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Articles 4231 - 4260 of 6939

Full-Text Articles in Business

Zombie Board: Board Tenure And Firm Performance [Summary Of Paper], Sterling Huang Nov 2013

Zombie Board: Board Tenure And Firm Performance [Summary Of Paper], Sterling Huang

Research Collection School Of Accountancy

In my paper, Zombie Boards: Board Tenure and Firm Performance, which was recently made publicly available on SSRN, I empirically investigate how board tenure is related to firm performance and corporate decisions, holding other firm, CEO, and board characteristics constant. I find that board tenure has an inverted U-shaped relation with firm value, and that this curvilinear relation is reflected in M&A performance, financial reporting quality, corporate strategies and innovation, executive compensation, and CEO replacement. The results indicate that, for firms with short-tenured boards, the marginal effect of board learning dominates entrenchment effects, whereas for firms that have long-tenured …

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60% Cash Payout Or 400% Pic Claim? Which Is Better? (Part 2 ), Teng Aun Khoo, Clement Kai Guan Tan Nov 2013

60% Cash Payout Or 400% Pic Claim? Which Is Better? (Part 2 ), Teng Aun Khoo, Clement Kai Guan Tan

Research Collection School Of Accountancy

How an organisation can best optimise the benefits of the Productivity and innovation Credit (PIC) scheme offered by the Singapore government to boost productivity and innovation. Part 1 as published September 2013.

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Power Motivates Interpersonal Connection Following Social Exclusion, Jayanth Narayanan, Kenneth Tai, Zoe Kinias Nov 2013

Power Motivates Interpersonal Connection Following Social Exclusion, Jayanth Narayanan, Kenneth Tai, Zoe Kinias

Research Collection Lee Kong Chian School Of Business

Research has systematically documented the negative effects of social exclusion, yet little is known about how these negative effects can be mitigated. Building on the approach-inhibition theory of power (Keltner, Gruenfeld, & Anderson, 2003), we examined the role of power in facilitating social connection following exclusion. Four experiments found that following exclusion, high power (relative to low power) individuals intend to socially connect more with others. Specifically, following exclusion, individuals primed with high power sought new social connections more than those primed with low power (Studies 1–4) or those receiving no power prime (Study 1). The intention to seek social …

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The Effects Of Ceo Trustworthiness On Directors' Monitoring And Resource Provision, Esther B. Del Brio, Toru Yoshikawa, Catherine E. Connelly, Wee Liang Tan Nov 2013

The Effects Of Ceo Trustworthiness On Directors' Monitoring And Resource Provision, Esther B. Del Brio, Toru Yoshikawa, Catherine E. Connelly, Wee Liang Tan

Research Collection Lee Kong Chian School Of Business

Because of the importance of board members’ resource provision and monitoring, a substantial body of research has been devoted to ascertaining how directors can be incented to perform their responsibilities. We use social exchange theory to empirically examine how board members’ resource provision and monitoring are affected by their perceptions of the CEOs’ trustworthiness. Our findings suggest that board members’ perceptions of the CEO’s ability, benevolence, and integrity have different effects on the board members’ resource provision and monitoring. Our results further suggest that board members’ governance behaviors are moderated by the board’s performance evaluation practices.

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Institutional Trading Frictions, Chiraphol New Chiyachantana, Pankaj K. Jain Nov 2013

Institutional Trading Frictions, Chiraphol New Chiyachantana, Pankaj K. Jain

Research Collection Lee Kong Chian School Of Business

We propose and empirically examine a comprehensive measure of institutional trading frictions to include the dimensions of price impact, quantity of execution, return dynamics, speed of execution or order splitting, and trading commissions. Our empirical analysis reveals that various hidden components of institutional trading frictions such as adverse selection and clean-up costs are persistent and could add significantly to previously measured directly observable components of transaction costs. Our simultaneous system of equations accounts for the endogeniety in institutional order aggressiveness based on potentially superior information as well as order splitting strategies in the implementation stage to reduce transaction costs. Order …

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What Is The Maximum Predictability Permitted By Asset Pricing Models?, Dashan Huang Nov 2013

What Is The Maximum Predictability Permitted By Asset Pricing Models?, Dashan Huang

Research Collection Lee Kong Chian School Of Business

This paper investigates whether return predictability can be explained by existing asset pricing models. Using different assumptions, I develop two theoretical upper bounds on the R-square of the regression of stock returns on predictive variables. Empirically, I find that the predictive R-square is significantly larger than the upper bounds, implying that extant asset pricing models are incapable of explaining the degree of return predictability. The reason for this inconsistency is the low correlation between the excess returns and the state variables used in the discount factor. The finding of this paper suggests the development of new asset pricing models with …

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An Epidemiological Approach To Opinion And Price-Volume Dynamics, Dong Hong, Harrison G. Hong, Andrei Ungureanu Nov 2013

An Epidemiological Approach To Opinion And Price-Volume Dynamics, Dong Hong, Harrison G. Hong, Andrei Ungureanu

Research Collection Lee Kong Chian School Of Business

We develop a simple and tractable model of opinions and price-volume dynamics based on a word-of-mouth communication process widely used in epidemiology. Risk-averse investors have different opinions depending on whether they heard the news from a friend. Opinions initially diverge and then converge over time as news spreads, which leads to price adjustment and trading volume. News released to many leads to an expected difusion rate (the change in the fraction of investors with the news) that declines with time. But news initially released to few leads to an expected diffusion rate that initially increases in time and only then …

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Uncovering Collaborative Value Creation Patterns And Establishing Corresponding Customer Roles, Sabine Moeller, Robert Ciuchita, Dominik Mahr, Gaby Odekerken-Schroder, Martin Fassnacht Nov 2013

Uncovering Collaborative Value Creation Patterns And Establishing Corresponding Customer Roles, Sabine Moeller, Robert Ciuchita, Dominik Mahr, Gaby Odekerken-Schroder, Martin Fassnacht

Research Collection Lee Kong Chian School Of Business

Research on value creation traditionally has focused on value created by the company, though customers increasingly serve as active partners, able to create value with firms in a collaborative manner. Despite interest by both scholars and managers, existing research has not yet clarified the interdependencies of service offerings and customer role patterns. This article explores value creation rooted in three generic offerings (configuration, solution, and network) and identifies differences in their prerequisites, customer activities, challenges, abilities, ability enhancers, and perceived benefits that arise in collaborative value creation (CVC). Data from 105 collaborations, collected through in-depth interviews, support the qualitative and …

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Singapore's Housing Policies: 1960-2013, Sock Yong Phang, Kyunghwan Kim Nov 2013

Singapore's Housing Policies: 1960-2013, Sock Yong Phang, Kyunghwan Kim

Research Collection School Of Economics

The focus of this case study is on the important role of real estate and housing policies in Singapore’s economic development. In the sphere of housing policy, Singapore is known for its high homeownership rates, the very significant role played by the government in housing supply and housing finance, and the wealth that has been created and distributed in the process.

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Hedge Fund Managers Who Eschew Asset Gathering, Melvyn Teo Oct 2013

Hedge Fund Managers Who Eschew Asset Gathering, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

Fund managers may eschew financial rewards for the non-pecuniary benefits from investment management. They may be highly focused on leaving a legacy of stellar returns when they retire and prefer to preserve their ability to generate those returns by staying small. Others may prefer to run small firms so as to devote more of their time and energy into investment activities as opposed to managing people. We empirically zero in on such managers by focusing on funds that have delivered superior returns but do not take advantage of their stellar performance track records to grow capital aggressively. We find that …

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As The World Turns: The Wealth Of Nations In The 21st Century, Singapore Management University Oct 2013

As The World Turns: The Wealth Of Nations In The 21st Century, Singapore Management University

Perspectives@SMU

As the Asian Century gets under way, the question is not how giants like India and China will achieve prosperity for their peoples, but how the smaller, less economically powerful countries will be able to experience the ‘warmth’ of the wealth of nations. "Sustainable growth and shared prosperity’ is one way to close the gap," says Suvit Maesincee, director of the Sasin Institute for Global Affairs (SIGA) at Chulalongkorn University, Bangkok.

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A Taxing Problem, Singapore Management University Oct 2013

A Taxing Problem, Singapore Management University

Perspectives@SMU

MNCs move assets and products across borders. How does one know if they are doing so to avoid paying taxes?

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Disruptive Innovation In The Classroom, Singapore Management University Oct 2013

Disruptive Innovation In The Classroom, Singapore Management University

Perspectives@SMU

Disruptive innovation, as described on the website of the man who coined the term, Clayton Christensen, is "a process by which a product or service takes root initially in simple applications at the bottom of a market and then relentlessly moves up market, eventually displacing established competitors". Prominent examples include how the personal computer (disruptor) displaced the mainframe computer (disruptee), cellular phones displacing fixed line telephony, and community colleges eating into the market share of four-year colleges.

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Contracts Protecting The Ceo, Singapore Management University Oct 2013

Contracts Protecting The Ceo, Singapore Management University

Perspectives@SMU

When former General Electric CEO, Jack Welch, retired with a US$417 million severance package in 2001, it sparked such outrage that the U.S. Securities and Exchange Commission eventually made it a requirement for publicly-listed companies to quantify pay agreements with top executives.

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Rugged Regulatory Landscapes, Singapore Management University Oct 2013

Rugged Regulatory Landscapes, Singapore Management University

Perspectives@SMU

Indonesia’s miners are adept at scaling the country’s rugged regulatory landscape. But their legendary resilience may be put to the test in 2014. Written by Dharma Djojonegoro, President Director of Indonesian mining services provider PT Multi Nitrotama Kimia (MNK).

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Sustainability And Profitability, Singapore Management University Oct 2013

Sustainability And Profitability, Singapore Management University

Perspectives@SMU

The best way to encourage sustainable business practices is to think of it as a brand enhancer ...

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The Business Case For Diversity, Singapore Management University Oct 2013

The Business Case For Diversity, Singapore Management University

Perspectives@SMU

Diversity may be a business necessity but it is not always easy to practise it ...

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Singapore Management University Launches Financial It Academy @Smu To Train It Professionals In The Financial Services Industry, Singapore Management University Oct 2013

Singapore Management University Launches Financial It Academy @Smu To Train It Professionals In The Financial Services Industry, Singapore Management University

SMU Press Releases and News

Singapore Management University (SMU) has launched the first-of-its-kind academy in Singapore to provide training programmes targeted at the financial services IT segment. The Financial IT Academy @SMU (FITA) will equip financial sector IT professionals with enhanced IT capabilities that are critical to the growth of banking and financial services in Singapore, and also with the essential knowledge of the business needs and processes of financial institutions so that business and IT initiatives can be more effectively integrated for competitive advantage.

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Understanding Online Consumer’S Inter-Purchase Time, Youngsoo Kim Oct 2013

Understanding Online Consumer’S Inter-Purchase Time, Youngsoo Kim

Research Collection School Of Computing and Information Systems

This study is motivated by the premise that online consumers can make a purchase at any time of day if they have even a tiny time slot along with Internet access. Given the increased shopping time flexibility, we first examine the patterns of online purchase timing at an online shopping mall handling diverse products (e.g., Amazon.com). The results show (1) the breakdown of purchase timing regularity and (2) the change of weekly spike purchase occurrence. Second, we build online inter-purchase time and price promotion utilization models and estimate them with the data collected from one of the premier online shopping …

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Stock Liquidity And The Pricing Of Earnings: A Comparison Of China’S Floating And Non-Floating Shares, Lou Fang, Jiwei Wang, Hongqi Yuan Oct 2013

Stock Liquidity And The Pricing Of Earnings: A Comparison Of China’S Floating And Non-Floating Shares, Lou Fang, Jiwei Wang, Hongqi Yuan

Research Collection School Of Accountancy

The reform to convert non-floating shares to floating in China provides a setting in which shares are subject to different liquidity constraint. We show that the severity of this constraint is inversely related to the extent to which earnings information is reflected in the share prices. Specifically, before the reform, the transfer prices of non-floating shares reflect much less earnings information than the market prices of floating shares. After the reform, however, both types of transfer reflect more earnings information, although the weights are still less than that found in the market prices. Thus, China's unique setting shows that share …

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Capability Deployment In Crisis Response To Asia Tsunami Disaster, Gary Pan Oct 2013

Capability Deployment In Crisis Response To Asia Tsunami Disaster, Gary Pan

Research Collection School Of Accountancy

The case covers the Asian tsumani in 2004 and the management of the crisis relief operations. The United Nations proposed a regional coordination centre in Singapore to coordinate all relief activities in the region. Singapore was considered the ideal candidate to coordinate the relief activities, due to its proximity to a number of tsunami-hit countries, her well-developed communications and logistics networks, and her status as a medical hub in the region.

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Digital Firms Can Be A Taxing Problem For Govts, Yee Loong Sum Oct 2013

Digital Firms Can Be A Taxing Problem For Govts, Yee Loong Sum

Research Collection School Of Accountancy

No abstract provided.

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Diaspora Marketing, Nirmalya Kumar, Jan-Benedict E. M. Steenkamp Oct 2013

Diaspora Marketing, Nirmalya Kumar, Jan-Benedict E. M. Steenkamp

Research Collection Lee Kong Chian School Of Business

Despite the rising power of developing economies, few corporations from emerging markets have succeeded in establishing brands in the West. The problem isn't just that they're late to enter the global market; the perception is that they offer poor-quality products, not next-generation ones. Conventional wisdom holds that they'll have. to spend huge sums to overcome these obstacles.But some emerging giants, such as the Indian bank ICICI and the maker of the Mexican beer Tecate, are figuring out ways to build global brands on a shoestring. They are learning to outsmart, rather than outspend, their multinational rivals. One powerful strategy they're …

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Investor Heterogeneity, Investor-Management Disagreement And Share Repurchases, Sheng Huang, Anjan V. Thakor Oct 2013

Investor Heterogeneity, Investor-Management Disagreement And Share Repurchases, Sheng Huang, Anjan V. Thakor

Research Collection Lee Kong Chian School Of Business

This paper develops and tests a new theoretical explanation for stock repurchases. Investors may disagree with the manager about the firm's investment projects. A repurchase causes a change in the investor base as investors who are most likely to disagree with the manager tender their shares. Therefore, a firm is more likely to buy back shares when the level of investor-management agreement is lower, and agreement improves as a consequence. Moreover, dispersion of opinion among investors cannot explain repurchase activity once the stock price and investor-management agreement are controlled for. Overall, the evidence is consistent with firms strategically using repurchases …

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The Principles Of The Dry Bulk Ffa Market, Ron Wilson Oct 2013

The Principles Of The Dry Bulk Ffa Market, Ron Wilson

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Capability Deployment In Crisis: Response To Asian Tsunami Disaster, Gary Pan Oct 2013

Capability Deployment In Crisis: Response To Asian Tsunami Disaster, Gary Pan

Research Collection School Of Accountancy

On 26 December 2004, an earthquake occurred under the Indian Ocean, 250 km northwest of the Indonesian island of Sumatra. According to the U.S. geological survey, the magnitude of the earthquake measured 9.0 on the Richter scale and the immense energy released from the earthquake triggered a series of tsunamis traveling at more than 600 km/h. The tsunami devastated the coastline of 13 countries, leaving more than 280,000 people dead and millions homeless. Soon after the disaster, the United Nations and the international community responded quickly with crisis relief operations for the nations affected. Unfortunately, these relief efforts soon ran …

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Evolving Chineseness, Ethnicity And Business: The Making Of The Ethnic Chinese As A ‘Market-Dominant Minority’ In Indonesia, Chang Yau Hoon Oct 2013

Evolving Chineseness, Ethnicity And Business: The Making Of The Ethnic Chinese As A ‘Market-Dominant Minority’ In Indonesia, Chang Yau Hoon

Research Collection School of Social Sciences

The ethnic Chinese in Indonesia play a very significant role in the nation’s economy. Their dominance in the Indonesian economy is often seen as disproportionate to their numbers, as reflected in the popular assertion that “the Chinese constitute only 3.5 percent of the population but control 70 percent of Indonesia’s economy”. In the New York Times bestseller, World on Fire: How Exporting Free Market Democracy Breeds Ethnic Hatred and Global Instability, Amy Chua (2004) identified Chinese Indonesians as one of the “ market-dominant minorities” in the world. Her book highlights the double bind of free market democracy: it privileges certain …

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An Exploratory Study On The Adoption And Use Of Ict In Myanmar, Sim Kim Lau, Graham K. Winley, Sim Yee Lau, Kim Song Tan Oct 2013

An Exploratory Study On The Adoption And Use Of Ict In Myanmar, Sim Kim Lau, Graham K. Winley, Sim Yee Lau, Kim Song Tan

Research Collection School Of Economics

This exploratory study investigates the adoption and use of information and communication technologies in Myanmar by examining the nature and structure of the information technology profession. The investigation is based on a theoretical framework consisting of three components: domains of information technology professional expertise; the scope of the information technology professional’s knowledge, skills and experience; and specific knowledge and skills associated with the domains of professional expertise. The findings show that specialist skills in systems development, database, network and communications are important. This paper also provides insights that are not found in current literature which investigates information technology skills in …

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Optimal Ceo Compensation With Search: Theory And Empirical Evidence, Melanie Cao, Rong Wang Oct 2013

Optimal Ceo Compensation With Search: Theory And Empirical Evidence, Melanie Cao, Rong Wang

Research Collection Lee Kong Chian School Of Business

We integrate an agency problem into search theory to study executive compensation in a market equilibrium. A CEO can choose to stay or quit and search after privately observing an idiosyncratic shock to the firm. The market equilibrium endogenizes CEOs’ and firms’ outside options and captures contracting externalities. We show that the optimal pay-to-performance ratio is less than one even when the CEO is risk neutral. Moreover, the equilibrium pay-to-performance sensitivity depends positively on a firm's idiosyncratic risk and negatively on the systematic risk. Our empirical tests using executive compensation data confirm these results.

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Shoot For The Stars? Predicting The Recruitment Of Prestigious Directors At Newly Public Firms, Abhijith G. Acharya, Timothy G. Pollock Oct 2013

Shoot For The Stars? Predicting The Recruitment Of Prestigious Directors At Newly Public Firms, Abhijith G. Acharya, Timothy G. Pollock

Research Collection Lee Kong Chian School Of Business

This study explores how CEOs' and outside directors' desires for the benefits of signaling and homophily intertwine with their concerns over maintaining power and preserving local status hierarchies to affect the likelihood a firm recruits prestigious outside directors to its board. Using pooled cross-sectional data on the five years following the IPOs of 210 firms that went public between 2001 and 2004, we found that prestigious CEOs and directors viewed the recruitment of prestigious new directors differently, and that these perceptions were moderated by factors that increase the salience of risk of the potential losses to the CEO and existing …

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