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Research Collection Lee Kong Chian School Of Business

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Full-Text Articles in Business

Growing Up Under Mao And Deng: On The Ideological Determinants Of Corporate Policies, Hao Liang, Rong Wang, Haikun Zhu Jun 2023

Growing Up Under Mao And Deng: On The Ideological Determinants Of Corporate Policies, Hao Liang, Rong Wang, Haikun Zhu

Research Collection Lee Kong Chian School Of Business

Historically, economic activities have been organized around certain ideologies. We investigate the impact of politicians’ ideology on corporate policies by exploring a unique setting of ideological change—China from Mao to Deng around the 1978 economic reform—in a regression discontinuity framework. We find that the age discontinuity of politicians around 18 years old in 1978, who had already joined the Chinese Communist Party (CCP) or joined soon thereafter and later became municipal paramount leaders, has had a lasting effect on contemporary firm- and city-level policies. In particular, firms in cities with mayors that joined the CCP under the ideological regime of …

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Privacy Please: Power Distance And People’S Responses To Data Breaches Across Countries, Shilpa Madan, Krishna Savani, Constantine S. Katsikeas Jun 2023

Privacy Please: Power Distance And People’S Responses To Data Breaches Across Countries, Shilpa Madan, Krishna Savani, Constantine S. Katsikeas

Research Collection Lee Kong Chian School Of Business

Information security and data breaches are perhaps the biggest challenges that global businesses face in the digital economy. Although data breaches can cause significant harm to users, businesses, and society, there is significant individual and national variation in people’s responses to data breaches across markets. This research investigates power distance as an antecedent of people’s divergent reactions to data breaches. Eight studies using archival, correlational, and experimental methods find that high power distance makes users more willing to continue patronizing a business after a data breach (Studies 1–3). This is because they are more likely to believe that the business, …

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Mindfully Outraged: Mindfulness Increases Deontic Retribution For Third-Party Injustice, Adam A. Kay, Theodore Charles Masters-Waage, Jochen Reb, Pavlos A. Vlachos Jun 2023

Mindfully Outraged: Mindfulness Increases Deontic Retribution For Third-Party Injustice, Adam A. Kay, Theodore Charles Masters-Waage, Jochen Reb, Pavlos A. Vlachos

Research Collection Lee Kong Chian School Of Business

Mindfulness is known to temper negative reactions by both victims and perpetrators of injustice. Accordingly, critics claim that mindfulness numbs people to injustice, raising concerns about its moral implications. Exam-ining how mindful observers respond to third-party injustice, we integrate mindfulness with deontic justice theory to propose that mindfulness does not numb but rather enlivens people to injustice committed by others against others. Results from three studies show that mindfulness heightens moral outrage in witnesses of injustice, particularly when the injustice is only moderate. Although these findings did not replicate with a mindfulness induction, post-hoc analysis in a fourth study reveals …

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Leader Apology In The Employee-Organization Relationship: The Roles Of Subordinate Power Distance Belief And Leader Competence, Xingyu Wang, Xueqi Wen, Zihan Liu, Yuzhuo Jiang, Mingyun Huai Jun 2023

Leader Apology In The Employee-Organization Relationship: The Roles Of Subordinate Power Distance Belief And Leader Competence, Xingyu Wang, Xueqi Wen, Zihan Liu, Yuzhuo Jiang, Mingyun Huai

Research Collection Lee Kong Chian School Of Business

According to the organizational support theory, leaders’ words and deeds are not only the products of their own will but also a reflection of organizations’ standpoints. We thus focus on leader apology in the case of organizational transgressions and predict that leaders’ apologetic acts are likely to influence employees’ organizationoriented attitudes and behaviors. Specifically, leader apology is hypothesized to positively influence employees’ perception of organizational support, which in turn, is positively associated with employees’ helping and risk taking behavior. Furthermore, drawing upon the organizational support theory that delineates the discretion and value perceived in the employee-organization relationship, we further propose …

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Interpretable Machine Learning Models To Predict Hospital Patient Readmission, Xiaoquan Gao, Sabriya Alam, Pengyi Shi, Franklin Dexter, Nan Kong Jun 2023

Interpretable Machine Learning Models To Predict Hospital Patient Readmission, Xiaoquan Gao, Sabriya Alam, Pengyi Shi, Franklin Dexter, Nan Kong

Research Collection Lee Kong Chian School Of Business

Background: Advanced machine learning models have received wide attention in assisting medical decision making due to the greater accuracy they can achieve. However, their limited interpretability imposes barriers for practitioners to adopt them. Recent advancements in interpretable machine learning tools allow us to look inside the black box of advanced prediction methods to extract interpretable models while maintaining similar prediction accuracy, but few studies have investigated the specific hospital readmission prediction problem with this spirit. Methods: Our goal is to develop a machine-learning (ML) algorithm that can predict 30- and 90- day hospital readmissions as accurately as black box algorithms …

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On The Status Shocks Of Tournament Rituals: How Ritual Enactment Affects Productivity, Input Provision, And Performance, Massimo Maoret, Giacomo Marchesini, Gokhan Ertug Jun 2023

On The Status Shocks Of Tournament Rituals: How Ritual Enactment Affects Productivity, Input Provision, And Performance, Massimo Maoret, Giacomo Marchesini, Gokhan Ertug

Research Collection Lee Kong Chian School Of Business

We propose a novel process through which status shocks may enhance performance. Specifically, we theorize that when status shocks include a ritualistic conferment of social prestige – such as in the case of “tournament rituals” – participating in that ritual enactment may increase tournament winners’ productivity and improve the inputs they receive, thereby improving their overall performance. We also consider the duration of that performance improvement, finding a decay that is consistent with our theorized mechanisms that are based on emotional energy. Our study shows that status shocks carry not only informational value, as signals of quality, but also symbolic …

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Economic And Environmental Implications Of Biomass Commercialization In Agricultural Processing, Bin Li, Onur Boyabatli, Buket Avci Jun 2023

Economic And Environmental Implications Of Biomass Commercialization In Agricultural Processing, Bin Li, Onur Boyabatli, Buket Avci

Research Collection Lee Kong Chian School Of Business

Motivated by the agricultural industries, this paper studies the economic and environmental implications of biomass commercialization; that is, converting organic waste into a saleable product, from the perspective of a processor that uses a commodity input to produce both a commodity output and biomass. We characterize the economic value of biomass commercialization and examine how input and output spot price uncertainties affect this value. Using a model calibration, we find that lower input spot price variability or higher output spot price variability or correlation between the two spot prices increases this value for a typical palm oil mill. To measure …

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How Transformational Leadership Transforms Followers’ Affect And Work Engagement, Benjamin Bader, Michael Gielnik, Ronald Bledow Jun 2023

How Transformational Leadership Transforms Followers’ Affect And Work Engagement, Benjamin Bader, Michael Gielnik, Ronald Bledow

Research Collection Lee Kong Chian School Of Business

How do episodes of transformational leadership transform followers? To address this question, we build on theories of affective events and affect regulation and develop a research model that explicates a mechanism of the transformation process implicit in transformational leadership theory. Specifically, the model explains how experiencing episodes of transformational leadership transforms (i.e., changes) followers’ positive affect and eventually their work engagement by fulfilling followers’ basic psychological needs. We tested our model in two independent longitudinal samples using daily and weekly measurement designs with 214 (N = 75) and 147 (N = 54) lagged observations, respectively. In support of our model, …

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Singapore Management University (Smu): Tracking The Strategy Evolution Of A Start-Up University, Michelle P. Lee, Howard Thomas, Alex Wilson Jun 2023

Singapore Management University (Smu): Tracking The Strategy Evolution Of A Start-Up University, Michelle P. Lee, Howard Thomas, Alex Wilson

Research Collection Lee Kong Chian School Of Business

The year 2020 marked the 20th anniversary of the Singapore Management University (SMU). SMU exists in an ecosystem for higher education that is quite unlike what one might find in other parts of the world. The supportive and stable environment the Singapore government provided in terms of its funding and policies meant a more predictable environment within which a university can make long-range planning. Singapore's development since its independence in 1965 has been undergirded by the belief that a strong educational system is the backbone of the country's economic development. The Era of Evolution is a story of both implementation …

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Perspectives On The Impact, Mission And Purpose Of The Business School, Eric Cornuel, Howard Thomas, Matthew Wood Jun 2023

Perspectives On The Impact, Mission And Purpose Of The Business School, Eric Cornuel, Howard Thomas, Matthew Wood

Research Collection Lee Kong Chian School Of Business

This book explores the impact and purpose of the business school, and addresses some of the most important questions facing management education today. The diverse perspectives brought together by the EFMD in this volume examine a number of common questions, themes and challenges. These include: whether business schools should be viewed as schools of management, given the complexity of the business environment; what is the positive impact of business school research, and the balance of relevant, practical impact and academic rigour; the strategic evolution of business schools and how they may evolve in a more purposeful direction; and why business …

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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 May 2023

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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Asset-Rich And Cash-Poor: Which Older Adults Value Reverse Mortgages?, Joelle H. Fong, Olivia S. Mitchell, Benedict S. K. Koh May 2023

Asset-Rich And Cash-Poor: Which Older Adults Value Reverse Mortgages?, Joelle H. Fong, Olivia S. Mitchell, Benedict S. K. Koh

Research Collection Lee Kong Chian School Of Business

Home equity represents a substantial share of retirement wealth for many older persons, particularly in Asia where national housing policies have encouraged home-ownership. This paper explored the potential for reverse mortgages to help 'asset-rich and cash-poor' older Singaporeans unlock their home equity while ageing in place. The empirical analysis was based on a nationally representative survey of home-owners age 50+ in the 2018 Singapore Life Panel (N = 6,258). Our analyses showed that the average older home-owner holds some 60 per cent of total net wealth in housing equity, suggestive of high demand potential for reverse mortgage products. Nevertheless, actual …

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The Persuasive Design Of Ai-Synthesized Voices, Hannah H. Chang, Anirban Mukherjee May 2023

The Persuasive Design Of Ai-Synthesized Voices, Hannah H. Chang, Anirban Mukherjee

Research Collection Lee Kong Chian School Of Business

We investigate the impact of AI-based, machine-synthesized narrating voices on consumer cognitions and behavior in media-rich environment. Across four studies (plus pretests), we show that the design of AI voices systematically and predictably affects consumer cognition and behavior. Specifically, the designs of AI voices have differential effects in early versus later stages of consumer purchase journey. In situations where the consumers’ attention is already directed to the message, we find that marcomm with more AI voices generates a smaller proportion of favorable thoughts, which leads to a lower purchase likelihood. These results support our conceptualization that hearing more AI voices …

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Social Acceptance Vital To Success Of Novel Food Technologies, Mark Chong, Mark Chong May 2023

Social Acceptance Vital To Success Of Novel Food Technologies, Mark Chong, Mark Chong

Research Collection Lee Kong Chian School Of Business

In a joint commentary, SMU Associate Professor of Communication Management (Practice) Mark Chong and Andrew Powell , CEO of Asia BioBusiness Pte Ltd, discussed how social acceptance is vital to the success of novel food technologies. They also explained how companies should be guided by the science of risk perception and behavioural science, and why a risk communication and engagement strategy is an essential component of risk management.

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Smart Vending Machines: The Minimarts In The Near Future?, Ramaswami, S. May 2023

Smart Vending Machines: The Minimarts In The Near Future?, Ramaswami, S.

Research Collection Lee Kong Chian School Of Business

In a commentary, SMU Associate Professor of Marketing (Education) Seshan Ramaswami discussed how the vending machine has stood the test of time even as e-commerce shook the retail industry. He noted the advantages of the vending machine and how it could be an alternative to a brick-and-mortar store and become the minimart of the future. Assoc Prof Ramaswami believes vending machines could get smarter and better as companies have begun using artificial intelligence to build smart vending machines to provide more personalised and interactive features for customers.

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Does Disclosure Of Advertising Spending Help Investors And Analysts?, Sungkyun Moon, Kapil R. Tuli, Anirban Mukherjee May 2023

Does Disclosure Of Advertising Spending Help Investors And Analysts?, Sungkyun Moon, Kapil R. Tuli, Anirban Mukherjee

Research Collection Lee Kong Chian School Of Business

Publicly listed firms have the discretion to disclose (or not) advertising spending in their annual (10-K) reports. The disclosure of advertising spending can provide valuable information because advertising is a leading indicator of future performance. However, estimates of advertising spending are available from data providers, arguably mitigating the need for its formal disclosure. This study argues that firms’ disclosure of advertising spending provides more complete and public information and therefore lowers investor uncertainty about future firm performance (idiosyncratic risk). Empirical analyses show this effect is largely driven by the negative effect of disclosure of advertising spending on analyst uncertainty. Consistent …

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Algorithms, Leadership, And Morality: Why A Mere Human Effect Drives The Preference For Human Over Algorithmic Leadership, Jack Mcguire, David De Cremer May 2023

Algorithms, Leadership, And Morality: Why A Mere Human Effect Drives The Preference For Human Over Algorithmic Leadership, Jack Mcguire, David De Cremer

Research Collection Lee Kong Chian School Of Business

Algorithms are increasingly making decisions in organizations that carry moral consequences and such decisions are considered to be ordinarily made by leaders. An important consideration to be made by organizations is therefore whether adopting algorithms in this domain will be accepted by employees and whether this practice will harm their reputation. Considering this emergent phenomenon, we set out to examine employees’ perceptions about (a) algorithmic decision-making systems employed to occupy leadership roles and make moral decisions in organizations, and (b) the reputation of organizations that employ such systems. Furthermore, we examine the extent to which the decision agent needs to …

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Interpersonal Primary Care Continuity For Chronic Conditions Is Associated With Fewer Hospitalizations And Emergency Department Visits Among Medicaid Enrollees, A. Gaglioti, C. Li, P. Baltrus, Zhaowei She, M. Douglas, M. Moore, A. Rao, L. Immergluck, T. Ayer, A. Bazemore, G. Rust, D. Mack Apr 2023

Interpersonal Primary Care Continuity For Chronic Conditions Is Associated With Fewer Hospitalizations And Emergency Department Visits Among Medicaid Enrollees, A. Gaglioti, C. Li, P. Baltrus, Zhaowei She, M. Douglas, M. Moore, A. Rao, L. Immergluck, T. Ayer, A. Bazemore, G. Rust, D. Mack

Research Collection Lee Kong Chian School Of Business

Background: Interpersonal primary care continuity or chronic condition continuity (CCC) is associated with improved health outcomes. Ambulatory care-sensitive conditions (ACSC) are best managed in a primary care setting, and chronic ACSC (CACSC) require management over time. However, current measures do not measure continuity for specific conditions or the impact of continuity for chronic conditions on health outcomes. The purpose of this study was to design a novel measure of CCC for CACSC in primary care and determine its association with health care utilization. Methods: We conducted a cross-sectional analysis of continuously enrolled, nondual eligible adult Medicaid enrollees with a diagnosis …

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Arousing Motives Or Eliciting Stories? On The Role Of Pictures In A Picture–Story Exercise, Philipp Schäpers, Stefan Krumm, Filip Lievens, Nikola Stenzel Apr 2023

Arousing Motives Or Eliciting Stories? On The Role Of Pictures In A Picture–Story Exercise, Philipp Schäpers, Stefan Krumm, Filip Lievens, Nikola Stenzel

Research Collection Lee Kong Chian School Of Business

Picture–story exercises (PSE) form a popular measurement approach that has been widely used for the assessment of implicit motives. However, current theorizing offers two diverging perspectives on the role of pictures in PSEs: either to elicit stories or to arouse motives. In the current study, we tested these perspectives in an experimental design. We administered a PSE either with or without pictures. Results from N = 281 participants revealed that the experimental manipulation had a medium to large effect for the affiliation and power motive domains, but no effect for the achievement motive domain. We conclude that the herein chosen …

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Covid Time: How Quarantine Affects Feelings Of Elapsed Time, Minju Han, Guy Voichek, Gal Zauberman Apr 2023

Covid Time: How Quarantine Affects Feelings Of Elapsed Time, Minju Han, Guy Voichek, Gal Zauberman

Research Collection Lee Kong Chian School Of Business

The lockdowns imposed in response to the COVID-19 pandemic abruptly upended people's lives and daily structure. In this survey of 1,506 Americans conducted in June 2020, we test how quarantine affects feelings of elapsed time (the subjective temporal distance from an event). We find that feelings of elapsed time are determined either by how people spent their time in quarantine or by how much time since an event was spent in quarantine, depending on whether people are still in quarantine at the time of evaluation. Specifically, whether people quarantined alone and the extent to which they maintained a temporal structure …

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Engaging Students Through Conversational Chatbots And Digital Content: A Climate Action Perspective, Thomas Menkhoff, Benjamin Gan Apr 2023

Engaging Students Through Conversational Chatbots And Digital Content: A Climate Action Perspective, Thomas Menkhoff, Benjamin Gan

Research Collection Lee Kong Chian School Of Business

In this case study, we report experiences developing a conversational chatbot as a pre-class and post-class engagement tool for undergraduate students enrolled in sustainability-related courses aimed at educating them about the severity of climate change and the importance of climate action by offsetting one’s carbon footprint (e.g, by planting trees or mangroves in SEA). The intitiative supports the university’s sustainability efforts in general and our new sustainability major in particular aimed at helping students to achieve sustainability-related learning outcomes with reference to climate change and climate action (SDG 13), one of the 17 Sustainable Development Goals established by the United …

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Knowledge, Skills, And Workforce Development: Commentary On Ackerman, Frederick L. Oswald, Karyssa A. Courey, Zihan Liu Apr 2023

Knowledge, Skills, And Workforce Development: Commentary On Ackerman, Frederick L. Oswald, Karyssa A. Courey, Zihan Liu

Research Collection Lee Kong Chian School Of Business

Ackerman (2023) proposed incorporating a more comprehensive range of knowledge and skills into the conceptualization and operationalization of intelligence beyond traditional assessments. In agreeing with and extending this proposition, the current commentary focuses on the specific context of workforce development and highlights three critical considerations: (a) the development of knowledge and skills at different life stages of education and work, (b) the role of social contexts in knowledge and skill acquisition, and (c) quantitative and qualitative approaches to understanding and assessing a broader set of knowledge and skills in light of ongoing changes in the workplace. Overall, we encourage greater …

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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 Apr 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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Liquidity Constraints, Consumption, And Debt Repayment: Evidence From Macroprudential Policy In Turkey, Sumit Agarwal, Muris Hadzic, Changcheng Song, Yildirim Yildiray Apr 2023

Liquidity Constraints, Consumption, And Debt Repayment: Evidence From Macroprudential Policy In Turkey, Sumit Agarwal, Muris Hadzic, Changcheng Song, Yildirim Yildiray

Research Collection Lee Kong Chian School Of Business

Using account-level credit card data from a large Turkish bank, we study the impact of a unique credit card policy that increases minimum payment on consumption and debt repayment. We show that the policy reduces credit card spending and debt, boosts existing debt repayment, and reduces credit card delinquency. The credit card debt of affected consumers falls on average by 50% two years into the policy’s implementation. An increase in minimum payment has a stronger effect than does a decrease of a similar magnitude. We build a benchmark life cycle model with soft liquidity constraint to explain the reduction in …

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Peer Effects In Equity Research, Kenny Phua, Mandy Tham, Chi Shen Wei Mar 2023

Peer Effects In Equity Research, Kenny Phua, Mandy Tham, Chi Shen Wei

Research Collection Lee Kong Chian School Of Business

We study the importance of peer effects among sell-side analysts who work at the same brokerage house, but cover different firms. By mapping the information network within each brokerage, we identify analysts who occupy central positions in their network. Central analysts incorporate more information from their coworkers and produce better research. Using shocks to network structures around brokerage mergers, we identify the influence of peer effects and the importance of industry expertise on analysts’ performance. A portfolio strategy that exploits the forecast revisions of central analysts earns up to 24% per annum.

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Exchange-Traded Funds And Real Investment, Constantinos Antoniou, Frank Weikai Li, Xuewen Liu, Avanidhar Subrahmanyam, Chengzhu Sun Mar 2023

Exchange-Traded Funds And Real Investment, Constantinos Antoniou, Frank Weikai Li, Xuewen Liu, Avanidhar Subrahmanyam, Chengzhu Sun

Research Collection Lee Kong Chian School Of Business

We investigate the link between exchange-traded funds and real investment. Cross-sectionally, higher ETF ownership is associated with an increased sensitivity of real investment to Tobin's q and a heightened ability of stock returns to forecast future earnings. Inclusion of stocks in industry ETFs enhances investment-q sensitivity and implies greater incorporation of earnings information into prices prior to public releases. Greater nonmarket ETF ownership leads to increased (reduced) reliance of real investment on own (peers') stock prices. Overall, the evidence is consistent with ETFs positively affecting real investment efficiency via greater flows of information.

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The Future Of Private Label Markets: A Global Convergence Approach, Katrijn Gielens, Marnik G. Dekimpe, Anirban Mukherjee, Kapil R. Tuli Mar 2023

The Future Of Private Label Markets: A Global Convergence Approach, Katrijn Gielens, Marnik G. Dekimpe, Anirban Mukherjee, Kapil R. Tuli

Research Collection Lee Kong Chian School Of Business

Private-label (PL) shares are characterized by considerable heterogeneity across both countries and categories, not only in their current level, but also in the rate at which they are growing. This creates ambiguity about their remaining growth potential. To offer insights into the likely long-run PL shares, we take a forward-looking perspective by means of a convergence model. We apply the model to two unique datasets that together span more than 50 countries, both emerging and developed, across more than70 CPG categories. We find evidence of partial PL convergence: even though PL shares will become more similar, part of the currently …

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Consumers’ Preferences For Ethical Entertainment Consumption: Conceptualization, Development, And Validation Of A Scale, Avirupa Basu, Tamas Makany, Pratap Chandra Mandal, Ashutosh Bishnu Murti Mar 2023

Consumers’ Preferences For Ethical Entertainment Consumption: Conceptualization, Development, And Validation Of A Scale, Avirupa Basu, Tamas Makany, Pratap Chandra Mandal, Ashutosh Bishnu Murti

Research Collection Lee Kong Chian School Of Business

Our study describes the conceptualization, development, and validation of a reliable scale to measure the Consumers’ Preferences for Ethical Entertainment Consumption (CPEEC) in the context of OTT platforms. Past literature has addressed Ethical Consumption in various contexts that hold significant importance among consumers. However, there is limited literature on the Ethical Consumption in the domain of OTT entertainment, which is a new and burgeoning field of literature. Conceptualizing and developing a measurement scale for CPEEC will help measure the ethicality of entertainment like films, web shows and reality shows. The CPEEC scale is developed and validated by performing 33 in-depth …

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Loan Spreads And Credit Cycles: The Role Of Lenders' Personal Economic Experiences, Daniel Carvalho, Janet Gao, Pengfei Ma Mar 2023

Loan Spreads And Credit Cycles: The Role Of Lenders' Personal Economic Experiences, Daniel Carvalho, Janet Gao, Pengfei Ma

Research Collection Lee Kong Chian School Of Business

We provide evidence that changes in lender optimism can lead to excessive fluctuations in credit spreads across the credit cycle. Using data on the real estate properties of loan officers originating large corporate loans, we find that credit spreads overreact to sophisticated lenders' recent local economic experiences, captured by local housing price growth. These effects are only present when borrowers own real estate assets and during times of greater uncertainty about real estate values, i.e., boom-and-bust cycles in housing prices. Our analysis suggests that recent personal experiences shape sophisticated lenders' beliefs about real estate values, which affect their pricing decisions.

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Strategic Financial Management Part Iii: Debt Maturity And Priority And Corporate Liquidity, Fangjian Fu, Clifford W. Smith Mar 2023

Strategic Financial Management Part Iii: Debt Maturity And Priority And Corporate Liquidity, Fangjian Fu, Clifford W. Smith

Research Collection Lee Kong Chian School Of Business

This is the third in our series ofJACFarticles that explores thecorporate motives for and consequences of seasoned equity offer-ings (SEOs) by U.S. public companies over the past 50 years. Likeits two predecessors, this article begins by examining each of thethree standard theories (or “models”) of corporate capital structureand financing policy that continue to receive serious considerationin academic discussions: (1) the Tradeoff Model;(2)thePeckingOrder Model, and (3) theMarket Timing Model.Aswealsobeganby noting in our two previous articles, each of these three modelshas implications that do not fit comfortably with the findings ofour analysis of over 8500 SEOs by U.S. companies between 1970and 2019.

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