Business Commons^™

The Information In Asset Fire Sales, Sheng Huang, Matthew C. Ringgenberg, Zhe Zhang

Research Collection Lee Kong Chian School Of Business

Duplicate record, see https://ink.library.smu.edu.sg/lkcsb_research/5894/. Asset prices remain depressed for several years following mutual fund fire sales. We show that price pressure from fire sales is partly due to asymmetric information which leads to an adverse selection problem for arbitrageurs. After a flow shock, fund managers do not scale down their portfolio, rather, they choose to sell a subset of low-quality stocks that subsequently underperform. In other words, fund managers have selling skill. Our findings suggest an explanation for the tendency of asset prices to remain depressed following fire sales: information asymmetries make it difficult for arbitrageurs to disentangle pure …

Building Trust For A Positive Employee Experience, Richard Raymond Smith

Research Collection Lee Kong Chian School Of Business

How do we create the right environment of trust at workplace and avoid surprises?

Can Algorithms Help Us Decide Who To Trust?, David De Cremer, Jack Mcguire, Yorck Hesselbarth, Ke M Mai

Research Collection Lee Kong Chian School Of Business

The use of artificial intelligence (AI) and algorithms is increasing within organizations to manage business processes, hire employees, and automate routine organizational decision making. This comes as no surprise, since the application of simple linear algorithms have been shown to outperform human judgment in the accuracy of many administrative tasks. A 2017 Accenture survey also revealed that 85% of executives want to invest more extensively in AI-related technologies over the next three years.

Full Issue #11.2 On Collaborative Learning

The Foundation Review

No abstract provided.

Designing For Emergence: The Mccune Charitable Foundation Grows Agency Across New Mexico, Marilyn Darling, Heidi Sparkes Guber, Jillaine Smith, Wendy Lewis

The Foundation Review

The impact of the inherent power imbalance in the grantmaker/grantee relationship has come into particular focus as equity and justice have become a greater priority for philanthropy. This article looks at the example of the McCune Charitable Foundation, which deliberately designed an emergent strategy approach that establishes clear goals and then created a platform to permit a reversal of that power dynamic, so that leadership for priorities comes from those closest to the work.

The authors launched a two-year project to research what emergence might look like in seven complex social-change initiatives, and how the strategy could grow agency and …

Evaluating For The Bigger Picture: Breaking Through The Learning And Evaluation Barriers To Advancing Community Systems-Change Field Knowledge, Thomas Kelly, Prudence Brown, Hanh Cao Yu, Marie Colombo

The Foundation Review

Foundations investing in community systems change often fail to prioritize field-level and cross-initiative evaluation questions in building initiatives. As a result, many of the documented evaluations of such investments lack translatable lessons specific and influential enough to drive related decisions and actions of others in the field.

This article developed from ongoing, multiyear peer learning across several foundations that collectively compiled recommendations for community systems-change funders and evaluators to implement more powerful evaluations. They are intended to help funders and evaluators engaged in these efforts build sectorwide knowledge capable of informing improved work across initiatives and communities. This article also …

Executive Summary

The Foundation Review

No abstract provided.

Better Together: Engaging Stakeholders In Learning And Leadership To Guide Foundation Resources Toward Adaptive Systems Change, Nadine Long, Kimber P. Richter, Jennifer Elise Avers, Rick Cagan

The Foundation Review

In 2014, the Kansas Health Foundation brought together a group of knowledgeable stakeholders from a multitude of specialties to focus on reducing tobacco use specifically among Kansans with mental illness. Over 15 months, the group and the foundation worked to learn deeply about the issue and inform action that could be taken on individual, organizational, and systemic levels.

The wealth of knowledge and experience brought by each participant to the discussion and learning about this complex issue, together from a range of perspectives, resulted in a more productive dialogue. The model proved very effective, as evidenced by the group’s success …

Learning Together: Cohort-Based Capacity Building And The Ripple Effects Of Collaboration, Sonia Taddy-Sandino, Mary Gray, Danielle Scaturro

The Foundation Review

Foundations frequently commission evaluations and are the primary audiences for findings. Grantee organizations, however, often don’t see the results, or they find in them limited value and relevance to their own work. Funders like the Edna McConnell Clark Foundation are quietly disrupting this status quo by exploring ways to fully engage grantees, co-funders, technical consultants, and evaluators in collective learning and reflection.

The foundation’s comprehensive, cohort-based capacity-building program, PropelNext, was designed to enhance the performance of promising nonprofits that serve America’s disadvantaged youth. With a combination of financial support, individualized coaching, and peer-learning sessions, grantees engage in a test-and-learn cycle …

More Than Listening: Harnessing The Power Of Feedback To Drive Collaborative Learning, Clare Nolan, Kim Ammann Howard, Kelley D. Gulley, Elizabeth Gonzalez

The Foundation Review

Foundations can and should do a better job of gathering feedback from and learning with both grantees and the communities they seek to serve. This type of collaborative learning has the potential to inform and strengthen foundation strategy, grantmaking practices, evaluation, and communications. Gathering meaningful input is difficult, however, given power dynamics between foundations and those they support. Even when authentic input has been gathered, it can be difficult to apply insights to ongoing work.

What does it look like for a foundation to get feedback from its grantee and community stakeholders? Much of the feedback discussions taking place in …

Learning About Neighborhood Change Through Funder-Grantee Collaboration, Debra Dahab, Brooke Finn, Lois Greco, Nancy Kopf

The Foundation Review

NeighborWorks America and the Wells Fargo Regional Foundation support change in communities through a rigorous and structured collaborative learning framework that places the resident voice and experience at the center of learning. Both funders regularly engage in collaborative learning processes with their grantees and partners to support local revitalization practices and inform program and grantmaking strategies.

This article examines the key ingredients and processes needed to develop and sustain collaborative learning among grantee organizations, community residents, and other stakeholders and funding partners, as well as the critical role played by technical assistance providers.

The authors reflect on their experience with …

Book Review: Giving Done Right: Effective Philanthropy And Making Every Dollar Count, Paul G. Putman

The Foundation Review

No abstract provided.

From Idea To Initiative: Real-Time Learning For A Funder Collaborative On Nonprofit Strategic Restructuring, Way-Ting Chen, Lynn Alvarez, Carrie Harlow, Shannon Johnson, Jennifer Price-Letscher

The Foundation Review

Evaluation and learning is often seen as a high-stakes, formalized process of comparing an effort at its conclusion against some standard or benchmark. More recently, formative and developmental approaches to evaluation have been created to accommodate the need for more adaptability and ambiguity in an effort.

The Nonprofit Sustainability Initiative, a multiyear collaboration of 17 funders in Los Angeles County, California, supports nonprofit organizations to collaborate and restructure in a variety of forms. As the initiative evolved, its evaluation and learning system had to have the ability to evolve with it. Real-time learning informed initiative design and refinement, aligned funders …

Editorial, Teresa R. Behrens

The Foundation Review

No abstract provided.

Strategic Orientation Reflections On Organizational Performance (Applied Research In The Ministry Of Defense / Inspector General), Ali Mawat Al-Sudani, Mohammed Jasim Naser

Journal of Economics and Administrative Sciences

The aim of the study was to study the implications of the strategic direction on organizational performance. The research was carried out in the Iraqi Ministry of Defense / Inspector General's Office for the purpose of identifying the nature of the relationship and the impact between the two variables. A sample of 60 people managers, department managers and directorates was targeted. The researcher tried to test hypotheses in the first chapter, which was devoted to the methodology of research and previous studies and found the following: (1) validity of the first hypothesis of the existence of a relationship of positive …

Industry Return Predictability: A Machine Learning Approach, David E. Rapach, Jack K. Strauss, Jun Tu, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

In this article, the authors use machine learning tools to analyze industry return predictability based on the information in lagged industry returns. Controlling for post-selection inference and multiple testing, they find significant in-sample evidence of industry return predictability. Lagged returns for the financial sector and commodity- and material-producing industries exhibit widespread predictive ability, consistent with the gradual diffusion of information across economically linked industries. Out-of-sample industry return forecasts that incorporate the information in lagged industry returns are economically valuable: Controlling for systematic risk using leading multifactor models from the literature, an industry-rotation portfolio that goes long (short) industries with the …

Analyst Career Concerns, Effort Allocation, And Firms Information Environment, Jarrad Harford, Feng Jiang, Rong Wang, Fei Xie

Research Collection Lee Kong Chian School Of Business

Analysts strategically allocate more effort to portfolio firms that are relatively more important to their careers. Thus, the other firms the analysts cover indirectly affect a firm’s information environment. Controlling for analyst and firm characteristics, we find that an analyst makes more accurate, frequent, and informative earnings forecasts and recommendations for firms ranked higher within her portfolio based on proxies for importance to institutions. A firm’s relative rank widely varies across analysts, but its information environment improves when a larger proportion of analysts consider it to be relatively important. Analysts experience more favorable career outcomes when strategically allocating their efforts.

Crossed Wires: Endorsement Signals And The Effects Of Ipo Firm Delistings On Venture Capitalists’ Reputations, David Gomulya, Kyuho Jin, Peggy M. Lee, Timothy G. Pollock

Research Collection Lee Kong Chian School Of Business

Signaling theorists have paid a great deal of attention to the costs of acquiring characteristics that can serve as signals, such as endorsements from reputable third parties. However limited attention has been devoted to the penalty costs associated with providing inaccurate signals and the factors that can exacerbate or attenuate the penalties. In this study, we examine the effect of negative feedback loops on venture capital firms’ reputations that result from the failures (delistings) of the newly-public firms they once endorsed. Drawing on signaling and attribution theories, we argue that endorsements by reputable VC firms create high expectations that, when …

Biclustering Via Mixtures Of Regression Models, Raja Velu, Zhaoque Zhou, Chyng Wen Tee

Research Collection Lee Kong Chian School Of Business

Biclustering of observations and the variables is of interest in many scientific disciplines. In a single set of data matrix it is handled through the singular value decomposition. Here we deal with two sets of variables: response and predictor sets. We model the joint relationship via regression models and then apply SVD on the coefficient matrix. The sparseness condition is introduced via Group Lasso. The approach discussed here is quite general and is illustrated with an example from Finance.

Are Bond Ratings Informative? Evidence From Regulatory Regime Changes, Louis H. Ederington, Jeremy C. Goh, Yen Teik Lee, Lisa Zongfei Yang

Research Collection Lee Kong Chian School Of Business

The Dodd–Frank Act (Section 939B) enacted in 2010 repealed the exemption of credit rating agencies (CRAs) from Regulation Fair Disclosure. Testing whether CRAs continue to provide new information to the market after the repeal, the authors find that the significant prerepeal stock price responses to rating changes disappear after the regime change. Bond price reactions, however, remain significant. These results are even more significant at the investment–speculative boundary. Evidence suggests that CRAs served as a conduit for transmitting private information before the repeal and that the continued bond price reactions are likely due to regulations favoring higher-rated bonds.

Understanding The Operating Landscape Of The Global Airline Industry: A Dea Integrated Alternating Conditional Expectation Approach, Joyce M. W. Low, Kum Khiong Yang

Research Collection Lee Kong Chian School Of Business

Purpose: This study investigates the relationships between service efficiency in 5 major cost centres (namely, business orientation, network coverage, physical resources, maintenance, repair and overhaul (MRO), and human resources) and profitability in the global airline industry. Design/methodology: The study integrates the Slack-based Model (SBM) of Data Envelopment Analysis (DEA) with the Alternating Conditional Expectation (ACE) regression to understand the relationships between an airline’s profitability and its efficiencies in 5 identified operations areas. Findings: Based on the observational data obtained from 75 international airlines, the relationships between operational performances and profitability are found to be curvilinear and contingent on an airline’s …

The Future Of Business Schools: Shut Them Down Or Broaden Our Horizons?, Ken Starkey, Howard Thomas

Research Collection Lee Kong Chian School Of Business

Ken Starkey and Howard Thomas report on a groundbreaking workshop that debated the mounting criticism of business schools and where they might go from here.

Tax Uncertainty And Business Activity, Jungho Lee, Jianhuan Xu

Research Collection School Of Economics

We investigate the extent to which uncertainties about tax policies affect business activities. We develop a statewide tax-uncertainty measure (TU measure) and show that it captures state corporate tax uncertainty. By comparing adjacent counties across state borders, we show that increasing tax uncertainty by one standard deviation (a 30% increase in the TU measure) leads to a 0.17% point per-year decrease in the growth rate of establishments over two years. The result holds after conducting a variety of robustness checks and is not likely to be driven by general state-policy uncertainties.

2019 Improving The Lives Of San Diego County Seniors Through Stable Housing: An Evaluation Of Elderhelp's Homeshare Program, Tessa Tinkler, Lisa Walker, Mary Jo Schumann

Seniors

This report, prepared by the Nonprofit Institute's Caster Center, documents the findings from a program evaluation of ElderHelp's HomeShare program, which is designed to connect individuals who want to share their homes with others looking for alternative housing options.

Disproportionate Insider Control And Firm Performance, Barry Hettler, Arno Forst

School of Accountancy Faculty Publications

The effect of disproportionate insider control on firm performance is ambiguous. Disproportionate control may enhance insiders’ ability to expropriate perquisites; on the other hand, it may provide stability of management and reduce short-term market pressures. Using a hand-collected sample of U.S. dual-class firms, we find that disproportionate control is positively associated with accounting-based performance, but negatively associated with Tobin's Q. These results are consistent with the incentives of entrenched insiders who are interested in profitability but less beholden to capital markets.

Global Value Chains And The Cptpp, Pao-Li Chang, Tran Bao Phuong Nguyen

Research Collection School Of Economics

The CPTPP, or the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, is an example of a “mega-regional” free trade agreement, whose provisions on the rules of origin and trade facilitation can have potentially large impacts on the CPTPP-wide supply chains. In this paper, we investigate whether the CPTPP members are key upstream and downstream trade partners to each other in the global value chains. We develop formulas of bilateral upstreamness and downstreamness, based on the gross-export decomposition framework of Koopman, Wang and Wei (2014) and Borin and Mancini (2017). We demonstrate how the decomposition of gross exports can be used …

Does Institutional Ownership Affect Information Sharing With Independent Board Members?, Deborah D. Smith, Heidi H. Meier, Pervaiz Alam

Business Faculty Publications

Research Question This is an investigation of board independence to determine whether management shares information with the board, or withholds information to retain autonomy. A key contribution is to examine the interaction of institutional ownership with the main test variables to determine whether institutional governance influences the information environment as board independence is increased. Research Findings The results show that information asymmetry decreases internally and increases externally as board independence increases, yet institutional ownership appears to moderate or reverse this relationship. The following variables are used to explain why managers of firms are likely to have more information than outsiders: …

2019-May-31-New Compliance Counsel, University Marketing And Communications, East Tennessee State University

ETSU News

No abstract provided.

Rugby Player Rodriguez In The Guardian, Lindenwood University

Archived Lindenwood Press Releases

No abstract provided.

The Consequences Of Cold Water Immersion: Impacts And Treatment, Patrick J. Buck Ph.D., Commander William Roberts, Commander Ken Minehane

International Journal of Aquatic Research and Education

This paper documents a demonstration project conducted by the authors under the auspices of the Irish Naval service. It explores and describes in detail the consequences that cold water immersion can have on the human body. Further, this study investigates post immersion treatment and survival challenges and proposes appropriate casualty care regimes with specific focus on ‘post rescue collapse’ and ‘afterdrop.’ Observations of individual differences in response are reported.