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Articles 751 - 780 of 1293

Full-Text Articles in Finance and Financial Management

Portfolio Manager Compensation And Mutual Fund Performance, Linlin Ma, Yuehua Tang, Juan-Pedro Gomez May 2016

Portfolio Manager Compensation And Mutual Fund Performance, Linlin Ma, Yuehua Tang, Juan-Pedro Gomez

Research Collection Lee Kong Chian School Of Business

We use a novel dataset to study the relation between individual portfolio manager compensation and mutual fund performance. Managers with explicit performance-based pay exhibit superior subsequent fund performance, especially when investment advisors link pay to performance over a longer time period. In contrast, alternative compensation arrangements, such as fixed salary, assets-based pay, or advisor-profits-based pay are not associated with superior performance. Our tests further show that the positive relation between performance-based contracts and fund performance is not driven by the selection of talented managers proxied by education background. Lastly, managers with performance-based pay engage less in risk-shifting activities.

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Spillover Effects In Mutual Fund Companies, Clemens Sialm, T. Mandy Tham May 2016

Spillover Effects In Mutual Fund Companies, Clemens Sialm, T. Mandy Tham

Research Collection Lee Kong Chian School Of Business

Our paper investigates spillover effects across different business segments of publicly traded financial conglomerates. We find that the investment decisions of mutual fund shareholders do not depend only on the prior performance of the mutual funds; they also depend on the prior performance of the funds’ management companies. Flows into equity and bond mutual funds increase with the prior stock price performance of the funds’ management companies after controlling for fund performance and other fund characteristics. The sensitivity of flows to the management company’s performance is not justified by the subsequent performance of the affiliated funds. The results indicate that …

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Price Discovery Of Index Futures Across Markets, Jerry X. Cao, Xiaoming Wang, Nelson Yap, Sili Zhou May 2016

Price Discovery Of Index Futures Across Markets, Jerry X. Cao, Xiaoming Wang, Nelson Yap, Sili Zhou

Research Collection Lee Kong Chian School Of Business

The trading of foreign index futures by the Singapore Exchange (SGX) offers an ideal opportunity to study price discovery and information of trading across different markets. We examine four popular indices - Nikkei 225 Index, MSCI Taiwan Index, CNX Nifty Index and the FTSE China A50 Index traded in SGX and compare them with their home market trading. In contrary to standard theory and evidence, we show that smaller bid-ask spread, lower minimum lots and cheaper transaction cost do not necessary improve information efficiency. These results may shed some light on the usefulness of the role of an international financial …

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The Microstructure Behavior Of Sgx Nikkei 225 Index Futures Resulting From Component Changes Of The Underlying Cash Market Index, Charlie Charoenwong, David K. Ding, Vasan Siraprapasiri May 2016

The Microstructure Behavior Of Sgx Nikkei 225 Index Futures Resulting From Component Changes Of The Underlying Cash Market Index, Charlie Charoenwong, David K. Ding, Vasan Siraprapasiri

Research Collection Lee Kong Chian School Of Business

We study the effect of changes involving component stocks of the Nikkei 225 stock index on the behavior of the Nikkei 225 index futures. Specifically, we examine the effects of component changes of the Nikkei 225 on the volume, returns, volatility, and bid-ask spreads (BAS) on its corresponding futures contract traded on the Singapore Exchange (SGX). We find that trading volume increases and the bid-ask spread decreases but there is no significant change in the returns of the SGX Nikkei 225 index futures after a component change takes place. This does not support the Price Pressure Hypothesis, which states that …

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Olps: A Toolbox For On-Line Portfolio Selection, Bin Li, Doyen Sahoo, Hoi, Steven C. H. Apr 2016

Olps: A Toolbox For On-Line Portfolio Selection, Bin Li, Doyen Sahoo, Hoi, Steven C. H.

Research Collection School Of Computing and Information Systems

On-line portfolio selection is a practical financial engineering problem, which aims to sequentially allocate capital among a set of assets in order to maximize long-term return. In recent years, a variety of machine learning algorithms have been proposed to address this challenging problem, but no comprehensive open-source toolbox has been released for various reasons. This article presents the first open-source toolbox for "On-Line Portfolio Selection" (OLPS), which implements a collection of classical and state-of-the-art strategies powered by machine learning algorithms. We hope that OLPS can facilitate the development of new learning methods and enable the performance benchmarking and comparisons of …

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Media Coverage And The Stock Market Valuation Of Tarp Participating Banks, Tee Yong Jeffrey Ng, Florin P. Vasvari, Regina Wittenberg-Moerman Apr 2016

Media Coverage And The Stock Market Valuation Of Tarp Participating Banks, Tee Yong Jeffrey Ng, Florin P. Vasvari, Regina Wittenberg-Moerman

Research Collection School Of Accountancy

We examine the impact of media coverage of the Capital Purchase Program (CPP) under the Troubled Assets Relief Program on the equity market valuation of participating bank holding companies (CPP banks). We document substantial negative coverage of the CPP and its participants over the five quarters following the program's initiation. We find that the extent of negative media coverage about the CPP exerted substantial downward pressure on the stock returns of CPP banks, decreasing their valuation relative to bank holding companies not participating in the program. We show that our findings cannot be explained by differences in the banks’ financial …

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Do Analysts Understand The Economic And Reporting Complexities Of Derivatives?, Hye Sun Chang, Michael Donohoe, Theodore Sougiannis Apr 2016

Do Analysts Understand The Economic And Reporting Complexities Of Derivatives?, Hye Sun Chang, Michael Donohoe, Theodore Sougiannis

Research Collection School Of Accountancy

We investigate whether and how the complexity of derivatives influences analysts earnings forecast properties. Using a difference-in-differences design, we find that, relative to a matched control sample of non-users, analysts earnings forecasts for new derivatives users are less accurate and more dispersed after derivatives initiation. These results do not appear to be driven by the economic complexity of derivatives, but rather the financial reporting of such economic complexity. Overall, despite their financial expertise, analysts routinely misjudge the earnings implications of firms derivatives activity. However, we find evidence that a series of derivatives accounting standards has helped analysts improve their forecasts …

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Benchmarking And Currency Risk, Massimo Massa, Yanbo Wang, Hong Zhang Apr 2016

Benchmarking And Currency Risk, Massimo Massa, Yanbo Wang, Hong Zhang

Research Collection Lee Kong Chian School Of Business

We show that the currency risk embedded in the benchmarks of international mutual funds negatively affects fund performance. More specifically, a high benchmark-implied currency risk induces funds to invest in markets with less volatile currencies, leading to a higher degree of currency concentration in portfolio holdings. This currency concentration, however, departs from the optimal equity allocation strategy across countries and reduces fund performance. We document that funds resorting to high currency concentrations underperform funds with low currency concentrations by as much as 1%-2% per year.

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Has Local Informational Advantage Disappeared?, Gennaro Bernile, Alok Kumar, Johan Sulaeman, Qin (Emma) Wang Apr 2016

Has Local Informational Advantage Disappeared?, Gennaro Bernile, Alok Kumar, Johan Sulaeman, Qin (Emma) Wang

Research Collection Lee Kong Chian School Of Business

This study examines how changes in the information environment affect the informational advantage of geographically proximate agents. We find that the long-term advantage of local agents disappeared at the turn of the millennium. This is accompanied by the reduction in local bias of institutional investors and equity analysts. However, institutional investors continue to trade local stocks disproportionately more often than nonlocal stocks; moreover, their local trades outperform nonlocal trades in the short term -- even for large and liquid stocks. Our results are consistent with improvements in the information environment shortening the horizon of geographic proximity-based informational advantage.

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Option Return Predictability, Jie Cao, Han Bing, Qing Tong, Xintong Zhan Feb 2016

Option Return Predictability, Jie Cao, Han Bing, Qing Tong, Xintong Zhan

Research Collection Lee Kong Chian School Of Business

We show the cross-section of equity option returns can be predicted by a variety of underlying stock characteristics and firm fundamentals, including idiosyncratic volatility, past stock returns, profitability, cash holding, new share issuance, and dispersion of analyst forecasts. Such predictability is not mechanically inherited from the stock market because these variables do not significantly predict stock returns in our sample, and our results hold for delta-hedged calls and puts in the same directions. We document new option trading strategies that are profitable even after transaction costs. These profits are robust across different market conditions and subsamples. They cannot be explained …

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Bank Competition And Financial Stability: Evidence From The Financial Crisis, Brian Atkins, Lynn Li, Jeffrey Ng, Tjomme O. Rusticus Feb 2016

Bank Competition And Financial Stability: Evidence From The Financial Crisis, Brian Atkins, Lynn Li, Jeffrey Ng, Tjomme O. Rusticus

Research Collection School Of Accountancy

We examine the link between bank competition and financial stability using the recent financial crisis as the setting. We utilize variation in banking competition at the state level and find that banks facing less competition are more likely to engage in risky activities, more likely to face regulatory intervention, and more likely to fail. Focusing on the real estate market, we find that states with less competition had higher rates of mortgage approval, experienced greater housing price inflation before the crisis, and a steeper housing price decline during it. Overall, our study is consistent with greater competition increasing financial stability.

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Shareholder Value And Risk Effects Of Strategic Alliances, Thomas Turk, Candace Ybarra, Jeremy C. Goh, Hsu Junming, Li-Ling Li Jan 2016

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 …

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Ipo Performance And Trading Around Lock-Up Expiration, Yuchen Wang Jan 2016

Ipo Performance And Trading Around Lock-Up Expiration, Yuchen Wang

Dissertations and Theses Collection (Open Access)

During the lock-up period, company insiders are prohibited from selling their shares for a set period immediately after initial public offerings (IPOs), usually 180 days. This strict prohibition limits the borrowing of securities by short sellers within this period. Therefore, upon reaching the lock-up expiry date, the short-sale constraint may be loosened and new investors may rush into the stock market, which affects asset price and stock return. This thesis focuses on the IPOs’ performance during the lock-up period and the reasons for the unusual performance. The first section commences by questioning the role of the short seller and its …

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Analyzing The Analysts: The Effect Of Technical And Social Skills On Analyst Career, Congcong Li, An-Ping Lin, Hai Lu Jan 2016

Analyzing The Analysts: The Effect Of Technical And Social Skills On Analyst Career, Congcong Li, An-Ping Lin, Hai Lu

Research Collection School Of Accountancy

This paper investigates how technical and social skills of financial analysts affect theirperformance and career advancement. Using a sample of LinkedIn profiles of financial analysts,we document that analysts with good social skill, proxied by the number of social connections,generate more accurate earnings forecasts and produce more informative stock recommendations.These analysts are also more likely to be voted as All-Star analysts and to move to high-statusbrokers when changing jobs. However, the effect of technical skills, proxied by the quantitativeskills disclosed on LinkedIn, only affect earnings forecast accuracy. The analysts with technicalskills are indifferent in the likelihood of being voted as star …

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Emergence Of Fintech And The Lasic Principles, David K. C. Lee, Ernie G. S. Teo Dec 2015

Emergence Of Fintech And The Lasic Principles, David K. C. Lee, Ernie G. S. Teo

Research Collection Lee Kong Chian School Of Business

Financial technology (FinTech) has been receiving much attention lately. For instance, global investments in FinTech ventures (covering sectors from remittances, loans to payments) have grown 3 times from US$ 4.05 billion in 2013 to US$ 12.21 billion in 2014 (Accenture, 2015). Although the development of FinTech is still in early stages, they will define and shape the future of the financial industry. Even though there are large amounts of funds entering the market, not all FinTech ventures will be successful; various factors (both internal and external) are crucial. We identify some of these factors which we term the LASIC (Low …

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Open Market Share Repurchase Programs And Corporate Governance: Company Performance, Gary Caton, Jeremy Goh, Yen Teik Lee, Scott C. Linn Dec 2015

Open Market Share Repurchase Programs And Corporate Governance: Company Performance, Gary Caton, Jeremy Goh, Yen Teik Lee, Scott C. Linn

Research Collection Lee Kong Chian School Of Business

Payout policies based on share repurchase programs provide greater flexibility than do those based on cash dividends. We develop and test an empirical model in which strongly-governed companies outperform weakly-governed companies after announcing share repurchase programs. Our findings include positive associations between strong governance and both post-announcement adjusted operating performance and abnormal stock returns. The results are robust to sample selection bias, different sample criteria, governance measurement, and various control variables. In addition, governance strength is associated with larger post-announcement changes in CEO incentive compensation and merger and acquisition activity, both of which we argue are consistent with strongly-governed companies …

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Industry Interdependencies And Cross-Industry Return Predictability, David E. Rapach, Jack Strauss, Jun Tu, Guofu Zhou Dec 2015

Industry Interdependencies And Cross-Industry Return Predictability, David E. Rapach, Jack Strauss, Jun Tu, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

We use the adaptive LASSO from the statistical learning literature to identify economically connected industries in a general framework that accommodates complex industry interdependencies. Our results show that lagged returns of interdependent industries are significant predictors of individual industry returns, consistent with gradual information diffusion across industries. Using network analysis, we find that industries with the most extensive predictive power are key central nodes in the production network of the U.S. economy. Further linking cross-return predictability to the real economy, lagged employment growth for the interdependent industries predicts individual industry employment growth. We also compute out-of-sample industry return forecasts based …

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Volume Information In Nikkei And Topix Futures Transactions, Chyng Wen Tee, Christopher Ting Dec 2015

Volume Information In Nikkei And Topix Futures Transactions, Chyng Wen Tee, Christopher Ting

Research Collection Lee Kong Chian School Of Business

According to the Kyle (1985) model of informed trading, information in trade size is likely to effect a permanent price impact, as opposed to bid-ask bounce, which mainly captures transitory price fluctuation. However, two prominent structural models in the literature do not include trade size in their framework. In this paper, we present a nesting relationship of major structural models and formulate a generalized model that includes all relevant trade variables. A new measure to quantify the amount of information in the order flow is proposed. Using this price impact measure, our empirical analysis shows that it is indeed the …

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New Approach To Density Estimation And Application To Value-At-Risk, Kian Guan Lim, Hao Cheng, Nelson K. L. Yap Nov 2015

New Approach To Density Estimation And Application To Value-At-Risk, Kian Guan Lim, Hao Cheng, Nelson K. L. Yap

Research Collection Lee Kong Chian School Of Business

The key contribution in this paper is to provide a new approach in estimating the physical distribution of the underlying asset return by using a quadratic Radon-Nikodym derivative function. The latter function transforms a fitted Variance Gamma risk-neutral distribution that is obtained from traded option prices. The generality of the VG distribution helps to avoid unnecessary mis-specification bias. The estimated empirical distribution is then used to find the risk measure of VaR. We show that possible underestimation of VaR risk using existing methods is largely not due to VaR itself but perhaps due to mis-specification errors which we minimize in …

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Competition Of The Informed: Does The Presence Of Short Sellers Affect Insider Selling?, Massimo Massa, Wenlan Qian, Weibiao Xu, Hong Zhang Nov 2015

Competition Of The Informed: Does The Presence Of Short Sellers Affect Insider Selling?, Massimo Massa, Wenlan Qian, Weibiao Xu, Hong Zhang

Research Collection Lee Kong Chian School Of Business

We study how the presence of short sellers affects the incentives of the insiders to trade on negative information. We show it induces insiders to sell more (shares from their existing stakes) and trade faster to preempt the potential competition from short sellers. An experiment and instrumental variable analysis confirm this causal relationship. The effects are stronger for "opportunistic" (i.e., more informed) insider trades and when short sellers' attention is high. Return predictability of insider sales only occurs in stocks with high short-selling potential, suggesting that short sellers indirectly enhance the speed of information dissemination by accelerating trading by insiders. …

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Testing For Multiple Bubbles: Limit Theory Of Real-Time Detectors, Peter C. B. Phillips, Shuping Shi, Jun Yu Nov 2015

Testing For Multiple Bubbles: Limit Theory Of Real-Time Detectors, Peter C. B. Phillips, Shuping Shi, Jun Yu

Research Collection School Of Economics

This article provides the limit theory of real-time dating algorithms for bubble detection that were suggested in Phillips, Wu, and Yu (PWY; International Economic Review 52 [2011], 201-26) and in a companion paper by the present authors (Phillips, Shi, and Yu, 2015; PSY; International Economic Review 56 [2015a], 1099-1134. Bubbles are modeled using mildly explosive bubble episodes that are embedded within longer periods where the data evolve as a stochastic trend, thereby capturing normal market behavior as well as exuberance and collapse. Both the PWY and PSY estimates rely on recursive right-tailed unit root tests (each with a different recursive …

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Testing For Multiple Bubbles: Historical Episodes Of Exuberance And Collapse In The S&P 500, Peter C. B. Phillips, Shuping Shi, Jun Yu Nov 2015

Testing For Multiple Bubbles: Historical Episodes Of Exuberance And Collapse In The S&P 500, Peter C. B. Phillips, Shuping Shi, Jun Yu

Research Collection School Of Economics

Recent work on econometric detection mechanisms has shown the effectiveness of recursive procedures in identifying and dating financial bubbles in real time. These procedures are useful as warning alerts in surveillance strategies conducted by central banks and fiscal regulators with real-time data. Use of these methods over long historical periods presents a more serious econometric challenge due to the complexity of the nonlinear structure and break mechanisms that are inherent in multiple-bubble phenomena within the same sample period. To meet this challenge, this article develops a new recursive flexible window method that is better suited for practical implementation with long …

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A Risk- And Complexity-Rating Framework For Investment Products, Benedict S. K. Koh, Francis Koh, David K. C. Lee, Kian Guan Lim, David Ng, Kok Fai Phoon Nov 2015

A Risk- And Complexity-Rating Framework For Investment Products, Benedict S. K. Koh, Francis Koh, David K. C. Lee, Kian Guan Lim, David Ng, Kok Fai Phoon

Research Collection Lee Kong Chian School Of Business

Many investors who bought such investments as Lehman Brothers’ minibonds did not understand the products’ complicated features. This fact suggests that if the inherent risk and complexity of products’ structure are not clearly understood by investors, they will be unable to make informed decisions. Some practitioners have recently attempted to calibrate product complexity. The authors propose a framework for classifying investment product risk and complexity separately with a list of factors that contribute to these attributes. They demonstrate the framework’s simplicity and usefulness in helping investors make informed decisions, showing that it can be used to calibrate a variety of …

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The Bright Side Of Political Uncertainty: The Case Of R&D, Julian Atanassov, Brandon Julio, Tiecheng Leng Nov 2015

The Bright Side Of Political Uncertainty: The Case Of R&D, Julian Atanassov, Brandon Julio, Tiecheng Leng

Research Collection Lee Kong Chian School Of Business

We examine the relationship between political uncertainty and R&D investment by exploiting the timing of U.S. gubernatorial elections as a source of plausibly exogenous variation in uncertainty. In contrast to the literature documenting negative effects of political uncertainty on real investment, we find that uncertainty over government policy encourages firm-level R&D. Firms increase R&D investments by an average of 4.6% in election years relative to non-election years. The uncertainty effect is stronger in hotly contested elections, in politically sensitive and hard-to-innovate industries, and in firms subject to higher growth options and greater product market competition. Our findings suggest that, as …

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On The Edge Of Disruption, David K. C. Lee Nov 2015

On The Edge Of Disruption, David K. C. Lee

Research Collection Lee Kong Chian School Of Business

The financial system is on the verge of massive disruption. Innovative competitors operating on sleek business models and offering new alternative services are entering at the bottom of the market, where gross margins are low and latent demand is high. As these new entrants scale and progress through higher market segments, they will erode incumbent pricing power.

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Innovations In Financial Is And Technology Ecosystems: High-Frequency Trading Systems In The Equity Market, Robert J. Kauffman, Jun Liu, Dan Ma Oct 2015

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 …

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Trading Costs On The Stock Exchange Of Thailand, Nattawut Jenwittayaroje, Charlie Charoenwong, David K. Ding, Yung Chiang Yang Oct 2015

Trading Costs On The Stock Exchange Of Thailand, Nattawut Jenwittayaroje, Charlie Charoenwong, David K. Ding, Yung Chiang Yang

Research Collection Lee Kong Chian School Of Business

This study examines the components of trading costs incurred in trading large and liquid stocks listed on the Stock Exchange of Thailand. We find that aggressive orders pay an immediacy price measured by price impact, whereas executed passive orders gain the immediacy price. We also find a sizable opportunity cost from the unexecuted portion of a limit order that more than offsets the benefit obtained from the partial fulfillment of the order. The total trading cost, which includes price impact and opportunity cost, is positively related to order size and stock price volatility, but negatively associated with firm size, stock …

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Local Business Cycles And Local Liquidity, Gennaro Bernile, George Korniotis, Alok Kumar, Qin Wang Oct 2015

Local Business Cycles And Local Liquidity, Gennaro Bernile, George Korniotis, Alok Kumar, Qin Wang

Research Collection Lee Kong Chian School Of Business

This study examines whether state-level economic conditions affect the liquidity of local firms. We find that liquidity levels of local stocks are higher (lower) when the local economy has performed well (poorly). This relation is stronger when local financing constraints are more binding, the local information environment is more opaque, and local institutional ownership levels and trading intensity are higher. Overall the evidence supports the notion that the geographical segmentation of U.S. capital markets generates predictable patterns in local liquidity.

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Learning Of Business Processes & Application: An Industry-Ready Approach, Yi Meng Lau, Yu Yee Poon, Mike Wee Sep 2015

Learning Of Business Processes & Application: An Industry-Ready Approach, Yi Meng Lau, Yu Yee Poon, Mike Wee

Research Collection School Of Computing and Information Systems

The Learning Framework for Business Processes was developed by lectures from School of InfoComm Technology (ICT)to support their students’ learning in the Diploma of Financial Informatics. This framework leverage on the use of learning approaches such as Inquiry based learning to create opportunities for students to be engaged, explore, explain and apply their learning. This framework was presented at International Symposium on Advances in Technology Education (ISATE) 2015 in Nagaoka, Japan.

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Tail Event Driven Asset Allocation: Evidence From Equity And Mutual Funds Markets, Wolfgang Karl Hardle, David K. C. Lee, Sergey Nasekin, Xinwen Ni, Alla Petukina Aug 2015

Tail Event Driven Asset Allocation: Evidence From Equity And Mutual Funds Markets, Wolfgang Karl Hardle, David K. C. Lee, Sergey Nasekin, Xinwen Ni, Alla Petukina

Research Collection Lee Kong Chian School Of Business

The correlation structure across assets and opposite tail movements are essential to the asset allocation problem, since they determine the level of risk in a position. Correlation alone is not informative on the distributional details of the assets. Recently introduced TEDAS -Tail Event Driven ASset allocation approach determines the dependence between assets at tail measures. TEDAS uses adaptive Lasso based quantile regression in order to determine an active set of negative nonzero coefficients. Based on these active risk factors, an adjustment for intertemporal correlation is made. In this research authors aim to develop TEDAS, by introducing three TEDAS modifications differing …

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