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Articles 1 - 6 of 6
Full-Text Articles in Business
Share-Price-Changes-Volume Relation On The Singapore Equity Market, David K. C. Lee, Mohamed Ariff
Share-Price-Changes-Volume Relation On The Singapore Equity Market, David K. C. Lee, Mohamed Ariff
Research Collection Lee Kong Chian School Of Business
A critical review of the literature on security-price-changes-volume research suggests that the published studies in the United States and one each in Hong Kong and Japan have largely ignored the impacts on the results from autocorrelation, non-normality of distributions, heteroscedasticity and non-linear functional forms. Therefore, the reported findings are not robust. In testing for this relation from a small sample of continuously traded shares in the Singapore share market, we find that consistent results may not be obtained because of violations of basic test conditions. A task that remains is an application of alternative test models with data transformation using …
Is A Bond Rating Downgrade Bad News, Good News, Or No News For Stockholders?, Choo Yong, Jeremy Goh, Louis H. Ederington
Is A Bond Rating Downgrade Bad News, Good News, Or No News For Stockholders?, Choo Yong, Jeremy Goh, Louis H. Ederington
Research Collection Lee Kong Chian School Of Business
We examine the reaction of common stock returns to bond rating changes. While recent studies find a significant negative stock response to downgrades, we argue that this reaction should not be expected for all downgrades because: (1) some rating changes are anticipated by market participants and (2) downgrades because of an anticipated move to transfer wealth from bondholders to stockholders should be good news for stockholders. We find that downgrades associated with deteriorating financial prospects convey new negative information to the capital market, but that downgrades due to changes in firms' leverage do not.
Conducting Interorganizational Research Using Key Informants, Nirmalya Kumar, Louis W. Stern, James C. Anderson
Conducting Interorganizational Research Using Key Informants, Nirmalya Kumar, Louis W. Stern, James C. Anderson
Research Collection Lee Kong Chian School Of Business
In this article, we examine the use of the key informant methodology by researchers investigating interorganizational relationships. Authors have advocated the use of multiple informants to increase the reliability and validity of informant reports. However, interorganizational research still tends to rely on single informants. We investigated informant selection and obtaining perceptual agreement among multiple informants, two problems that may have inhibited widespread use of multiple informants. We suggest procedures for dealing with those problems and provide an illustrative application of our proposals.
Auctions For Transferable Objects: Theory And Evidence From The Vehicle Quota System In Singapore, David K. C. Lee, Winston T. H. Koh
Auctions For Transferable Objects: Theory And Evidence From The Vehicle Quota System In Singapore, David K. C. Lee, Winston T. H. Koh
Research Collection Lee Kong Chian School Of Business
This paper studies the hypothesis that auctions with resale markets result in higher prices. The vehicle quota system introduced in Singapore in May 1990 provides the setting. The Certificates of Entitlement (COEs) necessary to purchase new cars were initially transferable for all quota categories. After October 1991, COEs for four major categories became non-transferable. Our results indicate that while the conversion to non-transferability eliminated speculation, it has also intensified competition among car distributors. Auctions for non-transferable COEs in fact led to higher COE prices in three of the four categories.
Internationalisation Of R&D Improves A Firm's Technical Learning, Arnoud De Meyer
Internationalisation Of R&D Improves A Firm's Technical Learning, Arnoud De Meyer
Research Collection Lee Kong Chian School Of Business
Companies have been reluctant to internationalize the R&D function. The reasons for keeping R&D geographically centralized are mostly related to preserving optimal communication patterns. But market forces, and the diffusion of the sources of technological know-how, oblige many companies to decentralize and internationalize their R&D laboratories. How does one manage this international network of laboratories? The author takes the position that companies internationalize R&D to improve the process of technical learning. If this is the case, the management of the laboratory network has to stimulate this technical learning. On the basis of 14 case studies, five areas warrant attention: creating …
Rhetorical Vision Of Men And Women Managers In Singapore, Jean S. K. Lee, Hwee Hoon Tan
Rhetorical Vision Of Men And Women Managers In Singapore, Jean S. K. Lee, Hwee Hoon Tan
Research Collection Lee Kong Chian School Of Business
Findings from a content analysis of newspaper articles are reported to uncover the rhetorical visions of men and women managers portrayed by the media in Singapore and to unfold the inherent conflicting forces that women managers face. The vision of women managers that was portrayed by the press emphasized the dilemmas and role conflicts that the women managers face, whereas the vision emphasized for the men managers was their managerial abilities. The study also uncovered that the success of the women managers relied on a support system that consisted of a male mentor, a supportive husband, and a mother or …