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Research Collection Lee Kong Chian School Of Business

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Full-Text Articles in Business

Digitisation's Impacts On Publics: Public Knowledge And Civic Conversation, Alessandro Lovari, Soojin Kim, Kelly Vibber, Jeong-Nam Kim Jun 2011

Digitisation's Impacts On Publics: Public Knowledge And Civic Conversation, Alessandro Lovari, Soojin Kim, Kelly Vibber, Jeong-Nam Kim

Research Collection Lee Kong Chian School Of Business

This paper proposes a new way of classifying publics in terms of their adoption and use of digitalised communication technologies. A CATI (computer aided telephone interview) survey of 1,014 citizens revealed that people in Siena, Italy, show different patterns and gaps in adopting new media and technologies as well as in using them in their civic participation and engagement. Based on the survey results, four types of publics are suggested (inactive, analogical, hybrid, and digital publics) and a demographic profile of each public including age, gender, and education is provided. The relationships among public types, level of education, and gender …

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A Macro Perspective To Micro Issues, Devasheesh P. Bhave, Stephane Brutus Jun 2011

A Macro Perspective To Micro Issues, Devasheesh P. Bhave, Stephane Brutus

Research Collection Lee Kong Chian School Of Business

Comments on an article by Elaine D. Pulakos and Ryan S. O'Leary. The authors argue that bringing the focus on the relationship between the manager and the employee will mend performance management. We concur with the broad assessment that an excessive focus on technical improvements in performance management systems is misplaced and that implementation issues plague performance management. But we believe that poor implementation is an operational challenge not because of the practice itself but rather on account of misalignment. They also allude to a consideration of alignment. They also glosses over the issue of internal alignment or the fact …

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

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

Research Collection Lee Kong Chian School Of Business

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

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The Impact Of Transnational Intellectual Property Rights On Firms’ Knowledge Formation: Evidence From China-Us Patent Dyads, Kenneth Guang-Lih Huang Jun 2011

The Impact Of Transnational Intellectual Property Rights On Firms’ Knowledge Formation: Evidence From China-Us Patent Dyads, Kenneth Guang-Lih Huang

Research Collection Lee Kong Chian School Of Business

As firms and organizations increasingly operate and conduct R&D in emerging economies, “transnational patenting” – patenting of the same invention across more than one country – is becoming the cornerstone of their intellectual property strategy. Drawing on works from signaling theory and intellectual property strategy, I examine the dynamics and impact of transnational patenting on technological knowledge formation across distinct intellectual property right (IPR) institutions. Using a novel dataset of 4226 China-US patent dyads covering 1104 firms and organizations, I find patent grant to technological invention under a weak IPR institution such as China significantly increases (by up to 108%) …

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Adverse Selection And Corporate Governance, Charlie Charoenwong, David K. Ding, Vasan Siraprapasiri Jun 2011

Adverse Selection And Corporate Governance, Charlie Charoenwong, David K. Ding, Vasan Siraprapasiri

Research Collection Lee Kong Chian School Of Business

This paper examines the impact of corporate governance on the adverse selection component of the bid-ask spread of stocks listed on the Singapore Exchange. These companies have been identified by Credit Lyonnais Securities Asia (CSLA) with the highest level of corporate governance among 25 emerging markets. We measure corporate governance by several criteria: discipline, transparency, independence, accountability, responsibilities, fairness, and social awareness. The results show that corporate governance has an inverse relationship with adverse selection. However, only the transparency dimension exhibits a significant inverse relationship with adverse selection. In addition, Government-Linked Companies (GLCs) are shown to have a smaller adverse …

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Sec Rule 105 And Price Discovery In The Secondary Market, C. Charoenwong, David K. Ding, P. Wang Jun 2011

Sec Rule 105 And Price Discovery In The Secondary Market, C. Charoenwong, David K. Ding, P. Wang

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Financial Hedging Decision On Procurement Risk For Newsvendor Model With Value-At-Risk Constraint, Yuan Wen, Qing Ding, Jian Chen Jun 2011

Financial Hedging Decision On Procurement Risk For Newsvendor Model With Value-At-Risk Constraint, Yuan Wen, Qing Ding, Jian Chen

Research Collection Lee Kong Chian School Of Business

Manufacturers must now deal with increasingly fluctuating procurement prices for commodities and industrial component parts. However, it is hard for them to pass cost increases on to downstream markets efficiently. Therefore, manufacturers have sought to solve this problem with various supply management tactics. While vertical integration of key suppliers or signing long-term contracts is possible, financial hedging emerges as the most effective approach to counter commodities price risks. In situations where market demand uncertainty is still unresolved and often interplays with upstream price volatilities, Value-at-Risk (VaR) can help managers handle the multi-fold uncertainties and their potential interactions, by effectively measuring …

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An Analysis Of Japanese Earnings Forecast Revisions With Application To Seasoned Equity Offerings, Gary L. Caton, Justin S. P. Chan, Jeremy C. Goh, Sheng Yung Yang Jun 2011

An Analysis Of Japanese Earnings Forecast Revisions With Application To Seasoned Equity Offerings, Gary L. Caton, Justin S. P. Chan, Jeremy C. Goh, Sheng Yung Yang

Research Collection Lee Kong Chian School Of Business

Using the bootstrap method, we explore the characteristics of revisions in Japanese earnings forecast data. We find that forecast revisions exhibit a downward trend over time as the actual earnings announcement date approaches, and are serially correlated with three significant lags. Using these characteristics we develop a model to estimate abnormal forecast revisions, and illustrate the model's use with a sample of Japanese companies announcing seasoned equity offerings (SEOs). In contrast to results obtained by studies using American data, our findings indicate significant positive upward revisions when Japanese firms announce an SEO.

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Valuation Of Risky Projects And Other Illiquid Investments Using Portfolio Selection Models, Janne Gustafsson, Bert De Reyck, Zeger Degraeve, Ahti Salo Jun 2011

Valuation Of Risky Projects And Other Illiquid Investments Using Portfolio Selection Models, Janne Gustafsson, Bert De Reyck, Zeger Degraeve, Ahti Salo

Research Collection Lee Kong Chian School Of Business

We develop a portfolio selection framework for the valuation of projects and other illiquid investments for an investor who can invest in a portfolio of private, illiquid investment opportunities as well as in securities in financial markets, but who cannot necessarily replicate project cash flows using financial instruments. We demonstrate how project values can be solved using an inverse optimization procedure and prove several general analytical properties for project values. We also provide an illustrative example on the modeling and pricing of multiperiod projects that are characterized by managerial flexibility.

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A Martingale Approach For Testing Diffusion Models Based On Infinitesimal Operator, Zhaogang Song Jun 2011

A Martingale Approach For Testing Diffusion Models Based On Infinitesimal Operator, Zhaogang Song

Research Collection Lee Kong Chian School Of Business

I develop an omnibus specification test for diffusion models based on the infinitesimal operator. The infinitesimal operator based identification of the diffusion process is equivalent to a “martingale hypothesis” for the processes obtained by a transformation of the original diffusion model. My test procedure is then constructed by checking the “martingale hypothesis” via a multivariate generalized spectral derivative based approach that delivers a  asymptotical null distribution for the test statistic. The infinitesimal operator of the diffusion process is a closed-form function of drift and diffusion terms. Consequently, my test procedure covers both univariate and multivariate diffusion models in a unified …

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Publishing In Amj: Part 1: Topic Choice: From The Editors, Jason A. Colquitt, Gerard George Jun 2011

Publishing In Amj: Part 1: Topic Choice: From The Editors, Jason A. Colquitt, Gerard George

Research Collection Lee Kong Chian School Of Business

The authors reflect on the criteria of effective topics that get published in the journal. They state that effective topics allow researchers to pursue an interesting direction that ignites and maintains curiosity, uncovers actionable insights, and builds an ambitious study. They talk about several topics that had an ambitious scope, such an an examination of social capital and career success, and topics that touch upon multiple perspectives. They recommend against topics that are too familiar.

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

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

Research Collection Lee Kong Chian School Of Business

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

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Earnings Management Surrounding Seasoned Bond Offerings: Do Managers Mislead Ratings Agencies And The Bond Market, Gary L. Gaton, Chiraphol New Chiyachantana, Choong Tze Chua, Jeremy Goh Jun 2011

Earnings Management Surrounding Seasoned Bond Offerings: Do Managers Mislead Ratings Agencies And The Bond Market, Gary L. Gaton, Chiraphol New Chiyachantana, Choong Tze Chua, Jeremy Goh

Research Collection Lee Kong Chian School Of Business

We study earnings management (EM) efforts surrounding seasoned bond offerings using discretionary current accruals. We find that issuers tend to inflate earnings performance prior to an offering. In order for EM efforts to effectively mislead ratings agencies and the bond market, they must lead to inflated bond ratings and decreased offering yields. Regression results indicate the opposite; aggressive EM efforts are associated with lower initial ratings and higher offering yields. We also find a statistically lower proportion of subsequent downgrades for firms with the most aggressive EM efforts, which is inconsistent with these firms’ inflated initial ratings. While some firms …

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Investor Heterogeneity, Investor-Management Agreement And Open Market Share Repurchase, Sheng Huang, Anjan V. Thakor Jun 2011

Investor Heterogeneity, Investor-Management Agreement And Open Market Share Repurchase, Sheng Huang, Anjan V. Thakor

Research Collection Lee Kong Chian School Of Business

This paper develops and tests a new theoretical explanation for why a firm conducts open-market stock repurchases. Investors may disagree with the manager about the firm’s investment projects. A repurchase causes a change in the investor base as investors who are more likely to disagree with the manager tender their shares. This model leads to the following predictions: first, a firm is more likely to buy back shares when the level of investor-management agreement is low, and second, the level of agreement improves following a repurchase. Our empirical tests provide strong support for these predictions. The results are robust to …

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

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

Research Collection Lee Kong Chian School Of Business

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

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

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

Research Collection Lee Kong Chian School Of Business

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

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

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

Research Collection Lee Kong Chian School Of Business

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

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

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

Research Collection Lee Kong Chian School Of Business

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

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

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

Research Collection Lee Kong Chian School Of Business

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

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

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

Research Collection Lee Kong Chian School Of Business

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

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

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

Research Collection Lee Kong Chian School Of Business

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

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

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

Research Collection Lee Kong Chian School Of Business

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

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

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

Research Collection Lee Kong Chian School Of Business

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

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

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

Research Collection Lee Kong Chian School Of Business

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

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Touching A Teddy Bear Mitigates The Negative Effects Of Social Exclusion, Kenneth Tai, Xue Zheng, Jayanth Narayanan Apr 2011

Touching A Teddy Bear Mitigates The Negative Effects Of Social Exclusion, Kenneth Tai, Xue Zheng, Jayanth Narayanan

Research Collection Lee Kong Chian School Of Business

There is little empirical research to date that looks at how the deleterious effects of social exclusion can be mitigated. We examined how touching an inanimate object—a teddy bear—might impact the effect of social exclusion on prosocial behavior. Across two studies, we found that socially excluded individuals who touched a teddy bear acted more prosocially as compared to socially excluded individuals who just viewed the teddy bear from a distance. This effect was only observed for socially excluded participants and not for socially included (or control) participants. Overall, the findings suggest that touching a teddy bear mitigates the negative effects …

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Regret And Justification As A Link From Argumentation To Consequentialism, Terry Connolly, Jochen Matthias Reb Apr 2011

Regret And Justification As A Link From Argumentation To Consequentialism, Terry Connolly, Jochen Matthias Reb

Research Collection Lee Kong Chian School Of Business

Mercier and Sperber (M&S) argue that reasoning has evolved primarily as an adjunct to persuasive communication rather than as a basis for consequential choice. Recent research on decision-related regret suggests that regret aversion and concomitant needs for justification may underpin a complementary mechanism that can, if appropriately deployed, convert M&S's facile arguer into an effective decision maker, with obvious evolutionary advantages.

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The Liquidity Risk Of Liquid Hedge Funds, Melvyn Teo Apr 2011

The Liquidity Risk Of Liquid Hedge Funds, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

This paper evaluates hedge funds that grant favorable redemption terms to investors. Within this group of purportedly liquid funds, high net inflow funds subsequently outperform low net inflow funds by 4.79% per year after adjusting for risk. The return impact of fund flows is stronger when funds embrace liquidity risk, when market liquidity is low, and when funding liquidity, as measured by the Treasury-Eurodollar spread, aggregate hedge fund flows, and prime broker stock returns, is tight. In keeping with an agency explanation, funds with strong incentives to raise capital, low manager option deltas, and no manager capital co-invested are more …

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Getting Due Diligence Right, Michael Benoliel Apr 2011

Getting Due Diligence Right, Michael Benoliel

Research Collection Lee Kong Chian School Of Business

Associate Professor Michael Benoliel, author of the newly published Negotiation Excellence - Successful Deal Making , wrote that effective due diligence is one of the most important tasks in negotiation and there are a few traps that deal makers must avoid.

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Are You A Value Creation Negotiator?, Michael Benoliel Apr 2011

Are You A Value Creation Negotiator?, Michael Benoliel

Research Collection Lee Kong Chian School Of Business

Effective negotiation is about skilfully creating sustainable and mutual value for all parties, says Prof Michael Benoliel, Associate Professor of organisational behavioural and human resources practice at SMU.

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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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