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Full-Text Articles in Business

Negotiating Deals From A Position Of Powerlessness, Michael Schaerer, Roderick I. Swaab Dec 2014

Negotiating Deals From A Position Of Powerlessness, Michael Schaerer, Roderick I. Swaab

Research Collection Lee Kong Chian School Of Business

When you are negotiating a deal it pays to have viable alternatives to fall back on – or at least that’s what most people think. New research suggests that being powerless can be liberating and help you achieve better deals.


Emerging Markets And The End Of Qe, Singapore Management University Nov 2014

Emerging Markets And The End Of Qe, Singapore Management University

Perspectives@SMU

Quantitative easing made it easier for emerging economies to delay necessary reforms, but policymakers are better able to manage crises than ever before


Bitcoins, Block Chains, And Mining Pools, Singapore Management University Nov 2014

Bitcoins, Block Chains, And Mining Pools, Singapore Management University

Perspectives@SMU

Bitcoins can help facilitate online commerce, but investors – and speculators – should understand how the cryptocurrency works


Mind The Liquidity Gap: Building A Better Capital Market For You, Kaushik Rudra Nov 2014

Mind The Liquidity Gap: Building A Better Capital Market For You, Kaushik Rudra

Asian Management Insights

Asian banks in most jurisdictions are currently more than adequately capitalised with respect to Basel III. However, as they are called upon to support the region’s economic growth over the next decade, they are likely to run up against capital constraints.


Mutual Funds And Information Diffusion: The Role Of Country-Level Governance, Chunmei Lin, Massimo Massa, Hong Zhang Nov 2014

Mutual Funds And Information Diffusion: The Role Of Country-Level Governance, Chunmei Lin, Massimo Massa, Hong Zhang

Research Collection Lee Kong Chian School Of Business

We hypothesize that poor country-level governance, which makes public information less reliable, induces fund managers to increase their use of semipublic information. Utilizing data from international mutual funds and stocks over the 2000-2009 period, we find that semipublic information-related stock rebalancing can be five times higher in countries with the worst quality of governance than in countries with the best. The use of semipublic information increases price informativeness but also increases information asymmetry and reduces stock liquidity. It also intensified the price impact and liquidity crunch during the recent global financial crisis.


Ceo Optimism And Incentive Compensation, Clemens A. Otto Nov 2014

Ceo Optimism And Incentive Compensation, Clemens A. Otto

Research Collection Lee Kong Chian School Of Business

I study the effect of chief executive officer (CEO) optimism on CEO compensation. Usingdata on compensation in US firms, I provide evidence that CEOs whose option exercisebehavior and earnings forecasts are indicative of optimistic beliefs receive smaller stockoption grants, fewer bonus payments, and less total compensation than their peers. Thesefindings add to our understanding of the interplay between managerial biases andremuneration and show how sophisticated principals can take advantage of optimisticagents by appropriately adjusting their compensation contracts.


Raising The Bar 2: Challenges To Productivity Initiatives In The Finance And Accounting Function, Clarence Goh Nov 2014

Raising The Bar 2: Challenges To Productivity Initiatives In The Finance And Accounting Function, Clarence Goh

Research Collection School Of Accountancy

Faced with a tightening labour supply, raising productivity has become an increasingly important issue for manybusinesses in Singapore. To understand how this impacts on the F&A functions of businesses, the Instituteof Singapore Chartered Accountants (ISCA) collaborated with Robert Half to survey over 550 senior financeexecutives in Singapore and also the region to understand the focus of F&A functions of businesses andcorporations regarding raising productivity and effectiveness. Our findings are presented in a series of three reportswith the following themes – (1) Trends in implementing productivity initiatives, (2) Challenges faced in implementingproductivity initiatives, and (3) Essential skills and training needed to …


Finance And Social Responsibility In The Informal Economy: Institutional Voids, Globalization And Microfinance Institutions, Hao Liang, Chris Marquis, Sunny Li Sun Oct 2014

Finance And Social Responsibility In The Informal Economy: Institutional Voids, Globalization And Microfinance Institutions, Hao Liang, Chris Marquis, Sunny Li Sun

Research Collection Lee Kong Chian School Of Business

We examine how different types of country-level globalization and the industry structure of microfinance institutions (MFIs) affect organization-level microcredit interest rates which crucially affect the poor's entrepreneurial opportunities. We develop an opportunity structure perspective that argues that MFI interest rates can be reduced by egalitarian-based social globalization but increased by neoliberal-based economic globalization. Moreover, stronger presence of nonprofit organizations in the microfinance industry lowers interest rates. Furthermore, these three forces can moderate the relationship between MFIs' outreach to the poor and average interest rate. Analyses of 2,559 MFI observations across 74 countries from 2002 - 2012 largely support our hypotheses.


Raising The Bar: Trends In Implementing Productivity Initiatives In The Finance And Accounting Function, Clarence Goh Oct 2014

Raising The Bar: Trends In Implementing Productivity Initiatives In The Finance And Accounting Function, Clarence Goh

Research Collection School Of Accountancy

Faced with a tightening labour supply, raising productivity has become an increasingly important issue for manybusinesses in Singapore. To understand how this impacts the finance and accounting functions of businesses,the Institute of Singapore Chartered Accountants (ISCA) collaborated with Robert Half to survey over 550senior finance executives in Singapore and also the region to understand the focus of finance and accountingfunctions of businesses regarding raising productivity of these departments or functional units.


A New Hedonic Regression For Real Estate Prices Applied To The Singapore Residential Market, Jiang Liang, Peter C. B. Phillips, Jun Yu Oct 2014

A New Hedonic Regression For Real Estate Prices Applied To The Singapore Residential Market, Jiang Liang, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

This paper develops a new hedonic method for constructing a real estate price index that utilizes all transaction price information that encompasses both single-sale and repeat-sale properties. The new method is less prone to specification errors than standard hedonic methods and uses all available data. Like the Case-Shiller repeat-sales method, the new method has the advantage of being computationally efficient. In an empirical analysis of the methodology, we fit the model to all transaction prices for private residential property holdings in Singapore between Q1 1995 and Q2 2014, covering several periods of major price fluctuation and changes in government macro …


Managing The Accounting And Finance Function – Productivity Trends And Focus, Clarence Goh Oct 2014

Managing The Accounting And Finance Function – Productivity Trends And Focus, Clarence Goh

Research Collection School Of Accountancy

We found that firms in Singapore, HongKong, Japan, and China tend to favourstaff-related initiatives over processrelatedones when looking to raiseproductivity, with this being relativelymore prominent in the more developedeconomies of Singapore, Hong Kongand Japan.


Self-Exciting Jumps, Learning, And Asset Pricing Implications, Andras Fulop, Junye Li, Jun Yu Jun 2014

Self-Exciting Jumps, Learning, And Asset Pricing Implications, Andras Fulop, Junye Li, Jun Yu

Research Collection School Of Economics

The paper proposes a self-exciting asset pricing model that takes into account cojumps between prices and volatility and self-exciting jump clustering. We employ a dence of self-exciting jump clustering since the 1987 market crash, and its importance Bayesian learning approach to implement real time sequential analysis. We find evidence of self-exciting jump clustering since the 1987 market crash, and its importance becomes more obvious at the onset of the 2008 global financial crisis. It is found that learning affects the tail behaviors of the return distributions and has important implications for risk management, volatility forecasting and option pricing.


Wealth Management In Singapore, Francis Koh May 2014

Wealth Management In Singapore, Francis Koh

Research Collection Lee Kong Chian School Of Business

As early as 2015, Singapore may oust Switzerland as the world’s top finance hub. But the path forward requires adjustments in the strategic direction of individual firms. Wealth management in Singapore is vibrant, growing, challenging.


Further Evidence On The Spatio-Temporal Model Of House Prices In The United States, Badi H. Baltagi, Jing Li Apr 2014

Further Evidence On The Spatio-Temporal Model Of House Prices In The United States, Badi H. Baltagi, Jing Li

Research Collection School Of Economics

Holly, Pesaran, and Yamagata (Journal of Econometrics 2010; 158: 160–173) use a panel of 49 states over the period 1975–2003 to show that state-level real housing prices are driven by economic fundamentals, such as real per capita disposable income, as well as by common shocks, such as changes in interest rates, oil prices and technological change. They apply the common correlated effects estimator of Pesaran (Econometrica 2006; 74(4): 967–101), which takes into account spatial interactions that reflect both geographical proximity and unobserved common factors. This paper replicates their results using a panel of 381 metropolitan statistical areas observed over the …