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Full-Text Articles in Business

Leverage Change, Debt Overhang, And Stock Prices, Jie Cai, Zhe Zhang Jun 2011

Leverage Change, Debt Overhang, And Stock Prices, Jie Cai, Zhe Zhang

Research Collection Lee Kong Chian School Of Business

We document a significant and negative effect of the change in a firm's leverage ratio on its stock prices. We find that the negative effect is stronger for firms that have higher leverage ratios, higher likelihood of default, and face more severe financial constraints. Moreover, firms with an increase in leverage ratio tend to have less future investment. These findings are consistent with Myers' (1977) debt overhang theory that an increase in leverage may lead to future underinvestment, thus reducing a firm's value.

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Mixed 0-1 Linear Programs Under Objective Uncertainty: A Completely Positive Representation, Karthik Natarajan, Chung-Piaw Teo, Zhichao Zheng Jun 2011

Mixed 0-1 Linear Programs Under Objective Uncertainty: A Completely Positive Representation, Karthik Natarajan, Chung-Piaw Teo, Zhichao Zheng

Research Collection Lee Kong Chian School Of Business

In this paper, we analyze mixed 0-1 linear programs under objective uncertainty. The mean vector and the second moment matrix of the nonnegative objective coefficients is assumed to be known, but the exact form of the distribution is unknown. Our main result shows that computing a tight upper bound on the expected value of a mixed 0-1 linear program in maximization form with random objective is a completely positive program. This naturally leads to semidefinite programming relaxations that are solvable in polynomial time but provide weaker bounds. The result can be extended to deal with uncertainty in the moments and …

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Situational Judgment Tests As A New Tool For Dental Student Selection, Tine Buyse, Filip Lievens Jun 2011

Situational Judgment Tests As A New Tool For Dental Student Selection, Tine Buyse, Filip Lievens

Research Collection Lee Kong Chian School Of Business

Cognitive tests are used to select students into dental school, yet cognitive predictors explain only part of the variance in academic performance. Therefore, interviews and personality tests are often used to measure noncognitive (e.g., interpersonal) characteristics. Recently, situational judgment tests (SJTs) have drawn attention since there is evidence that SJTs can be valid predictors in medical admission contexts. This study examines the validity of an SJT measuring interpersonal skills for predicting academic performance of dental students. Incremental validity over cognitive tests is also examined. In this study, 796 dental students who passed the admission exam for medical and dental students …

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Disproportional Ownership Structure And Pay-Performance Relationship In China, Jerry Cao, Xiaofei Pan, Gary Tian Jun 2011

Disproportional Ownership Structure And Pay-Performance Relationship In China, Jerry Cao, Xiaofei Pan, Gary Tian

Research Collection Lee Kong Chian School Of Business

This paper examines the impact of ownership structure on executive compensation in China's listed firms. We find that the cash flow rights of ultimate controlling shareholders have a positive effect on the pay-performance relationship, while a divergence between control rights and cash flow rights has a significantly negative effect on the pay-performance relationship. We divide our sample based on ultimate controlling shareholders' type into state owned enterprises (SOE), state assets management bureaus (SAMB), and privately controlled firms. We find that in SOE controlled firms cash flow rights have a significant impact on accounting based pay-performance relationship. In privately controlled firms, …

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The Use Of Role-Player Prompts In Assessment Center Exercises, Eveline Schollaert, Filip Lievens Jun 2011

The Use Of Role-Player Prompts In Assessment Center Exercises, Eveline Schollaert, Filip Lievens

Research Collection Lee Kong Chian School Of Business

So far, a substantial amount of assessment center (AC) studies have aimed to improve the quality of the AC method by focusing on the assessors. However, systematic studies about the role-player in AC exercises are nonexistent. This is surprising as the role-player might serve as a key figure for consistently evoking job-relevant behavior across candidates. Therefore, this study focused on the 'role' of role-players in ACs. We examined the effects of instructing role-players to use prompts among 233 candidates. Results suggest that role-players are able to use prompts and that their negative impact on candidates' reactions is negligible. In addition, …

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Risky Ventures With Possibly No Returns: The Allure Of The "Wonderful But Weird World Of Biotechnology", Knowledge@Smu May 2011

Risky Ventures With Possibly No Returns: The Allure Of The "Wonderful But Weird World Of Biotechnology", Knowledge@Smu

Knowledge@SMU

Entrepreneurs in the biotech industry require large risk thresholds. For one, the business of research is an expensive one, the results of which may not necessarily translate to commercial viability. Investors with the foresight and patience for such long-term, high-risk ventures are also hard to come by. At a talk organised by SMU's Lee Kong Chian School of Business, Dr. Steven Fang, founder of CordLife, shared insights on what 'biotechopreneurship' entails.

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Dhl: Moving Forward With Sustainable Growth, Knowledge@Smu May 2011

Dhl: Moving Forward With Sustainable Growth, Knowledge@Smu

Knowledge@SMU

The logistics business is not simply about moving a box from Point A to B. Industry veteran and CEO of DHL Southeast Asia, Sam Ang, says the logistics business is primarily about listening to customer feedback and making employees feel valued. Speaking at SMU's Wee Kim Wee Centre CEO Talk, Ang provided insights on the ways in which DHL maintains a fine balance between shareholder, employee and customer interests.

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For Faster And Better Decisions, A Biased And Less-Informed Mind, Knowledge@Smu May 2011

For Faster And Better Decisions, A Biased And Less-Informed Mind, Knowledge@Smu

Knowledge@SMU

Can a biased mind, with fewer inputs, make faster and better decisions? Apparently, this premise, flying in the face of conventional logical thinking, is possible, and there were real life examples indicating so. At a recently held Behavioural Sciences Forum at Singapore Management University, Gerd Gigerenzer of Berlin’s Max Planck Institute, explained how heuristics, which directs focus to areas that matter and blocks off non-essential noise, factors in the decision-making process.

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Customer Satisfaction Index Of Singapore 2011: Q1 Results, Institute Of Service Excellence, Smu May 2011

Customer Satisfaction Index Of Singapore 2011: Q1 Results, Institute Of Service Excellence, Smu

Research Collection Institute of Service Excellence (2007-2024)

The Customer Satisfaction Index of Singapore (CSISG), currently in its fifth year of measurement, is an indicator of the quality of goods and services produced in the Singapore economy. CSISG complements production-based measures such as Gross Domestic Product (GDP) by providing an assessment from the buyers’ point of view. Both types of measures are necessary as economic growth hinges not only on producing more, but producing better products and services.

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Back To Basics: The Little Book That Still Beats The Market, Knowledge@Smu May 2011

Back To Basics: The Little Book That Still Beats The Market, Knowledge@Smu

Knowledge@SMU

Investment theories and principles can be complex and befuddling for many. Yet, one man has devised a formula so simple that it could speak to novices and children. In The Little Book That Still Beats the Market, Columbia University lecturer Joel Greenblatt explains, in large fonts, how he derived what has been termed "the magic formula" and provides some examples as proof of its wizardry. As for weather-beaten investors with no latitude left for "magic", Greenblatt offers a humorous revision of the fundamentals.

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Running A Family Business: Building On What Runs In The Family, Knowledge@Smu May 2011

Running A Family Business: Building On What Runs In The Family, Knowledge@Smu

Knowledge@SMU

Creating and preserving a family legacy is not just about giving future generations a free pass to inherit family fortunes. As each family is unique, they face different issues and challenges. Furthermore, true family legacy goes beyond money. It is also about reputation, beliefs, values and attitudes. In their book, 'Family Legacy and Leadership: Preserving True Family Wealth in Challenging Times', authors Mark Haynes Daniell and Sara Hamilton explain how families can build enduring legacies based on "true wealth".

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China’S Red Capitalism: A Gravity-Defying Economy Built On A Foundation Of Sand?, Knowledge@Smu May 2011

China’S Red Capitalism: A Gravity-Defying Economy Built On A Foundation Of Sand?, Knowledge@Smu

Knowledge@SMU

With more than US$3 trillion in foreign exchange reserves, the clutch of four big banks and dozens more internationally-listed state-owned enterprises, there is not much doubt that China has some serious economic muscle. Yet, as authors Carl E. Walter and Frasier J.T. Howie explained in their book, 'Red Capitalism: The fragile financial foundation of China’s extraordinary rise', not all is as it seems in the labyrinth that is China's financial system.

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Filling Stomachs Worldwide With Agriculture Risk Transfer Solutions, Knowledge@Smu May 2011

Filling Stomachs Worldwide With Agriculture Risk Transfer Solutions, Knowledge@Smu

Knowledge@SMU

A confluence of factors, such as weather, energy and growing demand, has given rise to a volatile food supply situation worldwide. With few investors willing to take the plunge with this industry, supply and production problems perpetuate. Speaking at a recent seminar at the Singapore Management University, Roman Hohl, an expert in this field with Swiss Re, explains how this issue can be addressed with some help from the insurance industry in the form of risk transfer products. --------------------------------------------------------------------------------

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In The Professionals’ Own Words: The Mark Of A Good Commodities Trader, Knowledge@Smu May 2011

In The Professionals’ Own Words: The Mark Of A Good Commodities Trader, Knowledge@Smu

Knowledge@SMU

The high stakes business of commodities trading is perhaps best avoided by those with high blood pressure or those who enjoy the predictability of a nine-to-five job. Yet, the wealth that can come with success has an overwhelming allure. At a panel discussion organised by the International Trading Institute@SMU, industry experts shared their views and identified some preconditions to 'success' within this precarious industry.

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An Entrepreneur’S Voyage, With The Five Rs As His Guide, Knowledge@Smu May 2011

An Entrepreneur’S Voyage, With The Five Rs As His Guide, Knowledge@Smu

Knowledge@SMU

Behind the glamour of the booming marine industry, are the various supporting players like ship chandlers and maintenance service providers that help keep the vessels well-oiled and their crews well fed. In a recent talk organised by SMU’s Institute of Innovation and Entrepreneurship, Danny Lien, founder of Amos International, shares how he run this business based on relationship, reputation, resilience, realism and recreation.

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Roubini On Global Economic Risks: “Dr Doom” Or “Dr Realist”?, Knowledge@Smu May 2011

Roubini On Global Economic Risks: “Dr Doom” Or “Dr Realist”?, Knowledge@Smu

Knowledge@SMU

Renowned as the brutally frank commentator that correctly predicted the 2008 financial crisis, New York University's economics professor Nouriel Roubini has made a reputation for himself as the prophet of doom. What does 'Doctor Doom' make of all the fuss about Asia's tiger and dragon economies? He shares his take at a lecture organised by SMU's Sim Kee Boon Institute for Financial Economics while informing audiences that he prefers to be known as 'Doctor Realist'.

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Value Investment And Market Timing: Opportunities In Times Of Crises, Knowledge@Smu May 2011

Value Investment And Market Timing: Opportunities In Times Of Crises, Knowledge@Smu

Knowledge@SMU

Luminary 'small-cap king' Dr Tan Chong Koay sees opportunities in crises. After all, this industry stalwart's most prolific performances have been during the periods of global economic meltdowns. Beyond financial gains, those who survive these crises would have gained much confidence, he believes. Sharing his investment philosophies at SMU's Centre for Asset Securitisation and Management in Asia, Tan, founder of Pheim Asset Management, explains what he sees as the art and science of investing.

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Internal Controls And Conditional Conservatism, Beng Wee Goh, Dan Li May 2011

Internal Controls And Conditional Conservatism, Beng Wee Goh, Dan Li

Research Collection School Of Accountancy

This study examines the relation between internal controls and conditional conservatism (“conservatism”), also referred to as timely loss recognition. Using a sample of firms that disclose material weaknesses (MWs) in internal controls under the Sarbanes-Oxley Act (SOX), we find a positive relation between internal control quality and conservatism. Specifically, firms with MWs exhibit lower conservatism than firms without such weaknesses. Further, firms that disclose MWs and subsequently remediate these weaknesses exhibit greater conservatism than firms that continue to have MWs. Overall, these results are consistent with strong internal controls acting as a mechanism that facilitates conservatism. Our study contributes to …

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Accounting Quality, Stock Price Delay And Future Stock Returns, Hai Lu, Jeffrey Callen, Mozaffar Khan May 2011

Accounting Quality, Stock Price Delay And Future Stock Returns, Hai Lu, Jeffrey Callen, Mozaffar Khan

Research Collection School Of Accountancy

ln frictionless capital markets with complete information and rational investors, stock prices adjust to new information instantaneously and completely. However, a substantial body of research studies information imperfections such as asymmetric information and incomplete information. Information imperfections potentially hinder timely price discovery and are likely associated with delayed stock price adjustment to information. Our first research question therefore is whether the quality of accounting information (or ”accounting quality”) is one such information imperfection that is associated with cross-sectional variation in stock price delay. We define accounting quality as the precision with which financial reports convey information to equity investors about …

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Competitive Groups As Cognitive Communities: The Case Of Scottish Knitwear Manufacturers Revisited, Joseph F. Porac, Howard Thomas, Charles Baden-Fuller May 2011

Competitive Groups As Cognitive Communities: The Case Of Scottish Knitwear Manufacturers Revisited, Joseph F. Porac, Howard Thomas, Charles Baden-Fuller

Research Collection Lee Kong Chian School Of Business

In this paper we reflect on the contribution of our 1989 article ‘Competitive Groups as Cognitive Communities: The Case of Scottish Knitwear Manufacturers’. We begin by recalling our backgrounds and motivations as collaborators on the project, and then discuss recent developments in the Scottish Borders knitwear industry. Noting that the industry has suffered continual decline in the twenty years since we published our paper, we suggest that the case still raises issues that remain open questions in the field despite the significant efforts by management researchers in recent years to understand the sources of industrial decline and revitalization. We outline …

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The Disparity Between Long-Term And Short-Term Forecasted Earnings Growth, Zhi Da, Mitchell Craig Warachka May 2011

The Disparity Between Long-Term And Short-Term Forecasted Earnings Growth, Zhi Da, Mitchell Craig Warachka

Research Collection Lee Kong Chian School Of Business

We find the disparity between long-term and short-term analyst forecasted earnings growth is a robust predictor of future returns and long-term analyst forecast errors. After adjusting for industry characteristics, stocks whose long-term earnings growth forecasts are far above or far below their implied short-term forecasts for earnings growth have negative and positive subsequent risk-adjusted returns along with downward and upward revisions in long-term forecasted earnings growth, respectively. Additional results indicate that investor inattention toward firm-level changes in long-term earnings growth is responsible for these risk-adjusted returns.

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How Important Are Earnings Announcements As An Information Source?, Sudipta Basu, Truong Xuan Duong, Stanimir Markov, Eng Joo Tan May 2011

How Important Are Earnings Announcements As An Information Source?, Sudipta Basu, Truong Xuan Duong, Stanimir Markov, Eng Joo Tan

Research Collection Lee Kong Chian School Of Business

In a competitive information market, a single information source can only dominate other sources individually, not collectively. We explore whether earnings announcements constitute such a dominant source using Ball and Shivakumar's (2008) [How much new information is there in earnings?, Journal of Accounting Research, 2008, 46(5), pp. 975–1016] R 2 metric: the proportion of the variation in annual returns explained by the four quarterly earnings announcement returns. We find that the earnings announcement days' R 2 is 11% – higher than the corresponding R 2 of days with dividend announcements, management forecasts, preannouncements, and 10-K and 10-Q filings and …

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Engaging Knowledge Management Learners Through Web-Based Ict: An Empirical Study, Thomas Menkhoff, Tze Yian Thang, Yue Wah Chay, Yue Kee Wong May 2011

Engaging Knowledge Management Learners Through Web-Based Ict: An Empirical Study, Thomas Menkhoff, Tze Yian Thang, Yue Wah Chay, Yue Kee Wong

Research Collection Lee Kong Chian School Of Business

The purpose of this paper is to examine how to successfully blend an e-learning module into a knowledge management (KM) course aimed at getting KM students interested in the respective subject matter (=KM) in a web-based learning environment. Based on data obtained from 138 undergraduate business management students at a university in Singapore, practical aspects of effectively implementing an e-learning system with a focus on KM are analyzed and the importance determined of three conceptual variables in the context of successful blended learning approaches: online faculty to student interaction, social presence and personal e-learning experiences. The study shows some positive …

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Innovation And Commoditization: Prioritizing And Profiling Asian Managers’ Cross-Border Sourcing Practices, Sudhindra Seshadri May 2011

Innovation And Commoditization: Prioritizing And Profiling Asian Managers’ Cross-Border Sourcing Practices, Sudhindra Seshadri

Research Collection Lee Kong Chian School Of Business

The paper investigates several sourcing practices and argues that two main behavioral constructs, supply commoditization and supply innovation, underlie many of these practices. It then develops hypotheses involving these constructs and company profiling ratios such as revenue per employee. The paper reports on survey research with a subset of ASEAN country based purchasing managers; on new scales. The results contribute to a growing literature on dynamic customer value in business markets and sourcing competencies. The paper also discusses managerial implications for sales targeting and sales approaches arising from the model.

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Different Means To The Same End: A Comparative Contingency Analyses Of Singapore And China’S Management Of The Severe Acute Respiratory Syndrome (Sars) Crisis, Yan Jin, Augustine Pang, Glen T. Cameron May 2011

Different Means To The Same End: A Comparative Contingency Analyses Of Singapore And China’S Management Of The Severe Acute Respiratory Syndrome (Sars) Crisis, Yan Jin, Augustine Pang, Glen T. Cameron

Research Collection Lee Kong Chian School Of Business

For months in 2003, the world lay under siege by a strain of virus that masqueraded as pneumonia but inflicted a far more lethal effect. By all accounts, the mystery of how the severe respiratory acute syndrome (SARS) virus came to be has remained largely unsolved (Bradsher & Altman 2003). What began as routine fever and cough in a Chinese physician, later identified as a super-carrier, rapidly spread to people who had cursory contacts with him, spiralling into a worldwide crisis that spanned Asia and the North Americas (Rosenthal 2003).

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Technical Appendix To "Stochastic Capacity Investment And Flexible Vs. Dedicated Technology Choice In Imperfect Capital Markets", Onur Boyabatli May 2011

Technical Appendix To "Stochastic Capacity Investment And Flexible Vs. Dedicated Technology Choice In Imperfect Capital Markets", Onur Boyabatli

Research Collection Lee Kong Chian School Of Business

Technical appendix with proofs for the technical statements in the article: Stochastic capacity investment and flexible vs. dedicated technology choice in imperfect capital markets. (2011). Management Science, 57 (12), 2163 - 2179. https://doi.org/10.1287/mnsc.1110.1395

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A Different Look At Why Selection Procedures Work: The Role Of Candidates' Ability To Identify Criteria, Martin Kleinmann, Pia V. Ingold, Filip Lievens, Anne Jansen, Klaus G Melchers, Cornelius J. Konig May 2011

A Different Look At Why Selection Procedures Work: The Role Of Candidates' Ability To Identify Criteria, Martin Kleinmann, Pia V. Ingold, Filip Lievens, Anne Jansen, Klaus G Melchers, Cornelius J. Konig

Research Collection Lee Kong Chian School Of Business

Personnel selection procedures such as assessment centers, structured interviews, and personality inventories are useful predictors of candidates' job performance. In addition to existing explanations for their criterion-related validity, we suggest that candidates' ability to identify the criteria used to evaluate their performance during a selection procedure contributes to the criterion-related validity of these procedures. Conceptually, the ability to identify criteria can be framed in the broader literature on peoples' ability to read situational cues. We draw on both theory and empirical research to outline the potential this ability has to account for selection results and job performance outcomes. Finally, implications …

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Shareholder Heterogeneity And Conflicting Goals: Strategic Investments In The Japanese Electronics Industry, Asli M. Colpan, Toru Yoshikawa, Takashi Hikino, Ester B. Del Brio May 2011

Shareholder Heterogeneity And Conflicting Goals: Strategic Investments In The Japanese Electronics Industry, Asli M. Colpan, Toru Yoshikawa, Takashi Hikino, Ester B. Del Brio

Research Collection Lee Kong Chian School Of Business

This article investigates the effects of the changing institutional environment on strategic orientations of Japanese electronics firms during the 1990s. We examine the effects of three different types of shareholders on strategic directions of their invested firms. The first one, foreign portfolio investors, characterizes the emerging influence that pressed for change in corporate strategies. The two domestic shareholders, corporate investors and financial institutions, represent the conventional forces for continuity. Between the two domestic forces, though, while corporate investors attempted to maintain status quo, financial institutions have shifted towards market-oriented behaviour of investment. Specifically, we explore: (1) the influence of each …

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Warning System For Property Bubbles, Jun Yu, Peter C. B. Phillips May 2011

Warning System For Property Bubbles, Jun Yu, Peter C. B. Phillips

Research Collection School Of Economics

A commentary on what constitutes a sound system to warn against property bubbles.

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The Impact Of Underemployment On Individual And Organizational Performance, Michael R. Bashshur, Ana Hernandez May 2011

The Impact Of Underemployment On Individual And Organizational Performance, Michael R. Bashshur, Ana Hernandez

Research Collection Lee Kong Chian School Of Business

The issue of underemployment is one of increasing concern for countries across the globe. For example, in the USA estimates have put the number of underemployed as high as 20.3%, while in Europe the number of overqualified workers (just one dimension of underemployment) has been estimated at 21.5% (Groot & Maassen van den Brink, 2000). Unfortunately, given the current global economic crisis, this situation can only be expected to worsen in the near future. The international labor pool is becoming more educated and qualified (Peiró, Agut, & Grau, 2010) while organizations worldwide are seeking the minimum effective level of human …

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