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Full-Text Articles in Business

Forecasting Government Bond Risk Premia Using Technical Indicators, Jeremy Goh, Fuwei Jiang, Jun Tu, Guofu Zhou Jul 2013

Forecasting Government Bond Risk Premia Using Technical Indicators, Jeremy Goh, Fuwei Jiang, Jun Tu, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

While economic variables have been used extensively to forecast bond risk premia, little attention has been paid to technical indicators which are widely used by practitioners. In this paper, we study the predictive ability of a variety of technical indicators vis-a-vis the economic variables. We find that technical indicators have significant in both in- and out-of-sample forecasting power. Moreover, we find that using information from both technical indicators and economic variables increases the forecasting performance substantially. We also find that the economic value of bond risk premia forecasts from our methodology is comparable to that of equity risk premium forecasts.

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Acquisitions Driven By Stock Overvaluation: Are They Good Deals?, Fangjian Fu, Leming Lin, Micah Officer Jul 2013

Acquisitions Driven By Stock Overvaluation: Are They Good Deals?, Fangjian Fu, Leming Lin, Micah Officer

Research Collection Lee Kong Chian School Of Business

Theory and recent evidence suggest that overvalued firms can create value for shareholders if they exploit their overvaluation by using their stock as currency to purchase less overvalued firms. We challenge this idea and show that, in practice, overvalued acquirers significantly overpay for their targets. These acquisitions do not, in turn, lead to synergy gains. Moreover, these acquisitions seem to be concentrated among acquirers with the largest governance problems. CEO compensation, not shareholder value creation, appears to be the main motive behind acquisitions by overvalued acquirers.

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The Presentation Of Ceos In Economic Downturn, Gregor Halff Jul 2013

The Presentation Of Ceos In Economic Downturn, Gregor Halff

Research Collection Lee Kong Chian School Of Business

Media coverage of CEOs has significantly increased in recent decades, and many CEOs have come to accept that interacting with a dispersed audience via the media has become a leadership activity. However, the discourse about leadership communication is almost exclusively linked to growth. Very little is known about the presentation of CEOs in the media when their corporations are shrinking in value, or when the economy is in a downturn. News factor theory would suggest what the average consumer of business news already suspects: during an economic downturn, more CEOs become harbingers of negative corporate news and the personification of …

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The Sustainability Syndicate: Shared Responsibility In A Trans-Organizational Business Model, Sudhi Seshadri Jul 2013

The Sustainability Syndicate: Shared Responsibility In A Trans-Organizational Business Model, Sudhi Seshadri

Research Collection Lee Kong Chian School Of Business

This paper proposes design principles for the ‘sustainability syndicate’: shared responsibility among diverse stakeholders for sustainability; an agenda for unifying economic and ethical rationales; and plural governance based primarily on markets, contracts and collaborative relationships. The paper suggests a research agenda directed at issues that constrain sustainability syndicates. Syndication's contributions to sustainability build upon its trans-organizational structures for shared responsibility. Syndication works as an insurance cooperative that reduces the financial burden of risk. In addition, members could rent skill sets from other stakeholders, reduce barriers to entry into bigger projects, and improve efficiencies. As underlying sustainability are both economic and …

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Constructive Deviance In Organizations: Integrating And Moving Forward, Abhijeet K. Vadera, Michael G. Pratt, Pooja Mishra Jul 2013

Constructive Deviance In Organizations: Integrating And Moving Forward, Abhijeet K. Vadera, Michael G. Pratt, Pooja Mishra

Research Collection Lee Kong Chian School Of Business

A growing literature explores the notion of constructive deviance conceptualized as behaviors that depart from the norms of the reference group such that they benefit the reference group and conform to hypernorms. We argue that constructive deviance is an umbrella term that encompasses several different behaviors, including taking charge, creative performance, expressing voice, whistle-blowing, extra-role behaviors, prosocial behaviors, prosocial rule breaking, counter-role behaviors, and issue selling. Using the three common mechanisms underlying constructive deviance to organize our review (intrinsic motivation, felt obligation, and psychological empowerment), we provide an emergent model that integrates extant empirical work on the antecedents of constructive …

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Multi-Item Production Planning With Carbon Cap And Trade Mechanism, Bin Zhang, Liang Xu Jul 2013

Multi-Item Production Planning With Carbon Cap And Trade Mechanism, Bin Zhang, Liang Xu

Research Collection Lee Kong Chian School Of Business

Carbon emission control becomes a challenge in recent years, and carbon emission trading is an effective way to curb carbon emission. This paper investigates the multi-item production planning problem with carbon cap and trade mechanism, in which a firm uses a common capacity and carbon emission quota to produce multiple products for fulfilling independent stochastic demands, and the firm can buy or sell the right to emit carbon on a trading market of carbon emission. A profit-maximization model is proposed to characterize the optimization problem. The optimal policy of production and carbon trading decisions is analyzed, and an efficient solution …

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Inferring Reporting-Related Biases In Hedge Fund Databases From Hedge Fund Equity Holdings, Vikas Agarwal, Vyacheslav Fos, Wei Jiang Jun 2013

Inferring Reporting-Related Biases In Hedge Fund Databases From Hedge Fund Equity Holdings, Vikas Agarwal, Vyacheslav Fos, Wei Jiang

Research Collection BNP Paribas Hedge Fund Centre

This paper formally analyzes the biases related to self-reporting in hedge fund databases by matching the quarterly equity holdings of a complete list of 13F-filing hedge fund companies to the union of five major commercial databases of self-reporting hedge funds between 1980 and 2008. We find that funds initiate self-reporting after positive abnormal returns that do not persist into the reporting period. Termination of self-reporting is followed by both return deterioration and outflows from the funds. The propensity to self-report is consistent with the trade-offs between the benefits (e.g., access to prospective investors) and costs (e.g., partial loss of trading …

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The Intangibles Of M&A Deals, Singapore Management University Jun 2013

The Intangibles Of M&A Deals, Singapore Management University

Perspectives@SMU

You have worked hard to buy over a company; you have to work harder now to avoid seeing its value disappear

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When The Brands Fail, Singapore Management University Jun 2013

When The Brands Fail, Singapore Management University

Perspectives@SMU

Good branding can help companies, but it can inflict serious damage when things go wrong

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The Missing Link, Singapore Management University Jun 2013

The Missing Link, Singapore Management University

Perspectives@SMU

LinkedIn changes the face of professional networking and recruitment.

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Glocal Warming, Singapore Management University Jun 2013

Glocal Warming, Singapore Management University

Perspectives@SMU

Revolutionising legacy brands is not just about that Big Bang. Incremental changes may count for a whole lot more.

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Customer Satisfaction Index Of Singapore 2013: Q1 Results, Institute Of Service Excellence, Smu Jun 2013

Customer Satisfaction Index Of Singapore 2013: 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 and across countries. This set of Q1 results begins the CSISG’s seventh year of measurement.

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Cameo: A Middleware For Mobile Advertisement Delivery, Azeem J. Khan, Kasthuri Jayarajah, Dongsu Han, Archan Misra, Rajesh Krishna Balan, Srinivasan Seshan Jun 2013

Cameo: A Middleware For Mobile Advertisement Delivery, Azeem J. Khan, Kasthuri Jayarajah, Dongsu Han, Archan Misra, Rajesh Krishna Balan, Srinivasan Seshan

Research Collection School Of Computing and Information Systems

Advertisements are the de-facto currency of the Internet with many popular applications (e.g. Angry Birds) and online services (e.g., YouTube) relying on advertisement generated revenue. However, the current economic models and mechanisms for mobile advertising are fundamentally not sustainable and far from ideal. In particular, as we show, applications which use mobile advertising are capable of using significant amounts of a mobile users' critical resources without being controlled or held accountable. This paper seeks to redress this situation by enabling advertisement supported applications to become significantly more "user-friendly". To this end, we present the design and implementation of CAMEO, a …

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Architectural Control And Value Migration In Layered Ecosystems: The Case Of Open-Source Cloud Management Platforms, Richard Tee, C. Jason Woodard Jun 2013

Architectural Control And Value Migration In Layered Ecosystems: The Case Of Open-Source Cloud Management Platforms, Richard Tee, C. Jason Woodard

Research Collection School Of Computing and Information Systems

Our paper focuses on strategic decision making in layered business ecosystems, highlighting the role of cross-layer interactions in shaping choices about product design and platform governance. Based on evidence from the cloud computing ecosystem, we analyze how concerns about architectural control and expectations regarding future value migration influence the design of product interfaces and the degree of openness to external contributions. We draw on qualitative longitudinal data to trace the development of two open-source platforms for managing cloudbased computing resources. We focus in particular on the emergence of a layered "stack" in which these platforms must compete with both vertically …

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Cugar: A Model For Open Innovation In Science And Technology Parks, Arcot Desai Narasimhalu Jun 2013

Cugar: A Model For Open Innovation In Science And Technology Parks, Arcot Desai Narasimhalu

Research Collection School Of Computing and Information Systems

This paper reviews key elements of a Science or Technology Park in the context of open innovation. Insights into and recommendations on key issues related to intellectual property, licensing and venture capital that would be of interest to any Science Park are presented later.

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When Do Consumers Purchase Online?: Based On Inter-Purchase Time, Youngsoo Kim Jun 2013

When Do Consumers Purchase Online?: Based On 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. To identify the increased shopping time flexibility, we first characterize the patterns of online purchase timing in comparison to those in the offline market. 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 model and estimate it with the data collected from one of the premier online vendors in Korea. We verify new …

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Enforcing Secure And Privacy-Preserving Information Brokering In Distributed Information Sharing, Fengjun Li, Bo Luo, Peng Liu, Dongwon Lee, Chao-Hsien Chu Jun 2013

Enforcing Secure And Privacy-Preserving Information Brokering In Distributed Information Sharing, Fengjun Li, Bo Luo, Peng Liu, Dongwon Lee, Chao-Hsien Chu

Research Collection School Of Computing and Information Systems

Today’s organizations raise an increasing need for information sharing via on-demand access. Information brokering systems (IBSs) have been proposed to connect large-scale loosely federated data sources via a brokering overlay, in which the brokers make routing decisions to direct client queries to the requested data servers. Many existing IBSs assume that brokers are trusted and thus only adopt server-side access control for data confidentiality. However, privacy of data location and data consumer can still be inferred from metadata (such as query and access control rules) exchanged within the IBS, but little attention has been put on its protection. In this …

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Tax Aggressiveness And Auditor Resignation, Yoonseok Zang, Beng Wee Goh, Chee Yeow Lim, Terry Shevlin Jun 2013

Tax Aggressiveness And Auditor Resignation, Yoonseok Zang, Beng Wee Goh, Chee Yeow Lim, Terry Shevlin

Research Collection School Of Accountancy

We examine the relation between client tax aggressiveness and auditor‟s resignation decision. Consistent with the agency view of tax avoidance which suggests that client tax aggressiveness can increase litigation and reputational risk to auditors and increase the potential conflict with managers, we find a positive association between our proxies for tax aggressiveness and the likelihood that an auditor resigns from an audit engagement. Further, this association is stronger when external monitoring of the client firm is less effective, when there is greater potential for agency problems in the client firm, and when the economic importance of the fees received from …

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Are Investors' Corporate Site Visits Informative?, Qiang Cheng, Fei Du, Xin Wang, Yutao Wang Jun 2013

Are Investors' Corporate Site Visits Informative?, Qiang Cheng, Fei Du, Xin Wang, Yutao Wang

Research Collection School Of Accountancy

Corporate site visit is an important type of investors’ information acquisition activities, but its usefulness is not well understood in the literature, partially due to the lack of data. Using a unique dataset of corporate site visits in China, we analyze the information content and the determinants of corporate site visits. Our main findings are as follows. First, we document a significant market reaction to corporate site visits and the market reaction is stronger for group visits, for visits conducted by mutual fund managers, for visits covering firm-specific topics, and for firms with poorer information environment. Second, we find that …

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Design Capital And Design Moves: The Logic Of Digital Business Strategy, C. Jason Woodard, Narayan Ramasubbu, F. Ted Tschang, V. Sambamurthy Jun 2013

Design Capital And Design Moves: The Logic Of Digital Business Strategy, C. Jason Woodard, Narayan Ramasubbu, F. Ted Tschang, V. Sambamurthy

Research Collection Lee Kong Chian School Of Business

As information technology becomes integral to the products and services in a growing range of industries, there has been a corresponding surge of interest in understanding how firms can effectively formulate and execute digital business strategies. This fusion of IT within the business environment gives rise to a strategic tension between investing in digital artifacts for long-term value creation and exploiting them for short-term value appropriation. Further, relentless innovation and competitive pressures dictate that firms continually adapt these artifacts to changing market and technological conditions, but sustained profitability requires scalable architectures that can serve a large customer base and stable …

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The Influence Of Mindful Attention On Value Claiming In Distributive Negotiations: Evidence From Four Laboratory Experiments, Jochen Reb, Jayanth Narayanan Jun 2013

The Influence Of Mindful Attention On Value Claiming In Distributive Negotiations: Evidence From Four Laboratory Experiments, Jochen Reb, Jayanth Narayanan

Research Collection Lee Kong Chian School Of Business

We examined the effect of mindful attention on negotiation outcomes in distributive negotiations across four experiments. In Studies 1 and 2, participants who performed a short mindful attention exercise prior to the negotiation claimed a larger share of the bargaining zone than the control condition participants they negotiated with. Study 3 replicated this finding using a different manipulation of mindful attention. Study 4 again replicated this result and also found that mindful negotiators were more satisfied with both the outcome and the process of the negotiation. We discuss theoretical and practical implications, limitations, and future directions.

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Which Board Interlocks Matter? The Impact Of Managerial Power, Legitimacy, And Family Power On The Adoption Of Stock Option Pay, Toru Yoshikawa, Jung Wook Shim, A. Tuschke Jun 2013

Which Board Interlocks Matter? The Impact Of Managerial Power, Legitimacy, And Family Power On The Adoption Of Stock Option Pay, Toru Yoshikawa, Jung Wook Shim, A. Tuschke

Research Collection Lee Kong Chian School Of Business

Inter-organizational relationships and the networks they create are an important mechanism for the transfer of knowledge and learning. Network ties enable the transfer of experiential knowledge – for instance of vicarious information through board interlocks. While we know that organizational learning occurs and is influenced by factors like the strength of ties and a firm’s position in the network, it is still unclear what causes the firm to act on the information gained through network ties. We build on prior studies on the impact of interlocking board ties ion the adoption of new practices and analyze the effects of different …

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Accounting Restatements And External Financing Choices, Xia Chen, Qiang Cheng, Alvis Lo Jun 2013

Accounting Restatements And External Financing Choices, Xia Chen, Qiang Cheng, Alvis Lo

Research Collection School Of Accountancy

There is little research on how accounting information quality affects a firm’s external financing choices. In this paper, we use the occurrence of accounting restatements as a proxy for the reduced credibility of accounting information and investigate how restatements affect a firm’s external financing choices. We find that for firms that obtain external financing after restatements, they rely more on debt financing, especially private debt financing, and less on equity financing. The increase in debt financing is more pronounced for firms with more severe information problems and less pronounced for firms with prompt CEO/CFO turnover and auditor dismissal. Our evidence …

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Collaborative Benefits And Coordination Costs: Learning And Capability Development In Science, M. Onal Vural, Linus Dahlander, Gerard George Jun 2013

Collaborative Benefits And Coordination Costs: Learning And Capability Development In Science, M. Onal Vural, Linus Dahlander, Gerard George

Research Collection Lee Kong Chian School Of Business

We examine the effects of team structure and experience on the impact of inventions produced by scientific teams. Whereas multidisciplinary, collaborative teams have become the norm in scientific production, there are coordination costs commensurate with managing such teams. We use patent citation analysis to examine the effect of prior collaboration and patenting experience on invention impact of 282 patents granted in human embryonic stem cell (hESC) research from 1998 to 2010. Our results reveal that team experience outside the domain may be detrimental to project performance in a setting where the underlying knowledge changes. In stem cell science, we show …

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Are Investors' Corporate Site Visits Informative?, Qiang Cheng, Fei Du, Xin Wang, Yutao Wang Jun 2013

Are Investors' Corporate Site Visits Informative?, Qiang Cheng, Fei Du, Xin Wang, Yutao Wang

Research Collection School Of Accountancy

Corporate site visit is an important type of investors’ information acquisition activities, but its usefulness is not well understood in the literature, partially due to the lack of data. Using a unique dataset of corporate site visits in China, we analyze the information content and the determinants of corporate site visits. Our main findings are as follows. First, we document a significant market reaction to corporate site visits and the market reaction is stronger for group visits, for visits conducted by mutual fund managers, for visits covering firm-specific topics, and for firms with poorer information environment. Second, we find that …

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Examining The Informational Role Of Analysts’ Forecasts And Its Impact On The Relation Between Earnings Surprises And Investors’ Responses, Joonho Lee, Kevin Ow Yong, Clement Michael Jun 2013

Examining The Informational Role Of Analysts’ Forecasts And Its Impact On The Relation Between Earnings Surprises And Investors’ Responses, Joonho Lee, Kevin Ow Yong, Clement Michael

Research Collection School Of Accountancy

Prior research documents the existence of two distinct post-earnings-announcement-drifts. Interestingly, investors seem to underreact more toward analyst-based earnings surprises than toward seasonal random walk earnings surprises. In this paper, we measure the extent of investors’ delayed reaction relative to the total market response to the earnings surprises. Using this measure, we find that investors react proportionately faster and more thoroughly to analyst-based earnings surprises than to random walk earnings surprises, suggesting that analyst-based earnings surprises are relatively less related with a delayed investor reaction compared with random walk earnings surprises. We also find that as the informativeness of analyst earnings …

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Affect As A Decision-Making System Of The Present, Hannah H. Chang, Michel Tuan Pham Jun 2013

Affect As A Decision-Making System Of The Present, Hannah H. Chang, Michel Tuan Pham

Research Collection Lee Kong Chian School Of Business

We review a variety of empirical findings consistent with the general thesis that the affective system of judgment and decision making is inherently anchored in the present. Building on this thesis, we advance the specific hypothesis that affective feelings are relied upon more (weighted more heavily) in judgments whose outcomes and targets are closer to the present than in those whose outcomes and targets are temporally more distant. Consistent with this hypothesis, results from five experiments show that temporal proximity (a) amplifies the relative preference for options that are affectively superior, and (b) increases the effects of incidental affect on …

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Adaptive Credit Scoring With Analytic Hierarchy Process, Kwang Yong Koh, Murphy Choy, Michelle L. F. Cheong Jun 2013

Adaptive Credit Scoring With Analytic Hierarchy Process, Kwang Yong Koh, Murphy Choy, Michelle L. F. Cheong

Research Collection School Of Computing and Information Systems

Credit risk assessment for consumers has been a cornerstone of risk management in financial institutions and constitutes a component of the three pillars of Basel II. Traditionally, the concept of 5 ‘C’s was widely adopted by financial institutions as the key basis for credit risk assessment for loan applications by prospective borrowers. With the evolution of the credit risk management practices, more quantitative methods such as credit scorecards have been developed, which is implemented through the use of logistic regression, decision trees and neural networks. However, such approaches proved to be inadequate with the validity and effectiveness of the approaches …

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Shackling Short Sellers: The 2008 Shorting Ban, Ekkehart Boehmer, Charles M. Jones, Xiaoyan Zhang Jun 2013

Shackling Short Sellers: The 2008 Shorting Ban, Ekkehart Boehmer, Charles M. Jones, Xiaoyan Zhang

Research Collection Lee Kong Chian School Of Business

In September 2008, the U.S. Securities and Exchange Commission (SEC) temporarily banned most short sales in nearly 1,000 financial stocks. We examine the ban's effect on market quality, shorting activity, the aggressiveness of short sellers, and stock prices. The ban's effects are concentrated in larger stocks; there is little effect on firms in the lower half of the size distribution. Although shorting activity drops by about 77% in large-cap stocks, stock prices appear unaffected by the ban. All but the smallest quartile of firms subject to the ban suffer a severe degradation in market quality.

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Compliant Sinners, Obstinate Saints: How Power And Self-Focus Determine The Effectiveness Of Social Influences In Ethical Decision Making, Marko Pitesa, Stefan Thau Jun 2013

Compliant Sinners, Obstinate Saints: How Power And Self-Focus Determine The Effectiveness Of Social Influences In Ethical Decision Making, Marko Pitesa, Stefan Thau

Research Collection Lee Kong Chian School Of Business

In this research, we examine when and why organizational environments influence how employees respond to moral issues. Past research has proposed that social influences in organizations affect employees' ethical decision making, but has not explained when and why some individuals are affected by an organizational environment and some disregard it. To address this problem, we drew on research on power to propose that power makes people more self-focused, which, in turn, makes them more likely to act upon their preferences and ignore (un)ethical social influences. Using both experimental and field methods, we tested our model across the three main paradigms …

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