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Articles 1141 - 1170 of 3153
Full-Text Articles in Business
The Differential Effects Of Ceo Narcissism And Hubris On Corporate Social Responsibility, Yi Tang, Daniel Z. Mack, Guoli Chen
The Differential Effects Of Ceo Narcissism And Hubris On Corporate Social Responsibility, Yi Tang, Daniel Z. Mack, Guoli Chen
Research Collection Lee Kong Chian School Of Business
While prior studies have predominantly shown that CEO narcissism and hubris exhibit similar effects on various strategic decisions and outcomes, this study aims to explore the mechanisms underlying how narcissistic vs. hubristic CEOs affect their firms differently. Specifically, we investigate how peer influence moderates the CEO narcissism/hubris – CSR relationships. With a sample of S&P 1500 firms for 2003–2010, we find that the positive relationship between CEO narcissism and CSR is strengthened (weakened) when board-interlocked peer firms invest less (more) intensively in CSR than a CEO’s own firm; the negative relationship between CEO hubris and CSR is strengthened when peer …
Unpacking Public Sentiment Toward The Government: How Citizens’ Perceptions Of Government Communication Strategies Impact Public Engagement, Cynicism, And Communication Behaviors In South Korea, Soojin Kim, Arunima Krishna
Unpacking Public Sentiment Toward The Government: How Citizens’ Perceptions Of Government Communication Strategies Impact Public Engagement, Cynicism, And Communication Behaviors In South Korea, Soojin Kim, Arunima Krishna
Research Collection Lee Kong Chian School Of Business
In this study, we explore the relationship between two types of public sentiment toward the government (i.e., public engagement and cynicism) on publics’ information transmission behaviors, i.e., megaphoning, about the government. In doing so, we unpack how citizens’ perceptions of the communication strategy adopted by the government, as well perceived authenticity of the government’s communication impact their sentiments toward the government. An online survey was conducted in South Korea (N = 1112) to understand these relationships. The results revealed that perceived use of bridging strategy by the government is associated with public engagement, and perceived use of the buffering strategy …
Capm-Based Company (Mis)Valuations, Olivier Dessaint, Jacques Olivier, Clemens A. Otto, David Thesmar
Capm-Based Company (Mis)Valuations, Olivier Dessaint, Jacques Olivier, Clemens A. Otto, David Thesmar
Research Collection Lee Kong Chian School Of Business
There is a discrepancy between CAPM-implied and realized returns. Using the CAPM in capital budgeting -- as recommended in finance textbooks -- should thus have valuation effects. For instance, low beta projects should be valued more by CAPM-using managers than by the market. This paper empirically tests this hypothesis using publicly announced M&A decisions and shows that takeovers of lower beta targets are accompanied by lower cumulative abnormal returns for the bidders. Specifically, our estimates imply an average net loss to bidders corresponding to 12% of the average deal value and exceeding USD 10 billion per year in aggregate.
Are Bond Ratings Informative? Evidence From Regulatory Regime Changes, Louis H. Ederington, Jeremy Goh, Yen Teik Lee, Lisa Yang
Are Bond Ratings Informative? Evidence From Regulatory Regime Changes, Louis H. Ederington, Jeremy Goh, Yen Teik Lee, Lisa Yang
Research Collection Lee Kong Chian School Of Business
The recent Dodd-Frank Act (Section 939B) enacted in 2010 repeals credit rating agencies’ (CRAs) exemption from Regulation Fair Disclosure. We test whether CRAs continue to provide new information to the market after the repeal. We find that the significant pre-repeal stock price responses to rating changes disappear after the regime change. Bond price reactions however remain significant. These results are even more significant at the investment-speculative boundary. Our evidence suggests that CRAs serve as a conduit for transmitting private information before the repeal. It also shows that regulatory constraint is a channel by which credit ratings affect cost of financing.
Competing On Speed, Emiliano Sebastian Pagnotta, Thomas Philippon
Competing On Speed, Emiliano Sebastian Pagnotta, Thomas Philippon
Research Collection Lee Kong Chian School Of Business
We analyze trading speed and fragmentation in asset markets. In our model, trading venues make technological investments and compete for investors who choose where and how much to trade. Faster venues charge higher fees and attract speed-sensitive investors. Competition among venues increases investor participation, trading volume, and allocative efficiency, but entry and fragmentation can be excessive, and speeds are generically inefficient. Regulations that protect transaction prices (e.g., Securities and Exchange Commission trade-through rule) lead to greater fragmentation. Our model sheds light on the experience of European and U.S. markets since the implementation of Markets in Financial Instruments Directive and Regulation …
International New Ventures: Revisiting The Influences Behind The ‘Born-Global’ Firm, Terence P. C. Fan, Phillip Phan
International New Ventures: Revisiting The Influences Behind The ‘Born-Global’ Firm, Terence P. C. Fan, Phillip Phan
Research Collection Lee Kong Chian School Of Business
There is a small but theoretically important literature on 'born-globals' or international new venture firms that positions itself in contrast to the more established sequential international entry literature. In this paper we examine the pattern of entry into international markets for a set of international new ventures and show that they need not be a distinct breed of firms, as previous research has portrayed. Absent a specific technological advantage, the decision for a new venture to internationalize at inception is influenced by the size of its home market and by its production capacity, as well as by cultural and economic …
Mandates Of Dishonesty: The Psychological And Social Costs Of Mandated Attitude Expression, Marko Pitesa, Zen Goh, Stefan Thau
Mandates Of Dishonesty: The Psychological And Social Costs Of Mandated Attitude Expression, Marko Pitesa, Zen Goh, Stefan Thau
Research Collection Lee Kong Chian School Of Business
This paper explains and tests empirically why people employed in product promotion are less willing to trust others. Product promotion is a prototypical setting in which employees are mandated to express attitudes that are often not fully sincere. On the basis of social projection theory, we predicted that organizational agents mandated to express insincere attitudes project their self-perceived dishonesty onto others and thus become more distrustful. An initial large-scale, multi-country field study found that individuals employed in jobs requiring product promotion were less trusting than individuals employed in other jobs—particularly jobs in which honesty is highly expected. We then conducted …
Short Covering Trades, Ekkehart Boehmer, Truong X. Duong, Zsuzsa R. Huszar
Short Covering Trades, Ekkehart Boehmer, Truong X. Duong, Zsuzsa R. Huszar
Research Collection Lee Kong Chian School Of Business
Short sellers are known to have private information about security prices. Empirical evidence of short selling, however, is based on only half of short sellers’ trading activity; specifically, the opening of the position. Using disclosed large short position data from the Japanese stock market, we provide the first detailed evidence of covering trades and find a positive reaction to short covering that only partially reverses. While these results are consistent with substantial transaction costs for closing large short positions, they also reveal that some short sellers are privately informed about positive future events and have timing ability in covering positions.
When You Don’T Have An Alternative In A Negotiation, Try Imagining One, Michael Schaerer, Martin Schweinsberg, Roderick I. Swaab
When You Don’T Have An Alternative In A Negotiation, Try Imagining One, Michael Schaerer, Martin Schweinsberg, Roderick I. Swaab
Research Collection Lee Kong Chian School Of Business
Conventional wisdom suggests that negotiators need alternatives to succeed. Alternatives give negotiators the confidence to negotiate offers more ambitiously, to push for more optimal outcomes, and to walk away from the table when needed. But negotiators often have no alternative at all. For example, a recent survey by GMAC suggests that the average MBA graduate only has a single job offer to choose from, suggesting that many MBAs have to negotiate their job offer without an alternative to fall back on.
Assessing Personality Dynamics In Personnel Selection, Joanna Sosnowska, Joeri Hofmans, Filip Lievens
Assessing Personality Dynamics In Personnel Selection, Joanna Sosnowska, Joeri Hofmans, Filip Lievens
Research Collection Lee Kong Chian School Of Business
Recently, there have been repeated calls in the literature for an integrative approach to personality, in which both between- and within-person fluctuations are simultaneously considered. Although the integrative approach to personality offers a compelling extension of the traditional trait approach, one of the major challenges is its applicability in applied settings. In the present chapter, we address this challenge for the domain of personnel selection, showing that an integrative approach to personality assessment in selection settings is possible through careful consideration of available theories and selection methods. By explaining and delineating how existing concepts can be used and how existing …
The Lessons We Learned From A Smart Nation: Germany, Thomas Menkhoff, Jonas Schorr
The Lessons We Learned From A Smart Nation: Germany, Thomas Menkhoff, Jonas Schorr
Research Collection Lee Kong Chian School Of Business
A study trip tp Germany by a group of Singapore Management University students offers insights into how this European nation has built its cities sustainably and innovatively.
Inflation Expectations In Singapore: A Behavioural Approach, Alexander Clark, Aurobindo Ghosh, Samuel Hanes
Inflation Expectations In Singapore: A Behavioural Approach, Alexander Clark, Aurobindo Ghosh, Samuel Hanes
Research Collection Lee Kong Chian School Of Business
The expectations of economic agents have significant impact on their decisions and are key determinants of macroeconomic outcomes such as inflation, economic growth and unemployment. For example, if a worker believes that consumer prices will rise sharply next year, she would demand a wage increase. Similarly, a homeowner with a fixed interest mortgage might make an early repayment if she expects price levels to fall, knowing that the real value of her mortgage debt will increase. In these cases, expectations about inflation could lead to changes in behaviour and in the aggregate, influence prices and become self-fulfilling.
Quantitative Easing Auctions Of Treasury Bonds, Zhaogang Song, Haoxiang Zhu
Quantitative Easing Auctions Of Treasury Bonds, Zhaogang Song, Haoxiang Zhu
Research Collection Lee Kong Chian School Of Business
The Federal Reserve uses (reverse) auctions to implement its purchases of Treasury bonds in quantitative easing (QE). To evaluate dealers’ offers across multiple bonds, the Fed relies on its internal yield curve model, fitted to secondary market bond prices. From November 2010 to September 2011, a one standard deviation increase in the cheapness of a Treasury bond (how much the market price of the bond is below a model-implied value) increases the Fed’s purchase quantity of that bond by 276 million and increases the auction costs on that bond by 2.6 cents per $100 par value, controlling for standard covariates. …
Dynamic Inventory Pooling Policies To Deliver Differentiated Service, Yuanguang Zhong, Zhichao Zheng, Mabel C. Chou, Chung-Piaw Teo
Dynamic Inventory Pooling Policies To Deliver Differentiated Service, Yuanguang Zhong, Zhichao Zheng, Mabel C. Chou, Chung-Piaw Teo
Research Collection Lee Kong Chian School Of Business
Resource pooling strategies have been widely used in industry to match supply with demand. However, effective implementation of these strategies can be challenging. Firms need to integrate the heterogeneous service level requirements of different customers into the pooling model and allocate the resources (inventory or capacity) appropriately in the most effective manner. The traditional analysis of inventory pooling, for instance, considers the performance metric in a centralized system and does not address the associated issue of inventory allocation. Using Blackwell’s Approachability Theorem, we derive a set of necessary and sufficient conditions to relate the fill rate requirement of each customer …
People In More Racially Diverse Neighborhoods Are More Prosocial, Jared Nai, Jayanth Narayanan, Ivan Hernandez, Krishna Savani
People In More Racially Diverse Neighborhoods Are More Prosocial, Jared Nai, Jayanth Narayanan, Ivan Hernandez, Krishna Savani
Research Collection Lee Kong Chian School Of Business
Five studies tested the hypothesis that people living in more diverse neighborhoods would have more inclusive identities, and would thus be more prosocial. Study 1 found that people residing in more racially diverse metropolitan areas were more likely to tweet prosocial concepts in their everyday lives. Study 2 found that following the 2013 Boston Marathon bombings, people in more racially diverse neighborhoods were more likely to spontaneously offer help to individuals stranded by the bombings. Study 3 found that people living in more ethnically diverse countries were more likely to report having helped a stranger in the past month. Providing …
To Give Or Not To Give? Choosing Chance Under Moral Conflict, Stephanie C. Lin, Taly Reich
To Give Or Not To Give? Choosing Chance Under Moral Conflict, Stephanie C. Lin, Taly Reich
Research Collection Lee Kong Chian School Of Business
Although prior research suggests that people should not prefer random chance to determine their outcomes, we propose that in the context of prosocial requests, a contingent of people prefer to rely on chance. We argue that this is because they are conflicted between losing resources (e.g., time, money) and losing moral selfregard. Across five studies, in both choices with binary outcomes (whether to volunteer) and ranges of outcomes (how much to donate), some people preferred to be randomly assigned an outcome rather than to make their own choices. This did not negatively affect prosocial behavior in binary choices and improved …
The Hybrid Trap: Why Most Efforts To Bridge Old And New Technology Miss The Mark, Fernando F. Suarez, James Utterback, Paul Von Gruben, Hye Young Kang
The Hybrid Trap: Why Most Efforts To Bridge Old And New Technology Miss The Mark, Fernando F. Suarez, James Utterback, Paul Von Gruben, Hye Young Kang
Research Collection Lee Kong Chian School Of Business
Technological transitions are challenging, particularly for companies in mature industries. Incumbents are frequently blindsided by new technologies, fully missing opportunities to enter emerging markets early. While some established companies do possess the awareness and dexterity to become early adopters of new technologies, they typically lack the vision and the commitment to become leaders. Too often, they cling to the familiar, developing hybrid products that combine elements of the old and the new. The trouble is, hybrid strategies put even the best incumbent companies in a weak position when the market finally embraces the new technology. We call this the "hybrid …
When The Fear Of Failure Cripples Local Smes, Paul Heng Leong Lim
When The Fear Of Failure Cripples Local Smes, Paul Heng Leong Lim
Research Collection Lee Kong Chian School Of Business
No abstract provided.
Quadratic Two-Stage Stochastic Optimization With Coherent Measures Of Risk, Jie Sun, Li-Zhi Liao, Brian Rodrigues
Quadratic Two-Stage Stochastic Optimization With Coherent Measures Of Risk, Jie Sun, Li-Zhi Liao, Brian Rodrigues
Research Collection Lee Kong Chian School Of Business
A new scheme to cope with two-stage stochastic optimization problems uses a risk measure as the objective function of the recourse action, where the risk measure is defined as the worst-case expected values over a set of constrained distributions. This paper develops an approach to deal with the case where both the first and second stage objective functions are convex linear-quadratic. It is shown that under a standard set of regularity assumptions, this two-stage quadratic stochastic optimization problem with measures of risk is equivalent to a conic optimization problem that can be solved in polynomial time.
Innovating At Cultural Crossroads: How Multicultural Social Networks Promote Ideas Flow And Creativity, Roy Y. J. Chua
Innovating At Cultural Crossroads: How Multicultural Social Networks Promote Ideas Flow And Creativity, Roy Y. J. Chua
Research Collection Lee Kong Chian School Of Business
Diversity in social networks is often linked to enhanced creativity. Emerging research on exposure to diverse informational resources (e.g., ideas and knowledge) however has painted a more complex picture regarding its effect on individuals’ creative performance. This research examines the effects of culturally diverse networks on the flow of ideas and individuals’ creativity. Combining social network analysis with experimental methods, two studies using different samples found that a culturally diverse network increases the likelihood of receiving culture-related novel ideas (but not other types of novel ideas) from network contacts, whether or not these contacts share one’s own culture of origin. …
Perceived Entitlement Causes Discrimination Against Attractive Job Candidates In The Domain Of Relatively Less Desirable Jobs, Margaret Lee, Marko Pitesa, Madan M. Pillutla, Stefan Thau
Perceived Entitlement Causes Discrimination Against Attractive Job Candidates In The Domain Of Relatively Less Desirable Jobs, Margaret Lee, Marko Pitesa, Madan M. Pillutla, Stefan Thau
Research Collection Lee Kong Chian School Of Business
People generally hold positive stereotypes of physically attractive people and because of those stereotypes often treat them more favorably. However, we propose that some beliefs about attractive people, specifically, the perception that attractive individuals have a greater sense of entitlement than less attractive individuals, can result in negative treatment of attractive people. We examine this in the context of job selection and propose that for relatively less desirable jobs, attractive candidates will be discriminated against. We argue that the ascribed sense of entitlement to good outcomes leads to perceptions that attractive individuals are more likely to be dissatisfied working in …
How Do Small Business Innovate And Improve Competitiveness, Anirban Mukherjee, Hannah H. Chang
How Do Small Business Innovate And Improve Competitiveness, Anirban Mukherjee, Hannah H. Chang
Research Collection Lee Kong Chian School Of Business
No abstract provided.
Logistics Genealogies: A Dialogue With Stefano Harney, Stephen Matthias Harney, Mattia Fraportti, Niccolo Cupini
Logistics Genealogies: A Dialogue With Stefano Harney, Stephen Matthias Harney, Mattia Fraportti, Niccolo Cupini
Research Collection Lee Kong Chian School Of Business
We are imagining this conversation as a historical progression about the logistics“evolution.” In genealogical terms, we actually would like to start with a deeplyhistorical gaze and then, passing through the development of our conversation,arrive at the global present.
House Price And Co-Residence With Older Parents: Evidence From China, Daichun Yi, Xiaoying Deng, Gang-Zhi Fan, Seow Eng Ong
House Price And Co-Residence With Older Parents: Evidence From China, Daichun Yi, Xiaoying Deng, Gang-Zhi Fan, Seow Eng Ong
Research Collection Lee Kong Chian School Of Business
Numerous Chinese families choose to reside together with their elderly parents due to the considerable impacts of conventional values such as filial duty in Chinese society. However, as house prices rocketed up in major Chinese cities over the past decade, this arrangement is facing a sizeable challenge, therefore also raising new research question about it. This paper attempts to investigate the phenomenon of co-residence of adult children with their elderly parents in China. Using the 2013 data of China Household Finance Survey (CHFS), we document that house price is indeed a significant determinant for the pattern of intergenerational co-residence. Our …
Cryptocurrency: A New Investment Opportunity?, David Kuo Chuen Lee, Li Guo, Yu Wang
Cryptocurrency: A New Investment Opportunity?, David Kuo Chuen Lee, Li Guo, Yu Wang
Research Collection Lee Kong Chian School Of Business
Bitcoin was the first cryptocurrency to use blockchain and has been the market leader since the first bitcoin was mined in 2009. After the birth of Bitcoin with the genesis block, more than 1,000 altcoins and crypto-tokens have been created, with at least 919 trading actively on unregulated or registered exchanges. This entire class of cryptocurrencies and tokens has been classified by some tax authorities as having the same status as commodities. If cryptocurrency is viewed in the same class as commodities, how different is it in terms of its risk and return structure? This article sets out to help …
Decoy Effect, Anticipated Regret, And Preferences For Work-Family Benefits, Jochen Reb, Andrew Li, Jessica Bagger
Decoy Effect, Anticipated Regret, And Preferences For Work-Family Benefits, Jochen Reb, Andrew Li, Jessica Bagger
Research Collection Lee Kong Chian School Of Business
Attracting talent is one of the key challenges for organizations, and offering attractive work-family benefits plays an increasingly important role in succeeding at this challenge. However, behavioural decision theory suggests that when choosing among job offers with different work-family benefits, individuals may fall prey to a decoy effect and this effect may be mediated through anticipated regret. This effect occurs when preferences are influenced by a normatively irrelevant decoy option that is clearly inferior to one of the other options in the choice set, but not the other (i.e., ‘asymmetrically dominated’). Across two studies, we investigated preferences for two important …
Ground Provisions, Tonika Sealy Thompson, Stefano Harney
Ground Provisions, Tonika Sealy Thompson, Stefano Harney
Research Collection Lee Kong Chian School Of Business
The authors discuss autonomous organisations, black metaphysics and the politics of reading together.
Constrained Dual Representation Of Coherent Risk Measures, Marcus Ang, Jie Sun, Qiang Yao
Constrained Dual Representation Of Coherent Risk Measures, Marcus Ang, Jie Sun, Qiang Yao
Research Collection Lee Kong Chian School Of Business
A classical result in risk measure theory states that every coherent risk measure has a dual representation as the supremum of certain expected value over a risk envelope. We study this topic in more detail. The related issues include: (1) Set operations of risk envelopes and how they change the risk measures, (2) The structure of risk envelopes of popular risk measures, (3) Aversity of risk measures and its impact to risk envelopes, and (4) A connection between risk measures in stochastic optimization and uncertainty sets in robust optimization.
Demystifying The Genius Of Entrepreneurship: How Design Cognition Can Help Create The Next Generation Of Entrepreneurs, Massimo Garbuio, Andy Dong, Nidthida Lin, Ted Tschang, Dan Lovallo
Demystifying The Genius Of Entrepreneurship: How Design Cognition Can Help Create The Next Generation Of Entrepreneurs, Massimo Garbuio, Andy Dong, Nidthida Lin, Ted Tschang, Dan Lovallo
Research Collection Lee Kong Chian School Of Business
Entrepreneurship education is a key beneficiary of design thinking’s recent momentum. Both designers and entrepreneurs create opportunities for innovation in products, services, processes, and business models. More specifically, both design thinking and entrepreneurship education encourage individuals to look at the world with fresh eyes, create hypotheses to explain their surroundings and desired futures, and adopt cognitive acts to reduce the psychological uncertainty associated with ambiguous situations. In this article, we illustrate how we train students to apply four well-established cognitive acts from the design cognition research paradigm—framing, analogical reasoning, abductive reasoning, and mental simulation—to opportunity creation. Our pedagogical approach is …
What Goes Up Must ... Keep Going Up? Cultural Differences In Cognitive Styles Influence Evaluations Of Dynamic Performance, D. Lance Ferris, Jochen Reb, Huiwen Lian, Samantha Sim, Dionysius Ang
What Goes Up Must ... Keep Going Up? Cultural Differences In Cognitive Styles Influence Evaluations Of Dynamic Performance, D. Lance Ferris, Jochen Reb, Huiwen Lian, Samantha Sim, Dionysius Ang
Research Collection Lee Kong Chian School Of Business
Past research on dynamic workplace performance evaluation has taken as axiomatic that temporal performance trends produce naïve extrapolation effects on performance ratings. That is, we naïvely assume that an individual whose performance has trended upward over time will continue to improve, and rate that individual more positively than an individual whose performance has trended downward over time—even if, on average, the 2 individuals have performed at an equivalent level. However, we argue that such naïve extrapolation effects are more pronounced in Western countries than Eastern countries, owing to Eastern countries having a more holistic cognitive style. To test our hypotheses, …