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2009

Singapore Management University

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Articles 31 - 60 of 258

Full-Text Articles in Business

Customer Satisfaction And Stock Returns Risk, Kapil R. Tuli, Sundar G. Bharadwaj Nov 2009

Customer Satisfaction And Stock Returns Risk, Kapil R. Tuli, Sundar G. Bharadwaj

Research Collection Lee Kong Chian School Of Business

Over the past decade, several studies have argued that customer satisfaction has high relevance for financial markets because it has a significant impact on stock returns. However, little attention has been given to understanding the impact of customer satisfaction on the risk of stock returns. The finance literature suggests that investors that judge performance only in terms of returns place more resources than warranted in risky opportunities, forgo profitable opportunities, and apply misguided performance evaluations. Accordingly, this study develops, tests, and finds empirical support for the hypotheses that positive changes (i.e., improvement) in customer satisfaction result in negative changes (i.e., …

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Inventory Management And Financial Hedging Of Storable Commodities, Panos Kouvelis, Rong Li, Qing Ding Nov 2009

Inventory Management And Financial Hedging Of Storable Commodities, Panos Kouvelis, Rong Li, Qing Ding

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Social Networks, Personal Values, And Creativity: Evidence For Curvilinear And Interaction Effects, Jing Zhou, Shung Jae Shin, Daniel J. Brass, Jaepil Choi, Zhi-Xue Zhang Nov 2009

Social Networks, Personal Values, And Creativity: Evidence For Curvilinear And Interaction Effects, Jing Zhou, Shung Jae Shin, Daniel J. Brass, Jaepil Choi, Zhi-Xue Zhang

Research Collection Lee Kong Chian School Of Business

Taking an interactional perspective on creativity, the authors examined the influence of social networks and conformity value on employees' creativity. They theorized and found a curvilinear relationship between number of weak ties and creativity such that employees exhibited greater creativity when their number of weak ties was at intermediate levels rather than at lower or higher levels. In addition, employees' conformity value moderated the curvilinear relationship between number of weak ties and creativity such that employees exhibited greater creativity at intermediate levels of number of weak ties when conformity was low than when it was high. A proper match between …

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Regulatory Exposure Of Deceptive Marketing And Its Impact On Firm Value, Martha Myslinski Tipton, Sundar G. Bharadwaj, Diana C. Robertson Nov 2009

Regulatory Exposure Of Deceptive Marketing And Its Impact On Firm Value, Martha Myslinski Tipton, Sundar G. Bharadwaj, Diana C. Robertson

Research Collection Lee Kong Chian School Of Business

Research linking marketing to financial performance has predominantly focused on how marketing assets and actions add value. The authors argue that it is equally important to understand how marketing decisions can reduce firm value. Prior research has indicated that negative events vary greatly in their indirect costs to the firm. On the basis of established theory and in-depth interviews with practitioners, the authors identify a set of factors that can explain the heterogeneity in the magnitude of indirect costs associated with negative marketing-related events. Specifically, they address how the regulatory exposure of deceptive marketing, which carries no direct cost to …

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Apec Business Fellowship: Thailand, Hwee Hoon Tan, Michael A. Netzley Nov 2009

Apec Business Fellowship: Thailand, Hwee Hoon Tan, Michael A. Netzley

Research Collection Lee Kong Chian School Of Business

This survey study of SME internationalization presents findings from Thailand. The report describes how the APEC Business Fellowship program can be tailored to the needs a Thai audience.

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What Shapes The Way In Which We Imagine Our World?, Knowledge@Smu Nov 2009

What Shapes The Way In Which We Imagine Our World?, Knowledge@Smu

Knowledge@SMU

Despite national, religious or ideological differences, there are several key points in the recent history of mankind that have influenced the ways in which we see the world today. And while no two perspectives can be exactly the same, Xiang Biao, an academic fellow at the University of Oxford, believes that all "global imaginations" are bounded together by three common threads: the "earthy", "funky" and "wordy". For one, "earthy" issues such as global warming, forms one of the few but key universal concerns that almost every political leader can agree upon - in one way or another. Such global issues …

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Entering The Lion’S Den: Technology Entrepreneurs Need A Global View And Action Plan, Knowledge@Smu Nov 2009

Entering The Lion’S Den: Technology Entrepreneurs Need A Global View And Action Plan, Knowledge@Smu

Knowledge@SMU

How many technology companies are confident enough to venture outside the sheltered environment of their home country to compete against the market leaders in their own turf? Not many, especially for the new or young business ventures. Many avoid entering "the lion’s den", so to speak, for fear that they will be eaten alive. Yet, not many realise that if they cannot survive the “lion’s den”, they may not last very long within their own nest, shares seasoned venture capitalist Gideon Tolkowsky.

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Apec Business Fellowship: Singapore, Hwee Hoon Tan, Michael A. Netzley Nov 2009

Apec Business Fellowship: Singapore, Hwee Hoon Tan, Michael A. Netzley

Research Collection Lee Kong Chian School Of Business

This commissioned research report targets Singapore and is based on a survey study of SME leaders and their executive education needs for internationalizing. The report describes survey findings from Singapore and describes hwo the APEC Business Fellowship can be tailored to audiences in Singapore.

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Reinventing The Branch: An Empirical Assessment Of Banking Strategies To Environmental Differentiation, Thomas Allard, Barry Babin, Jean-Charles Chebat, Martine Crispo Nov 2009

Reinventing The Branch: An Empirical Assessment Of Banking Strategies To Environmental Differentiation, Thomas Allard, Barry Babin, Jean-Charles Chebat, Martine Crispo

Research Collection Lee Kong Chian School Of Business

The present study investigates the effects of two atmospheric differentiation strategies currently used by banks: co-locating with a hedonic business vs. refurbishing through an upscale environment. We assessed the potential moderating effects of congruency between the retail environment and the type of services. Using a Structural Equation Model based on 300 bank visit intercepts, we found significant differences between modern branch concepts and the traditional one in their influence on customers’ retail experience. More specifically, the type of atmospheric strategy moderates the relationship between retail environment and customers’ affect and the relationship between affect and approach behavior. Also, the mediating …

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Bayesian Analysis Of Structural Credit Risk Models With Microstructure Noises, Shirley J. Huang, Jun Yu Nov 2009

Bayesian Analysis Of Structural Credit Risk Models With Microstructure Noises, Shirley J. Huang, Jun Yu

Research Collection School Of Economics

In this paper a Markov chain Monte Carlo (MCMC) technique is developed for the Bayesian analysis of structural credit risk models with microstructure noises. The technique is based on the general Bayesian approach with posterior computations performed by Gibbs sampling. Simulations from the Markov chain, whose stationary distribution converges to the posterior distribution, enable exact ¯nite sample inferences of model parameters. The exact inferences can easily be extended to latent state variables and any nonlinear transformation of state variables and parameters, facilitating practical credit risk applications. In addition, the comparison of alternative models can be based on deviance information criterion …

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Scrutinising The Art Of Kata: How Toyota Does It, Knowledge@Smu Nov 2009

Scrutinising The Art Of Kata: How Toyota Does It, Knowledge@Smu

Knowledge@SMU

Toyota is, arguably, the most famous Japanese car maker and a model of manufacturing and production excellence. While there have been some recent setbacks, the company’s continuously-refined work process, ideas, and philosophies offer timeless lessons and insights. In his book Toyota Kata, the result of a multi-year study, engineer, management consultant and researcher Mike Rother shares with Toyota’s admirers and sceptics alike how this company does it.

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Personality Scale Validities Increase Throughout Medical School, Filip Lievens, Deniz S. Ones, Stephan Dilchert Nov 2009

Personality Scale Validities Increase Throughout Medical School, Filip Lievens, Deniz S. Ones, Stephan Dilchert

Research Collection Lee Kong Chian School Of Business

Admissions and personnel decisions rely on stable predictor-criterion relationships. The authors studied the validity of Big Five personality factors and their facets for predicting academic performance in medical school across multiple years, investigating whether criterion-related validities change over time. In this longitudinal investigation, an entire European country's 1997 cohort of medical students was studied throughout their medical school career (Year 1, N = 627; Year 7, N = 306). Over time, extraversion, openness, and conscientiousness factor and facet scale scores showed increases in operational validity for predicting grade point averages. Although there may not be any advantages to being open …

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Innovation And Commoditization: Asian Cross Border Sourcing Practices, Sudhi Seshadri Nov 2009

Innovation And Commoditization: Asian Cross Border Sourcing Practices, Sudhi Seshadri

Research Collection Lee Kong Chian School Of Business

What constitutes better sourcing performance? The question is gaining prominence from recent work in the resource based view of the firm where interest in functional performance is growing. The paper addresses this question by investigating several dimensions of sourcing practices. Two main performance priorities are captured by supply innovation and supply commoditization, and we develop several hypotheses involving these constructs. The paper reports on our survey research with Asian purchasing managers; scales that measure supply innovation and commoditization; and the estimates of a path analytic model to test our hypotheses and provide relative effect sizes. The results contribute to a …

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Affordable Homeownership Policy: Implications For Housing Markets, Sock Yong Phang Nov 2009

Affordable Homeownership Policy: Implications For Housing Markets, Sock Yong Phang

Research Collection School Of Economics

Affordable homeownership is a policy that is often accorded a great deal of policy attention by governments of many countries. In this paper, we examine the market implications of setting a housing price to income ratio target for a market segment by the government. The policy requires active intervention by the government with regard to the targeted sector. We use a simple model of the housing market with a homeownership affordability target to derive the market implications of such targets. In the presence of uncertainty and resource constraints, the objective of homeownership affordability is achieved for the targeted group at …

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Arresting The Saboteurs Of Strategic Change, Knowledge@Smu Oct 2009

Arresting The Saboteurs Of Strategic Change, Knowledge@Smu

Knowledge@SMU

What might ‘rotting’ tomatoes, dirty bus station toilets and an airport catastrophe have in common? They illustrate how organisational strategy, when badly implemented, can lead to disastrous results. According to Robin Speculand, CEO of Bridges Business Consultancy, most leaders spend an extraordinary amount of time and effort in formulating their strategies, yet they overlook many of the critical aspects that could determine a successful implementation of strategic change.

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Customer Satisfaction Index Of Singapore: First Three Quarters Executive Summary 2009, Institute Of Service Excellence, Smu Oct 2009

Customer Satisfaction Index Of Singapore: First Three Quarters Executive Summary 2009, Institute Of Service Excellence, Smu

Research Collection Institute of Service Excellence

The Customer Satisfaction Index of Singapore (CSISG) is now in its third year, the results of the first three quarters of CSIS G 2009 were obtained from survey data gathered between April and August 2009. The six sectors measured were: Retail, Food and beverage, Info-communications, Education, Transportation and logistics, Tourism, hotels and accommodation services.

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Wissen Und Entwicklung In Singapur: Trends Und Thesen / Knowledge And Development In Singapore: Trends And Propositions, Thomas Menkhoff, Solvay Gerke, Hans-Dieter Evers, Yue-Wah Chay Oct 2009

Wissen Und Entwicklung In Singapur: Trends Und Thesen / Knowledge And Development In Singapore: Trends And Propositions, Thomas Menkhoff, Solvay Gerke, Hans-Dieter Evers, Yue-Wah Chay

Research Collection Lee Kong Chian School Of Business

This paper addresses the question how knowledge is used to benefit the economic development of Singapore. The country has followed strict science policies to establish knowledge governance regimes for a knowledge-based economy. On the basis of empirical studies the authors show, how cultural diversity and social capital impact on the ability to develop an epistemic culture of knowledge sharing and ultimately an innovative knowledge-based economy.

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Differential Reliance On Feelings In The Present Vs. The Future (Or Past): Affect As A Decision Making System Of The Present, Hanwen Hannah Chang, Michel Tuan Pham Oct 2009

Differential Reliance On Feelings In The Present Vs. The Future (Or Past): Affect As A Decision Making System Of The Present, Hanwen Hannah Chang, Michel Tuan Pham

Research Collection Lee Kong Chian School Of Business

We posit that compared to the cognitive system, the affective system of judgment and decision making is relatively more engaged in the present. Specifically, we hypothesize that even if their accessibility is held constant, affective feelings are weighted more heavily in consumer judgments and decisions set in the present than in equivalent judgments and decisions set in the future or in the past. Consistent with this proposition, results from six experiments show that (a) compared to a more distant future, a nearer future increases consumers’ relative preferences for options that are superior in terms of integral affect over options that …

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Innovative Knowledge Assets And Economic Performance: The Asymmetric Roles Of Incentives And Monitoring, Jinyu He, Heli Wang Oct 2009

Innovative Knowledge Assets And Economic Performance: The Asymmetric Roles Of Incentives And Monitoring, Jinyu He, Heli Wang

Research Collection Lee Kong Chian School Of Business

We posit that a firm's resource configuration constitutes a critical context for various corporate governance mechanisms. Although innovative knowledge assets are generally a key determinant of a firm's economic performance, they also lead to greater information asymmetry among managers and owners and to the need to grant managers more discretion in making resource deployment decisions. This weakens the role of monitoring but increases the effectiveness of incentive mechanisms. Therefore, we hypothesize asymmetric moderating effects of monitoring- and incentive-based governance mechanisms on the relationship between innovative knowledge assets and economic performance. Our empirical analyses provide support for the key arguments.

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Seeking Emotion Enhancement Or Uncertainty Resolution? A Dual-System Approach To Examining Post-Purchase Information Search, Hanwen Hannah Chang, Cecile Cho, Leonard Lee Oct 2009

Seeking Emotion Enhancement Or Uncertainty Resolution? A Dual-System Approach To Examining Post-Purchase Information Search, Hanwen Hannah Chang, Cecile Cho, Leonard Lee

Research Collection Lee Kong Chian School Of Business

Product information search is typically assumed to follow the recognition of a purchase need and to occur before decision making. Once a sale transaction is completed, searching for information (e.g. price) on the purchased product seems futile and even irrational. Real-life observation and prior research (e.g. Russo and Leclerc 1994), however, suggest that such post-purchase search behavior is pervasive among consumers despite having no apparent consequence.

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How Should One Live? – A Book That Adds The Asian Perspective, Knowledge@Smu Oct 2009

How Should One Live? – A Book That Adds The Asian Perspective, Knowledge@Smu

Knowledge@SMU

For long, Western philosophers have attempted to answer Socrates’ proverbial question on life and morality universally. Yet, many of those theories can seem incomplete to people on the other side of the globe. For a more holistic view on virtue, scholars have begun to incorporate Eastern perspectives, studying Confucius, Mencius and other Asian philosophers, alongside Bentham, Mill and Kant. In a new book launched by SMU’s School of Law, both Eastern and Western views on ethics and social responsibility are presented - with the contemporary reader in mind.

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Monitoring State-Owned Versus State-Controlled Enterprises, Knowledge@Smu Oct 2009

Monitoring State-Owned Versus State-Controlled Enterprises, Knowledge@Smu

Knowledge@SMU

What’s the best way to monitor listed Chinese companies effectively? Should the Chinese government introduce more stringent corporate governance regulations to keep managers on their toes? Forget it. According to a research study by SMU accounting professor Wang Jiwei, the government is better off ditching its little black book of corporate governance reform and focusing on other ways to get results. --------------------------------------------------------------------------------

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Making Sense Of Whistle-Blowing's Antecedents: Learning From Research On Identity And Ethics Programs, Abhijeet K. Vadera, Ruth V. Aguilera, Brianna B. Caza Oct 2009

Making Sense Of Whistle-Blowing's Antecedents: Learning From Research On Identity And Ethics Programs, Abhijeet K. Vadera, Ruth V. Aguilera, Brianna B. Caza

Research Collection Lee Kong Chian School Of Business

Despite a significant increase in whistle-blowing practices in work organizations, we know little about what differentiates whistle-blowers from those who observe a wrongdoing but chose not to report it. In this review article, we first highlight the arenas in which research on whistle-blowing has produced inconsistent results and those in which the findings have been consistent. Second, we propose that the adoption of an identity approach will help clarify the inconsistent findings and extend prior work on individual-level motives behind whistle-blowing. Third, we argue that the integration of the whistle-blowing research with that on ethics programs will aid in systematically …

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Private Equity In China: Grey, Yet Delicious, Knowledge@Smu Oct 2009

Private Equity In China: Grey, Yet Delicious, Knowledge@Smu

Knowledge@SMU

Sometimes, even the biggest might stumble in China’s grey, yet opportunity-laden private equity market. How should foreign private equity firms play their cards, what should they look out for, and how can they deal with China’s legal and accounting issues? Yong Kwek Ping, CEO of greater China-focused private equity firm Inventis Holdings, shares his experience and insights.

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Leverage Change, Debt Overhang, And Stock Prices, Jie Cai, Zhe Zhang Oct 2009

Leverage Change, Debt Overhang, And Stock Prices, Jie Cai, Zhe Zhang

Research Collection Lee Kong Chian School Of Business

We document a significant and negative effect of the change in a firm’s leverage ratio on its stock prices. We find that the negative effect is stronger for firms with a greater likelihood of debt overhang. Moreover, firms with an increase in leverage ratio tend to have less future investment. These findings are consistent with Myers' (1977) debt overhang theory that an increase in leverage may lead to future underinvestment, thus reducing a firm's value.

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Inventory Flexibility Through Adjustment Contracts, Rong Li, Jennifer Ryan Oct 2009

Inventory Flexibility Through Adjustment Contracts, Rong Li, Jennifer Ryan

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Conflicts Of Interest And Stock Recommendations: The Effects Of The Global Settlement And Related Regulations, Ohad Kadan, Leonardo Madureria, Rong Wang, Tzachi Zach Oct 2009

Conflicts Of Interest And Stock Recommendations: The Effects Of The Global Settlement And Related Regulations, Ohad Kadan, Leonardo Madureria, Rong Wang, Tzachi Zach

Research Collection Lee Kong Chian School Of Business

We study the effect of the Global Analyst Research Settlement and related regulations on sell-side research. These regulations attempted to mitigate the interdependence between research and investment banking. We document that following the regulations many brokerage houses have migrated from the traditional five-tier rating system to a three-tier system. Optimistic recommendations have become less frequent and more informative, whereas neutral and pessimistic recommendations have become more frequent and less informative. Importantly, the overall informativeness of recommendations has declined. The likelihood of issuing optimistic recommendations no longer depends on affiliation with the covered firm, although affiliated analysts are still reluctant to …

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Using Decision Analysis To Value R&D Projects, Bert De Reyck Oct 2009

Using Decision Analysis To Value R&D Projects, Bert De Reyck

Research Collection Lee Kong Chian School Of Business

Project portfolio management, the equivalent of financial portfolio management but focused on R&D projects rather than financial assets, often relies on decision analysis methods to value projects rather than traditional financial valuation methods such as net present value (NPV). In finance, the idea of managing portfolios of assets goes back a long time, with the first formal methods being developed in the 1950s. Simply put, assembling a portfolio of stocks, bonds, and other financial instruments balances the risk a manager is taking with any one of the investments. Over time, this same idea has also taken hold for managing a …

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Sharing Mobile Multimedia Annotations To Support Inquiry-Based Learning Using Mobitop, Khasfariyati Razikin, Dion Hoe-Lian Goh, Yin-Leng Theng, Quang Minh Nguyen, Thi Nhu Quynh Kim, Ee Peng Lim, Chew-Hung Chang, Kalyani Chatterjea, Aixin Sun Oct 2009

Sharing Mobile Multimedia Annotations To Support Inquiry-Based Learning Using Mobitop, Khasfariyati Razikin, Dion Hoe-Lian Goh, Yin-Leng Theng, Quang Minh Nguyen, Thi Nhu Quynh Kim, Ee Peng Lim, Chew-Hung Chang, Kalyani Chatterjea, Aixin Sun

Research Collection School Of Computing and Information Systems

Mobile devices used in educational settings are usually employed within a collaborative learning activity in which learning takes place in the form of social interactions between team members while performing a shared task. We introduce MobiTOP (Mobile Tagging of Objects and People), a geospatial digital library system which allows users to contribute and share multimedia annotations via mobile devices. A key feature of MobiTOP that is well suited for collaborative learning is that annotations are hierarchical, allowing annotations to be annotated by other users to an arbitrary depth. A group of student-teachers involved in an inquiry-based learning activity in geography …

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The Geography Of Hedge Funds, Melvyn Teo Sep 2009

The Geography Of Hedge Funds, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

This article analyzes the relationship between the risk-adjusted performance of hedge funds and their proximity to investments using data on Asian-focused hedge funds. We find, relative to an augmented Fung and Hsieh (2004) factor model, that hedge funds with a physical presence (head or research office) in their investment region outperform other hedge funds by 3.72 percent per year. The local information advantage is pervasive across all major geographical regions, but is strongest for Emerging Market funds and funds holding illiquid securities. These results are robust to adjustments for fund fees, serial correlation, backfill bias, and incubation bias. We show …

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