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Full-Text Articles in Business

Consolidating Information In Option Transactions, Richard Holowczak, Jianfeng Hu, Liuren Wu Mar 2011

Consolidating Information In Option Transactions, Richard Holowczak, Jianfeng Hu, Liuren Wu

Research Collection Lee Kong Chian School Of Business

Underlying each stock trades hundreds of options at different strike prices and maturities. The order flows from these option transactions reveal important information about the underlying stock price. How to aggregate the trade information of different option contracts underlying the same stock presents an interesting and important question for developing microstructure theories and price discovery mechanisms in the derivatives markets. This paper takes options on QQQQ, the Nasdaq 100 tracking stock, as an example and examines different order flow consolidation mechanisms in terms of their effectiveness in extracting information about the underlying stock price and volatility movements. The analysis leads …

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Art For Reward's Sake: Visual Art Recruits The Ventral Striatum, Simon Lacey, Henrik Hagvedt, Vanessa Patrick, Amy Anderson, Randall Stilla, Gopikrishna Deshpande, Hu Xioping, Joao Sato, Srinivas K. Reddy, Krish Sathian Mar 2011

Art For Reward's Sake: Visual Art Recruits The Ventral Striatum, Simon Lacey, Henrik Hagvedt, Vanessa Patrick, Amy Anderson, Randall Stilla, Gopikrishna Deshpande, Hu Xioping, Joao Sato, Srinivas K. Reddy, Krish Sathian

Research Collection Lee Kong Chian School Of Business

A recent study showed that people evaluate products more positively when they are physically associated with art images than similar non-art images. Neuroimaging studies of visual art have investigated artistic style and esthetic preference but not brain responses attributable specifically to the artistic status of images. Here we tested the hypothesis that the artistic status of images engages reward circuitry, using event-related functional magnetic resonance imaging (fMRI) during viewing of art and non-art images matched for content. Subjects made animacy judgments in response to each image. Relative to non-art images, art images activated, on both subject- and item-wise analyses, reward-related …

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Hedge Funds, Managerial Skill, And Macroeconomic Variables, Doron Avramov, Robert Kosowski, Narayan Y. Naik, Melvyn Teo Mar 2011

Hedge Funds, Managerial Skill, And Macroeconomic Variables, Doron Avramov, Robert Kosowski, Narayan Y. Naik, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

This paper evaluates hedge fund performance through portfolio strategies that incorporate predictability based on macroeconomic variables. Incorporating predictability substantially improves out-of-sample performance for the entire universe of hedge funds as well as for various investment styles. While we also allow for predictability in fund risk loadings and benchmark returns, the major source of investment profitability is predictability in managerial skills. In particular, long-only strategies that incorporate predictability in managerial skills outperform their Fung and Hsieh (2004) benchmarks by over 17% per year. The economic value of predictability obtains for different rebalancing horizons and alternative benchmark models. It is also robust …

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Do Management Eps Forecasts Allow Returns To Reflect Future Earnings? Implications For The Continuation Of Management’S Quarterly Earnings Guidance, Jong-Hag Choi, Linda Myers, Yoonseok Zang, Dave Ziebart Mar 2011

Do Management Eps Forecasts Allow Returns To Reflect Future Earnings? Implications For The Continuation Of Management’S Quarterly Earnings Guidance, Jong-Hag Choi, Linda Myers, Yoonseok Zang, Dave Ziebart

Research Collection School Of Accountancy

Using 18,253 firm-year observations from 1998 through 2003, we build on literature suggesting that more informative disclosures allow returns to better reflect future earnings, and test whether management earnings per share forecasts and their characteristics influence the future earnings response coefficient (FERC). We find that FERCs are greater for forecasting firms and when forecasts are more frequent or precise. We suggest that more frequent and more precise forecasts assist investors in better predicting future earnings. Importantly, we find that quarterly and short-term forecasts incrementally increase the association between returns and future earnings beyond annual and long-term forecasts; thus, even short-term, …

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The Effects Of Decision Aid Structural Restrictiveness On Decision-Making Outcomes, Poh Sun Seow Mar 2011

The Effects Of Decision Aid Structural Restrictiveness On Decision-Making Outcomes, Poh Sun Seow

Research Collection School Of Accountancy

Decision aids are often designed to direct decision-makers' attention to potential problems or solutions prompted by the decision aid; but in most instances, it is impossible to prompt all possible issues that should be considered in making a decision. Decision aids can induce decision-making biases whereby users focus only on the issues identified by the decision aid and fail to adequately consider other issues that are not identified by the decision aid. The purpose of this study is to investigate whether restricting how users interact with computerized decision aids affects their performance by limiting their ability to consider other possible …

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Accounting Information Systems Research Over The Past Decade: Past And Future Trends, Colin Ferguson, Poh Sun Seow Mar 2011

Accounting Information Systems Research Over The Past Decade: Past And Future Trends, Colin Ferguson, Poh Sun Seow

Research Collection School Of Accountancy

This article reviews the extant accounting information systems (AIS) literature by conducting an analysis of AIS articles published in 18 leading accounting, management information systems, and computer science journals from 1999 to 2009 with a view to identifying whether or not the focus of AIS research has changed, and if so how it has changed, since the Poston and Grabski’s (2000) review of AIS research from 1982 to 1998. We also report our insights into where AIS research is likely to be heading in the future. We analyse each of the 395 articles identified as reporting AIS research to identify …

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Collective Intelligence Ratio: Measurement Of Real-Time Multimodal Interactions In Team Projects, Paul Kim, Donghwan Lee, Youngjo Lee, Chuan Huang, Tamas Makany Mar 2011

Collective Intelligence Ratio: Measurement Of Real-Time Multimodal Interactions In Team Projects, Paul Kim, Donghwan Lee, Youngjo Lee, Chuan Huang, Tamas Makany

Research Collection Lee Kong Chian School Of Business

PurposeWith a team interaction analysis model, the authors sought to identify a varying range of individual and collective intellectual behaviors in a series of communicative intents particularly expressed with multimodal interaction methods. In this paper, the authors aim to present a new construct (i.e. collective intelligence ratio (CIR)) which refers to a numeric indicator representing the degree of intelligence of a team in which each team member demonstrates an individual intelligence ratio (IR) specific to a team goal.Design/methodology/approachThe authors analyzed multimodal team interaction data linked to communicative intents with a Poisson‐hierarchical generalized linear model (HGLM).FindingsThe study found evidence of a …

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Approach Or Avoidance (Or Both?): Integrating Core Self-Evaluations Within An Approach/Avoidance Framework, D. Lance Ferris, Christopher R. Rosen, Russell E. Johnson, Douglas J. Brown, Stephen D. Risavy, Daniel Heller Mar 2011

Approach Or Avoidance (Or Both?): Integrating Core Self-Evaluations Within An Approach/Avoidance Framework, D. Lance Ferris, Christopher R. Rosen, Russell E. Johnson, Douglas J. Brown, Stephen D. Risavy, Daniel Heller

Research Collection Lee Kong Chian School Of Business

Core self‐evaluations (CSE) represent a new personality construct that, despite an accumulation of evidence regarding its predictive validity, provokes debate regarding the fundamental approach or avoidance nature of the construct. This set of studies sought to clarify the approach/avoidance nature of CSE by examining its relation with approach/avoidance personality traits and motivation constructs (Study 1); we subsequently examined approach/avoidance motivational mechanisms as mediators of the relation between CSE and job performance (Study 2). Overall, the studies demonstrate that CSE is best conceptualized as representing both (high) approach tendencies and (low) avoidance tendencies; implications of these findings for CSE theory are …

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Ipo Timing, Buyout Sponsors’ Exit Strategies And Firm Performance Of Rlbos, Jerry Xiaping Cao Mar 2011

Ipo Timing, Buyout Sponsors’ Exit Strategies And Firm Performance Of Rlbos, Jerry Xiaping Cao

Research Collection Lee Kong Chian School Of Business

This paper studies the impact of buyout sponsors’ IPO timing on the LBO restructuring process and subsequent exit strategies. I find that LBO duration is negatively related to hot IPO market conditions. Further, following IPOs, RLBOs with shorter LBO duration experience greater deterioration of performance and higher probability of bankruptcy. This suggests that sponsor’s efforts to enhance operating efficiency succumb to market timing. IPO timing does not affect sponsor’s exit strategies and monitoring post IPO. Sponsors keep an active long-run presence with more reputable sponsors more likely to exit by facilitating takeovers.

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The Unintended Effects Of The Sarbanes-Oxley Act, Vidhi Chhaochharia, Clemens A. Otto, Vikrant Vig Mar 2011

The Unintended Effects Of The Sarbanes-Oxley Act, Vidhi Chhaochharia, Clemens A. Otto, Vikrant Vig

Research Collection Lee Kong Chian School Of Business

The Sarbanes-Oxley Act (SOX) was passed in the wake of several scandals that rocked corporate America in 2001 and 2002. The objective behind SOX was to improve corporate governance by improving accounting disclosures. Compliance with Section 404 is considered by many to be the most costly requirement of SOX and has been argued to be a disproportionate burden for small firms. Consequently, firms with a public float below $75 million were granted several exemptions from compliance. We document an unintended effect of these exemptions: a weakening of corporate governance through a weakening of the market for corporate control.

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Understanding Port Choice Behaviour: A Network Perspective, Loon Ching Tang, Joyce M. W. Low, Shao Wei Lam Mar 2011

Understanding Port Choice Behaviour: A Network Perspective, Loon Ching Tang, Joyce M. W. Low, Shao Wei Lam

Research Collection Lee Kong Chian School Of Business

A novel Network-based Integrated Choice Evaluation (NICE) model is developed to enhance the multinomial logit preference (MNL) model that is widely employed in the existing port choice literature. The NICE model integrates the element of port service network with observational port attributes to identify important quality characteristics on which liner shipping companies base their port choices. An empirical study of the proposed model is conducted through the service schedules of three established liner shipping companies. Results show that port efficiency and scale economies are the more important dimensions influencing liner shipping companies’ selection of major Asian ports. Nevertheless, it is …

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How Information Management Capability Influences Firm Performance, Sunil Mithas, Narayan Ramasubbu, V. Sambamurthy Mar 2011

How Information Management Capability Influences Firm Performance, Sunil Mithas, Narayan Ramasubbu, V. Sambamurthy

Research Collection School Of Computing and Information Systems

How do information technology capabilities contribute to firm performance? This study develops a conceptual model linking IT-enabled information management capability with three important organizational capabilities (customer management capability, process management capability, and performance management capability). We argue that these three capabilities mediate the relationship between information management capability and firm performance. To test our conceptual model, we use a rare archival data set that contains actual scores from multidimensional and high-quality assessments of firms and intraorganizational units of a conglomerate business group that had adopted a model of performance excellence for organizational transformation based on the Baldrige criteria. This research …

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Instruments For Personnel Selection In The 21st Century: Research And Practice [In Dutch], Filip Lievens, Britt De Soete Mar 2011

Instruments For Personnel Selection In The 21st Century: Research And Practice [In Dutch], Filip Lievens, Britt De Soete

Research Collection Lee Kong Chian School Of Business

This article presents an evidence-based overview of innovative selection techniques that were developed in the last years to provide an answer to key questions concerning the contemporary practice of selection. In addition, we aim to point out gaps in the current knowledge about these novel techniques to guide future research. The article shows that innovative selection instruments such as conditional reasoning tests, integrity tests, and implicit association tests might offer opportunities to measure value-based competencies, and maladaptive traits. Furthermore, contextualized personality questionnaires, business-related intelligence tests, situational judgment tests, and so-called serious games enable organizations to improve their image, which creates …

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A Divertissement On The Financial Crisis: We've Been Speculating, Stefano Harney Mar 2011

A Divertissement On The Financial Crisis: We've Been Speculating, Stefano Harney

Research Collection Lee Kong Chian School Of Business

We’ve been speculating. They say our speculation is going to make things worse. But we keep speculating. We’re on the porch, on the corner, in the bar, at the stove, speculating. We’re with others speculating. We’re in debt, bad debt, with others. We’re speculating on others and they’re speculating on us at the table, round the playground, on the bus. We’ve been speculating, banking on each other. We’ve been counting on others, speculating about them. We’re with them and they’re with us, speculating. Our speculation is scattered. Our speculation is scattered among others. Our speculation is valued among others, others …

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Pairwise Correlations, Tarun Chordia, Amit Goyal, Qing Tong Mar 2011

Pairwise Correlations, Tarun Chordia, Amit Goyal, Qing Tong

Research Collection Lee Kong Chian School Of Business

Pairwise stock correlations increase by 27% on average when stock returns are negative. It is trading activity in small stocks that leads to higher correlations when returns are negative. We provide evidence consistent with the hypothesis that co-ordinated selling by retail investors drives this asymmetry in correlations. The co-ordinated selling activity by retail investors is triggered by negative market returns.

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Calibrating Mba Job Preferences For The 21st Century, David B. Montgomery, Catherine A. Ramus Mar 2011

Calibrating Mba Job Preferences For The 21st Century, David B. Montgomery, Catherine A. Ramus

Research Collection Lee Kong Chian School Of Business

Our research studies what MBAs in the 21st century care about during their job searches. We update the MBA job preference literature by using adaptive conjoint analysis to calibrate the relative importance of a variety of job factors found in previous research in disparate fields (management, applied psychology, corporate social performance, ethics, and marketing). Our results show the relative importance of organizational reputation related to caring for employees, ethical products/practices, and social and environmental responsibility, compared to factors such as financial package, job challenge, etc., to a sample of 759 MBAs graduating from 11 business schools–8 in North America and …

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Technical Appendix To "Integrating Long-Term And Short-Term Contracting In Beef Supply Chains", Onur Boyabatli, Paul R. Kleindorfer, Stephen R. Koontz Mar 2011

Technical Appendix To "Integrating Long-Term And Short-Term Contracting In Beef Supply Chains", Onur Boyabatli, Paul R. Kleindorfer, Stephen R. Koontz

Research Collection Lee Kong Chian School Of Business

Technical appendix with proofs for propositions in the article: Integrating long-term and short-term contracting in beef supply chains. (2011). Management Science, 57 (10), 1771-1787. https://doi.org/10.1287/mnsc.1110.1362

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Customer Satisfaction Index Of Singapore 2010: Full Year Overview, Institute Of Service Excellence, Smu Feb 2011

Customer Satisfaction Index Of Singapore 2010: Full Year Overview, Institute Of Service Excellence, Smu

Research Collection Institute of Service Excellence (2007-2024)

The Customer Satisfaction Index of Singapore (CSISG) has completed its fourth consecutive year of measurement since 2007. Under a quarterly measure and release system with two out of eight sectors measured per quarter, CSISG 2010 scores of companies for the Retail and Info-Communications sectors were released in the first quarter of 2010, Transportation & Logistics and Education sectors released in the second quarter, Food & Beverage and Tourism sectors released in the third quarter, and finally the current release of Finance & Insurance and Healthcare sectors, marking the end of measurement for 2010. The CSISG 2010 national score is computed …

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Manipulation In Digital Word-Of-Mouth: A Reality Check For Book Reviews, Nan Hu, Indranil Bose, Yunjun Gao, Ling Liu Feb 2011

Manipulation In Digital Word-Of-Mouth: A Reality Check For Book Reviews, Nan Hu, Indranil Bose, Yunjun Gao, Ling Liu

Research Collection School Of Computing and Information Systems

Built upon the discretionary accrual-based earnings management framework, our paper develops a discretionary manipulation proxy to study the management of online reviews. We reveal that fraudulent review manipulation is a serious problem for 1) non-bestseller books; 2) books whose reviews are classified as not very helpful; 3) books that experience greater variability in the helpfulness of their online reviews; and 4) popular books as well as high-priced books. We also show that review management decreases with the passage of time. Just like fraudulent earnings management, manipulated online reviews reflect inauthentic information from which consumers might derive wrong valuation especially for …

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Doing Good, Feeling Good: Examining The Role Of Organizational Citizenship Behaviors In Changing Mood, Theresa M. Glomb, Devasheesh P. Bhave, Andrew G. Miner, Melanie Wall Feb 2011

Doing Good, Feeling Good: Examining The Role Of Organizational Citizenship Behaviors In Changing Mood, Theresa M. Glomb, Devasheesh P. Bhave, Andrew G. Miner, Melanie Wall

Research Collection Lee Kong Chian School Of Business

This study investigates whether the altruism and courtesy dimensions of organizational citizenship behaviors (OCB) regulate mood at work. Social psychological theories of mood regulation suggest helping behaviors can improve individuals’ moods because helping others provides gratification and directs attention away from one's negative mood. We capture mood states prior to and following the enactment of OCBs using experience sampling methodology in a sample of managerial and professional employees over a 3-week period. Results suggest altruism shows a pattern consistent with mood regulation; negative moods during the prior time period are associated with altruism and positive moods in the subsequent time …

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The Stability Of Time- Versus Money-Based Product Evaluations, Leonard Lee, Michelle P. Lee, Gal Zauberman Feb 2011

The Stability Of Time- Versus Money-Based Product Evaluations, Leonard Lee, Michelle P. Lee, Gal Zauberman

Research Collection Lee Kong Chian School Of Business

Consumers constantly make product decisions involving temporal and monetary considerations. In this work, we examine how consideration of these two fundamental economic resources influences the stability of product evaluations. Results from a series of seven experiments demonstrate that, despite prior research that has shown that the valuation of time is more ambiguous and context-dependent than the valuation of money, time-based product preferences tend to be more consistent than money-based product preferences. Our findings support an affect-based account: compared to monetary considerations, temporal considerations elicit greater reliance on feelings versus analytical evaluation, which facilitates holistic judgments and promotes preference consistency. Consequently, …

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Fraud Detection In Online Consumer Reviews, Nan Hu, Ling Liu, Vallabh Sambamurthy Feb 2011

Fraud Detection In Online Consumer Reviews, Nan Hu, Ling Liu, Vallabh Sambamurthy

Research Collection School Of Computing and Information Systems

Increasingly, consumers depend on social information channels, such as user-posted online reviews, to make purchase decisions. These reviews are assumed to be unbiased reflections of other consumers' experiences with the products or services. While extensively assumed, the literature has not tested the existence or non-existence of review manipulation. By using data from Amazon and Barnes & Noble, our study investigates if vendors, publishers, and writers consistently manipulate online consumer reviews. We document the existence of online review manipulation and show that the manipulation strategy of firms seems to be a monotonically decreasing function of the product's true quality or the …

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When Are Analyst Recommendation Changes Influential?, Roger Loh, Rene M. Stulz Feb 2011

When Are Analyst Recommendation Changes Influential?, Roger Loh, Rene M. Stulz

Research Collection Lee Kong Chian School Of Business

The existing literature measures the contribution of analyst recommendation changes using average stock-price reactions. With such an approach, recommendation changes can have a significant impact even if no recommendation has a visible stock-price impact. Instead, we call a recommendation change influential only if it affects the stock price of the affected firm visibly. We show that only 12% of recommendation changes are influential. Recommendation changes are more likely to be influential if they are from leader, star, previously influential analysts, issued away from consensus, accompanied by earnings forecasts, and issued on growth, small, high institutional ownership, or high forecast dispersion …

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Out-Of-Sample Industry Return Predictability: Evidence From A Large Number Of Predictors, David E. Rapach, Jack K. Strauss, Jun Tu, Guofu Zhou Feb 2011

Out-Of-Sample Industry Return Predictability: Evidence From A Large Number Of Predictors, David E. Rapach, Jack K. Strauss, Jun Tu, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

We uncover extensive evidence of out-of-sample return predictability for industry portfolios based on a principal component approach that incorporates information from a large number of predictors. Moreover, we find substantial differences in the degree of return predictability across industries. To understand these differences, we propose a decomposition of out-of-sample industry return predictability into beta and alpha shares, where the former corresponds to a conditional beta pricing model. A conditional version of the popular Fama-French three-factor model accounts for nearly all out-of-sample industry return predictability, with exposures to time-varying market and size risk premiums especially important for explaining differences in return …

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Explosive Behavior In The 1990s Nasdaq: When Did Exuberance Escalate Asset Values?, Peter C. B. Phillips, Yangru Wu, Jun Yu Feb 2011

Explosive Behavior In The 1990s Nasdaq: When Did Exuberance Escalate Asset Values?, Peter C. B. Phillips, Yangru Wu, Jun Yu

Research Collection School Of Economics

A recursive test procedure is suggested that provides a mechanism for testing explosive behavior, date stamping the origination and collapse of economic exuberance, and providing valid confidence intervals for explosive growth rates. The method involves the recursive implementation of a right-side unit root test and a sup test, both of which are easy to use in practical applications, and some new limit theory for mildly explosive processes. The test procedure is shown to have discriminatory power in detecting periodically collapsing bubbles, thereby overcoming a weakness in earlier applications of unit root tests for economic bubbles. An empirical application to the …

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Audience Perceptions Of Charismatic And Non-Charismatic Oratory: The Case Of Management Gurus, Timothy Adrian Robert Clark, David Greatbatch Feb 2011

Audience Perceptions Of Charismatic And Non-Charismatic Oratory: The Case Of Management Gurus, Timothy Adrian Robert Clark, David Greatbatch

Research Collection Lee Kong Chian School Of Business

The purpose of the paper is to investigate whether people consider someone a charismatic speaker because they are deploying the generic features commonly identified as being associated with charismatic oratory in the literature, or whether the attribution of charisma is informed by factors which vary across different settings. Video-taped extracts from speeches given by seven people widely regarded as influential thought leaders – Kenneth Blanchard, Stephen Covey, Daniel Goleman, Gary Hamel, Rosabeth Moss Kanter, Tom Peters and Peter Senge – were shown to different audiences. After viewing each extract they rated the extent to which they found the speaker charismatic …

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Csr 2.0: Transforming The Role Of Business In Society, Wayne Visser Jan 2011

Csr 2.0: Transforming The Role Of Business In Society, Wayne Visser

Social Space

Corporate Social Responsibility (or CSR) comes in different forms and shades. But according to Wayne Visser, it also comes in different stages, most of which have failed. Save, perhaps, for one.

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Social Innovations In Thailand, Walaiphorn Wajavuth, Amarit Charoenphan Jan 2011

Social Innovations In Thailand, Walaiphorn Wajavuth, Amarit Charoenphan

Social Space

Walaiphorn Wajavuth and Amarit Charoenphanare enthusiastic about the social innovations that are taking place in the Land of Smiles.

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Tata’S Hr Strategy: Think Far, Wide And Smart, Knowledge@Smu Jan 2011

Tata’S Hr Strategy: Think Far, Wide And Smart, Knowledge@Smu

Knowledge@SMU

With its hands in a diverse range of industries – from information technology to engineering, property development to travel, steel to the world's most affordable car – India's largest conglomerate, Tata Group, has touched the lives of millions of everyday people. Remarkable as its tales of progress and successes may be, the company realises that it has to adapt quickly if it is to keep on the upward trend. Central to that is a rigorous and "global" approach to talent management that attracts the best, induces their fullest potential, and retains them for as long as possible.

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Towards Rio 2012 And Collaborative Governance For Sustainable Development, Jem Bendell Jan 2011

Towards Rio 2012 And Collaborative Governance For Sustainable Development, Jem Bendell

Social Space

Since the global Earth Summit in 1992, non-governmental organisations and businesses have made some strides towards sustainable development, but as Jem Bendell explains, governments need to join them.

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