Business Commons^™

Teaching For Transformation: Enabling The Exploration Of Disorienting Dilemma In The Classroom, Lisa Deangelis

Graduate Doctoral Dissertations

While learning involves the acquisition of new skills and the development of existing repertoires, some educators harbor even more profound learning goals. They seek to enable learning that is transformative. Jack Mezirow, who is credited with establishing transformative learning theory, defines transformative learning as “an enhanced level of awareness of the context of one's beliefs and feelings, a critique of their assumptions and particularly premises, an assessment of alternative perspectives, a decision to negate an old perspective in favor of a new one or to make a synthesis of old and new, an ability to take action based upon the …

Using Behavior Economic Nudges To Facilitate Client Follow-Through In Financial Coaching, Charlene Hurst

Electronic Theses and Dissertations

While benevolence-based programs have been a large part of meeting immediate financial needs of the poor, they lack the relational aspect needed to facilitate long-term behavior change. Recently many social service organizations have adopted financial coaching as a promising replacement for benevolence programming. The field of coaching has dealt with its own challenges. Most coaching practitioners surveyed in 2016 and 2019 acknowledged lack of client follow-through as their number one challenge. Behavior economics offered nudges as a solution. Nudges are cues placed within the physical environment to prod clients toward behavior change. A quantitative field study was conducted to evaluate …

Center Of Volume Mass: Does Options Trading Predict Stock Returns?, Gennaro Bernile, Fei Gao, Jianfeng Hu

Research Collection Lee Kong Chian School Of Business

We examine whether the distribution of trades along the set of strike prices of option contracts on the same stock contains information about underlying price discovery. We show that option traders' demand for delta exposure drives the volume-weighted average strike-spot price ratio (VWKS). In turn, we find that VWKS predicts underlying returns and anticipates the flow of fundamental information about the stock. The return predictability is greater but not limited to stocks with higher information asymmetries and arbitrage costs, and becomes stronger ahead of value relevant news. Overall, options trading appears to play an important informational role for underlying markets.

Optimal Control For Transboundary Pollution Under Ecological Compensation: A Stochastic Differential Game Approach, Ke Jiang, Ryan Knowles Merrill, Daming You, Pan Pan

Research Collection Lee Kong Chian School Of Business

To account for previously ignored, yet widely observed uncertainty in nature's capability to replenish the natural environment in ways that should inform ideal design of ecological compensation (EC) regimes, this study constructs a stochastic differential game (SDG) model to analyze transboundary pollution control options between a compensating and compensated region. Equilibrium strategies in the stochastic, two player game inform optimal control theory and reveal a welfare distribution mechanism to form the basis of an improved cooperative game contract. A case-based numerical example serves to verify the theoretical results and supports three key insights. First, accounting for various random disturbance factors, …

Regulations And Brain Drain: Evidence From Wall Street Star Analysts’ Career Choices, Yuyan Guan, Congcong Li, Hai Lu, Franco Wong

Research Collection School Of Accountancy

The Global Settlement, along with related regulations in the early 2000s, prohibits the use of investment banking revenue to fund equity research and compensate equity analysts. We find that all-star analysts from investment banks are more likely to exit the profession or move to the buy side after the regulations. The departed star analysts’ earnings revisions and stock recommendations are more informative than those of the remaining analysts who followed the same companies. To the extent that star analysts are superior to their nonstar counterparts in terms of research ability and ability to inform the market, the exit of star …

Riding The Blockchain Mania: Public Firms’ Speculative 8-K Disclosures, Pengkai Lin

Research Collection School Of Accountancy

This paper provides evidence on public firms' initial 8-K disclosures that mention Blockchain and investors' response to these disclosures. We categorize the description of Blockchain activities in firms' 8-Ks as Speculative (e.g., a vague future plan that involves Blockchain) or Existing (e.g., a description of Blockchain product). We document a sharp increase in the number of initial 8-K disclosures of Blockchain, particularly by Speculative firms, coinciding with the rise of Bitcoin prices and excitement in Blockchain technology in the last quarter of 2017. Investors react positively to the Blockchain 8-Ks issued by Speculative firms in the initial seven-day event window …

Quantum Consensus, Jorden Seet, Paul Griffin

Research Collection School Of Computing and Information Systems

In this paper, we propose a novel consensus mechanism utilizing the quantum properties of qubits. This move from classical computing to quantum computing is shown to theoretically enhance the scalability and speed of distributed consensus as well as improve security and be a potential solution for the problem of blockchain interoperability. Using this method may circumvent the common problem known as the Blockchain Trilemma, enhancing scalability and speed without sacrificing de-centralization or byzantine fault tolerance. Consensus speed and scalability is shown by removing the need for multicast responses and exploiting quantum properties to ensure that only a single multicast is …

Ecosystem-Specific Advantages In International Digital Commerce, Jiatao Li, Liang Chen, Jingtao Yi, Jiye Mao, Jianwen Liao

Research Collection Lee Kong Chian School Of Business

We consider the applicability to digital platforms of extant international business scholarship. The organization of digital platforms has been seen to such an extent as predicated upon the bundling of external resources for collective value creation that their expansion may follow the logic of externalization. We further that literature contrasting the governance of network multinationals with that of platform-centric ecosystems. Building on and extending the theory of the ecosystem, we propose the concept of ecosystem-specific advantages. We identify costs and difficulties in the transfer of such advantages to new markets, emphasizing in particular the idea of bottlenecks. We then propose …

Urban Consolidation Center Or Peer-To-Peer Platform? The Solution To Urban Last-Mile Delivery, Qiyuan Deng, Xin Fang, Yun Fong Lim

Research Collection Lee Kong Chian School Of Business

Booming e-commerce activities further increase this demand, exerting intense pressure on the cities' well-being. To build a city with congestion and pollution under control, a consolidator can operate an urban consolidation center (UCC) to bundle shipments from multiple carriers before the last-mile delivery. Alternatively, the consolidator can operate a peer-to-peer platform for the carriers to share their delivery capacity. Our objective is to compare the performance of these two business models. Under each business model, we study the interactions between a consolidator and multiple carriers using a two-period game-theoretical model. In each period, the consolidator first chooses a delivery fee …

Corporate Governance And Institutional Investors: Proxy Voting Behavior After The Stewardship Code (コーポレートガバナンスと機関投資家―スチュワードシップコード改訂後の議決権行使の状況について), Mari Yamauchi, Toru Yoshikawa

Research Collection Lee Kong Chian School Of Business

本稿では，日本版スチュワードシップコードの改訂により始まった機関投資家 による議決権行使の結果について，投資家のタイプごとに分析し，どのような投 資家がどのような会社提案議案についてより多くの反対票を投じているかについ て検討した。先行研究に従えば，資産運用会社のように投資先企業とアームズレ ングスの関係を持つ投資家は，保険会社のように投資先企業とビジネス上の関係 を持つ投資家と比較すると，会社側提案に対して異議を唱える可能性が高いとさ れる。また，株式持ち合いなど日本的背景を考慮すると，日本においては，外資 系投資家の方が国内の投資家に比べて，会社提案に対して反対票を投じる可能性 が高いことも予想される。2018年度の議決権行使の結果を分析したところ，ほぼ 先行研究と同じ結果が得られ，業種で分類した場合，資産運用会社の方が生損保 のような保険会社より反対票の比率が高いこと，資本国籍で分類すると，外資投 資家の方が買収防衛策の導入や退任役員への退職慰労金の支給など特定の項目に ついて，日系の投資家に比べて反対率が高いことが確認された。

Machine Learning Using Instruments For Text Selection: Predicting Innovation Performance, Kian Guan Lim, Michelle S. J. Lim

Research Collection Lee Kong Chian School Of Business

In machine learning we utilize the idea of employing instrumental variable such as patent records to train the texts. Patent records are highly correlated with R&D expenditures, but are not necessarily correlated with performance residuals not linked to R&D. Thus, using instrumental patent records to train word counts of selected texts to serve as a proxy for firm R&D expenditure, we show that the texts and associated word counts provide effective prediction of firm innovation performances such as firm market value and total sales growth.

The Unexpected Activeness Of Passive Investors: A Worldwide Analysis Of Etfs, Si Cheng, Massimo Massa, Hong Zhang

Research Collection Lee Kong Chian School Of Business

The global ETF industry provides more complicated investment vehicles than low-cost index trackers. Instead, we find that the real investments of ETFs may deviate from their benchmarks to leverage informational advantages (which leads to a surprising stock-selection ability) and to help affiliated OEFs through cross-trading. These effects are more prevalent in ETFs domiciled in Europe. Moreover, ETF flows seem to respond to additional risk. These results have important normative implications for consumer protection and financial stability. (JEL G20)

Do Real Estate Agents Have Information Advantages In Housing Markets?, Sumit Agarwal, Jia He, Tien Foo Sing, Changcheng Song

Research Collection Lee Kong Chian School Of Business

We use a large housing transaction data set in Singapore to study whether real estate agents use information advantages to buy houses at bargain prices. Agents bought their own houses at prices that are 2.54% lower than comparable houses bought by other buyers. Consistent with information asymmetries, agent buyers have more information advantages in less informative environments, and agent buyers are more likely to buy houses from agent sellers. Agent discounts are from both “cherry picking” and bargaining power, and bargaining power contributes more to the agent discounts. Agents’ advantage consists in their information of available houses and previous purchase …

From Actions To Paths To Patterning: Toward A Dynamic Theory Of Patterning In Routines, Kenneth T. Goh, Brian T. Pentland

Research Collection Lee Kong Chian School Of Business

This paper demonstrates a new way of seeing and theorizing about the dynamics of organizational routines through the concept of paths – time-ordered sequences of actions or events in performing work. Empirically and conceptually, paths provide the missing link between specific actions and patterns of action. When routines are represented as a narrative network, tracing the formation and dissolution of action paths can generate new insights about the dynamic patterning of actions in routine performances. We traced action paths using longitudinal field data from a videogame development project and found that action patterns change dramatically over time based on the …

Lifelong Learning: A Tri-Sector Responsibility For Ensuring Relevance, Richard Raymond Smith

Research Collection Lee Kong Chian School Of Business

When changes cause reduction or elimination of skilled employees, the impact on the business, employees, and local community can be significant. How do we work toward preventing these situations and who is responsible?

Leader Mindfulness And Employee Performance: A Sequential Mediation Model Of Lmx Quality, Interpersonal Justice, And Employee Stress, Jochen Reb, Sankalp Chaturvedi, Jayanth Narayanan, Ravi S. Kudesia

Research Collection Lee Kong Chian School Of Business

In the present research, we examine the relation between leader mindfulness and employee performance through the lenses of organizational justice and leader-member relations. We hypothesize that employees of more mindful leaders view their relations as being of higher leader-member exchange (LMX) quality. We further hypothesize two mediating mechanisms of this relation: increased interpersonal justice and reduced employee stress. In other words, we posit that employees of more mindful leaders feel treated with greater respect and experience less stress. Finally, we predict that LMX quality serves as a mediator linking leader mindfulness to employee performance—defined in terms of both in-role and …

Making Health Equity Real: Implementing A Commitment To Engage The Community Through Fellowships, Saphira M. Baker, Mark D. Constantine

The Foundation Review

Between 2016 and 2019, Richmond Memorial Health Foundation jumpstarted its transformation from a health legacy foundation committed to increasing access to health care to one promoting regional health equity through a racial and ethnic lens. A central component of this new focus was the trustees’ decision to invite community members to inform and advance the health equity strategy through two distinct community fellowship programs — the Equity + Health Fellowships. These programs ultimately provided the foundation with a new language, benchmarks, and structure for welcoming broader community engagement.

This article highlights the outcomes of both programs, how the experience with …

Moving Upstream: An Intersectoral Collaboration To Build Sustainable Planning Capacity In Rural And Appalachian Communities, Laura Milazzo, Holly Raffle, Matthew Courser

The Foundation Review

As part of an effort to address health inequities in Appalachian and rural Ohio, the state’s Department of Mental Health and Addiction Services developed an upstream intersectoral health innovation that specifically addressed the lack of infrastructure and other capacity issues that create barriers to obtaining federally funded prevention services among communities with the highest need for those services.

The department partnered with two nonprofit organizations and a university to create a performance-based, stepping-stone investment strategy that provided monetary awards to community organizations and included intensive, customized training and technical assistance that promoted capacity- building for data-driven strategic planning.

This article …

Balancing The Competing Demands Of Strategic Philanthropy: The Case Of The Delaware River Watershed Initiative, Edward W. Wilson, Carol Bromer, David Laroche

The Foundation Review

Strategic philanthropy requires striking a balance between two extremes. On one side is unilateral agenda-setting by the foundation and excessive reliance on its own intellectual frameworks and methods. On the other side is too much deference to competing voices from the field, with the risk that funding will be haphazard and incoherent. This article describes how the Delaware River Watershed Initiative, supported by the William Penn Foundation, has struggled to position itself between these two extremes.

Based on an evaluation conducted during the first four years of the initiative, the article examines four interrelated tensions: upfront planning versus emergent strategy, …

Front Matter

The Foundation Review

No abstract provided.

Executive Summaries

The Foundation Review

No abstract provided.

Can Coaching Help Community Partnerships Promote Health Equity, Community Engagement, And Policy, Systems, And Environmental Changes? Results From An Evaluation, Jung Y. Kim, Lisa Schottenfeld, Michael Cavanaugh

The Foundation Review

Foundations and other entities have increasingly funded coaching and technical assistance to support multisector community partnerships to promote health and health equity. However, much remains to be learned about how coaching can best support these partnerships.

As part of its efforts to build a culture in which everyone in the United States has a fair opportunity to be healthy, the Robert Wood Johnson Foundation partnered with the University of Wisconsin Population Health Institute to provide structured coaching to strengthen the capacities of community partnerships. The foundation contracted with Mathematica to evaluate the coaching program, focusing on whether it had an …

The Economic Impact Of Anti-Corruption Legislation On Foreign Investor Perceptions Of Corruption, Jean-Marie Marthe Auguste Richard Marcel Van Der Elst

Theses and Dissertations

Corruption has increasingly become an international challenge and the coordination of Anti-Corruption Legislation (ACL) and its implementation, a priority for nations. The economic impact of corruption on economic growth, foreign direct investment flows, and international trade is indicated in international research studies. The significant increase in global financial and trade transactions has presented new and increased opportunities for rent-seeking and increased the need for coordinated action against all forms of corruption. The effectiveness of national ACL measures in combatting and reducing corruption in all its forms, remains poorly defined and the extant research inconclusive. This study explores the economic impact …

Strengthening The Ecosystem Of Capacity-Building Service Providers: A Case For Why It Matters, Caroline Altman Smith, Carla Taylor

The Foundation Review

Nonprofits frequently find it challenging to find providers best suited to meet their capacity-building needs. This can be especially true when looking for providers to strengthen racial equity capacity. Many nonprofits lack the time, networks, or expertise to identify what’s available and vet various options for cost, relevance, and quality.

When the Kresge Foundation designed a program to build leadership capacity through a racial equity lens among its grantees, it wanted to strengthen the marketplace of offerings as well. Kresge’s Fostering Urban Equitable Leadership program sought to build leadership capacity and add value for grantees by offering a curated menu …

Back Matter

The Foundation Review

No abstract provided.

The Cultivation Approach To Place-Based Philanthropy: Evaluation Findings From The Clinton Foundation’S Community Health Transformation Initiative, Douglas Easterling, Sabina Gesell, Laura Mcduffee, Whitney Davis, Tanha Patel

The Foundation Review

Cultivation is a decentralized approach to place-based philanthropy where the foundation seeks to activate local stakeholders and assist them in translating their ideas into action. Rather than convening a strategic planning process, cultivation presumes that the seeds of high-payoff solutions are already circulating somewhere in the community. The foundation’s role is to support local stakeholders in developing and implementing their own ideas in ways that produce meaningful impacts.

This article describes the cultivation approaches taken by the Clinton Foundation, Kate B. Reynolds Charitable Trust, and The Colorado Health Foundation, and presents findings from an evaluation of the Clinton Foundation’s Community …

Capacity-Building Catalysts: A Qualitative Assessment Of Nonprofit Capacity Building By Community Foundations In Illinois, Benjamin Bingle

The Foundation Review

Community foundations have the potential to promote collaborative learning in a variety of ways as conveners, funders, and, in some instances, as nonprofit capacity builders. Yet little is known about what community foundations are doing to support capacity building. This article focuses specifically on nonprofit capacity building that is funded, organized, or led by community foundations in Illinois.

First, this article identifies the capacity-building efforts of those community foundations. Next, it summarizes results from a qualitative survey to share insights from leaders of the foundations that offer capacity-building opportunities. These data shed new light on our collective understanding of how …

Full Issue

The Foundation Review

No abstract provided.

Editorial, Teresa R. Behrens

The Foundation Review

No abstract provided.

Building Nonprofit Capacity To Achieve Greater Impact: Lessons From The U.S.-Mexico Border, Meg Loomis, Shirly Thomas, Carla Taylor

The Foundation Review

Foundations often rely on strong relationships with grantees doing frontline work in marginalized communities. Yet these nonprofits typically face myriad financial and policy pressures that must be managed amid increasing need for their services. Helping them expand their impact requires funders to invest in their grantees’ organizational health and capacity.

This article discusses the capacity-building funding experiences of Methodist Healthcare Ministries of South Texas, which saw firsthand the needs of grantees when it partnered with eight community-health organizations through its Sí Texas initiative and, in response, created a $1.5 million capacity-building program for those organizations.

This article also shares the …