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Articles 3001 - 3030 of 6939
Full-Text Articles in Business
Optimizing (S, S) Policies For Multi-Period Inventory Models With Demand Distribution Uncertainty: Robust Dynamic Programming Approaches, Ruozhen Qiu, Minghe Sun, Yun Fong Lim
Optimizing (S, S) Policies For Multi-Period Inventory Models With Demand Distribution Uncertainty: Robust Dynamic Programming Approaches, Ruozhen Qiu, Minghe Sun, Yun Fong Lim
Research Collection Lee Kong Chian School Of Business
We consider a finite-horizon single-product periodic-review inventory managementproblem with demand distribution uncertainty. We formulate the problemas a dynamic program and prove the existence of an optimal (s, S) policy. Thecorresponding dynamic robust counterpart models are then developed for thebox and the ellipsoid uncertainty sets. These counterpart models are transformedinto tractable linear and second-order cone programs, respectively. Weillustrate the effectiveness and practicality of the proposed robust optimizationapproaches through a numerical study.
Cyber-Empathic Design: A Data-Driven Framework For Product Design, Dipanjan Ghosh, Andrew Olewnik, Kemper Lewis, Junghan Kim, Arun Lakshaman
Cyber-Empathic Design: A Data-Driven Framework For Product Design, Dipanjan Ghosh, Andrew Olewnik, Kemper Lewis, Junghan Kim, Arun Lakshaman
Research Collection Lee Kong Chian School Of Business
A critical task in product design is mapping information from consumer to design space. Currently, this process largely depends on designers identifying and mapping psychological and consumer level factors to engineered attributes. In this way, current methodologies lack provision to test a designer's cognitive reasoning and could introduce bias when mapping from consumer to design space. In addition, current dominant frameworks do not include user-product interaction data in design decision making, nor do they assist designers in understanding why a consumer has a particular perception about a product. This paper proposes a framework-cyber-empathic (CE) design-where user-product interaction data are acquired …
What If Bots Collide And Collude In Setting Prices?, Singapore Management University
What If Bots Collide And Collude In Setting Prices?, Singapore Management University
Perspectives@SMU
Conduct driven by algorithms is a challenge for competition law
The Predictive Audit: Why Prevention Is Better Than A Cure, Clarence Goh
The Predictive Audit: Why Prevention Is Better Than A Cure, Clarence Goh
Research Collection School Of Accountancy
Foreseeing potential problems can save your business from long-term headaches.
Transaction Cost Optimization For Online Portfolio Selection, Bin Li, Jialei Wang, Dingjiang Huang, Steven C. H. Hoi
Transaction Cost Optimization For Online Portfolio Selection, Bin Li, Jialei Wang, Dingjiang Huang, Steven C. H. Hoi
Research Collection School Of Computing and Information Systems
To improve existing online portfolio selection strategies in the case of non-zero transaction costs, we propose a novel framework named Transaction Cost Optimization (TCO). The TCO framework incorporates the L1 norm of the difference between two consecutive allocations together with the principles of maximizing expected log return. We further solve the formulation via convex optimization, and obtain two closed-form portfolio update formulas, which follow the same principle as Proportional Portfolio Rebalancing (PPR) in industry. We empirically evaluate the proposed framework using four commonly used data-sets. Although these data-sets do not consider delisted firms and are thus subject to survival bias, …
Special Section: Technological Innovations For Communication And Collaboration In Social Spaces, Eric K. Clemons, Rajiv M. Dewan, Robert J. Kauffman, Thomas A. Weber
Special Section: Technological Innovations For Communication And Collaboration In Social Spaces, Eric K. Clemons, Rajiv M. Dewan, Robert J. Kauffman, Thomas A. Weber
Research Collection School Of Computing and Information Systems
Research on social communication and collaboration is of high importance today in Information Systems, especially for interdisciplinary inquiry that emphasizes topics related to strategy, information, technology, economics, and society. The articles that are showcased in this special section of the Journal of Management Information Systems address issues that arise in a number of important contemporary contexts.
A Closer Look At The Measurement Of Dispositional Reasoning: Dimensionality And Invariance Across Assessor Groups, François S. De Kock, Filip Lievens, Marise Ph. Born
A Closer Look At The Measurement Of Dispositional Reasoning: Dimensionality And Invariance Across Assessor Groups, François S. De Kock, Filip Lievens, Marise Ph. Born
Research Collection Lee Kong Chian School Of Business
Despite the growing interest in dispositional reasoning as a construct and determinant of good raters (good judges'), its measurement still requires attention. We address two measurement issues in the present study. First, this study tests a hierarchical model as a more parsimonious account for dispositional reasoning than component- or general-factor models that were examined in earlier studies. So, this provides a more comprehensive test of the different measurement models underlying dispositional reasoning data. Second, we assess the measurement invariance of dispositional reasoning measure scores across two different populations of assessors that are often trained and used in workplace assessments, namely …
The Predictive Audit: Why Prevention Is Better Than A Cure, Clarence Goh
The Predictive Audit: Why Prevention Is Better Than A Cure, Clarence Goh
Research Collection School Of Accountancy
Foreseeing potential problems can save your business from long-term headaches.
Configuring Innovative Societies: The Crossvergent Role Of Cultural And Institutional Varieties, Di Fan, Yi Li, Liang Chen
Configuring Innovative Societies: The Crossvergent Role Of Cultural And Institutional Varieties, Di Fan, Yi Li, Liang Chen
Research Collection Lee Kong Chian School Of Business
The study aims to explore why some societies are more innovative than others in high-technology sectors. Following a crossvergence perspective, we generate nine causal conditions by accommodating both cultural and institutional varieties: uncertainty avoidance, masculinity, individualism and power distance as culture indicators, and union density, skill development, market capitalization to credit, prevalence of cluster and state dominance as institutional indicators. Applying the configurational approach, we conducted fuzzy-set qualitative comparative analysis (fsQCA) on Organization for Economic Co-operation and Development (OECD) member countries. We confirm the equal importance of both cultural and institutional mechanisms as contributors to national innovativeness, and identify equifinal …
Reshaping The Financial Order, Christopher Dula, David Kuo Chuen Lee
Reshaping The Financial Order, Christopher Dula, David Kuo Chuen Lee
Research Collection Lee Kong Chian School Of Business
The financial system, which governs and manages the practice of deposits, lending and payments, is in the throes of disruption following the shortcomings of the current regime. Despite US$11 trillion in quantitative easing since 2007, economic growth has been persistently sluggish. The money isn't going where it should be. In 2015, McKinsey reported that global debt had grown by US$57 trillion since 2007. The debt is becoming unsustainable, yet the global debt-to-income ratio continues to rise disproportionally to any deleveraging. The Fed's meandering signaling to nudge up interest rates beyond the near zero range raises concerns that private and even …
Twin Momentum: Fundamental Trends Matter, Dashan Huang, Huacheng Zhang, Guofu Zhou
Twin Momentum: Fundamental Trends Matter, Dashan Huang, Huacheng Zhang, Guofu Zhou
Research Collection Lee Kong Chian School Of Business
Using both the levels and the time-series trends of a collection of firms' major fundamentals, we find that fundamentals matter after all: they can also generate strong return momentum. A fundamental momentum strategy that goes long stocks with fundamental in the top quintile and short stocks with fundamental in the bottom quintile earns a monthly average return of 88 bps, and is comparable with the popular price momentum but has little correlation. Combining price momentum and fundamental momentum yields a twin momentum, which has an average return more than the sum of both price momentum and fundamental momentum. Twin momentum …
Powerful Blockholders And Ceo Turnover, Chi Shen Wei, Lei Zhang
Powerful Blockholders And Ceo Turnover, Chi Shen Wei, Lei Zhang
Research Collection Lee Kong Chian School Of Business
We identify the power of institutional blockholders to influence management using previous occurrences of forced CEO turnover at other firms in the blockholders’ overall portfolio. We create a “powerful blockholder linkage” measure that strongly predicts future forced CEO turnover. These effects are larger when “powerful” blockholders are more motivated to monitor and when they have had valuable monitoring experience. Moreover, firms with powerful blockholders display higher CEO turnover-performance sensitivity, pursue more value-increasing mergers, and have higher firm value. Overall, our results suggest that an identifiable group of powerful blockholders play an important role in corporate governance.
The Real Effect Of The Initial Enforcement Of Insider Trading Laws, Zhihong Chen, Yan Huang, Yuanto Kusnadi, K. C. John Wei
The Real Effect Of The Initial Enforcement Of Insider Trading Laws, Zhihong Chen, Yan Huang, Yuanto Kusnadi, K. C. John Wei
Research Collection School Of Accountancy
Based on a difference-in-differences approach, we find strong evidence that the initial enforcement of insider trading laws improves capital allocation efficiency. The effect is concentrated in developed markets and manifests shortly after the enforcement year. Further analysis shows that the improvement is positively associated with the increase in liquidity around the enforcement year and the opaqueness of the information environment before the enforcement year. The improvement is more pronounced for firms operating in more competitive markets, being more financially constrained, and with more severe agency problems. Finally, we find increased accounting performance after the enforcement and the increase is positively …
Economic Downturns Undermine Workplace Helping By Promoting A Zero-Sum Construal Of Success, Nina Sirola, Marko Pitesa
Economic Downturns Undermine Workplace Helping By Promoting A Zero-Sum Construal Of Success, Nina Sirola, Marko Pitesa
Research Collection Lee Kong Chian School Of Business
Workplace helping is essential to the success of organizations and economies. Given the economic benefits of helping, it seems important that during difficult economic periods the amount of helping does not decline. In this research, we propose and show that it does. We argue that cues that signal the economy is performing poorly prompt a construal that the success of one person implies less success for others. This zero-sum construal of success in turn makes employees less inclined to help. Four studies found evidence consistent with our theory. Study 1 found that worse economic periods are associated with a more …
Fair Deposits Against Double-Spending For Bitcoin Transactions, Xingjie Yu, Shiwen M. Thang, Yingjiu Li, Robert H. Deng
Fair Deposits Against Double-Spending For Bitcoin Transactions, Xingjie Yu, Shiwen M. Thang, Yingjiu Li, Robert H. Deng
Research Collection School Of Computing and Information Systems
In Bitcoin network, the distributed storage of multiple copies of the blockchain opens up possibilities for double spending, i.e., a payer issues two separate transactions to two different payees transferring the same coins. To detect the doublespending and penalize the malicious payer, decentralized non-equivocation contracts have been proposed. The basic idea of these contracts is that the payer locks some coins in a deposit when he initiates a transaction with the payee. If the payer double spends, a cryptographic primitive called accountable assertions can be used to reveal his Bitcoin credentials for the deposit. Thus, the malicious payer could be …
Does Financial Education Enhance Financial Preparedness? Evidence From A Natural Experiment In Singapore, Rashmi Barua, Seng Kee Benedict Koh, Olivia S. Mitchell
Does Financial Education Enhance Financial Preparedness? Evidence From A Natural Experiment In Singapore, Rashmi Barua, Seng Kee Benedict Koh, Olivia S. Mitchell
Research Collection Lee Kong Chian School Of Business
We evaluate how financial education provided to college students influenced their financial knowledge and planning in a quasi-experimental setting where we control for student motivation to enroll in the course. Using a difference-in-difference strategy, we show that financial education led to an increase in financial knowledge and planning. Specifically, we find that financial education improved students’ financial knowledge score by 11%, and financial planning score by 16%. No statistically significant effects are detected for student levels of financial prudence, discipline, or outcomes related to credit card usage.
Public Hedge Funds, Lin Sun, Song Wee Melvyn Teo
Public Hedge Funds, Lin Sun, Song Wee Melvyn Teo
Research Collection Lee Kong Chian School Of Business
Hedge funds managed by listed firms significantly underperform funds managed by unlisted firms. The underperformance is more severe for funds with low manager deltas, poor governance, and no manager co-investment, or managed by firms whose prices are sensitive to earnings news. Notwithstanding the underperformance, listed asset management firms raise more capital, by growing existing funds and launching new funds post listing, and harvest greater fee revenues than do comparable unlisted firms. The results are consistent with the view that, for asset management firms, going public weakens the alignment between ownership, control, and investment capital, thereby engendering conflicts of interest.
Public Hedge Funds, Lin Sun, Song Wee Melvyn Teo
Public Hedge Funds, Lin Sun, Song Wee Melvyn Teo
Research Collection Lee Kong Chian School Of Business
Hedge funds managed by listed firms significantly underperform funds managed by unlisted firms. The underperformance is more severe for funds with low manager deltas, poor governance, and no manager co-investment, or managed by firms whose prices are sensitive to earnings news. Notwithstanding the underperformance, listed asset management firms raise more capital, by growing existing funds and launching new funds post listing, and harvest greater fee revenues than do comparable unlisted firms. The results are consistent with the view that, for asset management firms, going public weakens the alignment between ownership, control, and investment capital, thereby engendering conflicts of interest.
Temporal Aggregation And Risk-Return Relation, Xing Jin, Leping Wang, Jun Yu
Temporal Aggregation And Risk-Return Relation, Xing Jin, Leping Wang, Jun Yu
Research Collection Lee Kong Chian School Of Business
The function form of a linear intertemporal relation between risk and return is suggested by Merton's (1973) analytical work for instantaneous returns, whereas empirical studies have examined the nature of this relation using temporally aggregated data, i.e., daily, monthly, quarterly, or even yearly returns. Our paper carefully examines the temporal aggregation effect on the validity of the linear specification of the risk-return relation at discrete horizons, and on its implications on the reliablility of the resulting inference about the risk-return relation based on different observation intervals. Surprisingly, we show that, based on the standard Heston's (1993) dynamics, the linear relation …
Are Capital Market Anomalies Common To Equity And Corporate Bond Markets?, Tarun Chordia, Amit Goyal, Yoshio Nozowa, Avanidhar Subrahmanyam, Qing Tong
Are Capital Market Anomalies Common To Equity And Corporate Bond Markets?, Tarun Chordia, Amit Goyal, Yoshio Nozowa, Avanidhar Subrahmanyam, Qing Tong
Research Collection Lee Kong Chian School Of Business
This paper studies whether the commonly analyzed equity return predictors also predict corporate bond returns. Bond markets do price risk, but are also susceptible to delayed information transmission relative to equities. Firm size and profitability are negatively priced while idiosyncratic volatility is positively priced, suggesting that large firms, more profitable firms and relatively less volatile firms are more attractive to bond investors, thus requiring lower returns. Consistent with a relatively sophisticated institutional clientele, bonds are efficiently priced in that none of the behaviorally-motivated variables provide profitable trading strategies after accounting for transactions costs, though some risk-based variables continue to do …
Analyst Effort Allocation And Firms' Information Environment, Rong Wang, Jarrad Harford, Feng Jiang, Fei Xie
Analyst Effort Allocation And Firms' Information Environment, Rong Wang, Jarrad Harford, Feng Jiang, Fei Xie
Research Collection Lee Kong Chian School Of Business
We show that a firm’s information environment is significantly impacted by the characteristics of the other firms its analysts cover. Analysts strategically allocate effort among portfolio firms by devoting more effort to firms that are relatively more important for their career concerns. Specifically, controlling for analyst and firm characteristics, we find that within each analyst’s portfolio, firms ranked relatively higher based on market capitalization, trading volume, or institutional ownership receive more accurate, frequent, and informative earnings forecast revisions and stock recommendation changes that contain greater information content from that analyst. Firms’ relative rank across analysts varies widely, so this is …
On The Relationship Between Household Wealth And Entrepreneurship, Jungho Lee
On The Relationship Between Household Wealth And Entrepreneurship, Jungho Lee
Research Collection School Of Economics
Motivated by a substantial number of startup owners with negative household net worth, I present a model that incorporates credit borrowing into Evans and Jovanovic [1989]. The estimated model generates no relationship between household wealth and the propensity for business entry. Ignoring credit borrowing for potential business owners substantially overstates the efficiency loss from financial constraints in business entry. However, the efficiency loss in investments by the entrants is large even if credit borrowing is allowed. Individuals who start a business once credit borrowing is available are those whose business ideas are of a high-enough quality to compensate high financing …
Get Innovative In Personnel Selection: The Case Of The Port Of Antwerp, Filip Lievens, Britt De Soete, Christoph Nils Herde
Get Innovative In Personnel Selection: The Case Of The Port Of Antwerp, Filip Lievens, Britt De Soete, Christoph Nils Herde
Research Collection Lee Kong Chian School Of Business
Thanks to its central location and its large storage and distribution capacity, the Port of Antwerp can be regarded as a key gateway to Europe. Concerning international maritime transport, Antwerp is ranked as the second harbor of Europe and the seventh harbor worldwide. The Port of Antwerp is the European market leader in terms of the transportation of steel, fruit, forest products, coffee, tobacco, and other products. In 2009, it dealt with almost 160 million tons of goods. Each year, over 14,000 sea-going vessels and 55,000 inland navigation vessels are passing through the Port of Antwerp. As nearly every important …
35 Years In The Singaporean Life Insurance Industry, Singapore Management University
35 Years In The Singaporean Life Insurance Industry, Singapore Management University
Perspectives@SMU
How one man kept up with, and excelled in, an ever-changing landscape
The Importance Of Search Engine Optimisation, Singapore Management University
The Importance Of Search Engine Optimisation, Singapore Management University
Perspectives@SMU
Good SEO is a business necessity in the Digital Age but not everyone needs in-house SEO expertise; sometimes it makes more sense to hire an agency
When A Satisfactory Price Beats A Maximal Mark-Up, Singapore Management University
When A Satisfactory Price Beats A Maximal Mark-Up, Singapore Management University
Perspectives@SMU
Firms that share their gains enjoy ongoing mutual benefits
How Technology Is Reshaping Financial Services: Essays On Consumer Behavior In Card, Channel And Cryptocurrency Services, Dan Geng
Dissertations and Theses Collection
The financial services sector has seen dramatic technological innovations in the last several years associated with the “fintech revolution.” Major changes have taken place in channel management, credit card rewards marketing, cryptocurren-cy, and wealth management, and have influenced consumers’ banking behavior in different ways. As a consequence, there has been a growing demand for banks to rethink their business models and operations to adapt to changing consumer be-havior and counter the competitive pressure from other banks and non-bank play-ers. In this dissertation, I study consumer behavior related to different aspects of financial innovation by addressing research questions that are motivated …
Social Network Impact On Corporate Performance And Governance, Jonathan Chew Hoe Khoo
Social Network Impact On Corporate Performance And Governance, Jonathan Chew Hoe Khoo
Dissertations and Theses Collection
Motivated by the centrality measures constructed in Larcker, So and Wang (2013), I affirm that board connectedness positively affect firm performance in Singapore, and even if we were to measure firm performance by Tobin's Q. The impact on firm performance persists over at least four years. Controlling for Corporate Governance using a proprietary database, the Singapore Corporate Governance Index, only the Eigenvector centrality under simple-weighted and hyperbolic-weighted projections survives the robustness test, suggesting that firstly, the local proxy of Corporate Governance based on OECD principles possibly controls for what is proxied by the Betweenness, Closeness and Degree centrality measures, and …
Towards Establishing Design Principles For Balancing Usability And Maintaining Cognitive Abilities, Gayathri Balasubramanian, Hyowon Lee, King Wang Poon, Wee-Kiat Lim, Wai Keet Yong
Towards Establishing Design Principles For Balancing Usability And Maintaining Cognitive Abilities, Gayathri Balasubramanian, Hyowon Lee, King Wang Poon, Wee-Kiat Lim, Wai Keet Yong
CCX Research
While technology has improved the speed, accuracy, and efficiency of work, its prolonged use also weakens users’ cognitive abilities over time. By creating usable, efficient, emotive, and engaging experiences, HCI researchers and practitioners have inadvertently led users to offload their innate capabilities onto their devices. How should technology be (re)designed so as to reduce the negative effects of on users’ cognitive abilities when used over time? In this paper, we discuss a set of design principles intended to help designers consider how long-term use of their artefacts could maintain and even improve users’ unassisted abilities and reduce negative impacts of …
Do High Ceo Pay Ratios Destroy Firm Value?, Qiang Cheng, Tharindra Ranasinghe, Sha Zhao
Do High Ceo Pay Ratios Destroy Firm Value?, Qiang Cheng, Tharindra Ranasinghe, Sha Zhao
Research Collection School Of Accountancy
There is growing public concern over the rapid growth in CEO pay relative to average worker pay (CEO pay ratio). Critics contend that high CEO pay ratios could destroy firm value by damaging employee morale and/or signal CEO rent extraction. In this paper, we use a proprietary dataset to examine the relationship between CEO pay ratio and firm value/performance. Contrary to critics’ arguments, we find that industry-adjusted CEO pay ratios are positively associated with both firm value and performance. We also find that high CEO pay ratios are associated with higher quality acquisitions and stronger CEO turnover-performance sensitivity. Our results …