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Full-Text Articles in Business
Peer Effects In Equity Research, Kenny Phua, Mandy Tham, Chi Shen Wei
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.
Charting New Courses To Enter Foreign Markets: Conceptualization, Theoretical Framework, And Research Directions On Non-Traditional Entry Modes, Keith D. Brouthers, Liang Chen, Sali Li, Noman Shaheer
Charting New Courses To Enter Foreign Markets: Conceptualization, Theoretical Framework, And Research Directions On Non-Traditional Entry Modes, Keith D. Brouthers, Liang Chen, Sali Li, Noman Shaheer
Research Collection Lee Kong Chian School Of Business
Recent advances in digitalization and increasing integration of international markets are paving the way for a new generation of firms to use non-traditional entry modes that are largely marginalized in previous entry mode studies. While extant research revolves around the level of resource commitment and control in foreign activities, non-traditional modes are encapsulated by the extent of embeddedness required for exploring new and/or exploiting existing resources. In particular, we draw attention to four such categories of non-traditional entry modes the literature has touched on, i.e., capital access, innovation outposts, virtual presence, and the managed ecosystem. We explore the key attributes, …
Decentralizing Money: Bitcoin Prices And Blockchain Security, Emiliano Sebastian Pagnotta
Decentralizing Money: Bitcoin Prices And Blockchain Security, Emiliano Sebastian Pagnotta
Research Collection Lee Kong Chian School Of Business
We address the determination of bitcoin prices and decentralized security. Users forecast the transactional and resale values of holdings, pricing the risk of systemic attacks. Miners contribute resources to protect against attackers and compete for block rewards. Bitcoin's design leads to multiple equilibria: the same blockchain technology is consistent with sharply different price and security levels. Bitcoin's monetary policy can lead to welfare losses and deviations from quantity theory. Price-security feedback amplifies fundamental shocks' volatility impact and leads to boom and busts unconnected to fundamentals. We characterize how viability versus fiat currency depends on bitcoin's relative acceptability and inflation protection.
Knowledge Recombination And Inventor Networks: The Asymmetric Effects Of Embeddedness On Knowledge Reuse And Impact, Simon J.D. Schillebeeckx, Yimin Lin, Gerard George, Tufool Alnuaimi
Knowledge Recombination And Inventor Networks: The Asymmetric Effects Of Embeddedness On Knowledge Reuse And Impact, Simon J.D. Schillebeeckx, Yimin Lin, Gerard George, Tufool Alnuaimi
Research Collection Lee Kong Chian School Of Business
Inventors are triply embedded. They are embedded in a network of knowledge components that they can reuse in future inventions. They are embedded in an inventor network, where internal embeddedness (the strength of relationships between focal inventors and their colleagues upon whose knowledge the team builds) and network centrality influence access to information. Finally, they are embedded in the firm, with its specific routines that favor external or internal knowledge search, what we call search orientation. Using a sample of 39,785 semiconductor patents, we study the pattern of knowledge reuse, or the recombination of technologically similar components, on invention impact. …
Do Security Analysts Learn From Their Colleagues?, Kenny Phua, T. Mandy Tham, Chi Shen Wei
Do Security Analysts Learn From Their Colleagues?, Kenny Phua, T. Mandy Tham, Chi Shen Wei
Research Collection Lee Kong Chian School Of Business
We examine how learning from colleagues affects security analyst forecast outcomes. We represent the brokerage house as an information network of analysts connected through industry overlaps in their coverage portfolios. Analysts who are more centrally connected in their brokerage network produce more accurate forecast estimates and generate more influential forecast revisions. Consistent with learning, more central analysts tend to unwind their colleagues’ recent forecast errors in their forecast revisions. Learning appears to benefit all colleagues, as working at more interconnected brokerages (i.e., denser networks) improves forecast accuracy for all analysts.
What Do I Want? The Effects Of Individual Aspiration And Relational Capability On Collaboration Preferences, Simon J. D. Schillebeeckx, Sankalp Chaturvedi, Gerard George, Zella King
What Do I Want? The Effects Of Individual Aspiration And Relational Capability On Collaboration Preferences, Simon J. D. Schillebeeckx, Sankalp Chaturvedi, Gerard George, Zella King
Research Collection Lee Kong Chian School Of Business
We examine individuals' collaboration preferences in the Knowledge Transfer Network (KTN) for the UK plastics electronics sector. Using conjoint analysis, we investigate how aspiration gaps and relational capability affect the value placed on potential organizational collaborations. Aspiration gaps reflect individuals' perception of whether they are ahead of or behind peers on their career trajectory, and relational capability captures three distinct dimensions: networking skills, openness to collaborate, and network awareness. Our findings suggest that positive and negative aspiration gaps augment preferences to form organizational partnerships. These effects are positively moderated by networking skills and openness and negatively moderated by network awareness. …
A Network Bidder Behavior Model In Online Auctions: A Case Of Fine Art Auctions, Mayukh Dass, Srinivas K. Reddy, Dawn Iacobucci
A Network Bidder Behavior Model In Online Auctions: A Case Of Fine Art Auctions, Mayukh Dass, Srinivas K. Reddy, Dawn Iacobucci
Research Collection Lee Kong Chian School Of Business
The marketing literature provides a solid understanding of auctions regarding final sales prices and many aspects of the processes that unfold to result in those outcomes. This research complements those perspectives by first presenting a new bidder behavior model that shows the role of emergent network ties among bidders on the auction outcome. Dyadic ties are identified as the bid and counter-bid patterns of interactions between bidders that unfold throughout the duration of an auction. These structures are modeled using network analyses, which enables: (1) a richer understanding of detailed auction processes, both within auctions and across auctions of multiple …
Stability And Endogenous Formation Of Inventory Transshipment Networks, Xin Fang, Soo-Haeng Cho
Stability And Endogenous Formation Of Inventory Transshipment Networks, Xin Fang, Soo-Haeng Cho
Research Collection Lee Kong Chian School Of Business
This paper studies a cooperative game of inventory transshipment among multiple firms. In this game, firms first make their inventory decisions independently and then decide collectively how to transship excess inventories to satisfy unmet demands. In modeling transshipment, we use networks of firms as the primitive, which offer a richer representation of relationships among firms by taking the coalitions used in all previous studies as special cases. For any given cooperative network, we construct a dual price allocation under which the network is stable for any residual demands and supplies in the sense that no firms find it more profitable …
Friends And Foes: The Dynamics Of Dual Social Structures, Maxim Sytch, Adam Tatarynowicz
Friends And Foes: The Dynamics Of Dual Social Structures, Maxim Sytch, Adam Tatarynowicz
Research Collection Lee Kong Chian School Of Business
This paper investigates the evolutionary dynamics of a dual social structure encompassing collaboration and conflict among corporate actors. We apply and advance structural balance theory to examine the formation of balanced and unbalanced dyadic and triadic structures, and to explore how these dynamics aggregate to shape the emergence of a global network. Our findings are threefold. First, we find that existing collaborative or conflictual relationships between two companies engender future relationships of the same type, but crowd out relationships of the different type. This results in (a) an increased likelihood of the formation of balanced (uniplex) relationships that combine multiple …
Exploring The Locus Of Invention: The Dynamics Of Network Communities And Firms' Invention Productivity, Maxim Sytch, Adam Tatarynowicz
Exploring The Locus Of Invention: The Dynamics Of Network Communities And Firms' Invention Productivity, Maxim Sytch, Adam Tatarynowicz
Research Collection Lee Kong Chian School Of Business
Departing from prior research analyzing the implications of social structure for actors' outcomes by applying either an ego network or a global network perspective, this study examines the implications of network communities for the invention productivity of firms. Network communities represent dense and nonoverlapping structural groups of actors in a social system. A network community lens helps identify new ways to study firms' access to diverse knowledge inputs in a dynamic system of interorganizational relationships. Specifically, we examine how the membership dynamics of a network community affect the invention productivity of member firms by either enabling or constraining access to …
The Power Of The Weak, Martin Gargiulo, Gokhan Ertug
The Power Of The Weak, Martin Gargiulo, Gokhan Ertug
Research Collection Lee Kong Chian School Of Business
Weak organizational actors can overcome the consequences of their dependence by securing the control of valuable resources or by embedding dependence relationships into social networks. While these strategies may not eliminate the underlying dependence, they can curtail the ability or the willingness of the stronger party to use power. Embedding strategies, however, can also have unintended consequences. Because the network structures that confer power to the weak are inherently more stable, they can persist beyond the point of being beneficial, trapping weak actors into unsuitable network structures. The power of the weak can thus become the weakness of the strong.
Social Networks Among Auction Bidders: The Role Of Key Bidders And Structural Properties On Auction Prices, Mayukh Dass, Srinivas K. Reddy, Dawn Iacobucci
Social Networks Among Auction Bidders: The Role Of Key Bidders And Structural Properties On Auction Prices, Mayukh Dass, Srinivas K. Reddy, Dawn Iacobucci
Research Collection Lee Kong Chian School Of Business
Auctions have been studied extensively as an economic marketplace. The economist’s focus is on modeling final sales prices, but the processes that give rise to those outcomes are rarely studied in great detail. This research is intended to provide that complementary perspective. We show how the interactions between bidders in an auction unfold in a dynamic pattern of bids and counter-bids, and thereby over the duration of an auction, create a network structure. The auction network contributes significantly to models of price dynamics and the network predicts final sales prices better than economic (non-network) indicators alone. In addition, network analyses …
Ecosystem Advantage: How To Successfully Harness The Power Of Partners, Peter James Williamson, Arnoud De Meyer
Ecosystem Advantage: How To Successfully Harness The Power Of Partners, Peter James Williamson, Arnoud De Meyer
Research Collection Lee Kong Chian School Of Business
Changes in the global environment are generating opportunities for companies to build advantage by creating loosely coupled networks or ecosystems. Ecosystems are larger, more diverse, and more fluid than a traditional set of bilateral partnerships or complementors. By leveraging ecosystems, companies can deliver complex solutions while maintaining corporate focus. This article describes six keys to unlock ecosystem advantage: pinpointing where value is created, defining an architecture of differentiated partner roles, stimulating complementary partner investments, reducing the transaction costs, facilitating joint learning across the network, and engineering effective ways to capture profit.
Building Effective Business Relationships In China, Roy Y. J. Chua
Building Effective Business Relationships In China, Roy Y. J. Chua
Research Collection Lee Kong Chian School Of Business
China’s ways of doing business are becoming more Westernized. But non-Chinese executives still must work hard at building trust in relationships with their Chinese business partners.
Embeddedness And New Idea Discussion In Professional Networks: The Mediating Role Of Affect-Based Trust, Roy Y. J. Chua, Michael W. Morris, Paul Ingram
Embeddedness And New Idea Discussion In Professional Networks: The Mediating Role Of Affect-Based Trust, Roy Y. J. Chua, Michael W. Morris, Paul Ingram
Research Collection Lee Kong Chian School Of Business
This article examines how managers' tendency to discuss new ideas with others in their professional networks depends on the density of shared ties surrounding a given relationship. Consistent with prior research which found that embeddedness enhances information flow, an egocentric network survey of mid-level executives shows that managers tend to discuss new ideas with those who are densely embedded in their professional networks. More specifically, embeddedness increases the likelihood to discuss new ideas by engendering affect-based trust, as opposed to cognition-based trust. Implications for network and creativity research are discussed.
East Vs. West: Strategic Marketing Management Meets The Asian Networks, George T. Haley, Chin Tiong Tan
East Vs. West: Strategic Marketing Management Meets The Asian Networks, George T. Haley, Chin Tiong Tan
Research Collection Lee Kong Chian School Of Business
Strategic management in Asia is different. Decision-making differs from that taught in Western, and even Asian, schools of business. In the last decade, the influence of Japanese management systems on Western management practice has become evident. Though the Japanese economy is the world's second largest, and Japan's population substantial, neither compares with the combined economies and combined populations of non-Japanese Asia. The influence of the most aggressive elements of the non-Japanese Asian business communities, the Overseas Chinese and Overseas Indian Networks cannot help to be felt on Western management practice. This article explains why this difference in decision-making styles exists, …