Finance and Financial Management Commons^™

Why Trade Credit Financing Is More Important Than Developing Large Customer Relationships For Video Game Suppliers, Jocelyn D. Evans, Dominique G. Outlaw

The Journal of Entrepreneurial Finance

Trade credit extended to suppliers in the video game industry does not serve as a commitment device for large customers in determining which vendors to make relationship-specific investments in. Suppliers of video games are better off investing in relationships with trade creditors than seeking out large customers. The costs of large customer relationships are lower sales growth and less long-term debt leverage. Also, large customers don’t form relationships with suppliers in this industry, which has high research and development expenditures nor do they facilitate economic viability with regard to continued independent operational performance or listing on a stock exchange.

Banking And The Third Industrial Revolution, Singapore Management University

Perspectives@SMU

Banks should leverage on the computer’s power to create value

How Does Fintech Drive, Singapore Management University

Perspectives@SMU

Banks could learn from fintech companies’ use of unstructured data to extend financial services to do good and turn a profit

Working With Fintech, Singapore Management University

Perspectives@SMU

The rise of financial technology in China has transformed how businesses operate, as Japan eases into it amidst existing cultural and institutional norms

Blockchain And Smart Contracts, Simon J.D. Schillebeeckx, Miguel Soriano, Ernie G. S. Teo

Sim Kee Boon Institute for Financial Economics

This discussion paper covers and develops the ideas discussed during the Roundtable Discussion on Blockchain and Smart Contracts, jointly organised by the Singapore CFO institute and the Sim Kee Boon Institute for Financial Economics (SKBI) at Singapore Management University (SMU) on the 29th of June, 2016. The discussion was moderated by: Professor David Lee Kuo Chen (SKBI & SMU) and Mr Loh Uantchern (Chief Executive Singapore Accountancy Commission).

High Frequency Trading: Perceptions Regarding Volatility And Regulation, Daniel A. Beck

Honors Theses

Although high frequency trading (HFT) makes up a large portion of day to day trading activity in US and global markets, Khashanah and colleagues (2014) found that nearly half of academic and business industry professionals feel that HFT provides an unfair advantage relative to other market participants, and that a majority of industry professionals share concerns that HFT increases volatility in markets. This creates an environment wherein there are increasing calls by various groups for increased regulation of HFT, and the same study by Khashanah et al (2014) finds that 59% of academics and 46% of industry professionals are of …

An Analysis Of The Relationship Between Security Information Technology Enhancements And Computer Security Breaches And Incidents, Linda Betz

CCAC Theses and Dissertations

Financial services institutions maintain large amounts of data that include both intellectual property and personally identifiable information for employees and customers. Due to the potential damage to individuals, government regulators hold institutions accountable for ensuring that personal data are protected and require reporting of data security breaches. No company wants a data breach, but finding a security incident or breach early in the attack cycle may decrease the damage or data loss a company experiences. In multiple high profile data breaches reported in major news stories over the past few years, there is a pattern of the adversary being inside …

Scaling Up Your Story: An Experiment In Global Knowledge Sharing At The World Bank, Shad Morris, James B. Oldroyd, Sita Ramaswami

Faculty Publications

Timely and effective knowledge transfer is increasingly important in today’s technologically advanced global market. However, a myopic focus on efficiency has frequently rendered most organizational knowledge ineffective. By coupling technology with a formal system that captures informal stories in an engaging and entertaining way, actors within an organization may be more willing to listen to what geographically dispersed colleagues are doing, and may be more likely to ascribe value to that information. Focusing on the International Finance Corporation of the World Bank Group, we conducted interviews with those sharing and using knowledge, and performed content analyses of 175 knowledge-sharing narratives. …

Shareholder Value And Risk Effects Of Strategic Alliances, Thomas Turk, Candace Ybarra, Jeremy C. Goh, Hsu Junming, Li-Ling Li

Research Collection Lee Kong Chian School Of Business

This study examines how alliances affect the value and systematic risk of smaller and larger alliance partners. We find smaller partners generally gain from alliances and larger partners generally suffer significant losses. We examine this pattern for different types of alliances, experience with alliances, R&D intensity and relatedness of alliance partners. Gains to the smaller partners are particularly pronounced for technical partners, for smaller partners with high R&D intensity, and for related technical alliances. We also provide evidence that the systematic risk of both alliance partners declines following an alliance announcement, possibly explaining why larger firms engage in alliances with …

Innovations In Financial Is And Technology Ecosystems: High-Frequency Trading Systems In The Equity Market, Robert J. Kauffman, Jun Liu, Dan Ma

Research Collection School Of Computing and Information Systems

Technology-based financial innovations over the past four decades have led to transformations in the financial markets. Understanding technological innovations in financial information systems (IS) and technologies has been challenging for technology consultants and financial industry practitioners due to the underlying complexities though. In this article, we propose an ecosystem analysis approach by extending the technology ecosystem paths of influence model (Adomavicius et al., 2008a) to incorporate stakeholder actions, considering both supply-side and demand-side forces for technological change. Our ecosystem model brings together three original core elements: technology components, technology-based services, and technology-supported business infrastructures. We also contribute a fourth new …

Business Framing For Analytics, Beverly Wright

Atlantic Marketing Association Proceedings

Both the academic and business practitioner communities are faced with the challenges of discovery, innovation, and constant learning of their field, particularly within the marketing discipline, where content, processes, and even structure are dynamic in nature, with constantly evolving interests and focus. A solid research agenda with excellent analytics to address pertinent business questions is crucial for successfully expanding our understanding of the marketing function.

Perceived Risk Reduction In E-Commerce Environments, C. Michael Powell, Chris Conca

Atlantic Marketing Association Proceedings

During the past three decades, the growth of e-commerce has presented marketers with many new arenas for research and application. Certainly e-commerce has become a significant portion of the world economy and in particular the consumer sector. As previous literature has consistently considered perceived risk as a major factor consumer purchase decisions, this research identifies several major components of consumer perceived risk (PR) and their normative implications in the e-commerce environment

Will High-Frequency Trading Practices Transform The Financial Markets In The Asia Pacific Region?, Robert John Kauffman, Yuzhou Hu, Dan Ma

Research Collection School Of Computing and Information Systems

High-frequency trading (HFT) practices in the global financial markets involve the use of information and communication technologies (ICT), especially the capabilities of high-speed networks, rapid computation, and algorithmic detection of changing information and prices that create opportunities for computers to effect low-latency trades that can be accomplished in milliseconds. HFT practices exist because a variety of new technologies have made them possible, and because financial market infrastructure capabilities have also been changing so rapidly. The U.S. markets, such as the National Association for Securities Dealers Automated Quote (NASDAQ) market and the New York Stock Exchange (NYSE), have maintained relevance and …

The Relevance Of Economic, Institutional And Cultural Determinants For Venture Capital Investments. A Us-Europe Comparison., Nadja Benes

Master's Theses

This study analyzes the determinants of early-stage VC investments by identifying characteristics in the economic, institutional, as well as cultural framework that could explain the diverging levels of early-stage VC investments across countries. Data was assembled for 16 countries during the period from 1995 until 2013. The results indicate that countries that are more open to trade are associated with higher levels in early-stage venture capital. A higher unemployment rate negatively affects a country’s level of early-stage VC funds. Higher R&D expenditures as a proxy for the technological and innovation capacity in a country as well as a higher value …

Fintech, Financial Inclusion, And Poverty, Singapore Management University

Perspectives@SMU

The mobile phone could solve the problem of the global unbanked, but it will not eradicate global poverty

Innovation Outcomes Of Knowledge-Seeking Chinese Foreign Direct Investment, Xianming Wu, Nathaniel C. Lupton, Yuping Du

Faculty Publications

Purpose

The purpose of this paper is to investigates how organizational learning, absorptive capacity, cultural integration, specialization of the acquired firm and characteristics of transferred knowledge impact innovation performance subsequent to overseas acquisitions.

Design/methodology/approach

Survey responses from 222 Chinese multinational enterprises engaged in overseas acquisitions.

Findings

Differences between acquiring and acquired firms’ capabilities, while having a positive direct influence, suppress the positive impact of organizational learning and absorptive capacity, suggesting that multinationals require some basic level of capabilities to appropriate value from overseas acquisitions.

Research limitations/implications

This paper investigates the impact of knowledge-seeking overseas acquisition of Chinese multinationals on innovation …

Financialisation Of Commodity Markets: Boon Or Bane?, Singapore Management University

Perspectives@SMU

An influx of investment money into commodity futures can distort the broader economic picture, but it can also help commodity producers hedge price risks

Financial Resources And Technology To Transition To 450mm Semiconductor Wafer, Thomas Earl Pastore

2010-2016 Archived Posters

Financial models that can be applied by management to build giant wafer foundries to manufacture low cost semiconductor products are demonstrated. This advanced semiconductor technology will likely drive a new frontier called the Internet of Everything, an expected $14 trillion market that will likely contribute to global positive social change.

Suitable Financing: A High-Tech Semiconductor (Photonics) Start-Up Context, Sarkar Mahbub Akhter

Theses

This research investigates the financing options available to a "High-Tech Start-up" when a technical person seeks to start a business from innovations emerging from his or her daily work. In seeking to understand the different factors which might influence the choice of a particular type of financial source, firstly a thorough literature survey has been performed. In the main part of the study, a qualitative research approach was considered to be the most appropriate one and as part of it, a number of interviews with entrepreneurs, CEOs and CTOs have been conducted. Findings from these people with financial experiences are …

Easypaisa: Seizing The White Space And Business Model Innovation, Nasir Afghan

Business Review

EasyPaisa is a diversification case study written about two very different organizations, a Telco and Microfinance Bank, and how they merged to create a new business. This new business was providing Mobile Financial Services. Both Telenor (a Telco) and Tameer Bank (Microfinance bank) saw a business opportunity in branchless banking (business white space). They were committed to make this acquisition successful, where Telenor bought over 51%sharesof Tameer Bank. However, as per regulations, the branchless banking model is to be governed under a bank-led model. Therefore, the face of EasyPaisa has always been Tameer Bank which is expected to manage all …

Patron-Driven Acquisition Optimization And Workflows At Liberty University Jerry Falwell Library, Erin Crane, Lori B. Snyder

Faculty Publications and Presentations

In the Spring of 2010, the Liberty University Jerry Falwell Library began a pilot patron-driven acquisition program with the e-book aggregator ebrary. In the Fall of 2012, the program had been active for two years and the librarians sought to optimize the program in the form of selecting more titles which are used. This paper describes the formula that the librarians used to achieve optimization in the PDA program. Also described is the workflow involved with acquisitions and cataloging before and after the purchases are made.

From The Digital Divide To Inclusive Innovation: The Case Of Digital Money, Mark Dodgson, David Gann, Irving Wladawsky-Berger, Gerard George

Research Collection Lee Kong Chian School Of Business

This report is concerned with a profoundly transformative technology, one that affects a crucial element of the fabric of society. It examines digital money, a technology that moves economic transactions, payments, remittances, transfers etc, from the physical into the digital world. Just as communications and publishing have been transformed by digital technologies, so too will financial services. The progress of digital money will inevitably surprise us and it will develop in unexpected ways, but we believe it is on the cusp of delivering a remarkable transformation in the global economy. It will end the divide between those who can and …

Patron-Driven Acquisition Optimization At Liberty University, Erin Crane, Lori Snyder

Faculty Publications and Presentations

In 2010 Liberty University began a Patron-Driven Acquisition pilot program with ebrary. Since then, the program has grown dramatically. The presenters describe how the library uses past usage data to create a predictive formula for ebook use. New ebook titles were added to the program based on formula selections. Success of the formula was evaluated, and overall the results are positive. The presenters also explain how the library handles the purchasing and cataloging of the ebooks.

Not All That Glitters Is Gold: The Effect Of Attention And Blogs On The Investors' Investing Behaviors, Nan Hu, Yi Dong, Ling Liu, Lee J. Yao

Research Collection School Of Computing and Information Systems

This article investigates the relationship between a firm’s visibility in blogspaces, termed blog exposure, and the cross-sectional stock returns. We show that blog exposure is fundamentally different from the traditional media coverage, and securities with low blog exposure earn higher returns than stocks with high blog exposure. We further illustrate that such an effect is more prominent for stocks with low institutional ownership. Contrary to traditional media coverage, the return premium associated with blog exposure cannot be explained by either the illiquidity hypothesis or the investor recognition hypothesis based on the rational-agent framework. Instead, our results suggest that blog effect …

Algorithmic Trading And Changes In Firms Equity Capital, Ekkehart Boehmer, Kingsley Fong, Julie Wu

Research Collection Lee Kong Chian School Of Business

We use a large sample from 2001 to 2009 that incorporates intraday transactions data from 39 exchanges and an average of 12,800 different common stocks to assess the effect of algorithmic trading (AT) on firms’ capital raising activities. Greater AT reduces net equity issues over the next year, but this is only partly driven by AT’s effect on proceeds from new securities issues. Our findings suggest that the main driver of this relationship is AT’s effect on share repurchases.

Sustainable Water Management On Brownfields Sites, Ryan Fenwick, New England Environmental Finance Center

Sustainable Communities Capacity Building

This practice guide was developed by the Environmental Finance Center Network (EFCN) through the Capacity Building for Sustainable Communities program funded by the US Department of Housing and Urban Development and the US Environmental Protection Agency. Through a cooperative agreement with HUD, EFCN is providing capacity building and technical assistance to recipients of grants from the federal Partnership for Sustainable Communities, an interagency collaboration that aims to help towns, cities, and regions develop in more economically, environmentally, and socially sustainable ways.

Cost Efficiency Estimations And The Equity Returns For The Us Public Solar Energy Firms In 1990–2008, Chris Kuo

Faculty Publications and Presentations

This paper provides a direct estimate of the cost efficiencies of firms in the US solar energy industry. It suggests that the cost efficiency in the industry is associated with the risk-bearing behaviour of firms. Less efficient firms maintain low price-cost margins and high labour–capital ratios in order to compete with their efficient peers. The study then establishes the linkage between cost efficiency and stock returns. It shows that the change in cost efficiency, rather than cost efficiency itself, possesses a stronger explanatory power for stock returns. A buy-and-hold strategy for stock portfolios of different efficiency levels is then analysed. …

Aspirations, Innovation, And Corporate Venture Capital: A Behavioral Perspective, Vibha Gaba, Shantanu Bhattacharya

Research Collection Lee Kong Chian School Of Business

This study takes an organizational decision-making perspective to examine when firms are likely to utilize CVC units as a mechanism for externalizing R&D. We draw insights from the behavioral theory of the firm to argue that managerial aspirations for innovation-related goals are an important driver of CVC initiatives within firms. We test our argument by examining both the adoption and termination of CVC units for a sample of information technology firms from 1992 to 2003. Results show that a firm is more likely to adopt and less likely to terminate a CVC unit when its innovation performance is closest to …

F.A.C.E.S. (Faculty Academic Community Education Showcase): Professional Growth Experiences In A Career University, Paul J. Colbert, Ph.D.

MBA Faculty Conference Papers & Journal Articles

Institutes of higher education exist for the purpose of developing, fostering, nurturing, and stimulating the intellectual growth and development of students. The core values of a college education provide students conceptual and practical educational opportunities that focus on improving their skills and knowledge. These skills and knowledge translate into purposeful, real-life learning experiences. However, in the academic community, learning is not restricted to students. Faculty, too, must be supported and provided opportunities for personal and professional growth and development. Although professional development is not a novel concept in the education profession, schools often take up the gauntlet, but fall short …

Effects Of Early Round Venture Capital Syndication On Ipo Exits In Europe And The United States, Rosabella M. Magat

CMC Senior Theses

While the importance of venture capital (VC) can be highlighted by policy goals outlined in the 'Lisbon agenda', the European VC industry remains nascent in comparison to the more sophisticated VC market in the US. Researchers have identified key determinants that foster VC success on a broad level, and have often identified syndication as an important factor of success. This paper seeks to understand the role of syndication on the VC-backed company's success. I take a novel departure from past research in this area in three ways 1) I measure performance from the perspective of the portfolio company, rather than …