Business Commons^™

How To Enable Future Faster Payments? An Evaluation Of A Hybrid Payments Settlement Mechanism, Zhiling Guo, Yuanzhi Huang

Research Collection School Of Computing and Information Systems

In the era of Fintech innovation and e-commerce, faster settlement of massive retail transactions is crucial for business growth and financial system stability. However, speeding up payments settlement can create periodic liquidity shortfalls to banks which would incur high cost of funds in the settlement process. We propose a new hybrid settlement mechanism design that integrates features of real-time gross settlement, deferred net settlement, and central queue management structure. The hybrid mechanism is managed by an intermediary and is particularly suitable to settle large volume of small-value retail payments. We evaluate the mechanism using computer experiments and simulation. We find …

"More Free Time, More Overtime?" An Examination Of The Overtime Paradox For Part-Time Employees Through The Lens Of Non-Working Time, Hsin Ning Yong

Dissertations and Theses Collection (Open Access)

Why do part-time employees with reduced workload and remuneration work longer hours than contracted? Existing research attributes this phenomenon to organisational culture. design of the part-time work. relationship with others at work and one's personality traits. However, there are at least two major gaps in the existing research. Firstly. there is no integrated framework which links these factors influencing part-time employees to work longer hours. This impacts the ability for individuals and companies to systematically apply these findings to improve part-time arrangements; Secondly. most studies to date use self-report methods such:15 interviews and surveys. which limit the findings to what …

Unlocking The Power Of Marketing: Understanding The Links Between Customer Mindset Metrics, Behavior, And Profitability, J. Andrew Petersen, V. Kumar, Yolanda Polo, F. Javier Sese

Research Collection Lee Kong Chian School Of Business

Recent evidence about the central role played by perceptual constructs in driving performance outcomes has produced a renewed interest in studying customer mindset metrics (CMMs; e.g., satisfaction, service quality, and loyalty intentions). However, we still lack a proper understanding of how (i.e., process) and to what extent (i.e., magnitude) these CMMs ultimately translate into profitability at the customer level. In this study, we integrate CMMs into an individual-level framework of customer behavior and profitability and provide a conceptual understanding of the process through which these metrics influence customer profitability. Specifically, we propose three mechanisms through which CMMs affect …

Farmers' Cooperatives In China: A Typology Of Fraud And Failure, Zhanping Hu, Qian Forrest Zhang, John A. Donaldson

Research Collection School of Social Sciences

Since the 1990s, agricultural cooperatives—particularly what China calls Farmers’ Specialized Cooperatives—have experienced rapid expansion in China. After more than two decades of growth and policy support, what is the overall performance of the ever-increasing numbers of these cooperatives? We visited 50 cooperatives across the country, most of which had officially been lauded as successful, to make a first-hand evaluation of their overall status and performance. We argue that, judging by either international or Chinese standards, the vast majority of these agricultural cooperatives are not authentic and fail to deliver expected benefits to smallholders. We categorize them into five types: genuine …

How Artificial Intelligence Is Impacting Manufacturing Industry, Deepak Srinivasan, Maitreyi Ramesh Swaroop, Balaji Rajaram, Sri Krishan Iyer

Research Collection School Of Computing and Information Systems

In this survey, we study the impact of Artificial Intelligence (AI) on manufacturing sector. AI methods can be utilized to make new thoughts several ways: by delivering novel mixes of wellknown thoughts; by investigating the capability of theoretical spaces; and by making changes that empower the era of unexplored thoughts. AI will have less trouble in displaying the era of new thoughts than in automating their assessment. We describe the advances that have been made on AI in manufacturing industry. We close with how to overcome the issues in this area.

Effects Of Informal Institutions On The Relationship Between Accounting Measures Of Risk And Bank Distress, Kiridaran Kanagaretnam, Jimmy Lee, Chee Yeow Lim, Gerald J. Lobo

Research Collection School Of Accountancy

We investigate the effects of informal institutions (trust, religiosity and the media) on the relationship between accounting-based risk measures and bank distress. We conduct our analysis in two stages. In the first stage, we extend the prior literature by documenting a link between accounting-based risk measures and bank distress during the 2008-2009 financial crisis. In particular, given the environment characterized by rapid growth in financial innovation and complex financial transactions prior to the crisis, simple accounting-based risk measures continue to predict bank distress during this crisis period. In the second stage, we address our main research question related to the …

Peer Effects Of Corporate Social Responsibility, Hao Liang, Hao Liang, Xintong Zhan

Research Collection Lee Kong Chian School Of Business

We investigate how firms react to their peers' adoption of corporate social responsibility (CSR) by using a regression discontinuity design that relies on "locally" exogenous variations of CSR generated by shareholder proposals that pass or fail by a small margin of votes. Specifically, we find that peers of a voting firm who passed a close-call CSR proposal experience lower announcement returns and higher following-year CSR scores compared to those of a voting firm that marginally failed a CSR proposal. Such effects are stronger in peer firms with higher competitive pressure, better CSR performance relative to the voting firm, and a …

Multi-Authority Abs Supporting Dendritic Access Structure, Ruo Mo, Jian-Feng Ma, Ximeng Liu, Qi Li

Research Collection School Of Computing and Information Systems

Attribute-based signature (ABS), which could realize fine-grained access control, was considered to be an importantmethod for anonymous authentication in cloud computing. However, normal ABS only provided simple accesscontrol through threshold structure and thus could not cope with the large-scale attribute sets of users in the cloud. Moreover,the attribute sets were supervised by only one attribute authority, which increased the cost of computation and storage.The whole system was in danger of collapsing once the attribute authority was breached. Aiming at tackling theproblems above, a novel scheme, was proposed called multi-authority ABS supporting dendritic access structure whichsupported any AND, OR and threshold …

Effect Of Timing And Source Of Online Product Recommendations: An Eye-Tracking Study, Yan Shi, Qing Zeng, Fiona Fui-Hoon Nah, Chuan-Hoo Tan, Choon Ling Sia, Keng Siau, Jiaqi Yan

Research Collection School Of Computing and Information Systems

Online retail business has become an emerging market for almost all business owners. Online recommender systems provide better service to consumers during their decision making processes. In this study, a controlled lab experiment was conducted to assess the effect of recommendation timing (early, mid, and late) and recommendation source (expert reviews vs. consumer reviews) on online consumers’ interest and attention. Eye-tracking data was extracted from the experiment and analyzed. The results suggest that consumers show more interest in recommendation based on consumer reviews than expert reviews. Earlier recommendations do not receive greater attention than later recommendations.

Cross Border Public Offering Of Securities In Fostering An Integrated Asean Securities Market: The Experiences Of Singapore, Malaysia And Thailand, Wai Yee Wan

Research Collection Yong Pung How School Of Law

In 2015, the Association of South-East Asian Nations (ASEAN) Economic Community was formally established and its aim was to achieve, among other things, an integrated securities market within ASEAN.

Before the formal establishment of the ASEAN Economic Community, in 2009, with a view towards achieving the objective of securities integration, Singapore, Malaysia and Thailand adopted the ASEAN Disclosure Standards, a set of harmonized disclosure standards for issuers making cross-border initial public offerings (IPOs). These participating Member States also entered into a framework for the expedited review for cross-listings. However, more than 5 years later, there is no documented use of …

Social Capital Of Directors And Corporate Governance: A Social Network Analysis, Zihan Niu, Christopher C. H. Chen

Research Collection Yong Pung How School Of Law

This Article examines how a director’s social capital might affect his or her behavior, the board’s performance, and corporate governance, as well as the potential normative implications of the director’s social network. We argue that the quality of board performance could be improved where the social network closure within the board is high and there are many non-redundant contacts beyond the board. Network closure can improve trust and collaboration within a board, while external contacts may benefit a company with more diverse sources of information. Moreover, different network positioning leads to the inequality of social capital for directors. With more …

Does The Crowd Support Innovation? Innovation Claims And Success On Kickstarter, Anirban Mukherjee, Cathy L. Yang, Ping Xiao, Amitava Chattopadhyay

Research Collection Lee Kong Chian School Of Business

Online crowdfunding is a popular new tool for raising capital to commercialize product innovation. Product innovation must be both novel and useful (1-4). Therefore, we study the role of novelty and usefulness claims on Kickstarter. Startlingly, we find that a single claim of novelty increases project funding by about 200%, a single claim of usefulness increases project funding by about 1200%, and the co-occurrence of novelty andusefulness claims lowers funding by about 26%. Our findings are encouraging because they suggest the crowd strongly supports novelty and usefulness. However, our findings are disappointing because the premise of crowdfunding is to support …

Toward A Theoretical Framework To Studying Climate Change Policies: Insights From Case Study Of Singapore, Ai Sian Ng, May O. Lwin, Augustine Pang

Research Collection Lee Kong Chian School Of Business

The world decided in December 2015 to take actions to reduce global warming. To contribute toward this goal, this research examines possible policy levers for inclusion in the climate change ratification plan. A case study of the measures taken by the Republic of Singapore, a low-lying 719.2 km2 island without natural resources in Asia, is conducted. Being vulnerable to climate change impact and yet having to balance her people’s needs and economic progress with limited resources, the measures taken by this small country could offer policy insights for small states and states without access to alternative energy sources. This research …

Explicating The Information Vacuum: Stages, Intensifications, And Implications, Eugene Woon, Augustine Pang

Research Collection Lee Kong Chian School Of Business

Purpose: Information vacuums (IVs) arise from organizational failure to satisfy the stakeholders’ informational demands during crises. The purpose of this paper is to expand Pang’s (2013) study of the phenomenon of IV by investigating its nature, stages, intensifying factors and resolution. Design/methodology/approach: Print and social media data of five recent international crises with apparent IVs were analyzed. Findings: Poor crisis communications are intensifying factors that induce media hijacks and hypes, distancing, and public confusion. A four-stage model maps the phenomenon into a flow chart describing its development. IV termination begins when organizations either respond with information or provide solutions, results, …

Hedging And Pricing Rent Risk With Search Frictions, Briana Chang, Hyunsoo Choi, Harrison Hong, Jeffrey Kubik

Research Collection Lee Kong Chian School Of Business

The desire of risk-averse households to hedge rent risk is thought to increase home ownership and prices. While evidence for the ownership implication is compelling, support for the price effect is mixed. We show that an important reason is search frictions. Rent risk reduces outside options, leading to less-picky buyers and worse home/buyer matches. This attenuates the rise in the price-to-rent ratio that would otherwise occur without frictions. Consistent with our model, a house remains on the market for fewer days when rent risk is higher. Accounting for frictions significantly increases the effect of rent risk on home prices.

Hedging And Pricing Rent Risk With Search Frictions, Briana Chang, Hyunsoo Choi, Harrison Hong, Jeffrey Kubik

Research Collection Lee Kong Chian School Of Business

The desire of risk-averse households to hedge rent risk is thought to increase home ownership and prices. While evidence for the ownership implication is compelling, support for the price effect is mixed. We show that an important reason is search frictions. Rent risk reduces outside options, leading to less-picky buyers and worse home/buyer matches. This attenuates the rise in the price-to-rent ratio that would otherwise occur without frictions. Consistent with our model, a house remains on the market for fewer days when rent risk is higher. Accounting for frictions significantly increases the effect of rent risk on home prices.

Fast-And-Frugal Trees As Noncompensatory Models Of Performance-Based Personnel Decisions, Shenghua Luan, Jochen Reb

Research Collection Lee Kong Chian School Of Business

Employees’ performance provides the basis for many personnel decisions, and to make these decisions,managers often need to integrate information from different performance-related cues. We asked college students and experienced managers to make a series of performance-based personnel decisions and tested how well weighting-and-adding, compensatory logistic regression and lexicographic, noncompensatory fast-and-frugal trees (FFTs) could describe participants’ decision processes regarding both choices and reaction times. Results show that a significant proportion of the participants (i.e., nearly half of the college students and more than two-thirds of the experienced managers) applied FFTs to make such decisions,and that the majority of them adopted key …

Forecasting Stock Returns In Good And Bad Times: The Role Of Market States, Dashan Huang, Fuwei Jiang, Jun Tu, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

This paper proposes a two-state predictive regression model and shows that stock market 12-month return (TMR), the time-series momentum predictor of Moskowitz, Ooi, and Pedersen (2012), forecasts the aggregate stock market negatively in good times and positively in bad times. The out-of-sample R-squares are 0.96% and 1.72% in good and bad times, or 1.28% and 1.41% in NBER economic expansions and recessions, respectively. The TMR predictability pattern holds in the cross-section of U.S. stocks and the international markets. Our study shows that the absence of return predictability in good times, an important finding of recent studies, is largely driven by …

Strategy Making: How To Tap The Wisdom Of The Crowd, Daniel Z. Mack, Gabriel. Szulanski

Research Collection Lee Kong Chian School Of Business

Even firms that typically prefer to centralise decisions needn’t miss out on the benefits of opening up their strategy making.

Mining Capstone Project Wikis For Knowledge Discovery, Swapna Gottipati, Venky Shankararaman, Melvrivk Goh

Research Collection School Of Computing and Information Systems

Wikis are widely used collaborative environments as sources of information and knowledge. The facilitate students to engage in collaboration and share information among members and enable collaborative learning. In particular, Wikis play an important role in capstone projects. Wikis aid in various project related tasks and aid to organize information and share. Mining project Wikis is critical to understand the students learning and latest trends in industry. Mining Wikis is useful to educationists and academicians for decision-making about how to modify the educational environment to improve student's learning. The main challenge is that the content or data in project Wikis …

Does Director Interlock Impact The Diffusion Of Accounting Method Choice?, Jie Han, Nan Hu, Ling Liu, Gaoliang Tian

Research Collection School Of Computing and Information Systems

This paper examines the influence of director interlock on firms' discrete accounting method choices from the perspective of behavior diffusion. We argue that firm managers will imitate their interlocked-partner firm's accounting method choices when choosing their own accounting methods. We find that when there is an interlock relationship between two firms, their accounting method choices, including inventory and depreciation methods, are similar to each other, indicating that accounting method choices can diffuse across firms through director interlock. In addition, such similarity is greater the longer the interlock relationship between the two firms is and as uncertainty increases. Further, the interlock …

Big Data: Evolution, Not Revolution, Singapore Management University

Perspectives@SMU

Analytics is becoming increasingly sophisticated but make sure you know why you’re investing in Big Data technology

The Appeal Of Singapore’S Beauty Industry, Singapore Management University

Perspectives@SMU

How CITISPA has grown in the beauty industry

Customer Satisfaction Index Of Singapore 2017: Q1 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. 2017 marks the 11th year of measurement for the CSISG national study.

Essays On Investor Sentiment In Asset Pricing, Liya Chu

Dissertations and Theses Collection

The dissertation addresses three topics on investor sentiment in asset pricing.

The first essay investigates the impact of market sentiment on the recent debate on equity premium forecasting. Particularly, market sentiment may break the link between fundamental economic predictors and equity premium. We find that economic predictors tend to lose their power and various remedies proposed in recent studies, such as non-negativity constraints, no longer work during high sentiment periods. In contrast, economic predictors actually do have strong performances even without using any such remedies, as long as the sentiment stays low enough so as not to distort the link. …

Essays In Corporate Cash Holdings, Chenxi Liu

Dissertations and Theses Collection

This dissertation addresses three topics in corporate cash holdings. The first paper provides a new determinant of cash holdings by examining the impact of earnings transparency on corporate cash holdings. Motivated by Barth et al. (2013), who show that firms with less earnings transparency tend to have higher cost of equity, this paper shows that the cross-section differences in earnings transparency cause variations in firm cash holdings because firms with less earnings transparency have more incentives to hold cash in order to avoid costly external financing. Using data of US firms from 1980 to 2013, it is found that earnings …

Emotional Labor And Discretionary Behaviors: Exploring The Mediating And Moderating Effects Of Felt Inauthenticity And Emotional Exhaustion, Yang Ting Ang

Dissertations and Theses Collection

The service industry is a growing sector in most countries and emotional labor is a major component of service employees’ jobs. As such, it is important to understand how emotional labor influences employee discretionary behaviors such as counter-productive workplace behaviors (CWBs) and organizational citizenship behaviors (OCBs), both of which affect the well-being of employees and organizations. This dissertation presents two studies that examined the mechanisms underlying, and boundary conditions surrounding, emotional labor and employee discretionary behaviors. Drawing on theories and research regarding ego depletion, inauthenticity, and behavior consistency, this paper proposed a theoretical model that hypothesized how two potential mechanisms …

Essays On Corporate Finance, Sili Zhou

Dissertations and Theses Collection

Economic, Policy uncertainty under political opaqueness imposes great impact in the capital market. I construct ex ante cross-section of firm sensitivity to China Economic Policy Uncertainty (CEPU) index from Baker, Bloom and Davis (2013). This measure of policy sensitivity is significantly negatively predictive of a firm’s market value and Tobin’s Q. Cross sectional tests show that the negative effects are stronger in SOEs= for firms with higher agency problems, and for firms operating in market with lower degree of competition or market disciplining. The evidence suggests that high level of policy influence causes significant value destruction in the capital market.

The Differential Identity Activation & Integration Mechanism (Diaim): A Model Linking Female Businesspersons’ Identity Integration And Identity Activation To Negotiation, Yi Wen Tan

Dissertations and Theses Collection

Women play an important role in business management (female businesspersons) but yet they face constraints in the workplace, such as in negotiations. As female businesspersons seem to be facing seemingly conflicting gender and business identities, the level of the integration between these identities, as captured by the construct gender-professional identity integration (G-PII), can be a critical factor that influences female businesspersons in negotiations. It is expected that the level of G-PII influences female businesspersons’ negotiation behaviors when their different identities (i.e., female identity, business identity or dual identities) are activated. Hence, a DIAIM model that depicts how female businesspersons with …

Ceo Contractual Protection And Debt Contracting, Qiang Cheng, Xia Chen, Alvis K. Lo, Xin Wang

Research Collection School Of Accountancy

CEO employment agreements and severance pay agreements are prevalent among S&P1500 firms. While prior research has examined their impact on corporate decision from shareholders’ perspective, there is little research on their impact from debtholders’ perspective. We examine the effect on debt contracting of CEO contractual protection, in the form of employment agreements and severance pay agreements. We find that compared with other loans, loans issued by firms with CEO contractual protection contain more financial covenants, particularly performance covenants, are more likely to have performance pricing provisions, and have higher loan spreads. We further find that this effect increases with the …