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Full-Text Articles in Business

Impact Of Culture On The Pursuit Of Beauty: Evidence From Five Countries, Shilpa Madan, Shankha Basu, Ng Lim, Elison Ai Ching Lim Dec 2018

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 …

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Societal Trust And Corporate Tax Avoidance, Kiridaran Kanagaretnam, Jimmy Lee, Chee Yeow Lim, Gerald Lobo Dec 2018

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 …

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Online Learning Tool On External Financing Needs, Yuanto Kusnadi Dec 2018

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 …

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Robo-Advisors And Wealth Management, Kok Fai Phoon, Cher Chiew Francis Koh Dec 2018

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 …

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A Dual-Process Theory Perspective To Better Understand Judgments In Assessment Centers: The Role Of Initial Impressions For Dimension Ratings And Validity, Pia V. Ingold, Mirjam Donni, Filip Lievens Dec 2018

A Dual-Process Theory Perspective To Better Understand Judgments In Assessment Centers: The Role Of Initial Impressions For Dimension Ratings And Validity, Pia V. Ingold, Mirjam Donni, Filip Lievens

Research Collection Lee Kong Chian School Of Business

Insight into assessors’ initial impressions has the potential to advance knowledge on how assessors form dimension-based judgments and on possible biases in these ratings. Therefore, this study draws on dual process theory to build and test a model that integrates assessors’ dimension ratings (i.e., systematic, slow, deliberate processing mode) with their initial impressions (i.e., intuitive, fast, automatic processing mode). Data collection started with an AC where assessors provided ratings of assessees, and an online survey of assessees’ supervisors who rated their job performance. In addition, two other rater pools provided initial impressions of these assessees by evaluating extracted 2-min video …

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Flipping A Course On Entrepreneurial Leadership In Ethnic Chinese Business: A Mobile Learning Perspective, Thomas Menkhoff Dec 2018

Flipping A Course On Entrepreneurial Leadership In Ethnic Chinese Business: A Mobile Learning Perspective, Thomas Menkhoff

Research Collection Lee Kong Chian School Of Business

This exploratory article reflects on the teaching experiences for a course on “Entrepreneurial Leadership in Ethnic Chinese Business” at the Singapore Management University (SMU). It was categorised as a mobile learning course with reference to the flipped classroom model, learner mobility, and user-generated content outside the classroom. We examine three examples of mobile learning projects which were assigned to students so that they would be able to internalise key course objectives such as gaining an appreciation of the structure, functions, and cultural uniqueness of traditional small Chinese business organisations in Singapore. The paper also addresses some of the challenges faced …

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Managing Swaption Portfolio Risk Under Different Interest Rate Regimes, Poh Ling Neo, Chyng Wen Tee Dec 2018

Managing Swaption Portfolio Risk Under Different Interest Rate Regimes, Poh Ling Neo, Chyng Wen Tee

Research Collection Lee Kong Chian School Of Business

Efficient risk managing of swaption portfolios is crucial in the hedging of interest rate exposure. This paper formulates a portfolio risk management framework under stochastic volatility models. The implication of using the right volatility backbone in the stochastic-alpha-beta-rho (SABR) model is analyzed. In order to handle negative interest rates, we derive a displaced-diffusion stochastic volatility (DDSV) model with closed-form analytical expression for swaption pricing. We demonstrate that the dynamics naturally allow for negative rates, and is also able to fit the market well. Finally, we show that choosing the right backbone in the DDSV model results in optimal hedging performance …

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Dual-Class Shares In Singapore – Where Ideology Meets Pragmatism, Pey Woan Lee Dec 2018

Dual-Class Shares In Singapore – Where Ideology Meets Pragmatism, Pey Woan Lee

Research Collection Yong Pung How School Of Law

This article seeks to understand the rationale for and potential implications of the introduction of dual class shares (DCS) in Singapore. It does so by first considering the theoretical as well as evidential arguments for and against the use of DCS, followed by a survey on the reception (or otherwise) of such structures in four common law jurisdictions with vibrant capital markets, viz., Canada, the United States, United Kingdom and Hong Kong. It observes that the chief argument cited by business founders to justify the use of DCS structures is the desire to enhance a firm’s long-term profitability by shielding …

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Performance Trends Matter: But Why, How, And When?, Jochen Reb, Gary J. Greguras, Shenghua Luan Dec 2018

Performance Trends Matter: But Why, How, And When?, Jochen Reb, Gary J. Greguras, Shenghua Luan

Research Collection Lee Kong Chian School Of Business

That performance is dynamic and varies over time has long been recognized. However, research is only beginning to understand the implications of dynamic performance for performance appraisals and performance-based decisions. Against this backdrop, despite what we see as serious methodological concerns (e.g., single-item measures, operationalization of variables), we believe that Schmidt (2017) makes several contributions that point to important directions for future research.

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Sensation Seeking And Hedge Funds, Stephen Brown, Yan Lu, Sugata Ray, Song Wee Melvyn Teo Dec 2018

Sensation Seeking And Hedge Funds, Stephen Brown, Yan Lu, Sugata Ray, Song Wee Melvyn Teo

Research Collection Lee Kong Chian School Of Business

We show that motivated by sensation seeking, hedge fund managers who own powerful sports cars take on more investment risk but do not deliver higher returns, resulting in lower Sharpe ratios, information ratios, and alphas. Moreover, sensation-seeking managers trade more frequently, actively, and unconventionally, and prefer lottery-like stocks. We show further that some investors are themselves susceptible to sensation seeking and that sensation-seeking investors fuel the demand for sensation-seeking managers. While investors perceive sensation seekers to be less competent, they do not fully appreciate the superior investment skills of sensation-avoiding fund managers.

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Hexaco Personality Predicts Counterproductive Work Behavior And Organizational Citizenship Behavior In Low-Stakes And Job Applicant Contexts, Jeromy Anglim, Filip Lievens, Lisa Everton, Sharon L. Grant, Andrew Marty Dec 2018

Hexaco Personality Predicts Counterproductive Work Behavior And Organizational Citizenship Behavior In Low-Stakes And Job Applicant Contexts, Jeromy Anglim, Filip Lievens, Lisa Everton, Sharon L. Grant, Andrew Marty

Research Collection Lee Kong Chian School Of Business

This study examined the degree to which the predictive validity of personality declines in job applicant settings. Participants completed the 200-item HEXACO Personality Inventory-Revised, either as part of confidential research (347 non-applicants) or an actual job application (260 job applicants). Approximately 18-months later, participants completed a confidential survey measuring organizational citizenship behavior (OCB) and counterproductive work behavior (CWB). There was evidence for a small drop in predictive validity among job applicants, however honesty-humility, extraversion, agreeableness, and conscientiousness predicted lower levels of CWB and higher levels of OCB in both job applicants and non -applicants. The study also informs the use …

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China’S Belt And Road Initiative And Asean’S Maritime Cluster, Hans-Dieter Evers, Thomas Menkhoff Dec 2018

China’S Belt And Road Initiative And Asean’S Maritime Cluster, Hans-Dieter Evers, Thomas Menkhoff

Research Collection Lee Kong Chian School Of Business

This paper centres around China’s Belt and Road Initiative (BRI) and makes a case for further examining the possible effects of the complementary ‘Maritime Silk Road’ on Southeast Asia’s maritime clusters with reference to Singapore, Malaysia and Indonesia. Port development with “Chinese engagement” from Port Klang in Malaysia to Sri Lanka to Gwadar in Pakistan to some Gulf state ports to Piraeus in Greece provides a string of valuable pearls in the form of harbours from which adjoining areas can be serviced through feeder vessels or railway lines by Chinese government-linked companies. Whether China’s heavy investments in land and maritime …

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Executive Overconfidence And Securities Class Actions, Suman Banerjee, Mark Humphery-Jenner, Vikram Nanda, T. Mandy Tham Dec 2018

Executive Overconfidence And Securities Class Actions, Suman Banerjee, Mark Humphery-Jenner, Vikram Nanda, T. Mandy Tham

Research Collection Lee Kong Chian School Of Business

Overconfident CEOs/senior executives tend to have excessively positive views of their own skills and their company’s future performance. We hypothesize that overconfident managers are more likely to engage in reckless or intentional actions/disclosures that give rise to securities class actions (SCAs). Empirical evidence is supportive: Overconfident CEOs/senior executives increase SCA likelihood, though litigation risk is ameliorated through improved governance, such as following the Sarbanes–Oxley Act of 2002. Post-SCA, companies are less likely to hire an overconfident CEO. Following an SCA, overconfident CEOs appear to moderate behavior and to reduce their litigation risk.

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Look Before You Jump, Kapil R. Tuli Dec 2018

Look Before You Jump, Kapil R. Tuli

Research Collection Lee Kong Chian School Of Business

Coming to grips with the reality of eLearning. In boardrooms all over the world today a scenario is played out again and again: Chief Learning Officers (CLOs) enthusiastically pitch the strategy of eLearning while chief executives remain sceptical over the outcomes. For years, eLearning appeared to be the perfect answer for corporations that need to train their employees. And it certainly has its advantages.

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The Transformation Of Globe Telecom, Havovi Joshi, Christopher Dula, Philip Zerrillo Dec 2018

The Transformation Of Globe Telecom, Havovi Joshi, Christopher Dula, Philip Zerrillo

Research Collection Lee Kong Chian School Of Business

Redefining telecommunications in the Philippines. Globe Telecom—a major telecommunications service provider in the Philippines—had a long, pioneering history in the communications business. Incorporated in 1935, it was the first international wireless communications company connecting the Philippines to the rest of the world.

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Instead Of Predicting The Future, We Should Get On With Creating The Future, Shweta Midgil, Richard Smith Dec 2018

Instead Of Predicting The Future, We Should Get On With Creating The Future, Shweta Midgil, Richard Smith

Research Collection Lee Kong Chian School Of Business

It is important to note that there is a lot of hype about “Digital Disruption” these days. We see too many organizations trying to take on the topic of “Digital” without really focusing their efforts on something that is meaningful to the people in the organization. Leaders going around talking about digital disruption or digital transformation does not serve any purpose – only creates anxiety and uncertainty. In other words, leaders would be better served to break down the topic into meaningful topics that are linked to areas of the business.

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Single Sourcing Versus Multisourcing: The Roles Of Output Verifiability On Task Modularity, Shantanu Bhattacharya, Alok Gupta, Sameer Hasija Dec 2018

Single Sourcing Versus Multisourcing: The Roles Of Output Verifiability On Task Modularity, Shantanu Bhattacharya, Alok Gupta, Sameer Hasija

Research Collection Lee Kong Chian School Of Business

This paper compares two modes for outsourcing the development of information services projects: single-sourcing (where one vendor handles all outsourced activities) and multisourcing (where multiple vendors handle those activities). We assess the relative efficacy of these two outsourcing modes by identifying the effects of three factors: task modularity, the extent of alignment between a (verifiable) performance metric and project revenue, and the extent to which project revenue is itself verifiable. We find that if tasks are modular then multisourcing strictly dominates single-sourcing—provided the verifiable performance metric and project revenue are not completely aligned. Yet if tasks are integrated, then the …

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Likely Trajectory Of Fed Policy Far From Settled, Thomas Lam, David Fernandez Dec 2018

Likely Trajectory Of Fed Policy Far From Settled, Thomas Lam, David Fernandez

Research Collection Lee Kong Chian School Of Business

Markets seem to be assuming an almost pre-set path of Fed policy normalization in 2019, including hiking rates and shrinking the balance sheet. In contrast, we see many uncertainties ahead.

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What's In A Name? The Impact Of Subcategory Salience On Value Perception And Upgrade Intention For Multicategory Products, Jin K. Han, Seh-Woong Chung, Yong Seok Sohn Dec 2018

What's In A Name? The Impact Of Subcategory Salience On Value Perception And Upgrade Intention For Multicategory Products, Jin K. Han, Seh-Woong Chung, Yong Seok Sohn

Research Collection Lee Kong Chian School Of Business

Despite many convergence products rapidly approaching market saturation, academic research yet lags behind with the focus still on the primary demand in the introduction stage. The authors close this gap by focusing on how the labeling of convergence products may impact on value perception and upgrade intentions for these products. Convergence products, which combine multiple categories of products into a single device, create a unique naming dilemma for manufacturers and retailers: Whether to opt for (a) a subordinate label—a lower‐level descriptor or name that embodies its subcategory elements (e.g., smartphone or Apple’s iPhone) or (b) a superordinate label—a higher‐level descriptor …

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Commonality: A Longitudinal Study, Raja Velu, Zhaoque Zhou, Chyng Wen Tee Dec 2018

Commonality: A Longitudinal Study, Raja Velu, Zhaoque Zhou, Chyng Wen Tee

Research Collection Lee Kong Chian School Of Business

The commonality in the asset characteristics such as returns, liquidity and other non-trade parameters attracted intense research interest in the literature. In this paper, we investigate the longitudinal trend in commonality for the duration 2000-2016, an extensive that include years of boom and bust in the financial market. Our results show that while market has become more fragmented, commonality in returns has doubled over this period. This observation holds across all exchanges, with a clear trend of convergence in exchange-wide commonality over time due to increased information efficiency. We develop a unified methodology to systematically accommodate all explanatory factors for …

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Commodity Return Predictability: Evidence From Implied Variance, Skewness And Their Risk Premia, Marinela Adriana Finta, Jose Renato Haas Ornelas Dec 2018

Commodity Return Predictability: Evidence From Implied Variance, Skewness And Their Risk Premia, Marinela Adriana Finta, Jose Renato Haas Ornelas

Research Collection Lee Kong Chian School Of Business

This paper investigates the role of realized and implied and their risk premia (variance and skewness) for commodities’ future returns. We estimate these moments from high frequency and commodity futures option data that results in forward-looking measures. Risk premia are computed as the difference between implied and realized moments. We highlight, from a cross-sectional and time series perspective, the strong positive relation between commodity returns and implied skewness. Moreover, we emphasize the high performance of skewness risk premium. Additionally, we show that their portfolios exhibit the best risk-return tradeoff. Most of our results are robust to other factors such as …

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It’S All About The Commercial Experience, Singapore Management University Nov 2018

It’S All About The Commercial Experience, Singapore Management University

Perspectives@SMU

Making the buying experience enjoyable is key to success in the smartphone era

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Venturing Overseas, Keeping Business In The Family, Singapore Management University Nov 2018

Venturing Overseas, Keeping Business In The Family, Singapore Management University

Perspectives@SMU

Commune’s venture into China breathes new life into parent company Koda

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International Trade In The Alibaba And Amazon Age, Singapore Management University Nov 2018

International Trade In The Alibaba And Amazon Age, Singapore Management University

Perspectives@SMU

Mindset change is needed to capture shifting value in the value chain; implementing straight-through payment is still an obstacle

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Is It Time To Drive A Stake Through Key Performance Indicators?, Singapore Management University Nov 2018

Is It Time To Drive A Stake Through Key Performance Indicators?, Singapore Management University

Perspectives@SMU

The metrics may be of little use and specific targets give rise to manipulation

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Customer Satisfaction Index Of Singapore 2018: Q3 Results, Institute Of Service Excellence, Smu Nov 2018

Customer Satisfaction Index Of Singapore 2018: Q3 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 and across countries. This is the CSISG’s twelfth year of measurement.

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Cultural Transformation In The Digital World, Singapore Management University Nov 2018

Cultural Transformation In The Digital World, Singapore Management University

Research Collection of Office of Executive Education

The context of businesses across the world is fast changing – more specifically, Digitalisation has had a growing and increasingly disruptive impact across industry sectors and regions. Companies in the APAC region, like many others across the world, are grappling with the digital wave and its implications for their own structures, strategies and people. It appears that many are struggling to cope with the phenomenon, only a few have been able to embrace it fully, and almost none have been able to get ahead of it, proactively. Although much has been written and said about Digitalisation in the Asian context, …

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Heterogeneous Embedding Propagation For Large-Scale E-Commerce User Alignment, Vincent W. Zheng, Mo Sha, Yuchen Li, Hongxia Yang, Yuan Fang, Zhenjie Zhang, Kian-Lee Tan, Kevin Chen-Chuan Chang Nov 2018

Heterogeneous Embedding Propagation For Large-Scale E-Commerce User Alignment, Vincent W. Zheng, Mo Sha, Yuchen Li, Hongxia Yang, Yuan Fang, Zhenjie Zhang, Kian-Lee Tan, Kevin Chen-Chuan Chang

Research Collection School Of Computing and Information Systems

We study the important problem of user alignment in e-commerce: to predict whether two online user identities that access an e-commerce site from different devices belong to one real-world person. As input, we have a set of user activity logs from Taobao and some labeled user identity linkages. User activity logs can be modeled using a heterogeneous interaction graph (HIG), and subsequently the user alignment task can be formulated as a semi-supervised HIG embedding problem. HIG embedding is challenging for two reasons: its heterogeneous nature and the presence of edge features. To address the challenges, we propose a novel Heterogeneous …

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Cross-Border Interbank Payments And Settlements: Emerging Opportunities For Digital Transformation, Yi Meng Lau, Et Al Nov 2018

Cross-Border Interbank Payments And Settlements: Emerging Opportunities For Digital Transformation, Yi Meng Lau, Et Al

Research Collection School Of Computing and Information Systems

The report “Cross-Border Interbank Payments and Settlements” is a cross-jurisdictional industry collaboration between Canada, Singapore and the United Kingdom to examine the existing challenges and frictions that arise when undertaking crossborder payments. This report explores proposals for new and more efficient models for processing cross-border transactions.

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Unravelling Civil Conspiracy, Pey Woan Lee Nov 2018

Unravelling Civil Conspiracy, Pey Woan Lee

Research Collection Yong Pung How School Of Law

This article seeks to understand civil conspiracy through the lens of its historical rationale. It identifies that purpose to be the protection of public interests as the tort was originally fashioned as an extension of criminal conspiracy to counter serious social ills. For lawful means conspiracy, this rationale is exemplified by the requirement for improper or illegitimate motive whilst “unlawful means” serves the same function in the context of unlawful means conspiracy. Counter-intuitively, understanding the tort in this way provides a means of restricting the tort and reigning in its “revolutionary” tendencies. Recognising the tort’s policy-based foundation would, it is …

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