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Research Collection Lee Kong Chian School Of Business

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Full-Text Articles in Business

The Relationship Between Uncertainty And Desire For Feedback: A Test Of Competing Hypotheses, Filip Anseel, Filip Lievens May 2007

The Relationship Between Uncertainty And Desire For Feedback: A Test Of Competing Hypotheses, Filip Anseel, Filip Lievens

Research Collection Lee Kong Chian School Of Business

The relationship between uncertainty and desire for feedback was investigated in 2 studies. Results of Study 1 showed support for a curvilinear relationship. People were interested in feedback at high and low levels of uncertainty, as opposed to moderate levels of uncertainty, indicating the activation of both uncertainty reduction and self-verification motives. In Study 2, the curvilinear relationship with uncertainty was replicated for indirect feedback-seeking behavior. In contrast, we found a negative relationship between direct feedback seeking and uncertainty, moderated by certainty orientation. People seemed more motivated by self-verification vs. uncertainty reduction strivings, depending on their certainty orientation. These findings …


The Long-Term Impact Of The Feedback Environment On Job Satisfaction: A Field Study In A Belgian Context, Filip Anseel, Filip Lievens Apr 2007

The Long-Term Impact Of The Feedback Environment On Job Satisfaction: A Field Study In A Belgian Context, Filip Anseel, Filip Lievens

Research Collection Lee Kong Chian School Of Business

This study examines (1) the relationship between the feedback environment and job satisfaction and (2) the mediating role of leader-member exchange in a Belgian context. Results from a sample of 155 employees of a governmental service for employment and vocational training supported our hypotheses. A favorable supervisor feedback environment was related to higher levels of job satisfaction 5 months later, and this relationship was fully mediated by the quality of leader-member exchange. These findings highlight the usefulness of diagnosing and assessing the feedback environment for a better understanding of feedback processes and for enhancing feedback interventions in organisations.


The Effect Of Financial Hedging On The Incentives For Corporate Diversification: The Role Of Stakeholder Firm-Specific Investments, Sonya Seongyeon Lim, Heli Wang Apr 2007

The Effect Of Financial Hedging On The Incentives For Corporate Diversification: The Role Of Stakeholder Firm-Specific Investments, Sonya Seongyeon Lim, Heli Wang

Research Collection Lee Kong Chian School Of Business

Financial hedging and corporate diversification are often considered substitutive means of risk management, implying that rapid development of financial hedging markets will yield less need for firms to manage risk through costly diversification. Building on a stakeholder-based view of risk management, we show that financial hedging and corporate diversification are more often complementary than substitutive. Financial hedging reduces a firm’s systematic risk, encouraging firm-specific investment by stakeholders. Larger firmspecific investment loads excessive idiosyncratic risk on the stakeholders, increasing the benefits of reducing idiosyncratic risk through diversification. Therefore, financial hedging can increase a firm’s incentives to manage risk through diversification.


Do Hedge Funds Deliver Alpha? A Bayesian And Bootstrap Analysis, Robert Kosowski, Narayan Y. Naik, Melvyn Teo Apr 2007

Do Hedge Funds Deliver Alpha? A Bayesian And Bootstrap Analysis, Robert Kosowski, Narayan Y. Naik, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

Using a robust bootstrap procedure, we find that top hedge fund performance cannot be explained by luck, and that hedge fund performance persists at annual horizons. Moreover, we show that Bayesian measures, which help overcome the short-sample problem inherent in hedge fund returns, lead to superior performance predictability. Relative to sorting on OLS alphas, sorting on Bayesian alphas yields a 5.5 percent per year increase in the alpha of the spread between the top and bottom hedge fund deciles. Our results are robust, and relevant to investors, as they are neither confined to small funds, nor driven by incubation bias, …


State-Led Transborder Industrialization In Asia: A Note On Singapore's Manufacturing Enclaves In Vietnam And China, Caroline Yeoh, Wilfred Pow Ngee How Apr 2007

State-Led Transborder Industrialization In Asia: A Note On Singapore's Manufacturing Enclaves In Vietnam And China, Caroline Yeoh, Wilfred Pow Ngee How

Research Collection Lee Kong Chian School Of Business

Singapore-based firms to expand into the region, remain controversial. This strategic initiative is promulgated on the exportability of Singapore’s state credibility, systemic and operational efficiencies as well as technological competencies, to locations where these attributes are less distinct. We present evidence culled from surveys and interviews conducted in the Singapore-styled industrial townships in Vietnam and China. Our results suggest that, while the parks have arguably been a measured success, the advantages supposedly created by the abovementioned export of Singapore’s competencies have proven either illusionary or far less significant than originally envisioned, vis-à-vis more practical economic and competitive concerns.


Possession, Feelings Of Ownership, And The Endowment Effect, Jochen Reb, Terry Connolly Apr 2007

Possession, Feelings Of Ownership, And The Endowment Effect, Jochen Reb, Terry Connolly

Research Collection Lee Kong Chian School Of Business

Research in judgment and decision making generally ignores the distinction between factual and subjective feelings of ownership, tacitly assuming that the two correspond closely. The present research suggests that this assumption might be usefully reexamined. In two experiments on the endowment effect we examine the role of subjective ownership by independently manipulating factual ownership (i.e., what participants were told about ownership) and physical possession of an object. This allowed us to disentangle the effects of these two factors, which are typically confounded. We found a significant effect of possession, but not of factual ownership, on monetary valuation of the object. …


Optimal Liquidation Strategies And Their Implications, Christopher Ting, Mitch Warachka, Yonggan Zhao Apr 2007

Optimal Liquidation Strategies And Their Implications, Christopher Ting, Mitch Warachka, Yonggan Zhao

Research Collection Lee Kong Chian School Of Business

This paper studies optimal liquidation when the selling price depends on the rate of liquidation, transaction time, volume, and the asset's intrinsic value. A generic closed-form solution for maximizing the discounted liquidation proceeds is derived. To obtain financial insights, three parametric specifications that proxy for increasingly realistic market conditions are examined. In our framework, maximizing liquidation proceeds and minimizing liquidity costs are equivalent. The optimal strategies imply more rapid liquidations in less liquid markets. We also show that volatility is stochastic when market liquidity is unpredictable.


Socialization And The Business School, Stefano Harney Apr 2007

Socialization And The Business School, Stefano Harney

Research Collection Lee Kong Chian School Of Business

There is a new phase in the generalization of management capacities, but contrary to the assumptions of critical management educators, the investment in the business school has not been to socialize more students into this generalized management, but to seek the principle of generalization in these students themselves as part of a struggle between capital and labour. Using the insights of autonomist feminist theorists, this article attempts to analyse why critical management education has been unable to find a new object appropriate to this new generalization of management, and speculates on what the critical and political benefits might be of …


Employer Branding In The Belgian Army: The Importance Of Instrumental And Symbolic Beliefs For Potential Applicants, Actual Applicants, And Military Employees, Filip Lievens Mar 2007

Employer Branding In The Belgian Army: The Importance Of Instrumental And Symbolic Beliefs For Potential Applicants, Actual Applicants, And Military Employees, Filip Lievens

Research Collection Lee Kong Chian School Of Business

This study conceptualizes employer brand as a package of instrumental and symbolic attributes. Using a sample of 955 individuals (429 potential applicants, 392 actual applicants, and 134 military employees), we examine the relative importance of instrumental and symbolic employer brand beliefs across different groups of individuals: potential applicants, actual applicants, and military employees (with less than three years of tenure). Results show that instrumental attributes explain greater variance in the Army's attractiveness as an employer among actual applicants compared to potential applicants or employees. In all three groups, symbolic trait inferences explain a similar portion of the variance. In addition, …


Realized Daily Variance Of S&P500 Cash Index: A Revaluation Of Stylized Facts, Shirley J. Huang, Qianqiu Liu, Jun Yu Mar 2007

Realized Daily Variance Of S&P500 Cash Index: A Revaluation Of Stylized Facts, Shirley J. Huang, Qianqiu Liu, Jun Yu

Research Collection Lee Kong Chian School Of Business

In this paper, the realized daily variance is obtained from intraday transaction prices of the S&P 500 cash index over the period from January 1993 to December 2004. When constructing realized daily variance, market microstructure noise is taken into account using a technique proposed by Zhang, Mykland, and Ait-Sahalia (2005). The time series properties of realized daily variance are compared with those of variance estimates obtained from parametric GARCH and stochastic volatility models. Unconditional and dynamic properties concerning the realized daily variance are examined, the relationship between realized variance and returns is investigated, and the stylized facts concerning realized daily …


Organizational Identity And Employer Image: Towards A Unifying Framework, Filip Lievens, Greet Van Hoye, Frederik Anseel Mar 2007

Organizational Identity And Employer Image: Towards A Unifying Framework, Filip Lievens, Greet Van Hoye, Frederik Anseel

Research Collection Lee Kong Chian School Of Business

This study aims to bridge two research streams that have evolved relatively apart from each other, namely the research streams on organizational identity and on employer branding (employer image). In particular, we posit that it is crucial to examine which factors company outsiders (applicants) as well as company insiders (employees) associate with a given employer. To this end, this study uses the instrumental-symbolic framework to study factors relating to both employer image and organizational identity of the Belgian Army. Two samples are used: a sample of 258 Army applicants and a sample of 179 military employees. Results show that both …


Public Disclosure And Private Decisions: The Case Of Equity Market Execution Quality, Ekkehart Boehmer, Robert Jennings, Li Wei Mar 2007

Public Disclosure And Private Decisions: The Case Of Equity Market Execution Quality, Ekkehart Boehmer, Robert Jennings, Li Wei

Research Collection Lee Kong Chian School Of Business

In 2001, the Securities and Exchange Commission (SEC) required market centers to publish monthly execution-quality reports in an effort to spur competition for order flow between markets. Using samples of stocks trading on several markets, we investigate whether past execution quality affects order-routing decisions and whether the new disclosure requirements influence this relationship. We find that routing decisions are associated with execution quality; markets reporting low execution costs and fast fills subsequently receive more orders. Moreover, the reports themselves appear to provide information that was unavailable previously. Our results are consistent with active competition for order flow that can be …


Evaluating Dynamic Performance: The Influence Of Salient Gestalt Characteristics On Performance Ratings, Jochen Reb, Russell Cropanzano Mar 2007

Evaluating Dynamic Performance: The Influence Of Salient Gestalt Characteristics On Performance Ratings, Jochen Reb, Russell Cropanzano

Research Collection Lee Kong Chian School Of Business

It is well recognized that performance changes over time. However, the effect of these changes on overall assessments of performance is largely unknown. In a laboratory experiment, we examined the influence of salient Gestalt characteristics of a dynamic performance profile on supervisory ratings. We manipulated performance trend (flat, linear-improving, linear-deteriorating, U-shaped, and ∩-shaped), performance variation (small, large), and performance mean (negative, zero, positive) within subjects and display format (graphic, tabular) between subjects. Participants received and evaluated information about the weekly performance of different employees over a simulated 26-week period. Results showed strong main effects on performance ratings of both performance …


A Comparison Of Cross Training Policies In Different Job Shops, Kum Khiong Yang Mar 2007

A Comparison Of Cross Training Policies In Different Job Shops, Kum Khiong Yang

Research Collection Lee Kong Chian School Of Business

This research compares a set of cross-training policies represented by different numbers of cross-trained workers, additional skills per cross-trained worker, and additional machines. The policies are evaluated in job shops, represented by different efficiency losses, labour utilization, variability in processing times, and worker absenteeism. Our results show that adding one machine in each department and cross-training one or two workers from each department with one additional skill is generally sufficient to realize most of the benefits of cross-training. Cross-training is thus beneficial in most job shops, unless the cost of the minimal training and spare machines is high. Our results …


A Cautionary Note On The Effects Of Range Restriction On Predictor Intercorrelations, Paul R. Sackett, Filip Lievens, Christopher M. Berry, Richard N. Landers Mar 2007

A Cautionary Note On The Effects Of Range Restriction On Predictor Intercorrelations, Paul R. Sackett, Filip Lievens, Christopher M. Berry, Richard N. Landers

Research Collection Lee Kong Chian School Of Business

The purpose of this research report is to highlight a unique set of issues that arise when considering the effects of range restriction in the context of estimating predictor intercorrelations. Three approaches are used to illustrate the issue: simulation, a concrete applied example, and a reanalysis of a meta-analysis of ability-interview correlations. The general conclusion is that a predictor intercorrelation can differ dramatically from the population value when both predictors are used in a composite that is used operationally for selection. The compensatory nature of a composite means that low scorers on one predictor can only obtain high scores on …


Book Review Of "The World’S Newest Profession: Management Consulting In The Twentieth Century", Timothy Adrian Robert Clark Mar 2007

Book Review Of "The World’S Newest Profession: Management Consulting In The Twentieth Century", Timothy Adrian Robert Clark

Research Collection Lee Kong Chian School Of Business

Management consultants are a significant social and economic force. Few people, whether as citizens or members oforganizations, will have escaped the impact of their interventions. A survey revealed that 97 percent of the top 200 companies in the U.K. and U.S. have used management consultants. The spectacular growth of the industry in the last fiftyyears is evidenced by the fact that somewhere in the regionof 80 percent of firms currently operating were establishedafter 1980. The ratio of consultants to managers, as this bookdemonstrates, has grown from one to a hundred in 1965 toone to thirteen in 1995. In this clearly …


An Examination Of Strategies For Encouraging Feedback Interest After Career Assessment, Frederik Anseel, Filip Lievens Mar 2007

An Examination Of Strategies For Encouraging Feedback Interest After Career Assessment, Frederik Anseel, Filip Lievens

Research Collection Lee Kong Chian School Of Business

This study examines how feedback interest after career assessment can be influenced by changing individuals' beliefs about the importance and modifiability of the various performance dimensions. In an experiment, 82 master students completed a computerized assessment tool developed for assessing managerial potential. Results showed that participants in the experimental condition were more interested in feedback about important dimensions as opposed to unimportant dimensions and were more interested in feedback about nonmodifiable dimensions as opposed to modifiable dimensions. These findings might assist career counselors and organizations in designing strategies that direct feedback interest toward performance dimensions that are most important for …


On Stiffness In Affine Asset Pricing Models, Shirley Junying Huang, Jun Yu Feb 2007

On Stiffness In Affine Asset Pricing Models, Shirley Junying Huang, Jun Yu

Research Collection Lee Kong Chian School Of Business

Economic and econometric analysis of continuous-time affine asset pricing models often necessitates solving systems of ordinary differential equations (ODEs) numerically. Explicit RungeûKutta (ERK) methods have been suggested to solve these ODEs both in the theoretical finance literature and in the financial econometrics literature. In this paper we show that under many empirically relevant circumstances the ODEs involve stiffness, a phenomenon which leads to some practical difficulties for numerical methods with a finite region of absolute stability, including the whole class of ERK methods. The difficulties are highlighted in the present paper in the context of pricing zero-coupon bonds as well …


A Cardan’S Discriminant Approach To Predicting Currency Crashes, Benedict Seng Kee Koh, Wai Mun Fong, Fabrice Chan Feb 2007

A Cardan’S Discriminant Approach To Predicting Currency Crashes, Benedict Seng Kee Koh, Wai Mun Fong, Fabrice Chan

Research Collection Lee Kong Chian School Of Business

This paper models large swings in exchange rates by introducing nonlinearity via the generalized normal (GEN) distribution [Lye, J.N., Martin, V.L., 1993. Robust estimation, nonnormalities and generalized exponential distributions. Journal of the American Statistical Association 88, 261-267]. As the distribution allows for bimodality, a switch between modes may give rise to currency crashes. A statistic known as Cardan's discriminant, based on the shape parameters of the GEN, is used to detect bimodality. The Cardan's discriminant is found to reliably predict currency crashes for eight emerging countries and generate relatively low false signals for stable currencies.


Transborder Industrialization In The Framework Of Singapore's Regionalization Strategy: The Case Of Singapore's Gambit In Vietnam, Caroline Yeoh, Victor Sim, Wilfred Pow Ngee How Jan 2007

Transborder Industrialization In The Framework Of Singapore's Regionalization Strategy: The Case Of Singapore's Gambit In Vietnam, Caroline Yeoh, Victor Sim, Wilfred Pow Ngee How

Research Collection Lee Kong Chian School Of Business

Infrastructure can be unreliable and administration subject to corruption in Asia’s rapidly emerging economies. This context presented Singapore with unique opportunities to export its expertise to locations where these attributes are less certain, through the provision of superior infrastructure, the ability to negotiate investment concessions and, where existing, through the links to influential business groups in the investment location. This strategic initiative is further premised on the perception that Singapore’s positive reputation with multinationals, as well as ‘guanxi’, or connections, with Asian business networks, will give the industrial-township projects a marketing advantage. Their progress is a litmus test of Singapore’s …


Contingency Theory: Strategic Management Of Conflict In Public Relations, Cameron, A. Pang, Yan Jin Jan 2007

Contingency Theory: Strategic Management Of Conflict In Public Relations, Cameron, A. Pang, Yan Jin

Research Collection Lee Kong Chian School Of Business

No abstract provided.


Integrated Crisis Mapping: Towards A Publics-Based, Emotion-Driven Conceptualization In Crisis Communication, Yan Jin, Augustine Pang, Glen T. Cameron Jan 2007

Integrated Crisis Mapping: Towards A Publics-Based, Emotion-Driven Conceptualization In Crisis Communication, Yan Jin, Augustine Pang, Glen T. Cameron

Research Collection Lee Kong Chian School Of Business

Extending current situation-based conceptualizations of crisis response, this paper develops a more generic and systemic approach tounderstanding the role of emotions in crisis situations. Taking an integrated approach, the authors propose a public-based, emotion-drivenperspective to crisis communication modeling, mapping different crisistypes, and underpinning them with two continua, the organization’s involvement with the crisis issue and primary public’s coping strategy. Thepaper further argues that the appropriate crisis response and tools tomanage a crisis should address the full range of emotions for optimal effectiveness at both strategic and tactical levels.


Justice Climate: Consideration Of Source Target, Type, Specificity And Emergence, Deborah E. Rupp, Michael R. Bashshur, Hui Liao Jan 2007

Justice Climate: Consideration Of Source Target, Type, Specificity And Emergence, Deborah E. Rupp, Michael R. Bashshur, Hui Liao

Research Collection Lee Kong Chian School Of Business

This chapter seeks to integrate and expand on the ideas presented by Cropanzano, Li, and James (this volume), Ambrose and Schminke (this volume), and Rupp, Bashshur, and Liao (this volume). First, it summarizes and comments on the key insights made by each set of authors. It then presents five propositions, along with some preliminary evidence supporting each: (1) employees can and do make source-based justice judgments; (2) justice treatment is directed at different targets (including individuals and groups, both internal and external to the organization); (3) global justice climate may be a useful approach to studying justice once the relationship …


Leadership In Knowledge Sharing: Creating Value Through Collaboration, Thomas Menkhoff, Yue Wah Chay, Hans-Dieter Evers, Benjamin Loh Jan 2007

Leadership In Knowledge Sharing: Creating Value Through Collaboration, Thomas Menkhoff, Yue Wah Chay, Hans-Dieter Evers, Benjamin Loh

Research Collection Lee Kong Chian School Of Business

This study aims to understand the antecedents of knowledge sharing behavior amongst tenant firms in Science and Technology Parks (STPs) which has been highlighted as a key factor for the development of an epistemic culture of innovation in STPs. Components of a model of knowledge management leadership with a focus on knowledge sharing and innovative value creation in STPs are developed inspired by the work of Nonaka, Nahapiet and Ghoshal, Guns and others. Collection of data on various relevant measures is ongoing, covering technology firms and STPs in Singapore and other Asian countries. Besides outlining model components and hypotheses, tentative …


Towards A Holistic Framework In Fostering Spirituality At Work, Gilbert Tan Jan 2007

Towards A Holistic Framework In Fostering Spirituality At Work, Gilbert Tan

Research Collection Lee Kong Chian School Of Business

Management theories are shaped by the assumptions of man. The Scientific and Administrative School of Thoughts adopt a mechanistic view of human. The Human Relations School views humans as social beings. Spirituality at work looks at the spiritual side of the organization and views an as a spiritual being. This paper proposes a holistic framework to spirituality at work. Taking a systems approach the framework discusses how training, cultural and structural interventions directed the four sub-systems of the organization, namely, culture, leadership, structure and people, help to promote spirituality at work. The framework also discusses the organizational and individual outcomes …


When Can Employees Have A Family Life? The Effects Of Daily Workload And Affect On Work-Family Conflict And Social Behaviors At Home, R. Ilies, K. M. Schwind, David Turley Wagner, M. Johnson, D. S. Derue, D. R. Ilgen Jan 2007

When Can Employees Have A Family Life? The Effects Of Daily Workload And Affect On Work-Family Conflict And Social Behaviors At Home, R. Ilies, K. M. Schwind, David Turley Wagner, M. Johnson, D. S. Derue, D. R. Ilgen

Research Collection Lee Kong Chian School Of Business

This article presents a longitudinal examination of antecedents and outcomes of work-to-family conflict. A total of 106 employees participating in an experience-sampling study were asked to respond to daily surveys both at work and at home, and their spouses were interviewed daily via telephone for a period of 2 weeks. Intraindividual analyses revealed that employees' perceptions of workload predicted work-to-family conflict over time, even when controlling for the number of hours spent at work. Workload also influenced affect at work, which in turn influenced affect at home. Finally, perhaps the most interesting finding in this study was that employees' behaviors …


Relationships Between Daily Sexual Interactions And Domain-Specific And General Models Of Personality Traits., C. V. Smith, J. B. Nezlek, G. Webster, Elizabeth Layne Paddock Jan 2007

Relationships Between Daily Sexual Interactions And Domain-Specific And General Models Of Personality Traits., C. V. Smith, J. B. Nezlek, G. Webster, Elizabeth Layne Paddock

Research Collection Lee Kong Chian School Of Business

Although sexuality is an important component of personal relationships, there has been relatively little research on relationships between personality and everyday sexual behavior. Moreover, existing research on sexual behavior and personality (defined in terms of the Five-Factor Model, FFM) has found weak and inconsistent relationships. We hypothesized that sexual behavior can be better understood in terms of a model of personality that focuses on sexuality rather than in terms of a general model of personality. The present study examined relationships between two models of personality and daily sexual behavior. For 3 weeks, two different samples described their sexual interactions and …


On The Integration Of Production And Financial Hedging Decisions In Global Markets, Qing Ding, Lingxiu Dong, Panos Kouvelis Jan 2007

On The Integration Of Production And Financial Hedging Decisions In Global Markets, Qing Ding, Lingxiu Dong, Panos Kouvelis

Research Collection Lee Kong Chian School Of Business

We study the integrated operational and financial hedging decisions faced by a global firm who sells to both home and foreign markets. Production occurs either at a single facility located in one of the markets or at two facilities, one in each market. The company has to invest in capacity before the selling season starts when the demand in both markets and the currency exchange rate are uncertain. The currency exchange rate risk can be hedged by delaying allocation of the capacity to specific markets until both the currency and demand uncertainties are resolved and/or by buying financial option contracts …


The Effects Of Action, Normality, And Decision Carefulness On Anticipated Regret: Evidence For A Broad Mediating Role Of Decision Justifiability, Jochen Reb, Terry Connolly Jan 2007

The Effects Of Action, Normality, And Decision Carefulness On Anticipated Regret: Evidence For A Broad Mediating Role Of Decision Justifiability, Jochen Reb, Terry Connolly

Research Collection Lee Kong Chian School Of Business

In three studies we examined the effects of action/inaction, social normality (i.e., how typical the decision is in one’s social environment) and decision process carefulness on anticipated regret. Whereas past research has drawn on norm theory (Kahneman & Miller, 1986) to emphasize the role of mutability in (anticipated) regret, the present studies highlight the important role of perceptions of decision justifiability (Connolly & Zeelenberg, 2002). Study 1 replicated earlier findings showing greater anticipated regret when behavior was abnormal, but perceived justifiability mediated the effect. Study 2 showed that anticipated regret was higher for careless than for careful decisions; perceived decision …


The Puzzle Of Insular Domains: A Longitudinal Study Of Knowledge Structuration And Innovation In Biotechnology Firms, Gerald George, Reddi Kotha, Yanfeng Zheng Jan 2007

The Puzzle Of Insular Domains: A Longitudinal Study Of Knowledge Structuration And Innovation In Biotechnology Firms, Gerald George, Reddi Kotha, Yanfeng Zheng

Research Collection Lee Kong Chian School Of Business

In this study we explain the puzzle of insular domains: insular domains are niches where new innovation is built on the knowledge within the domain. Given the nature of knowledge needed for new innovation in an insular domain the puzzle is why do new firms enter these niches? In a longitudinal sample of 128 biotechnology start-ups founded from 1980 to 1999 we explain why start-ups enter insular domains and how the start-ups develop technology capabilities.