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Articles 271 - 300 of 6934
Full-Text Articles in Business
Can Lower(Ed) Expert Opinions Lead To Better Consumer Ratings?: The Case Of Michelin Stars, Xingyi Li, Yiting Deng, Puneet Manchanda, Bert De Reyck
Can Lower(Ed) Expert Opinions Lead To Better Consumer Ratings?: The Case Of Michelin Stars, Xingyi Li, Yiting Deng, Puneet Manchanda, Bert De Reyck
Research Collection Lee Kong Chian School Of Business
Expert opinion exerts tremendous influence on the purchase journey, but its effect on overall consumer experience is ambiguous because it can give rise to both “expectation” and “reputation” effects. This paper explores the effect of expert opinions on consumer experience via the lens of consumer reviews in the restaurant industry, where the expert opinions are conveyed by Michelin stars. The paper uses a unique data set based on the Michelin Guide for Great Britain & Ireland from 2010 to 2020. The data include consumer reviews on TripAdvisor for all restaurants that were awarded Michelin stars during this period and a …
Physical Work Environments: An Integrative Review And Agenda For Future Research, Bukky Akinsanmi Oyedeji, Yea Hee Ko, Sunkee Lee
Physical Work Environments: An Integrative Review And Agenda For Future Research, Bukky Akinsanmi Oyedeji, Yea Hee Ko, Sunkee Lee
Research Collection Lee Kong Chian School Of Business
This review examines the effect of physical work environments—the dedicated, tangible spaces where employees carry out their professional tasks—on organizational processes and outcomes. We synthesize decades of research across various disciplines using a conceptual framework that defines physical work environments along three key dimensions: ambience, spatial configuration, and aesthetics. These dimensions are analyzed for their effects on both internal stakeholders, such as employees, and external stakeholders, including clients, suppliers, and investors. Our analysis reveals two major themes in prior research: (1) task accomplishment, which focuses on how physical work environments influence physical and mental health, motivation and attitudes, as well …
Multi-Period Portfolio Allocation: A One-Shot Stochastic Optimization Approach, Peng Liu, Chyng Wen Tee, Xiaofei Xu
Multi-Period Portfolio Allocation: A One-Shot Stochastic Optimization Approach, Peng Liu, Chyng Wen Tee, Xiaofei Xu
Research Collection Lee Kong Chian School Of Business
Multi-period portfolio optimization is a central problem in finance, yet it is computationally intractable for traditional dynamic programming methods due to the curse of dimensionality. This paper develops a tractable and theoretically grounded 'one-shot' stochastic optimization framework that recasts the sequential decision problem into a single, high-dimensional optimization task. Our approach models the predictive distribution of factor returns using Gaussian Processes (GPs), allowing it to capture complex, non-linear market dynamics. We make three primary contributions. First, for the special case of a linear GP kernel, we derive an analytical solution for the optimal portfolio path, providing a clear economic interpretation …
Leading With Narrative, Tanvi Gautam
Leading With Narrative, Tanvi Gautam
Asian Management Insights
Storytelling as a catalyst for strategy execution.
Acquisition Strategy For Innovation Under Competence-Destroying Change: Empirical Study—Pharmaceutical Company's Biotechnology Company Acquisition, Joo Tae Sung
Dissertations and Theses Collection (Open Access)
In response to declining R&D productivity and successive patent cliffs, pharmaceutical companies are increasingly acquiring biotechnology firms to sustain innovation. These acquisitions often occur under conditions of competence-destroying change, where the acquirer's chemistry-based knowledge base does not overlap with the biotechnology expertise of the target, challenging traditional theories that emphasize absorptive capacity and knowledge similarity.
This study introduces therapeutic knowledge, defined as the acquirer’s expertise in specific disease areas, as a distinct and critical dimension that interacts with both chemistry-based and biotechnology-based knowledge. Using a dataset of 212 observations across therapeutic areas from 80 acquisitions, the analysis uncovers an inverted …
Why Does My Transaction Fail? A First Look At Failed Transactions On The Solana Blockchain, Xiaoye Zheng, Zhiyuan Wan, David Lo, Difan Xie, Xiaohu Yang
Why Does My Transaction Fail? A First Look At Failed Transactions On The Solana Blockchain, Xiaoye Zheng, Zhiyuan Wan, David Lo, Difan Xie, Xiaohu Yang
Research Collection School Of Computing and Information Systems
Solana is an emerging blockchain platform, recognized for its high throughput and low transaction costs, positioning it as a preferred infrastructure for Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and other Web 3.0 applications. In the Solana ecosystem, transaction initiators submit various instructions to interact with a diverse range of Solana smart contracts, among which are decentralized exchanges (DEXs) that utilize automated market makers (AMMs), allowing users to trade cryptocurrencies directly on the blockchain without the need for intermediaries. Despite the high throughput and low transaction costs of Solana, the advantages have exposed Solana to bot spamming for financial exploitation, resulting …
Individual Or Team Analyst Reports? The Organization Of Analyst Research Activities, Xia Chen, Ning Jia, Dan Wang
Individual Or Team Analyst Reports? The Organization Of Analyst Research Activities, Xia Chen, Ning Jia, Dan Wang
Research Collection School Of Accountancy
Given the importance of research resource allocation within brokerage firms, we examine key factors that influence the issuance of individual vs. team analyst reports. Using a comprehensive sample of analyst reports from China for the 2008-2021 period, we find that this decision is influenced by (1) the brokerage firm's client interests, whereby firms held by the brokerage firm's mutual fund clients and firms that are the brokerage firm's underwriting clients receive more team than individual reports from the brokerage firm, and (2) the nature of corporate events, whereby routine events receive more team reports and nonroutine events receive more individual …
Growing Through Grit And Grace, Roshni Mahtani Cheung
Growing Through Grit And Grace, Roshni Mahtani Cheung
Asian Management Insights
An interview with Roshni Mahtani Cheung on how she scaled up theAsianparent and The Parentinc with resilience and a ‘community-first’ approach. How Roshni Mahtani Cheung scaled up theAsianparent and The Parentinc with resilience and a ‘community-first’ approach.
Alibaba: Building Advanced Intellectual Property Governance For E-Commerce Marketplaces, Liang Chen, Sin Mei Cheah, Can Huang, Guoqiao Liu
Alibaba: Building Advanced Intellectual Property Governance For E-Commerce Marketplaces, Liang Chen, Sin Mei Cheah, Can Huang, Guoqiao Liu
Asian Management Insights
How the global e-commerce powerhouse harnessed artificial intelligence (AI) to balance innovation and intellectual property (IP) rights protection.
Steering The Future, Shai Ganu
Steering The Future, Shai Ganu
Asian Management Insights
Embracing the emergence of corporate stewardship.
Beyond The Binary: Rethinking Work-From-Home Policies, Vineeta Dwivedi, Snehal Shah
Beyond The Binary: Rethinking Work-From-Home Policies, Vineeta Dwivedi, Snehal Shah
Asian Management Insights
The right approach depends on your organisation’s readiness.
Understanding Gender Differences In Digital Readiness During Digital Transformation In Accounting Functions: Accounting Professionals’ Perspective, Benjamin Lee, Clarence Goh, Gary Pan, Poh-Sun Seow
Understanding Gender Differences In Digital Readiness During Digital Transformation In Accounting Functions: Accounting Professionals’ Perspective, Benjamin Lee, Clarence Goh, Gary Pan, Poh-Sun Seow
Research Collection School Of Accountancy
Research aims: To examine gender differences in digital readiness during digital transformation in accounting functions, addressing a knowledge gap in current accounting literature. Design/Methodology/Approach: Survey of 297 accounting professionals (180 men, 117 women) with 27 questions on digital readiness perceptions, analysed using exploratory factor analysis and one-way analysis of variance (ANOVA) tests. Research findings: Women exhibited higher overall digital readiness than men, particularly feeling more empowered by senior management and better equipped to continue job tasks during digital transformation. No gender differences were found in perceptions of knowledge and skills, barriers, or organisational strategy. Theoretical contribution/Originality: Challenges traditional stereotypes about …
The Gender Effects Of Covid: Evidence From Equity Analysts, Frank Weikai Li, Baolian Wang
The Gender Effects Of Covid: Evidence From Equity Analysts, Frank Weikai Li, Baolian Wang
Research Collection Lee Kong Chian School Of Business
We use COVID-19 and sell-side analysts as an experiment to study the effects of gender on labor productivity. We find that the forecast accuracy of female analysts declined more than that of male analysts, especially when schools were closed and among analysts who were more likely to have young children, were inexperienced, were busier, or lived in southern states of the US. Relative to male analysts, females also reduced their forecast timeliness and resorted to more heuristic forecasts but did not reduce coverage or updating frequency. Relative to pre pandemic, female analysts’ careers were more negatively affected than male analysts’. …
Unlocking Private Equity Investing: A Primer, Yin Wang, Steve Balaban
Unlocking Private Equity Investing: A Primer, Yin Wang, Steve Balaban
Asian Management Insights
Private equity might provide higher returns, but investors should be aware of the associated risks.
Bogging Down Investors: An Unintended Consequence Of Litigation Risk, Siwen Fu, Ke Wang, Liandong Zhang, Liu Zheng
Bogging Down Investors: An Unintended Consequence Of Litigation Risk, Siwen Fu, Ke Wang, Liandong Zhang, Liu Zheng
Research Collection School Of Accountancy
Securities litigation risk is a well-recognized yet underexplored source of financial reporting complexity or unreadability. This study examines the effect of litigation risk on the readability of corporate financial reports. The 1999 Silicon Graphics Inc. (SGI) court ruling unexpectedly reduced litigation risk for firms within the Ninth Circuit Court's jurisdiction. Using a difference-in-differences design centered on the SGI court ruling, we find that, while the readability of financial reports generally declines over the sample period, treated firms in the Ninth Circuit experience a comparatively smaller decline in readability than control firms in other states after the ruling. Put differently, treated …
Institutional Dual-Holders And Corporate Disclosures: A Natural Experiment, Lin Cheng, Qiang Cheng, Liwei Weng, Mark Yuzhi Yan
Institutional Dual-Holders And Corporate Disclosures: A Natural Experiment, Lin Cheng, Qiang Cheng, Liwei Weng, Mark Yuzhi Yan
Research Collection School Of Accountancy
This study examines the impact of the presence of institutional dual-holders, whose portfolios hold both loans and equity securities of the same firms, on those firms' voluntary disclosures. Using mergers between institutional shareholders and lenders to the same firms as exogenous shocks to identify firms with institutional dual-holders that have high relative equity ownership, we document that such firms are less likely to provide management forecasts and disclose fewer voluntary 8-K items. In cross-sectional analyses, we find that the reduction in voluntary disclosures is more pronounced when institutional dual-holders have higher board representation and when firms have lower litigation risk. …
Exploring How The High Or Low Of Firm Transparency And Speed Of Adjustment In Its Capital Structure Relates To The Implied Cost Of Capital Of A Firm, Yung Chee Leong
Exploring How The High Or Low Of Firm Transparency And Speed Of Adjustment In Its Capital Structure Relates To The Implied Cost Of Capital Of A Firm, Yung Chee Leong
Dissertations and Theses Collection (Open Access)
This dissertation tackles a core challenge in corporate finance — how firms can optimise both their capital structure decisions and the way those decisions are communicated to investors. It shows that while financial responsiveness (SOA) and transparency each help lower a firm’s implied cost of capital (ICC), the most meaningful reduction occurs when both are present and working together. For CFOs, the research offers a practical way to connect capital structure planning with communication strategy to improve market understanding and reduce financing costs. For investors and analysts, it introduces the idea of a transparency–SOA alignment measure to better assess firm …
The Association Between Different Succession Methods And Innovation Investments In Family Businesses In China, Lei Wu
Dissertations and Theses Collection (Open Access)
Amidst the deepening of economic globalization, countries around the world are being progressively steered toward paths of innovative development, laying a solid foundation for enhancing national comprehensive strength and elevating international standing. Especially after the implementation of the reform and opening-up policy in our country, technological innovation has become the main direction of our transformation. According to the requirements of the 20th National Congress of the Communist Party of China, innovation-driven development will be fully applied to the country's development, creating favorable conditions for the realization of strategic development goals. National development and social progress are directly linked to corporate …
Essays On Empirical Asset Pricing, Ruxue Gong
Essays On Empirical Asset Pricing, Ruxue Gong
Dissertations and Theses Collection (Open Access)
The dissertation consists of three chapters on behavioral finance, arbitrage activities, cryptocurrencies and ETFs. The first chapter examines the existence and trading behavior of triangular arbitrageurs in cryptocurrency markets. Using a novel account-level orderbook dataset from an Indian cryptocurrency exchange, we document persistent price deviations between USD- and INRquoted token pairs, and use the triangular arbitrage opportunities to identify arbitrageurs and noise traders. Our results show that arbitrageurs significantly outperform noise traders on their holding-based returns, after adjusting for market returns and trading fees. However, arbitrageurs are not immune to behavioral biases when making trading decisions. Using a composite behavioral …
Using Multiculturalism To Combat The Negative Creativity Effect Of Cultural Tightness: How It Is Done Matters, Jung Kiu Choi
Using Multiculturalism To Combat The Negative Creativity Effect Of Cultural Tightness: How It Is Done Matters, Jung Kiu Choi
Dissertations and Theses Collection (Open Access)
This study investigates the multifaceted influence of cultural tightness and multiculturalism on the global commercial success of pop music. Addressing an under-explored moderating effect of multicultural factors on creative output under tight culture, this research analyzes Billboard Global 200 and Spotify Top 50 chart data from 2013-2021. The empirical analysis reveals that cultural tightness negatively impacts pop song’s success. Conversely, multiculturalism, specifically through diverse languages and performance teams, generally enhances global success. A key finding is that while multicultural production teams do not directly correlate with success, they critically moderate the detrimental effects of cultural tightness, a buffering effect unique …
On Sgx’S Voyage To Corporate Sustainability: Exploring Emerging Topics In Multi-Industry Corpora, Xinwen Ni, Min Bin Lin, Simon J.D. Schillebeeckx, Wolfgang Karl Hardle
On Sgx’S Voyage To Corporate Sustainability: Exploring Emerging Topics In Multi-Industry Corpora, Xinwen Ni, Min Bin Lin, Simon J.D. Schillebeeckx, Wolfgang Karl Hardle
Research Collection Lee Kong Chian School Of Business
Topic modeling and LDA (Latent Dirichlet Allocation) have proven valuable in various fields as an innovative approach to studying areas of interest and identifying topics in a dynamic content. The underlying assumption is that techniques like LDA can swiftly capture emerging topics in textual documents compared to other categorization tools. These unsupervised approaches have been used to identify new industries and technological domains. However, our study on the nascent topic of “sustainability” within the corpora of SGX-listed companies highlights clear limitations in employing techniques like LDA on sparse data. The dynamic LDA approach, also called DTM (Dynamic Topic Modelling),based on …
Lessons Learned From Sandboxing, Piloting And Policy Experimentation With Ai And Other Digital Initiatives: Part 1, Summary Report, Steven M. Miller
Lessons Learned From Sandboxing, Piloting And Policy Experimentation With Ai And Other Digital Initiatives: Part 1, Summary Report, Steven M. Miller
Research Collection School Of Computing and Information Systems
This report, "Lessons Learned from Sandboxing, Piloting and Policy Experimentation with AI and Other Digital Initiatives," captures insights and experiences from project experts involved in recent digital innovation initiatives with the governments of Bangladesh, Maldives, and Kazakhstan, and from project experts actively involved with the use of AI for delivering government digital services in the EU, New Zealand, Rwanda, Singapore, United States, and Uzbekistan. The ten in-depth interview write-ups produced from these nine different country settings provide a small but highly informative sample of rich descriptions of some of the important realities, approaches, nuances, issues and challenges related to testing …
Predicting Consumers’ Purchase Intention Of Browsed Products: A Study Based On Eye‑Tracking, Feiyan Jia, Choon Ling Sia, Yani Shi, Fiona Fui-Hoon Nah, Keng Siau
Predicting Consumers’ Purchase Intention Of Browsed Products: A Study Based On Eye‑Tracking, Feiyan Jia, Choon Ling Sia, Yani Shi, Fiona Fui-Hoon Nah, Keng Siau
Research Collection School Of Computing and Information Systems
Predicting consumers’ purchase intention of browsed products enables sellers to implement nuanced promotion strategies to stimulate purchase. But how can we predict consumers’ purchase intention of browsed products? Our research demonstrates that consumers’ eye movement data collected when they browse products can serve this aim. We train and test the prediction model using logistic regression and random forest algorithms. Using data collected in a laboratory experiment, our empirical results show that both algorithms perform much better than a random guess, and the logistic regression performs slightly better than the random forest. Our findings imply that eye movement data enable sellers …
Lessons Learned From Sandboxing, Piloting And Policy Experimentation With Ai And Other Digital Initiatives: Part 2, Ten In-Depth Interviews, Steven M. Miller
Lessons Learned From Sandboxing, Piloting And Policy Experimentation With Ai And Other Digital Initiatives: Part 2, Ten In-Depth Interviews, Steven M. Miller
Research Collection School Of Computing and Information Systems
This report, "Lessons Learned from Sandboxing, Piloting and Policy Experimentation with AI and Other Digital Initiatives," captures insights and experiences from project experts involved in recent digital innovation initiatives with the governments of Bangladesh, Maldives, and Kazakhstan, and from project experts actively involved with the use of AI for delivering government digital services in the EU, New Zealand, Rwanda, Singapore, United States, and Uzbekistan. The ten in-depth interview write-ups produced from these nine different country settings provide a small but highly informative sample of rich descriptions of some of the important realities, approaches, nuances, issues and challenges related to testing …
Stress Reactivity And Sociocultural Learning: More Stress-Reactive Individuals Are Quicker At Learning Sociocultural Norms From Experiential Feedback, Shilpa Madan, Krishna Savani, Pranjal H. Mehta, Desiree Y. Phua, Ying-Yi Hong, Michael W. Morris
Stress Reactivity And Sociocultural Learning: More Stress-Reactive Individuals Are Quicker At Learning Sociocultural Norms From Experiential Feedback, Shilpa Madan, Krishna Savani, Pranjal H. Mehta, Desiree Y. Phua, Ying-Yi Hong, Michael W. Morris
Research Collection Lee Kong Chian School Of Business
When interacting with others in unfamiliar sociocultural settings, people need to learn the norms guiding appropriate behavior. The present research investigates an individual difference that helps this kind of learning: stress reactivity. Interactions in an unfamiliar sociocultural setting are stressful, particularly when the actor fails to follow its rules. Although stress is typically considered a liability, more stress-reactive individuals may be more motivated to improve, and, thus, quicker to learn these rules. Consistent with this idea, a pilot study found that people genetically inclined to stress reactivity, as computed by a genetic profile score across 59 single nucleotide polymorphisms on …
A Rating System To Evaluate Non-Gaap Exclusion Quality, Patricia M. Dechow, Wei Ting Loh, Annika Yu Wang
A Rating System To Evaluate Non-Gaap Exclusion Quality, Patricia M. Dechow, Wei Ting Loh, Annika Yu Wang
Research Collection School Of Accountancy
We develop a rating system to evaluate the quality of individual non-GAAP exclusions. Our perspective is that high-quality exclusions reflect nonrecurring economic transactions, are transitory accounting adjustments, or have little usefulness in forecasting cash flows. We use four approaches to rate exclusions. We evaluate the serial correlation of the exclusion, survey accounting academics’ views, obtain practitioner ratings from the CFA Institute, and identify the exclusions approved by the Chinese securities regulator. A firm’s exclusion quality score is the weighted average rating of its individual exclusions. For our sample of S&P 500 firms, we document that exclusion quality varies by industry, …
How Do Institutional Investors Facilitate Reporting Comparability? Evidence From Common Institutional Ownership In The United States, Xuanbo Li, Yun Lou, Rencheng Wang, Kaitang Zhou
How Do Institutional Investors Facilitate Reporting Comparability? Evidence From Common Institutional Ownership In The United States, Xuanbo Li, Yun Lou, Rencheng Wang, Kaitang Zhou
Research Collection School Of Accountancy
We examine how common institutional investors (CIIs) facilitate the financial reporting comparability (FRC) of US firms. Common ownership increases FRC of firms that are directly owned by CIIs (via a direct effect) and has positive spillover effects on other firms in the same industry. We find spillover effects in two types of firms: (1) those that are commonly owned by different institutional investors but are connected through common firms, and (2) those that do not have any common ownership. These results suggest that the effect of common ownership goes beyond commonly owned firms and extends to non-commonly owned firms. Furthermore, …
Capacity Investment In The Presence Of Correlated Demand And Production Resource Uncertainties And Its Implications For Financial Hedging, Onur Boyabatli, Guiyun Feng
Capacity Investment In The Presence Of Correlated Demand And Production Resource Uncertainties And Its Implications For Financial Hedging, Onur Boyabatli, Guiyun Feng
Research Collection Lee Kong Chian School Of Business
In manufacturing firms, besides demand uncertainty, capacity investment decisions may also be subject to uncertainty in the availability of a production resource (e.g., budget or commodity component) which may become constraining for manufacturing. When the production resource uncertainty is tied to a financial index (e.g., asset or commodity price), the firm can enter into financial hedging contracts at the time of capacity investment to engineer this uncertainty. Our paper characterizes the optimal capacity investment and hedging decisions and examines how production resource uncertainty impacts the firm’s decisions, profitability, and the value of hedging. We identify three key drivers of these …
Major Customers And Carbon Footprints Along The Supply Chain, Saiying Deng, Tinghua Duan, Frank Weikai Li, Xiaoling Pu
Major Customers And Carbon Footprints Along The Supply Chain, Saiying Deng, Tinghua Duan, Frank Weikai Li, Xiaoling Pu
Research Collection Lee Kong Chian School Of Business
This paper examines whether major corporate customers curb corporate carbon emissions along the supply chain. We show that suppliers with a more concentrated customer base have significantly lower carbon emissions. The results are robust to alternative measures of carbon emissions and customer concentration, alternative sample, alternative explanation, and various approaches to mitigate endogeneity concerns. The effect is more pronounced when major customers have made emission-reduction commitment, when they are exposed to greater climate regulatory shocks and risks, and when they become more concerned about regulatory scrutiny. Moreover, the curbing effect of major customers on supplier carbon emissions is stronger when …
The Pricing Of Green Bonds And The Determinants Of The Green Bond Premium In The Asia-Pacific And European Markets, Parath Wongaree, Chiyachantana N. Chiraphol, Kuan Yong David Ding, Pattarawan Prasarnphanich, Wasin Siwasarit
The Pricing Of Green Bonds And The Determinants Of The Green Bond Premium In The Asia-Pacific And European Markets, Parath Wongaree, Chiyachantana N. Chiraphol, Kuan Yong David Ding, Pattarawan Prasarnphanich, Wasin Siwasarit
Research Collection Lee Kong Chian School Of Business
This study examines the sources of capital for sustainable development and investigates the existence of a green bond premium in both primary and secondary bond markets across the Asia-Pacific and European regions. Utilizing the robust Coarsened Exact Matching (CEM) method in conjunction with the Synthetic Minority Oversampling Technique (SMOTE), our analysis reveals a significant disparity in yields between green bonds and conventional bonds within the Asia-Pacific markets, indicating the existence of a green bond premium. In contrast, this distinction is not observed in Europe. These findings suggest that investors in the Asia-Pacific region display a willingness to accept lower yields …