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Research Collection Lee Kong Chian School Of Business

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Articles 1 - 30 of 2523

Full-Text Articles in Business

An Inertial Triple-Projection Algorithm For Solving The Split Feasibility Problems, Yazheng Dang, Marcus Ang, Jie Sun Mar 2023

An Inertial Triple-Projection Algorithm For Solving The Split Feasibility Problems, Yazheng Dang, Marcus Ang, Jie Sun

Research Collection Lee Kong Chian School Of Business

This paper proposes a new inertial triple-projection algorithm for solving the split feasibility problem (SFP).The process of projections is divided into three parts. Each part adopts a different variable stepsize to obtain its projection point, which is different from the existing extragradient methods. Flexible rules are employed for selecting the stepsizes and the inertial technique is used for improving the convergence. Convergence results are proven. Numerical experiments show that the proposed method converges more quickly than the general CQ algorithm.

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Impact Of Geographical Diversification And Limited Attention On Private Equity Fund Returns, Victor Ong Feb 2023

Impact Of Geographical Diversification And Limited Attention On Private Equity Fund Returns, Victor Ong

Research Collection Lee Kong Chian School Of Business

This article analyzes the effect of geographical diversification on global private equity (PE) fund returns. We find that there is a negative correlation between geographical diversification and PE fund returns. To establish the causality between geographical diversification and PE fund returns, we employ an instrumental variable analysis where the instrument used is the stock market capitalization of the host country where the PE fund is based. Our results apply to Net IRR, TVPI and DPI as dependent variables used to proxy for PE fund returns in the main regression model. A one standard deviation increase in geographical diversification results in …

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Presidential Economic Approval Rating And The Cross-Section Of Stock Returns, Zilin Chen, Zhi Da, Dashan Huang, Liyao Wang Jan 2023

Presidential Economic Approval Rating And The Cross-Section Of Stock Returns, Zilin Chen, Zhi Da, Dashan Huang, Liyao Wang

Research Collection Lee Kong Chian School Of Business

We construct a monthly presidential economic approval rating (PEAR) index from 1981 to 2019, by averaging ratings on the president’s handling of the economy across various national polls. In the cross-section, stocks with high betas to changes in the PEAR index significantly under-perform those with low betas by 1.00% per month in the future, on a risk-adjusted basis. The low PEAR beta premium persists up to one year, and is present in various sub-samples and even in other G7 countries. PEAR beta dynamically reveals a firm’s perceived alignment to the incumbent president’s economic policies and investors seem to misprice such …

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Design Of Off-Grid Lighting Business Models To Serve The Poor: Field Experiments And Structural Analysis, Bhavani Shanker Uppari, Serguei Netessine, Ioana Popescu, Rowan P. Clarke Jan 2023

Design Of Off-Grid Lighting Business Models To Serve The Poor: Field Experiments And Structural Analysis, Bhavani Shanker Uppari, Serguei Netessine, Ioana Popescu, Rowan P. Clarke

Research Collection Lee Kong Chian School Of Business

A significant proportion of the world’s population has no access to grid-based electricity and so relies on off-grid lighting solutions. Rechargeable lamp technology is gaining popularity as an alternative off-grid lighting model in developing countries. In this paper, we explore consumer behavior and the operational inefficiencies that result under this model. Specifically, we are interested in (i) measuring the impact of inconvenience (of travelling to recharge the lamp) along with the impact of liquidity constraints (due to poverty) on lamp usage, and (ii) evaluating the efficacy of strategies that address these factors. We build a structural model of consumers’ recharge …

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Sustainability Impact Assessment Of New Ventures: An Emerging Field Of Research, Klaus Fichter, Florian Ludeke-Freund, Stefan Schaltegger, Simon J.D. Schillebeeckx Jan 2023

Sustainability Impact Assessment Of New Ventures: An Emerging Field Of Research, Klaus Fichter, Florian Ludeke-Freund, Stefan Schaltegger, Simon J.D. Schillebeeckx

Research Collection Lee Kong Chian School Of Business

Entrepreneurs and start-ups are key actors in implementing environmental innovation and accelerating sustainability transitions. Thus, analyzing as well as predicting the impact of entrepreneurial ventures is central to management and entrepreneurship research. The sustainability performance, value and impact of incumbent firms and their products and services has been a key topic in business-related sustainability research for many years. However, assessing the sustainability effects of new ventures such as start-ups is a neglected area in the research literature. This article therefore provides an overview, including key definitions, a new conceptual framework, and notions that can help guide and inspire a future …

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An Exponential Cone Programming Approach For Managing Electric Vehicle Charging, Li Chen, Long He, Yangfang (Helen) Zhou Jan 2023

An Exponential Cone Programming Approach For Managing Electric Vehicle Charging, Li Chen, Long He, Yangfang (Helen) Zhou

Research Collection Lee Kong Chian School Of Business

To support the rapid growth in global electric vehicle adoption, public charging of electric vehicles is crucial. We study the problem of an electric vehicle charging service provider, which faces (1) stochastic arrival of customers with distinctive arrival and departure times, and energy requirements as well as (2) a total electricity cost including demand charges, costs related to the highest per-period electricity used in a finite horizon. We formulate its problem of scheduling vehicle charging to minimize the expected total cost as a stochastic program (SP). As this SP is large-scale, we solve it using exponential cone program (ECP) approximations. …

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Multinational Family Firms’ Internationalization Depth And Breadth Following The Global Financial Crisis, Sebastian P. L. Fourné, Miriam Zschoche, Christian Schwens, Reddi Kotha Jan 2023

Multinational Family Firms’ Internationalization Depth And Breadth Following The Global Financial Crisis, Sebastian P. L. Fourné, Miriam Zschoche, Christian Schwens, Reddi Kotha

Research Collection Lee Kong Chian School Of Business

This study examines how large family firms react to a macroeconomic shock in terms of their internationalization depth and breadth. Building on new internalization theory and acknowledging the dysfunctional manifestations of bifurcation bias in large family-owned MNEs, we argue that an unexpected shock induces family firms to recombine their family firm-specific resources with their thus far underutilized or unequally treated nonfamily resources. This recombination allows most family firms to economize on bifurcation bias and leverage their resources as firm-specific advantages (FSAs) resulting in an increased depth and breadth of internationalization post shock (while some of them may continue to suffer …

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Does Abstract Thinking Facilitate Information Processing? Evidence From Financial Analysts, Frank Weikai Li, Rong Wang, Yang Yu, Gloria Yang Yu Dec 2022

Does Abstract Thinking Facilitate Information Processing? Evidence From Financial Analysts, Frank Weikai Li, Rong Wang, Yang Yu, Gloria Yang Yu

Research Collection Lee Kong Chian School Of Business

We study whether abstract thinking – an essential cognitive trait established by psychological and neuroscientific studies – facilitates analysts’ information processing. Exploiting analysts’ questions during earnings calls, we construct an Abstract Thinking Index (ATI) that measures their tendency to involve abstract words, logical reasoning, broader topics, and future outlooks. We find that abstract thinking improves analysts’ forecast accuracy and recommendation informativeness. Consistent with abstract thinking featuring identifying central characteristics and comprehending intangible things, ATI has stronger effects for firms with fundamentals co-moving more with peers and less tangible information. Additional analyses suggest that ATI captures analysts’ cognitive traits rather than …

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Learning From Manipulable Signals, Mehmet Ekmekci, Leandrro Gorno, Lucas Maestri, Jian Sun, Dong Wei Dec 2022

Learning From Manipulable Signals, Mehmet Ekmekci, Leandrro Gorno, Lucas Maestri, Jian Sun, Dong Wei

Research Collection Lee Kong Chian School Of Business

We study a dynamic stopping game between a principal and an agent. The agent is privately informed about his type. The principal learns about the agent’s type from a noisy performance measure, which can be manipulated by the agent via a costly and hidden action. We fully characterize the unique Markov equilibrium of this game. We find that terminations/ market crashes are often preceded by a spike in (expected) performance. Our model also predicts that, due to endogenous signal manipulation, too much transparency can inhibit learning. As the players get arbitrarily patient, the principal elicits no useful information from the …

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Shaping Ott Movie Consumption Through Immersive Cinema: A Qualitative Investigation Of Consumer Perspectives, Avirupa Basu, Pratap C. Mandal, Ashutosh. B. Murti, Tamas Makany, Tamas Makany Dec 2022

Shaping Ott Movie Consumption Through Immersive Cinema: A Qualitative Investigation Of Consumer Perspectives, Avirupa Basu, Pratap C. Mandal, Ashutosh. B. Murti, Tamas Makany, Tamas Makany

Research Collection Lee Kong Chian School Of Business

Due to the COVID-19 pandemic, the entertainment sector saw a worldwide disruption with restrictions on outdoor activities. Consequently, consumers turned towards video and music streaming services for their entertainment consumption. Several film studios have taken the digital release route on over-the-top (OTT) sites to avoid revenue losses and indefinite delays. However, these non-theatrical OTT film releases need to experiment with different strategies to bring the experiences to par with theatrical ones. This exploratory study aims to provide insights on whether Immersive Cinema can be used to imitate the physical world through digital simulation on OTT platforms to gain credibility in …

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Optimal Channel Strategy Of Luxury Brands In The Presence Of Online Marketplace And Copycats, Sarah Yini Gao, Wei Shi Lim, Ziqiu Ye Dec 2022

Optimal Channel Strategy Of Luxury Brands In The Presence Of Online Marketplace And Copycats, Sarah Yini Gao, Wei Shi Lim, Ziqiu Ye

Research Collection Lee Kong Chian School Of Business

The strategic interaction between authentic luxury brands and their copycats has evolved since the proliferation of online marketplaces. Using a game-theoretic framework, we examine how an authentic luxury brand, observing the strategic behavior of its competing copycats, should make its optimal entry decision to a third-party online marketplace. Our findings reveal that the authentic luxury brand does not sell on the online marketplace when either the quality or the physical resemblance of the copycat to the authentic luxury brand is high. This contributes to the related literature by offering an explanation for the increasing quality of copycats amid the e-commerce …

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The Value Of Fiduciary Duties: Evidence From En Bloc Sales In Singapore, Jianfeng Hu, Kelvin F. K. Low, Wei Zhang Dec 2022

The Value Of Fiduciary Duties: Evidence From En Bloc Sales In Singapore, Jianfeng Hu, Kelvin F. K. Low, Wei Zhang

Research Collection Lee Kong Chian School Of Business

This paper examines the impact of fiduciary duties on collective asset sales in the case of owners acting as delegates for other owners, thereby potentially inducing conflicts of interests. Our identification strategy exploits a unique legal shock in Singapore, which established fiduciary duties in those transactions in the real estate market known colloquially as en bloc sales. The imposition of fiduciary duties caused the price premium of units sold via en bloc sales to increase over units ineligible for en bloc sale, as well as over units that, although eligible for en bloc sale, are sold individually. In addition, this …

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Asymmetric Information Of Product Authenticity On C2c E-Commerce Platforms: How Can Inspection Services Help?, Linqiu Li, Xin Fang, Yun Fong Lim Dec 2022

Asymmetric Information Of Product Authenticity On C2c E-Commerce Platforms: How Can Inspection Services Help?, Linqiu Li, Xin Fang, Yun Fong Lim

Research Collection Lee Kong Chian School Of Business

Problem definition: We consider a customer-to-customer (C2C) platform that provides an inspection service. Uncertain about his product’s authenticity, a seller sells his product through the platform. Before purchasing, a buyer obtains a signal of the product authenticity from the product’s price set by the seller. The platform’s inspection service can detect a counterfeit with a probability. If the product passes the inspection, the platform sends it to the buyer and charges the seller a commission fee. Otherwise, the platform returns it to the seller and charges the seller a penalty fee. Methodology/results: We develop a two-stage game-theoretical model. In the …

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Impacts Of Distributive Comparison Behavior On Corporate Social Responsibility In Supply Chains: The Role Of Small Firms, Mingzheng Wang, Xin Fang, Zizhuo Wang, Ying-Ju Chen Dec 2022

Impacts Of Distributive Comparison Behavior On Corporate Social Responsibility In Supply Chains: The Role Of Small Firms, Mingzheng Wang, Xin Fang, Zizhuo Wang, Ying-Ju Chen

Research Collection Lee Kong Chian School Of Business

Problem definition: In this paper, we explore how a firm’s concern about profit distribution and the size of downstream firms in supply chains affect corporate social responsibility (CSR) investment strategy. Methodology/results: In a supply chain consisting of one supplier and one manufacturer, both players decide whether to invest to reduce CSR violations, and they negotiate over a wholesale price. Distributive comparison behavior makes the manufacturer compare the profit with his equitable payoff, which is determined by the supplier’s profit. Advantageous (resp. disadvantageous) inequality occurs when the manufacturer’s profit is higher (resp. lower) than the manufacturer’s equitable payoff. We compare this …

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Board Governance Of Strategic Change: An Assessment Of The Literature And Avenues For Future Research, Patricia Klamer, Qiwen Yu, Toru Yoshikawa, Michael Hitt Nov 2022

Board Governance Of Strategic Change: An Assessment Of The Literature And Avenues For Future Research, Patricia Klamer, Qiwen Yu, Toru Yoshikawa, Michael Hitt

Research Collection Lee Kong Chian School Of Business

Boards of directors play a central role in governing corporate strategic change.We systematically review corporate governance research on strategic changepublished over the past 40 years, differentiating between strategic change typesand board characteristics. We identify three developments: a focus on specificstrategic change types, board composition and structure, and North Americanlisted firms as a dominant study context. Yet, our analysis of the literature showsthat research on board governance of interrelated strategic changes, on differ-ent board roles and behaviour, and on the governance of strategic changes acrossdifferent contexts remains underdeveloped. To address these research gaps, wesuggest three future research avenues: (1) examining how …

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Avoiding Bias In The Search For Implicit Bias, Wilson Cyrus-Lai, Warren Tierney, Christilene Du Plessis, My Nguyen, Michael Schaerer, Elena Giulia Clemente, Eric Luis Uhlmann Nov 2022

Avoiding Bias In The Search For Implicit Bias, Wilson Cyrus-Lai, Warren Tierney, Christilene Du Plessis, My Nguyen, Michael Schaerer, Elena Giulia Clemente, Eric Luis Uhlmann

Research Collection Lee Kong Chian School Of Business

To revitalize the study of unconscious bias, Gawronski, Ledgerwood, and Eastwick (this issue) propose a paradigm shift away from implicit measures of intergroup attitudes and beliefs. Specifically, researchers should capture discriminatory biases and demonstrate that participants are unaware of the influence of social category cues on their judgments and actions. Individual differences in scores on implicit measures will be useful to predict and better understand implicitly prejudiced behaviors, but the latter should be the collective focus of researchers interested in unconscious biases against social groups.

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Networking Fast And Slow: The Role Of Speed In Tie Formation, Julia Brennecke, Gokhan Ertug, Tom Elfring Oct 2022

Networking Fast And Slow: The Role Of Speed In Tie Formation, Julia Brennecke, Gokhan Ertug, Tom Elfring

Research Collection Lee Kong Chian School Of Business

Growing interest in network dynamics has led to insights about patterns of network change, drivers of tie formation, and the temporal unfolding of the consequences of networks. To this area of inquiry, we introduce networking speed – the time it takes for individuals to form a network tie – as an important but so far largely overlooked aspect. We develop a theory of networking speed that explains how different catalysts enable professionals to introduce variation into the speed with which they form interpersonal network ties. We discuss how such variation in the speed with which ties have been formed influences …

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More Voices Persuade: The Attentional Benefits Of Voice Numerosity, Hannah H. Chang, Anirban Mukherjee, Amitava Chattopadhyay Oct 2022

More Voices Persuade: The Attentional Benefits Of Voice Numerosity, Hannah H. Chang, Anirban Mukherjee, Amitava Chattopadhyay

Research Collection Lee Kong Chian School Of Business

The authors posit that in an initial exposure to a broadcast video, hearing different voices narrate (in succession) a persuasive message encourages consumers’ attention and processing of the message, thereby facilitating persuasion; this is referred to as “the voice numerosity effect.” Across four studies (plus validation and replication studies)—including two large-scale, real-world datasets (with more than 11,000 crowdfunding videos and over 3.6 million customer transactions, and more than 1,600 video ads) and two controlled experiments (with over 1,800 participants)—the results provide support for the hypothesized effect. The effect (1) has consequential, economic implications in a real-world marketplace, (2) is more …

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Shrinking Factor Dimension: A Reduced-Rank Approach, Dashan Huang Oct 2022

Shrinking Factor Dimension: A Reduced-Rank Approach, Dashan Huang

Research Collection Lee Kong Chian School Of Business

We propose a reduced-rank approach (RRA) to reduce a large number of factors to a few parsimonious ones. In contrast to PCA and PLS, the RRA factors are designed to explain the cross section of stock returns, not to maximize factor variations or factor covariances with returns. Out of 70 factor proxies, we find that five RRA factors outperform the Fama-French (2015) five factors for pricing target portfolios, but performs similarly for pricing individual stocks. Our results suggest that existing factor proxies do not provide enough new information at the stock level beyond the Fama-French (2015) five factors.

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Misunderstood Menu Metrics: Side-Length Food Sizing Leads To Quantity Underestimation And Overeating, Thomas Allard, Stefano Puntoni Oct 2022

Misunderstood Menu Metrics: Side-Length Food Sizing Leads To Quantity Underestimation And Overeating, Thomas Allard, Stefano Puntoni

Research Collection Lee Kong Chian School Of Business

This research highlights consumers' failure to understand food sizing communicated using side-length metrics (e.g., 12-inch pizza, 8-inch cake, 2-inch cookie), which are ubiquitous in menus and online interfaces. A series of studies show that describing food size options using side-length metrics leads to food quantity underestimation and food intakes misaligned with consumers' objectives. This robust effect arises because of a linearization heuristic where people do not adequately adjust for the exponential difference in the surface area associated with linear changes in side-length metrics. Choice architecture interventions that replace side-length information with metrics varying linearly with quantities (e.g., surface area, numbers …

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Using Machine Learning To Extract Insights From Consumer Data, Hannah H. Chang, Anirban Mukherjee Oct 2022

Using Machine Learning To Extract Insights From Consumer Data, Hannah H. Chang, Anirban Mukherjee

Research Collection Lee Kong Chian School Of Business

Advances in digital technology have led to the digitization of everyday activities of billions of people around the world, generating vast amounts of data on human behavior. From what people buy, to what information they search for, to how they navigate the social, digital, and physical world, human behavior can now be measured at a scale and level of precision that human history has not witnessed before. These developments have created unprecedented opportunities for those interested in understanding observable human behavior–social scientists, businesses, and policymakers—to (re)examine theoretical and substantive questions regarding people’s behavior. Moreover, technology has led to the emergence …

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Local, Yet Global: Implications Of Caste For Mnes And International Business, Hari Bapuji, Snehanjali Chrispal, Balagopal Vissa, Gokhan Ertug Oct 2022

Local, Yet Global: Implications Of Caste For Mnes And International Business, Hari Bapuji, Snehanjali Chrispal, Balagopal Vissa, Gokhan Ertug

Research Collection Lee Kong Chian School Of Business

Caste is an informal institution that influences socioeconomic action in many contexts. It is becoming increasingly evident that international business research, practice, and policy need to programmatically address caste. To facilitate this endeavour, we review the limited research in IB that has addressed caste, and theorize caste as a distinct informal institution by distinguishing it from systems of stratification like race, class, and gender. In addition, we propose a parsimonious framework to highlight the implications of caste for Indian and non-Indian MNEsin their Indian and global operations. In doing this, we focus on implications with respect to the internal organization …

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Artificial Intelligence, Consumers, And The Experience Economy, Hannah H. Chang, Anirban Mukherjee Oct 2022

Artificial Intelligence, Consumers, And The Experience Economy, Hannah H. Chang, Anirban Mukherjee

Research Collection Lee Kong Chian School Of Business

The term Artificial Intelligence (AI) was first used by McCarthy, Minsky, Rochester, and Shannon in a proposal for a summer research project in 1955 (Solomonoff, 1985). It is widely and commonly defined to be “the science and engineering of making intelligent machines” (McCarthy, 2006). Recent technological advances and methodological developments have made AI pervasive in new marketing offerings, ranging from self-driving cars, intelligent voice assistants such as Amazon’s Alexa, to burger-making robots at restaurants and rack-moving robots inside warehouses such as Amazon’s family of robots (Kiva, Pegasus, Xanthus) and delivery drones. There is optimism, and perhaps even over-optimism, of the …

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Building Up A Culture Of Respect, Siow-Heng Ong Oct 2022

Building Up A Culture Of Respect, Siow-Heng Ong

Research Collection Lee Kong Chian School Of Business

Recently, we have become more acutely aware of a variety of undesirable workplace circumstances and practices in Singapore. personal time; discriminatory workplace practices against members of various categories of minority groups; and bias against women staff.

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The Mutual Constitution Of Culture And Psyche: The Bidirectional Relationship Between Individuals’ Perceived Control And Cultural Tightness-Looseness, Anyi Ma, Krishna Savani, Fangzhou Liu, Kenneth Tai, Aaron C. Kay Oct 2022

The Mutual Constitution Of Culture And Psyche: The Bidirectional Relationship Between Individuals’ Perceived Control And Cultural Tightness-Looseness, Anyi Ma, Krishna Savani, Fangzhou Liu, Kenneth Tai, Aaron C. Kay

Research Collection Lee Kong Chian School Of Business

According to the theory of mutual constitution of culture and psyche, just as culture shapes people, individuals’ psychological states can influence culture. We build on compensatory control theory, which suggests that low personal control can lead people to prefer societal systems that impose order, to examine the mutual constitution of personal control and cultural tightness. Specifically, we tested whether individuals’ lack of personal control increases their preference for tighter cultures as a means of restoring order and predictability, and whether tighter cultures in turn reduce people’s feelings of personal control. Seven studies (five preregistered) with participants from the United States, …

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Bringing Excitement To Empirical Business Ethics Research: Thoughts On The Future Of Business Ethics, Mayowa T. Babalola, Matthijs Bal, Charles H. Cho, Lucia Garcia-Lorenzo, Omrane Guedhami, Hao Liang, Greg Shailer, Suzanne Van Gils Oct 2022

Bringing Excitement To Empirical Business Ethics Research: Thoughts On The Future Of Business Ethics, Mayowa T. Babalola, Matthijs Bal, Charles H. Cho, Lucia Garcia-Lorenzo, Omrane Guedhami, Hao Liang, Greg Shailer, Suzanne Van Gils

Research Collection Lee Kong Chian School Of Business

To commemorate 40 years since the founding of the Journal of Business Ethics, the editors-in-chief of the journal have invited the editors to provide commentaries on the future of business ethics. This essay comprises a selection of commentaries aimed at creating dialog around the theme Bringing Excitement to Empirical Business Ethics Research (inspired by the title of the commentary by Babalola and van Gils). These editors, considering the diversity of empirical approaches in business ethics, envisage a future in which quantitative business ethics research is more bold and innovative, as well as reflexive about its techniques, and dialog between quantitative …

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The Sun Is Rising In The East: Dual-Class Shares And The Competitive Landscape Of Technological Industries In Asia, Hao Liang, Tran Bao Phuong Nguyen, Wei Zhang Oct 2022

The Sun Is Rising In The East: Dual-Class Shares And The Competitive Landscape Of Technological Industries In Asia, Hao Liang, Tran Bao Phuong Nguyen, Wei Zhang

Research Collection Lee Kong Chian School Of Business

There has recently been a relaxation of listing regulations to accommodate and attract firms going public with dual-class shares (DCS), notably in Asia. We examine the value implications of DCS adoption by employing an event study around a regulatory change allowing DCS listings in Hong Kong. We find negative market reactions around these regulatory discussions for firms already listed in Hong Kong, especially for firms in technology (tech) sectors. However, the market reaction turned positive for tech firms during Hong Kong’s first DCS listing. We identify two distinct channels that influenced shareholders’ perspectives on DCS: the competition channel, which dominated …

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Riding Off Into The Sunset: Dual-Class Structure In The Age Of Unicorns Going Public, Hao Liang, Junho Park, Wei Zhang Oct 2022

Riding Off Into The Sunset: Dual-Class Structure In The Age Of Unicorns Going Public, Hao Liang, Junho Park, Wei Zhang

Research Collection Lee Kong Chian School Of Business

The increasing adoption of dual-class shares (DCS)—an ownership structure that gives corporate insiders greater voting power than other shareholders—among newly listed companies has raisedsignificant governance concerns. We investigate the decision to adopt the DCS structure and itsvalue implications in the recent U.S. IPOs. Using founder cultural traits and Silicon Valley lawfirms as instrumental variables, we find significant post-IPO outperformance by firms adopting DCSwith a sunset clause, especially incapacity-based sunset which stipulates that the DCS will ceaseafter founders’ death, incapacitation or departure, compared to non-DCS firms and DCS firms without sunsets. This outperformance is more pronounced for high-tech firms, after Google’s …

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The Alphabet Soup In Reporting And Measuring Esg, Hao Liang, Kam Chee Chan Oct 2022

The Alphabet Soup In Reporting And Measuring Esg, Hao Liang, Kam Chee Chan

Research Collection Lee Kong Chian School Of Business

Harmonising frameworks with the Impact-Weighted Accounts Framework.

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Corporate Actions And The Manipulation Of Retail Investors In China: An Analysis Of Stock Splits, Sheridan Titman, Chi Shen Wei, Bin Zhao Sep 2022

Corporate Actions And The Manipulation Of Retail Investors In China: An Analysis Of Stock Splits, Sheridan Titman, Chi Shen Wei, Bin Zhao

Research Collection Lee Kong Chian School Of Business

We identify a group of “suspicious” firms that use stock splits, perhaps along with other activities, to artificially inflate their share prices. Following the initiation of suspicious splits, share prices temporarily increase, and subsequently decline below their presplit levels. Using account level data from the Shanghai Stock Exchange, we find that small retail investors acquire shares in firms initiating suspicious splits, while more sophisticated investors accumulate positions before suspicious split announcements and sell in the postsplit period. We also find that insiders sell large blocks of shares and obtain loans using company stock as collateral around the initiation of suspicious …

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