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Full-Text Articles in Business

Keeping Up With The Joneses: A Field Study Of The Relationships Among Upward, Lateral, And Downward Comparisons And Pay Level Satisfaction, Michael M. Harris, Frederik Anseel, Filip Lievens May 2008

Keeping Up With The Joneses: A Field Study Of The Relationships Among Upward, Lateral, And Downward Comparisons And Pay Level Satisfaction, Michael M. Harris, Frederik Anseel, Filip Lievens

Research Collection Lee Kong Chian School Of Business

The authors examined the relationship between the direction of pay comparisons and pay level satisfaction. They hypothesized that upward pay comparisons would significantly predict pay level satisfaction, even when controlling for other comparisons. Results reported in 2 samples (U.S. sample, N = 295; Belgian sample, N = 67) generally supported this hypothesis. Analyses showed that individuals who were paid much less than their upward pay comparison were dissatisfied with their pay level. The highest levels of pay level satisfaction were observed when actual pay was congruent with the upward comparison pay level. There was also evidence that individuals who were …

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Dynamic Investment Opportunities And The Cross-Section Of Hedge Fund Returns : Implications Of Higher-Moment Risks For Performance, Vikas Agarwal, Gurdip Bakshi, Joop Huij Apr 2008

Dynamic Investment Opportunities And The Cross-Section Of Hedge Fund Returns : Implications Of Higher-Moment Risks For Performance, Vikas Agarwal, Gurdip Bakshi, Joop Huij

Research Collection BNP Paribas Hedge Fund Centre

In this paper, we examine higher-moment market risks in the cross-section of hedge fund returns to make several contributions. First, we show that hedge funds are substantially exposed to the three highermoment risks - volatility, skewness, and kurtosis. In contrast, mutual funds do not display meaningful dispersions in their exposures to these risks. Further, funds of hedge funds when examined as a separate investment category do not show aggressive loading on higher-moment risks. Second, we provide evidence on economically significant premiums being embedded in hedge fund returns on account of their exposures to higher-moment risks. Third, we uncover a set …

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Gurteen-Style Knowledge Cafes: An Alternative Approach To Learning And Networking, Knowledge@Smu Apr 2008

Gurteen-Style Knowledge Cafes: An Alternative Approach To Learning And Networking, Knowledge@Smu

Knowledge@SMU

David Gurteen describes himself as an “independent knowledge advisor and facilitator”. He is the founder of the Gurteen Knowledge Community which functions virtually through a community website, and through Knowledge Cafes which meet regularly in different cities around the world. Gurteen visited Singapore recently and talked to Knowledge@SMU about his views on knowledge sharing, learning and networking.

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Retirement Planning: Most People Don’T Know How Nor Even Think About It, Knowledge@Smu Apr 2008

Retirement Planning: Most People Don’T Know How Nor Even Think About It, Knowledge@Smu

Knowledge@SMU

Worldwide, individuals are being asked to make more of their own savings and investment decisions, especially for retirement. In the US and Europe, for example, company-managed pension plans are giving way to those where employees are in charge of their own retirement money. In Singapore too, the government is encouraging individuals to take a more active role in their own retirement planning. Research by Wharton insurance and risk management professor Olivia Mitchell and Singapore Management University finance professor Benedict Koh shows, however, that people are not well-equipped to handle such investment decisions.

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Successful Chinese Business Elites Blend East And West, Knowledge@Smu Apr 2008

Successful Chinese Business Elites Blend East And West, Knowledge@Smu

Knowledge@SMU

"How do the rich get rich?” Against the backdrop of Asia’s spectacular rise as a global economic powerhouse, how a handful of wealthy Chinese business leaders in east and southeast Asia built their global fortunes and reputations is the focus of a joint study by sociology professors Chung Wai Keung of Singapore Management University and Gary G. Hamilton of the University of Washington. The authors delve into more than a century of regional commerce and trade to better understand the Chinese business elites of today. --------------------------------------------------------------------------------

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Brand Valuation: Why Measuring The Intangibles Makes Business Sense, Knowledge@Smu Apr 2008

Brand Valuation: Why Measuring The Intangibles Makes Business Sense, Knowledge@Smu

Knowledge@SMU

David Haigh, group chief executive of Brand Finance, is a well known author, speaker and authority on brand and intangible asset valuation. Haigh was the featured speaker earlier this year on the topic “Brand Valuation: What does it all mean to companies?” at the Center for Marketing Excellence, Singapore Management University. Haigh spoke to Knowledge@SMU about the concept of brand valuation, how it is carried out, and why companies need to value brands to meet strategic, due diligence and investor relations goals.

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Asian Research Universities: What Does The Future Hold?, Knowledge@Smu Apr 2008

Asian Research Universities: What Does The Future Hold?, Knowledge@Smu

Knowledge@SMU

Asian universities strive to become leading global research centres of excellence, they face a number of local and international issues and challenges. Very few will make the grade in terms of advancing knowledge, delivering outstanding graduates, and creating new technologies and industries to drive economic development in the region. At the February 2008 Singapore Management University Distinguished Presidential Lecture, Dr Suh Nam Pyo – previously at MIT for over three decades and currently president of the Korea Advanced Institute of Science and Technology (KAIST) -- outlined his own institution’s efforts to excel as a 21st century research university.

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Customer Satisfaction Index Of Singapore: Executive Summary 2007, Institute Of Service Excellence, Smu Apr 2008

Customer Satisfaction Index Of Singapore: Executive Summary 2007, Institute Of Service Excellence, Smu

Research Collection Institute of Service Excellence (2007-2024)

The Institute of Service Excellence at Singapore Management University was appointed by the Workforce Development Agency (WDA) to implement and maintain an annual benchmark for service related industries in Singapore. The 2007 Customer Satisfaction Index of Singapore (CSISG 2007) is based on data from a nationwide survey conducted between May 1 and July 23 2007. This survey was designed by the National Quality Research Center (NQRC) at the University of Michigan and modeled after the American Customer Satisfaction Index (ACSI).

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Measuring Economic Value Added (Eva): How Corporate Governance Works For Shareholders, Knowledge@Smu Apr 2008

Measuring Economic Value Added (Eva): How Corporate Governance Works For Shareholders, Knowledge@Smu

Knowledge@SMU

Economic Value Added (EVA)” is a registered trademark of Stern Stewart & Co, a consulting firm which implements the EVA concept for large companies. Joel M. Stern, managing partner of Stern Stewart since its inception, is a recognised authority on corporate performance measurement and a pioneer and proponent of shareholder value. Stern recently delivered the Shaw Foundation Distinguished Faculty Lecture at the Singapore Management University on how to make corporate governance work for shareholders. This article explains why EVA as a way of measuring a firm's performance matters.

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How Smes Can Leverage Innovation To Become Global Players, Knowledge@Smu Apr 2008

How Smes Can Leverage Innovation To Become Global Players, Knowledge@Smu

Knowledge@SMU

Small and Medium Enterprises (SMEs) need to realise that being small is only an interim stage on the way to becoming larger enterprises. How SMEs can grow is to leverage on innovation opportunities to transition to the next stage, says Singapore Management University information systems professor Desai Arcot Narasimhalu, speaking recently on “Innovation -- The tracks that can transform SMEs into global players” at the UOB-SMU Entrepreneurship Alliance Centre.

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Time Magazine Education Program (38 Pedagogical Articles/Worksheets In A Year; Samples Uploaded), Siow Heng Ong Apr 2008

Time Magazine Education Program (38 Pedagogical Articles/Worksheets In A Year; Samples Uploaded), Siow Heng Ong

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Managing Project Portfolios, Martin Lockett, Bert De Reyck, Andrew Sloper Apr 2008

Managing Project Portfolios, Martin Lockett, Bert De Reyck, Andrew Sloper

Research Collection Lee Kong Chian School Of Business

Portfolios are part of the bedrock of any financial services company. Yet, other industries are now starting to use a similar approach -not with stocks and bonds, but with business projects. Martin Lockett, Bert De Reyck and Andrew Sloper think it's a great idea, but only if it's done right.

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Leverage Change, Debt Capacity, And Stock Prices, Jie Cai, Zhe (Joe) Zhang Apr 2008

Leverage Change, Debt Capacity, And Stock Prices, Jie Cai, Zhe (Joe) Zhang

Research Collection Lee Kong Chian School Of Business

We document a significantly negative effect of the change in a firm’s leverage ratio on its stock prices. This effect cannot be explained by popular asset pricing factors or firm characteristics. We find that the negative effect is stronger for firms with limited debt capacity. Moreover, firms with an increase in leverage ratio tend to have less future investment, even after controlling for growth option and target leverage. These findings are consistent with a dynamic view of the pecking-order theory that an increase in leverage reduces firms’ safe debt capacity and may lead to future underinvestment, thus reducing firm value. …

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Which Shorts Are Informed?, Ekkehart Boehmer, Charles M. Jones, Xiaoyan Zhang Apr 2008

Which Shorts Are Informed?, Ekkehart Boehmer, Charles M. Jones, Xiaoyan Zhang

Research Collection Lee Kong Chian School Of Business

We construct a long daily panel of short sales using proprietary NYSE order data. From 2000 to 2004, shorting accounts for more than 12.9% of NYSE volume, suggesting that shorting constraints are not widespread. As a group, these short sellers are well informed. Heavily shorted stocks underperform lightly shorted stocks by a risk-adjusted average of 1.16% over the following 20 trading days (15.6% annualized). Institutional nonprogram short sales are the most informative; stocks heavily shorted by institutions underperform by 1.43% the next month (19.6% annualized). The results indicate that, on average, short sellers are important contributors to efficient stock prices.

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Benefiting From Customer And Competitor Knowledge: A Market-Based Approach To Organisational Learning, Siu Loon Hoe Apr 2008

Benefiting From Customer And Competitor Knowledge: A Market-Based Approach To Organisational Learning, Siu Loon Hoe

Research Collection School Of Computing and Information Systems

PurposeThe purpose of this paper is to review the organizational learning, market orientation and learning orientation concepts, highlight the importance of market knowledge to organizational learning and recommend ways in adopting a market‐based approach to organizational learning.Design/methodology/approachThe extant organizational learning and market orientation literature was reviewed, and the salient points on how adopting a market‐based approach to organizational learning promotes competitive advantage are discussed.FindingsOrganizational behavior scholars have devoted a lot attention on the factors and conditions affecting organizational learning. The end outcome, of course, is to improve organizational performance. Marketing scholars, on the other, focused on the effect of market …

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Can Leadership Development Be Taught? Not Really, Says Banyan Treechairman Ho Kwon Ping, Knowledge@Smu Mar 2008

Can Leadership Development Be Taught? Not Really, Says Banyan Treechairman Ho Kwon Ping, Knowledge@Smu

Knowledge@SMU

Formal education may be a good vehicle for imparting specialised knowledge or domain expertise. What it does less well is to teach leadership development, hence the moral vacuum sometimes evident at the upper levels of society from business to politics. This dilemma was the focus of a recent talk by Banyan Tree Holding’s executive chairman, Ho Kwon Ping, as part of the CEO Talks series organised by the Wee Kim Wee Centre of Singapore Management University (SMU). Ho, who is also chairman of SMU’s Board of Trustees, won the CEO of the Year 2007 award in Singapore.

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The Source Of Competitive Advantage In A Family Business Is The Family, Knowledge@Smu Mar 2008

The Source Of Competitive Advantage In A Family Business Is The Family, Knowledge@Smu

Knowledge@SMU

When family businesses expand overseas, they do well to capitalise on their unique core values and cultures. But these inherent strengths should be tempered to fit into the new environments, advised Sanjay Goel, strategic management and entrepreneurship professor, University of Minnesota Duluth. Goel spoke on the topic, "Sources of competitive advantage in family business – bringing the family back in," at the inaugural Ngee Ann Kongsi annual lecture, Singapore Management University (SMU). He was joined for a panel discussion afterwards by Richard Eu, Robert Yap and Andreas Sohmen-Pao. The panel was chaired by SMU deputy president and provost Tan Chin …

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Smu Students Forum Explores Why Poverty Persists In Asia And How Individuals Can Make A Difference: Part 1, Knowledge@Smu Mar 2008

Smu Students Forum Explores Why Poverty Persists In Asia And How Individuals Can Make A Difference: Part 1, Knowledge@Smu

Knowledge@SMU

The Singapore Management University (SMU) chapter of AIESEC, a worldwide student organisation, together with SMU Broadcast and Entertainment hosted a panel discussion in February 2007 on the topic, “Why does poverty continue to exist in Asia and what can society do about it?” Part 1 of this two-part article contains edited excerpts of presentations by Stephen Young, Caux Round Table; Claire Chiang, Banyan Tree Holdings and Singapore Compact for CSR; and Steven Ney, SMU. The forum was moderated by SMU law professor Eugene Tan.

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Smu Students Forum Explores Why Poverty Persists In Asia And How Individuals Can Make A Difference: Part 2, Knowledge@Smu Mar 2008

Smu Students Forum Explores Why Poverty Persists In Asia And How Individuals Can Make A Difference: Part 2, Knowledge@Smu

Knowledge@SMU

The Singapore Management University (SMU) chapter of AIESEC, a worldwide student organisation, together with SMU Broadcast and Entertainment hosted a panel discussion in February 2007 on the topic, “Why does poverty continue to exist in Asia and what can society do about it?” Part 2 of this two-part article provides edited excerpts of presentations by John Donaldson, SMU; Michael Switow, One Singapore and SUPERSEED; and Peter Stephens, World Bank. The panel moderator was SMU law professor Eugene Tan.

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Motorola Cio Patricia Morrison In Dialogue: How Technology Drives Value Creation For Business, Knowledge@Smu Mar 2008

Motorola Cio Patricia Morrison In Dialogue: How Technology Drives Value Creation For Business, Knowledge@Smu

Knowledge@SMU

Global communications technology giant Motorola has 65,000 employees in 140 countries. Patricia Morrison, the company’s executive vice president (EVP) and chief information officer (CIO) shared insights about her role as CIO and how technology drives value creation for business at a recent Business IT Talk organised by the School of Information Systems, Singapore Management University. Morrison, who joined the company in 2005 with over 20 years of experience in managing IT and systems, was selected 2007 CIO of the Year by the Executives Club of Chicago and the Association of Information Technology Professionals.

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When You Are Sinking Become A Submarine: How To Win Through Wisdom And Creativity, Knowledge@Smu Mar 2008

When You Are Sinking Become A Submarine: How To Win Through Wisdom And Creativity, Knowledge@Smu

Knowledge@SMU

Vivekacharya Pavan Choudhary comes across as a somewhat paradoxical figure with his sage like contemplations on the one hand, and impeccable corporate credentials on the other. Author of the book, When You Are Sinking Become a Submarine, Choudhary is also CEO of Vygon India, a French multinational pharmaceutical company. At a recent Lien Fung's Colloquium held at the Singapore Management University, Choudhary shared his own philosophical insights on winning through wisdom and creativity, and how to be successful without compromising on 'goodness'.

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Regret Aversion And Decision Process Quality: Effect Of Regret Salience On Decision Process Carefulness, Jochen Reb Mar 2008

Regret Aversion And Decision Process Quality: Effect Of Regret Salience On Decision Process Carefulness, Jochen Reb

Research Collection Lee Kong Chian School Of Business

A considerable amount of past research has examined the effects of regret aversion on which options decision makers choose. However, past research has largely neglected to address the effect of regret aversion on the decision process. We conducted five experiments to examine the effect of making regret salient on decision process quality. We predicted that increased regret aversion would lead to more careful decision processing. The results consistently supported this prediction across the different decision situations, incentive structures, regret salience manipulations, and dependent variables used. In all experiments making regret salient led decision makers to take significantly longer to reach …

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Non-Audit Service Fees And Audit Quality: The Impact Of Auditor Specialization, Chee Yeow Lim, Hun-Tong Tan Mar 2008

Non-Audit Service Fees And Audit Quality: The Impact Of Auditor Specialization, Chee Yeow Lim, Hun-Tong Tan

Research Collection School Of Accountancy

We posit that the effect of non-audit fees on audit quality is conditional on auditor industry specialization. Industry specialist auditors are more likely than nonspecialists to be concerned about reputation losses and litigation exposure, and to benefit from knowledge spillovers from the provision of non-audit services. We find evidence that audit quality measured by increased propensity to issue going-concern opinion, increased propensity to miss analysts' forecasts, as well as higher earnings-response coefficients increases with the level of non-audit services acquired from industry specialist auditors compared to nonspecialist auditors.

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Liquidity Distribution In The Limit Order Book On The Stock Exchange Of Thailand, Nuttawat Visaltanachoti, Charlie Charoenwong, David K. Ding Mar 2008

Liquidity Distribution In The Limit Order Book On The Stock Exchange Of Thailand, Nuttawat Visaltanachoti, Charlie Charoenwong, David K. Ding

Research Collection Lee Kong Chian School Of Business

The liquidity distribution, or the shape of the limit order book, influences trading behavior and choice of order submission by public liquidity suppliers. The present study seeks to discover whether liquidity providers are concerned about being picked off by informed traders, and whether they are less willing to supply liquidity at the market or demand higher price spreads. The results show that liquidity at the market is a small portion of total liquidity, and that firm size, minimum tick size, volatility, and trading volume play significant roles in determining the liquidity distribution within an order book.

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A Closer Look At The Frame-Of-Reference Effect In Personality Scale Scores And Validity, Filip Lievens, Wifiried De Corte, Eveline Schollaert Mar 2008

A Closer Look At The Frame-Of-Reference Effect In Personality Scale Scores And Validity, Filip Lievens, Wifiried De Corte, Eveline Schollaert

Research Collection Lee Kong Chian School Of Business

This article contributes to the understanding of why the use of a frame-of-reference leads to increased criterion-related validity of personality inventories. Two competing explanations are described and tested. A between-subjects (N = 337) and a within-subject (N = 105) study are conducted to test the hypothesized effects of use of a frame of reference on reliability and validity. Regarding the effects on reliability, use of a frame of reference reduces within-person inconsistency (instead of between-person variability) in responding to generic items. Use of a frame of reference further leads to higher validity as a result of the reduction of between-person …

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On Changes In Rural China: The Rise Of Agrarian Capitalism And Dissolution Of The Peasantry In Contemporary China, Forrest Zhang, John A. Donaldson Mar 2008

On Changes In Rural China: The Rise Of Agrarian Capitalism And Dissolution Of The Peasantry In Contemporary China, Forrest Zhang, John A. Donaldson

Research Collection School of Social Sciences

For decades, Mr. Hong and his family have toiled the ground of Dounan Village, an area of Yunnan Province that became well-known throughout China for the quality of its fresh vegetables. While Hong and his neighbors have, since the early 1980s, concentrated on the small plot of land that the state allocated to them, in recent years, Dounan village has begun producing vegetables in large enough scale to market to distant, wealthy coastal areas, bringing new-found prosperity to the area. After gaining experience producing vegetables both on the plot that the government allocated to his family, and on his neighbors’ …

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Advertising And Collusion In Retail Markets, Kyle Bagwell, Gea Myoung Lee Mar 2008

Advertising And Collusion In Retail Markets, Kyle Bagwell, Gea Myoung Lee

Research Collection School Of Economics

We consider non-price advertising by retail firms that are privately informed as to their respective production costs. We first analyze a static model. We construct an advertising equilibrium, in which informed consumers use an advertising search rule whereby they buy from the highest-advertising firm. Consumers are rational in using the advertising search rule, since the lowest-cost firm advertises the most and also selects the lowest price. Even though the advertising equilibrium facilitates productive efficiency, we establish conditions under which firms enjoy higher expected profit when advertising is banned. Consumer welfare falls in this case, however. We next analyze a dynamic …

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Quanttalent Management, M. Thulasidas Mar 2008

Quanttalent Management, M. Thulasidas

Research Collection School Of Computing and Information Systems

Since structured products are a major profit engine on the trading floor of most banks, this demand represents a strong pull factor for quants from competing institutions. There is nothing much that most financial institutions can do about this pull factor, except to pull them back in with offers they can’t refuse.

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Certified Value Sellers, James Anderson, Nirmalya Kumar, James A. Narus Mar 2008

Certified Value Sellers, James Anderson, Nirmalya Kumar, James A. Narus

Research Collection Lee Kong Chian School Of Business

Some companies think that offering deep discounts to buyers is the only way to sell their products in business markets. The authors propose a better way.

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The Impact Of Investor Protection Law On Takeovers: The Case Of Leveraged Buyouts, Jerry Cao, Douglas J. Cumming, Jeremy Goh, Meijun Qian, Xiaoming Wang Mar 2008

The Impact Of Investor Protection Law On Takeovers: The Case Of Leveraged Buyouts, Jerry Cao, Douglas J. Cumming, Jeremy Goh, Meijun Qian, Xiaoming Wang

Research Collection Lee Kong Chian School Of Business

This paper examines the impact of investor protection on the value creation of LBOs. We find that target shareholders’ wealth gain is higher in countries with better investor protection. The impact of investor protection on takeover premium is larger for LBO than non-LBO transactions. We also find evidence suggesting that club LBOs are not priced lower than non-club deals after accounting for endogeneity problem. These results suggest that investor protection law may act as an important safeguard for minority shareholders in LBO transactions.

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