collection (Open Access)

Chapter 1: Credit Default Swaps Pricing Errors and Related Stock Returns

This article investigates the impacts of Credit Default Swaps (CDS) pricing errors on related stock returns. Using a parsimonious CDS valuation model, which produces an above average adjusted R2 of 90%, I find that its pricing errors significantly predict cross-section stock returns. Further investigation reveals that the cross-market return predictability channels via Merton (1974)'s structural prediction and primary dealers' capital risk. This paper provides a novel view of the complex interactions of capital markets and offers insights on the relative market efficiencies.

Chapter 2: CDS Markets Informativeness and Related …

Komida: Making Microfinance Digital In Indonesia, Adrian Yeow, Wee-Kiat Lim

CCX Research

This case chronicles specific background, challenges, and actions taken by an Indonesian microfinancing institution (MFI) as it was implementing a digital mobile system to replace its current manual processes used in its field office operations. From a high level perspective, it describes the challenges faced by an organization that was attempting to implement a new digital initiative but constrained by its resource-scarce, institutionally, and culturally bound environment. At the same time, it highlights that this digital initiative was a critical part of its overall plan for addressing industry demands, increasing competitive pressures, and internal process issues. The case study thus …

Paris Baguette: A Korean's Brand Success In France, Singapore Management University

Asian Management Insights

Winning the annual Coupe du Monde de Boulangerie, the most prestigious baking competition in the world, was no mean feat for South Korea’s Paris Baguette, a relatively new kid on the global baking block. It certainly did not get bigger than this—the French-inspired Korean franchise bakery chain had taken on its toughest challenge by entering the French market in early 2014, and now, just two years later, its baguettes had been officially declared as the best in the world. While the award and the ceremony—which was attended by French President Hollande himself—recognised the company’s baking expertise, it also showed how …

Men’S Cosmetics: Challenging Conventional Marketing Wisdom, Dae Ryun Chang

Asian Management Insights

The marketing of men’s cosmetics is challenging conventional wisdom in Asia.

Men and beauty seem to be two contradictory domains because we often rely on an outdated assumption that men only want to appear manly and nothing more. The reality for modern men, however, is significantly different from that perception.

Lighting The Spark In The Philippines, Rosemarie Andres

Asian Management Insights

An interview with Rosemarie 'Bubu' Andres

In this edition, we are introducing a new section called ‘The Entrepreneur’s Corner’, in which we will present Asia’s entrepreneurs and their journeys, complete with the ups and downs, and twists and turns.

Doing Business In Myanmar: Dressing Up The Bride, Ma Cherry Trivedi

Asian Management Insights

Dressing up the bride.

As one of the untapped frontiers of newly emerging markets, Myanmar is rich in natural resources, underpopulated but with growing purchasing power, and an easy place to do business. From the outside, the country is very inviting, and there is considerable interest in doing business in Myanmar today. But internally, we have several pockets of obstacles.

Incentives: Achieving Business Results With The Right Pay Scheme, Fermin Diez

Asian Management Insights

Achieving business results with the right pay scheme.

Much has been said both for and against using incentives to drive business results—be it revenue and profit, or market share. Despite this, there is surprisingly little research, particularly in Asia, to guide practitioners on how different pay models affect decisions that lead to better company performance.

An Exploratory Comparative Study Of Experts And Generalists As Change Management Leaders In Non-Core Areas Of Organizations, Steven Glenn Burton

Dissertations and Theses Collection (Open Access)

Large-scale organizational change is a necessary undertaking critical to the ongoing success of most firms. Despite the necessity of such change, it is also an undertaking that fails at approximately twice the rate that it succeeds. Prior work on change leadership primarily looks at characteristics of the individual leader and does not differentiate on areas of the organization where change will be occurring. The work conducted in this research compares categories of change leaders and looks at change within a specific area of a firm, its non-core business area.

This exploratory research compared core-area technical experts to generalists as change …

The Business Of Accelerating The Acceleration Of Startups, David Wai Lun Ng

Dissertations and Theses Collection (Open Access)

The cross-domain and cross-border aspects of the Business Accelerator sector has resulted in an ecosystem that has seen actors in the space jostle for clear and competitive positioning. The evolution of Business Accelerators as a business entity, seeking to supply positive interventions to the journey of start-ups, is common to all growth and innovation orientated ecosystems. The ability for Business Accelerator managers to demonstrably impact their subject acceleratees positively has been an under-researched area. Against this background is the rising volume of capital being channeled into funding startups due to the widespread drive for innovation led growth which is increasingly …

The Impact Of Camaderie On Customer Satisfaction And Loyalty In The Hotel Industry, Huiping Josephine Tan

Dissertations and Theses Collection (Open Access)

In the hotel industry, the relationship between customer satisfaction and loyalty has always been ambiguous, as a satisfied hotel guest may not necessarily be loyal. Loyalty is of greater interest to the hotel industry as it translates to more business opportunities. The primary purpose of this study is to investigate how camaraderie and emotional customer satisfaction can predict potential service loyalty. Empirical tests of the relationship between camaraderie, emotional satisfaction and loyalty had never been conducted before in the hotel industry. The findings of this research suggest that camaraderie has a direct and significant relationship to the four phases of …

An Exploratory Study Of How To Navigate Brand Management And Improve Sales Performance Through Control Policies, Pavuth Sriaranyakul

Dissertations and Theses Collection (Open Access)

The aim of this study was to examine the effects of alcohol and tobacco control policies on sales performance when two central elements of marketing, communication and promotion programs, are significantly restricted. The study took place in Thailand, which has some of the strongest tobacco control regulations in the world, along with moderately strong alcohol control regulations. Under these regulations, tobacco firms operate in a dark market, with near-total regulatory prohibition on advertising, promotion, and even the display of their products. Alcohol firms operate in a less restrictive or “grey” market, as they face restrictions on advertising and promotion content, …

Do Male And Female Soccer Players Differ In Helping? A Study On Prosocial Behavior Among Young Players, Paul A. M. Van Lange, Zoi Manesi, R. W. J. Meershoek, Minglian Yuan, Mengchen Dong, N. J. Van Doesum

Research Collection School of Social Sciences

Acting prosocially can be quite challenging in one of the most salient intergroup contexts in contemporary society: Soccer. When winning is the ultimate goal, balancing self-interest with helping a fellow player in distress can be a tough decision; yet it happens. To date, we know little about what motivates soccer players to offer such help in the heat of the game. We propose that sex and what is at stake will matter in such prosocial dilemma situations. A pilot study (N = 107) indicated that female players may be more likely to help than male players, but this difference was …

Transfer Of A Going Concern, Vincent Ooi

Research Collection Yong Pung How School Of Law

GST transfers of a going concern—overviewThe sale of a business is in substance the sale of a number of assets bundled together. Generally, GST would be charged on the transfer of each asset according to the rules applicable to that asset, i.e. standard-rate, zero-rate or exempt.However, where a business is transferred as a going concern (a “TOGC”), the transaction may be treated as an excluded transaction under the Goods and Services Tax (Excluded Transactions) Order. If so, the trans-action would be treated as neither a supply of goods nor a supply of services and therefore outside the scope of GST. …

Impact Of Culture On The Pursuit Of Beauty: Evidence From Five Countries, Shilpa Madan, Shankha Basu, Ng Lim, Elison Ai Ching Lim

Research Collection Lee Kong Chian School Of Business

Human beings have always coveted beautiful objects, but the desire to look good is reaching new heights worldwide. Although the pursuit of beauty appears universal, industry evidence suggests that it is particularly strong in Asia. This research examines the effect of culture on the pursuit of beauty. Three studies provide converging evidence that interdependent self-construal increases the likelihood of using appearance-enhancing products. Study 1 operationalizes culture through nationality and self-construal and shows that Easterners (more interdependent) are more likely to use appearance-enhancing products than Westerners (less interdependent). This use is driven by interdependents’ tendency to conform to societal norms, which …

Societal Trust And Corporate Tax Avoidance, Kiridaran Kanagaretnam, Jimmy Lee, Chee Yeow Lim, Gerald Lobo

Research Collection School Of Accountancy

Using aninternational sample of firms from 25 countries and a country-level index for societal trust, we document that societal trust is negatively associated with tax avoidance, even after controlling for other institutional determinants, such as home country legal institutions and tax system characteristics.We explore the effects of two country-level institutional characteristics—strength of lega linstitutions and capital market pressure—on the relation between societal trust and tax avoidance. We find that the relation between trust and tax avoidance is less pronounced when legal institutions in a country are stronger and is more pronounced when capital market pressure is stronger. Finally, we examine …

Online Learning Tool On External Financing Needs, Yuanto Kusnadi

Research Collection School Of Accountancy

In collaboration with colleagues at the Centre ofTeaching Excellence (CTE), I have developed an innovative online learningobject on External Financing Needs. This tool is designed to introduce a noveland refreshing way in teaching accounting and finance concepts to students andto create a more interactive learning experience in the classroom. The online learning tool is used in the two courses:Accounting for Entrepreneurs and Financial Management, to explain the relevantconcepts related to financial forecasting and financial planning. One unique feature about the learning object is that itprovides instantaneousfeedback to students as they can learn whether the numbers theyprovide are correct/wrong (as indicated …

Robo-Advisors And Wealth Management, Kok Fai Phoon, Cher Chiew Francis Koh

Research Collection Lee Kong Chian School Of Business

The recent rise of robo-advisors (RAs) has threatened the traditional fund and wealth management industry. RAs' assets under management (AUM) have risen manyfold through competitiveness on pricing, transparency and services and better expected returns linked to the use of quantitative finance and technology with less subjective human intervention. This article examines the postulation that RAs have an edge over traditional wealth managers. RAs can combine the judgement and computing resources of both human and machine, or bionic power, to provide alternative wealth management services to meet the diverse needs of private wealth clients. However, the authors expect traditional wealth managers …