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Articles 4561 - 4590 of 6939

Full-Text Articles in Business

Analysts' Industry Expertise, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach Oct 2012

Analysts' Industry Expertise, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach

Research Collection Lee Kong Chian School Of Business

Industry expertise is an important aspect of sell-side research. We explore this aspect using a novel dataset of industry recommendations, which are often issued by strategy analysts. We study sell-side analysts' ability to rank industries relative to each other (across-industry expertise), and how it relates to analysts' ability to rank firms in a particular industry (within-industry expertise). We find that analysts express more optimism towards industries with higher levels of investment, past profitability, and past returns. Analysts exhibit across-industry expertise, as portfolios based on industry recommendations generate abnormal returns over both short and long horizons, beyond what would be explained …

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The Positive Externalities Of Social Capital: Benefitting From Senior Brokers, Charles Galunic, Gokhan Ertug, Martin Gargiulo Oct 2012

The Positive Externalities Of Social Capital: Benefitting From Senior Brokers, Charles Galunic, Gokhan Ertug, Martin Gargiulo

Research Collection Lee Kong Chian School Of Business

The importance of an actor’s network to his/her private benefits is well explored. Less well understood are the positive externalities of social capital, that is whether an actor’s social capital “spills-over” and improves the outcomes of those to whom s/he is connected, creating broader, not just private, benefits. This paper examines how investment bankers add value to one another in the course of everyday work. Our concern is with a banker’s second-order social capital. The main question is whether being connected to a broker matters to the ability of the focal actor to add value to those around him/her. We …

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Social Networks And Risk Taking: Evidence From Corporate Control Activities, Yen Teik Lee Oct 2012

Social Networks And Risk Taking: Evidence From Corporate Control Activities, Yen Teik Lee

Research Collection Lee Kong Chian School Of Business

This paper investigates the impact of social ties between the Chief Executive Officer (CEO) andboard members on corporate risk-taking in mergers and acquisitions (M&As) and on shareholdervalue. Using a measure of CEO-director connections in a large sample of U.S. firms from 2000 to2010, we document that boardroom connections lower firm acquisitiveness. If connected CEOsundertake M&As, they are less likely to choose focus acquisitions, and more likely to pay in stock.CEO-board connections do not enhance firm value in M&As. Higher levels of boardroomconnection are associated with lower announcement returns and lower subsequent return on assets.Our results are robust to alternative explanations …

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Asia In The Middle East: The Internationalization Of Singapore Private Firms Into The Gcc, Caroline Yeoh, Wilfred Pow Ngee How, Simin Sharmaine Neo Oct 2012

Asia In The Middle East: The Internationalization Of Singapore Private Firms Into The Gcc, Caroline Yeoh, Wilfred Pow Ngee How, Simin Sharmaine Neo

Research Collection Lee Kong Chian School Of Business

Internationalization efforts into the GCC as a national initiative tend to be spearheaded by a vanguard of government-linked companies (GLCs), usually assisted in their entry through various connections, political or otherwise. As large companies with the presumed reliability of government backing, these GLCs tend to be involved in larger-scale, more critical, and more iconic projects. It is a matter of fact, however, that while internationalization may be led by large-scale and attention-grabbing GLCs, the vast majority of FDI and economic activity is, in the long term, entrenched in the activities of private companies. As such, it must logically follow that …

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Ecosystem Advantage: How To Successfully Harness The Power Of Partners, Peter James Williamson, Arnoud De Meyer Oct 2012

Ecosystem Advantage: How To Successfully Harness The Power Of Partners, Peter James Williamson, Arnoud De Meyer

Research Collection Lee Kong Chian School Of Business

Changes in the global environment are generating opportunities for companies to build advantage by creating loosely coupled networks or ecosystems. Ecosystems are larger, more diverse, and more fluid than a traditional set of bilateral partnerships or complementors. By leveraging ecosystems, companies can deliver complex solutions while maintaining corporate focus. This article describes six keys to unlock ecosystem advantage: pinpointing where value is created, defining an architecture of differentiated partner roles, stimulating complementary partner investments, reducing the transaction costs, facilitating joint learning across the network, and engineering effective ways to capture profit.

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Understanding The Quantitative Finance Industry In Asia, Chyng Wen Tee, Christopher Hian Ann Ting Oct 2012

Understanding The Quantitative Finance Industry In Asia, Chyng Wen Tee, Christopher Hian Ann Ting

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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The Price Discovery Puzzle In Offshore Yuan Trading: Different Contributions For Different Contracts, David K. Ding, Y. Tse, M. Williams Oct 2012

The Price Discovery Puzzle In Offshore Yuan Trading: Different Contributions For Different Contracts, David K. Ding, Y. Tse, M. Williams

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Does Paying For Online Product Reviews Pay Off? The Effects Of Monetary Incentives On Content Creators And Consumers, Andrew Stephen, Yakov Bart, Christilene Du Plessis, Dilney Goncalves Oct 2012

Does Paying For Online Product Reviews Pay Off? The Effects Of Monetary Incentives On Content Creators And Consumers, Andrew Stephen, Yakov Bart, Christilene Du Plessis, Dilney Goncalves

Research Collection Lee Kong Chian School Of Business

We show that although incentivizing product reviews results in more helpful content, disclosing payment lowers review consumers’ product quality expectations. This effect occurs because disclosure induces doubt in product quality and persists when more objective information is available, irrespective of disclosure specificity, across product categories and even after product trial.

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The Political Economy Of Contract Farming In China's Agrarian Transition, Qian Forrest Zhang Oct 2012

The Political Economy Of Contract Farming In China's Agrarian Transition, Qian Forrest Zhang

Research Collection School of Social Sciences

How does rural China’s political economy determine the motivations and constraints that drive small farmers and agribusiness companies into contract farming and shape its practice and impact? This paper identifies three distinctive features of contract farming in China—varied impact on rural inequality, unstable contractual relations, and lack of competitiveness with other alternatives—and proposes tentative explanations with three features in rural China’s political economy: strong collective institutions, active state support for agriculture, and strong domestic markets. The recent turn in China’s agrarian transition toward vertical integration of agriculture with industries is, however, undermining these conditions and may move China toward more …

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Transit Deserts: The Gap Between Demand And Supply, Junfeng Jiao, Maxwell Dillivan Oct 2012

Transit Deserts: The Gap Between Demand And Supply, Junfeng Jiao, Maxwell Dillivan

Research Collection College of Integrative Studies

The term “transit desert” is a new concept that looks at the gap between level of transit service (supply) and needs of a particular population (demand). These populations are often referred to as “transit dependent,” people that are too young, too old, or too poor or who are physically unable to drive. “Transit deserts” in this case are defined as areas that lack adequate public transit service given areas containing populations that are deemed transit-dependent. This study aims to analyze and establish a clear method for calculating and quantifying gaps between transit demand and supply using Geographic Information Systems (GIS). …

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Content Contribution For Revenue Sharing And Reputation: A Dynamic Structural Model, Qian Tang, Bin Gu, Andrew B. Whinston Oct 2012

Content Contribution For Revenue Sharing And Reputation: A Dynamic Structural Model, Qian Tang, Bin Gu, Andrew B. Whinston

Research Collection School Of Computing and Information Systems

This study examines the incentives for content contribution in social media. We propose that exposure and reputation are the major incentives for contributors. Besides, as more and more social media Web sites offer advertising-revenue sharing with some of their contributors, shared revenue provides an extra incentive for contributors who have joined revenue-sharing programs. We develop a dynamic structural model to identify a contributor's underlying utility function from observed contribution behavior. We recognize the dynamic nature of the content-contribution decision-that contributors are forward-looking, anticipating how their decisions affect future rewards. Using data collected from YouTube, we show that content contribution is …

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Myanmar: Need To Invest Responsibly, Mahdev Mohan, Salil Tripathi, Lan Shiow Tsai Sep 2012

Myanmar: Need To Invest Responsibly, Mahdev Mohan, Salil Tripathi, Lan Shiow Tsai

2008 Asian Business & Rule of Law initiative

No abstract provided.

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Customer Satisfaction Index Of Singapore 2012: Q2 Results, Institute Of Service Excellence, Smu Sep 2012

Customer Satisfaction Index Of Singapore 2012: Q2 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 is the sixth year of measurement.

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The Impact Of Related Party Sales By Listed Chinese Firms On Earnings Informativeness And Analysts Forecasts, Jiwei Wang, Hongqi Yuan Sep 2012

The Impact Of Related Party Sales By Listed Chinese Firms On Earnings Informativeness And Analysts Forecasts, Jiwei Wang, Hongqi Yuan

Research Collection School Of Accountancy

Using a random sample of 140 of China's listed firms, we show an adverse impact of related party (RP) sales of goods and services on the usefulness of accounting earnings to investors and on the quality of earnings forecasts by financial analysts. Consistent with the contention that RP sales may violate the arm's-length assumption of regular transactions and consequently impair the representational faithfulness and verifiability of accounting data, we find that earnings of firms engaged in RP sales are at least 33% less informative after controlling for factors known to affect earnings informativeness. We also find that financial analysts are …

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Mandatory Financial Reporting Environment And Voluntary Disclosure: Evidence From Mandatory Ifrs Adoption, Balakrishnan Karthik, Xi Li, Holly Yang Sep 2012

Mandatory Financial Reporting Environment And Voluntary Disclosure: Evidence From Mandatory Ifrs Adoption, Balakrishnan Karthik, Xi Li, Holly Yang

Research Collection School Of Accountancy

Using the mandatory adoption of International Financial Reporting Standards (IFRS) as an exogenous improvement to mandatory financial reporting, we document evidence supporting a complementary effect between mandatory and voluntary disclosures. We find that firms in countries that adopted IFRS in 2005 experience an increase in both the likelihood and frequency of management earnings forecasts relative to firms in countries that did not mandate IFRS. We also find that the increase in management forecasts is higher in countries where prior local GAAP are more different from IFRS or legal enforcement is stronger. Consistent with the confirmatory role of mandatory reporting, we …

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Political Connections And Corporate Diversification In Emerging Economies: Evidence From China, Weiwen Li, Ai He, Hailin Lan, Daphne W. Yiu Sep 2012

Political Connections And Corporate Diversification In Emerging Economies: Evidence From China, Weiwen Li, Ai He, Hailin Lan, Daphne W. Yiu

Research Collection Lee Kong Chian School Of Business

Drawing upon the resource-based view, this study examines how political connections affect corporate diversification in an emerging economy. Data from a sample of 1,280 Chinese public firms over 2002-2005 show a strong positive relationship between political connections and corporate diversification. We also find that the positive relationship between political connections and corporate diversification is moderated by the level of state ownership in firms and the level of regional institutional development. Theoretical and managerial implications are discussed.

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The Effect Of Arthur Andersen's Demise On Clients' Audit Fees And Auditor Conservatism: International Evidence, Bin Srinidhi, Mahmud Hossain, Chee Yeow Lim Sep 2012

The Effect Of Arthur Andersen's Demise On Clients' Audit Fees And Auditor Conservatism: International Evidence, Bin Srinidhi, Mahmud Hossain, Chee Yeow Lim

Research Collection School Of Accountancy

Using samples from 12 non-U.S.A. countries, we find that following Arthur Andersen's failure in the United States of America, successor Big-N auditors charged an audit fee premium for ex-Andersen clients compared to existing clients and non-Andersen switch-ins. We show that this audit fee premium is not attributable to the Andersen switch-ins having lower prior earnings quality or lower bargaining power than non-Andersen switch-ins. We also show that ex-Andersen clients exhibit higher earnings quality after the switch than do ongoing clients and other switch-ins. These results suggest that the audit fee premium is attributable to auditor conservatism. Furthermore, we find that …

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Do Analysts Understand The Valuation Implications Of Accounting Conservatism When Forecasting Target Prices?, Jae Bum Kim, Alexander Nekrasov, Pervin Shroff, Andreas Simon Sep 2012

Do Analysts Understand The Valuation Implications Of Accounting Conservatism When Forecasting Target Prices?, Jae Bum Kim, Alexander Nekrasov, Pervin Shroff, Andreas Simon

Research Collection School Of Accountancy

Conservatism in earnings does not have a direct impact on the present value of future cash flows. This paper examines whether financial analysts correctly undo the effect of accounting conservatism incorporated in their own earnings forecasts in arriving at their target price forecasts. Based on prior findings, we consider alternative valuation models/heuristics that may be used by analysts to estimate target prices, e.g. the forward P/E and the PEG ratio. Our evidence suggests that analysts fail to fully undo the effect of accounting conservatism embedded in their forecasts of earnings and earnings growth when estimating their target price forecasts. More …

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New Solutions In Service Design And Delivery Are Necessary To Combat Disease Burden, Gerard George Sep 2012

New Solutions In Service Design And Delivery Are Necessary To Combat Disease Burden, Gerard George

Research Collection Lee Kong Chian School Of Business

In this issue of the Journal, Jindal and colleagues compellingly document the high disease burden for asthma and chronic bronchitis in India.1 With a comprehensive survey of 169 575 individuals from 23 sites across 12 centres, they estimate that one or more respiratory symptoms were present in 8.5% of individuals. The national burden of asthma and chronic bronchitis is estimated at 17.23 million and 14.84 million, respectively. In absolute terms, these are not small numbers. The unfortunate reality, however, is that the brunt of this disease burden is likely disproportionately borne by the economically impoverished and the socially disenfranchised. The …

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Injecting Intelligence, Nirmalya Kumar, Phanish Puranam Sep 2012

Injecting Intelligence, Nirmalya Kumar, Phanish Puranam

Research Collection Lee Kong Chian School Of Business

India's highly qualified workforce is enabling it to lead the way in process innovation. Nirmalya Kumar and Phanish Puranam examine how Indian companies inject intelligence into the often mundane.

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Lost Sleep And Cyberloafing: Evidence From The Laboratory And A Daylight Saving Time Quasi-Experiment, David T. Wagner, Christopher M. Barnes, Vivien K. G. Lim, D. Lance Ferris Sep 2012

Lost Sleep And Cyberloafing: Evidence From The Laboratory And A Daylight Saving Time Quasi-Experiment, David T. Wagner, Christopher M. Barnes, Vivien K. G. Lim, D. Lance Ferris

Research Collection Lee Kong Chian School Of Business

The Internet is a powerful tool that has changed the way people work. However, the ubiquity of the Internet has led to a new workplace threat to productivity—cyberloafing. Building on the ego depletion model of self-regulation, we examine how lost and low-quality sleep influence employee cyberloafing behaviors and how individual differences in conscientiousness moderate these effects. We also demonstrate that the shift to Daylight Saving Time (DST) results in a dramatic increase in cyberloafing behavior at the national level. We first tested the DST–cyberloafing relation through a national quasi-experiment, then directly tested the relation between sleep and cyberloafing in a …

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Sell-Order Liquidity And The Cross-Section Of Expected Stock Returns, Michael Brennan, Tarun Chordia, Avanidhar Subrahmanyam, Qing Tong Sep 2012

Sell-Order Liquidity And The Cross-Section Of Expected Stock Returns, Michael Brennan, Tarun Chordia, Avanidhar Subrahmanyam, Qing Tong

Research Collection Lee Kong Chian School Of Business

We estimate buy- and sell-order illiquidity measures (lambdas) for a comprehensive sample of NYSE stocks. We show that sell-order liquidity is priced more strongly than buy-order liquidity in the cross-section of equity returns. Indeed, our analysis indicates that the liquidity premium in equities emanates predominantly from the sell-order side. We also find that the average difference between sell and buy lambdas is generally positive throughout our sample period. Both buy and sell lambdas are significantly positively correlated with measures of funding liquidity such as the TED spread as well option implied volatility.

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Portfolio Value-At-Risk Optimization For Asymmetrically Distributed Asset Returns, Joel Weiqiang Goh, Kian Guan Lim, Melvyn Sim, Weina Zhang Sep 2012

Portfolio Value-At-Risk Optimization For Asymmetrically Distributed Asset Returns, Joel Weiqiang Goh, Kian Guan Lim, Melvyn Sim, Weina Zhang

Research Collection Lee Kong Chian School Of Business

We propose a new approach to portfolio optimization by separating asset return distributions into positive and negative half-spaces. The approach minimizes a newly-defined Partitioned Value-at-Risk (PVaR) risk measure by using half-space statistical information. Using simulated data, the PVaR approach always generates better risk-return tradeoffs in the optimal portfolios when compared to traditional Markowitz mean-variance approach. When using real financial data, our approach also outperforms the Markowitz approach in the risk-return tradeoff. Given that the PVaR measure is also a robust risk measure, our new approach can be very useful for optimal portfolio allocations when asset return distributions are asymmetrical.

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Roles And Responsibilities Of Corporate Lawyers In The Securities Market In Anglo-American Law (With Implications For Singapore), Wai Yee Wan Sep 2012

Roles And Responsibilities Of Corporate Lawyers In The Securities Market In Anglo-American Law (With Implications For Singapore), Wai Yee Wan

Research Collection Yong Pung How School Of Law

No abstract provided.

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Friends, Family, Or Fools: Entrepreneur Experience And Its Implications For Equity Distribution And Resource Mobilization, Reddi Kotha, Gerard George Sep 2012

Friends, Family, Or Fools: Entrepreneur Experience And Its Implications For Equity Distribution And Resource Mobilization, Reddi Kotha, Gerard George

Research Collection Lee Kong Chian School Of Business

Who helps entrepreneurs raise the resources they need and how much equity does an entrepreneur distribute in return? We use a sample of 611 entrepreneurs in the U.S. to examine why some entrepreneurs are more likely than others to distribute ownership selectively to helpers. We find that entrepreneurs with specific industry experience and start-up experience are able to provide ownership more selectively and raise more resources from their helpers. We refine the categorization of social ties further to make a distinction between professional and familial ties to show that the ownership distribution and types of resource contributions vary by the …

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Responding To Personality Tests In A Selection Context: The Role Of The Ability To Identify Criteria And The Ideal-Employee Factor, Ute-Christine Kelhe, Martin Kleinmann, Thomas Hartstein, Klaus G. Melchers, Cornelius J. Konig, Peter A. Heslin, Filip Lievens Sep 2012

Responding To Personality Tests In A Selection Context: The Role Of The Ability To Identify Criteria And The Ideal-Employee Factor, Ute-Christine Kelhe, Martin Kleinmann, Thomas Hartstein, Klaus G. Melchers, Cornelius J. Konig, Peter A. Heslin, Filip Lievens

Research Collection Lee Kong Chian School Of Business

Personality assessments are often distorted during personnel selection, resulting in a common "ideal-employee factor" (IEF) underlying ratings of theoretically unrelated constructs. However, this seems not to affect the personality measures' criterion-related validity. The current study attempts to explain this set of findings by combining the literature on response distortion with the ones on cognitive schemata and on candidates' ability to identify criteria (ATIC). During a simulated selection process, 149 participants filled out Big Five personality measures and participated in several high- and low-fidelity work simulations to estimate their managerial performance. Structural equation modeling showed that the IEF presents an indicator …

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An Integrated Framework For Rural Electrification: Adopting A User-Centric Approach To Business Model Development, Simon J. D. Schillebeeckx, Priti Parikh, Rahul Bansal, Gerard George Sep 2012

An Integrated Framework For Rural Electrification: Adopting A User-Centric Approach To Business Model Development, Simon J. D. Schillebeeckx, Priti Parikh, Rahul Bansal, Gerard George

Research Collection Lee Kong Chian School Of Business

Rural electrification (RE) has gained prominence over the past two decades as an effective means for improving living conditions. This growth has largely been driven by socio-economic and political imperatives to improve rural livelihood and by technological innovation. Based on a content analysis of 232 scholarly articles, the literature is categorized into four focal lenses: technology, institutional, viability and user-centric. We find that the first two dominate the RE debate. The viability lens has been used less frequently, whilst the user-centric lens began to engage scholars as late as 2007. We provide an overview of the technological, institutional and viability …

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Not With My Own: Long-Term Effects Of Cross-Country Collaboration On Subsidiary Innovation In Emerging Economies Versus Advanced Economies, Tufool Alnuaimi, Jasjit Singh, Gerard George Sep 2012

Not With My Own: Long-Term Effects Of Cross-Country Collaboration On Subsidiary Innovation In Emerging Economies Versus Advanced Economies, Tufool Alnuaimi, Jasjit Singh, Gerard George

Research Collection Lee Kong Chian School Of Business

Prior literature has established that international collaboration on R&D is an important means for generating new and impactful ideas through the cross-border integration of knowledge. We show that cross-country collaboration improves not just the resulting ideas, but also has a long-term benefit for the involved inventors in terms of continuing to generate higher-impact ideas in the future. However, our results also show that the improved performance of specific inventors in a multinational corporation subsidiary does not translate to broader subsidiary-level capabilities at innovation. One possible explanation might be that inventors obtaining international exposure often do not develop collaborative ties with …

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A Critical Review Of Research And Publication Trends In The Field Of Industrial And Organizational Psychology, Filip Lievens, Frederik Anseel Sep 2012

A Critical Review Of Research And Publication Trends In The Field Of Industrial And Organizational Psychology, Filip Lievens, Frederik Anseel

Research Collection Lee Kong Chian School Of Business

The aim of this article consists of critically reviewing research and publication trends in the field of industrial and organizational psychology. The focus is on four trends: (1) the extreme importance of theory, (2) the loss of the identity of industrial and organizational psychology, (3) the cumbersome nature of the review process, and (4) the deficient reporting of methodology and results in light of replication research. After each trend recommendations are made to turn the situation around. We also hope that this article might generate the necessary discussion about these four trends.

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The Effects Of Coaching On Situational Judgment Tests In High-Stakes Selection, Filip Lievens, Tine Buyse, Paul R. Sackett, Brian S. Connelly Sep 2012

The Effects Of Coaching On Situational Judgment Tests In High-Stakes Selection, Filip Lievens, Tine Buyse, Paul R. Sackett, Brian S. Connelly

Research Collection Lee Kong Chian School Of Business

Although the evidence for the use of situational judgment tests (SJTs) in high-stakes testing has been generally promising, questions have been raised regarding the potential coachability of SJTs. This study reports the first examination of the effects of coaching on SJT scores in an operational high-stakes setting. We contrast findings from a simple comparison of SJT scores for coached and uncoached participants (posttest only) with three different approaches to deal with the effects of self-selection into coaching programs, namely using a pretest as a covariate and using two different forms of propensity score-based matching using a wide range of variables …

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