Social and Behavioral Sciences Commons^™

Marijuana Liberalization And Public Finance: A Capital Market Perspective On The Passage Of Medical Use Laws, Stephanie F. Cheng, Gus De Franco, Pengkai Lin

Research Collection School Of Accountancy

We find that the staggered passage of state-level laws that legalize marijuana for medical use increases states' borrowing costs by 7–9 basis points. Consistent with economic theory on substance use suggesting that marijuana legalization increases local consumption of the drug (by expanding its availability and reducing its perceived risks), we predict and find that increased consumption represents an important mechanism that explains the higher state bond spreads. We also show that following such laws’ passage, states incur higher marijuana-consumption-related expenditures, including for police, corrections, and public welfare.

How And Why Is Context Important In Leadership?, Burak Oc, Joseph A. Carpini

Research Collection Lee Kong Chian School Of Business

Leadership can be defined as a goal-influence process that occurs between a leader and a follower, groups of followers, or institutions that directs effort towards the achievement of a shared objective (Antonakis & Day, 2018, p. 5). From this definition, we can distil four key elements of leadership: a) leaders, b) followers, c) influence and d) goals, motivation and performance. While leaders and followers are the main actors of leadership processes, how they influence each other has implications for group goals. However, most leadership research focuses on leaders, largely treating them as the sole driver of organisation success or failure …

The Financialization Of Cryptocurrencies, Lei Huang, Tse-Chun Lin, Fangzhou Lu, Jian Sun

Research Collection Lee Kong Chian School Of Business

We show that change in Grayscale Bitcoin Trust premium is the single most significant predictor of Bitcoin daily return. This sentiment measure is similar to the closed-end fund discount measure as in Baker and Wurgler (2006), but more likely to reflect the excess demand from traditional investors than from blockchain specialists. Although there is a substantial variation in Bitcoin price quotes worldwide, this Grayscale premium and discount predict Bitcoin daily return for the most liquid Bitcoin exchanges. Using K-means clustering and LDA analysis, we find that this predictability is especially significant when there is a large variation in bullish and …

Organizing For Dignity, S M Musa

Research Collection Lee Kong Chian School Of Business

Like thousands of other Rohingyas, Aman (pseudonym) had to flee for his life after violence broke out on 25 August, 2017 in the Rakhine (previously Arakan) state in Myanmar. Aman had got married a few months back and had no intention of leaving his home. But there was no other option left. He had to endure a horrific journey from Myanmar to Bangladesh to save his life. Like Aman, most of my informants’ traumatic journeys to the camp overshadow many Hollywood fictions. Many of them still sustain traumas from those days, especially those who witnessed the killing of their friends …

Impact Of Geographical Diversification And Limited Attention On Private Equity Fund Returns, Victor Ong

Research Collection Lee Kong Chian School Of Business

This article analyzes the effect of geographical diversification on global private equity (PE) fund returns. We find that there is a negative correlation between geographical diversification and PE fund returns. To establish the causality between geographical diversification and PE fund returns, we employ an instrumental variable analysis where the instrument used is the stock market capitalization of the host country where the PE fund is based. Our results apply to Net IRR, TVPI and DPI as dependent variables used to proxy for PE fund returns in the main regression model. A one standard deviation increase in geographical diversification results in …

Natural Disasters And Corporate Philanthropy: A Double Movement Perspective, Guoguang Wan, Heli Wang, Xuesong Geng, Kenneth G. Huang

Research Collection Lee Kong Chian School Of Business

This study examines Chinese corporations’ responses to a sudden natural disaster in terms of their philanthropic donations. We apply Polanyi’s double movement perspective to argue that rapid market expansion in an emerging economy causes social problems such as large-income disparities and environmental degradation. This calls forth counterforces advocating social responsibility and sustainability. Such countermovements can be strengthened by a major disaster, especially in the domain of corporate philanthropy. The resulting increase in corporate philanthropy persists long after the disaster, especially for those firms with large intra-firm pay disparities, operating in socially contested industries and located in regions with more social …

District-Scale Surface Temperatures Generated From High-Resolution Longitudinal Thermal Infrared Images, Subin Lin, Vasantha Ramani, Miguel Martin, Pandarasamy Arjunan, Adrian Chong, Filip Biljecki, Marcel Ignatius, Clayton Miller, Clayton Miller

Research Collection College of Integrative Studies

This paper describes a dataset collected by infrared thermography, a non-contact, non-intrusive technique to acquire data and analyze the built environment in various aspects. While most studies focus on the city and building scales, an observatory installed on a rooftop provides high temporal and spatial resolution observations with dynamic interactions on the district scale. The rooftop infrared thermography observatory with a multi-modal platform capable of assessing a wide range of dynamic processes in urban systems was deployed in Singapore. It was placed on the top of two buildings that overlook the outdoor context of the National University of Singapore campus. …

Using Virtual Simulations Of Future Extreme Weather Events To Communicate Climate Change Risk, Terry Van Gevelt, Brian G. Mcadoo, Jie Yang, Linlin Li, Fiona Williamson, Alex Scollay, Aileen Lam, Kwan Nok Chan, Adam D. Switzer

Research Collection College of Integrative Studies

Virtual simulations of future extreme weather events may prove an effective vehicle for climate change risk communication. To test this, we created a 3D virtual simulation of a future tropical cyclone amplified by climate change. Using an experimental framework, we isolated the effect of our simulation on risk perceptions and individual mitigation behaviour for a representative sample (n = 1507) of the general public in Hong Kong. We find that exposure to our simulation is systematically associated with a relatively small decrease in risk perceptions and individual mitigation behaviour. We suggest that this is likely due to climate change scepticism, …

How Can Conflicts Reduce Stress, Tsai Ming-Hong, Smu Office Of Research

Research@SMU Infographics

In a recent seminar organised by SMU's Behavioural Sciences Initiative (BSI), SMU Associate Professor of Psychology Tsai Ming-Hong explains how mild types of conflict can minimise stress and offers pointers on how to express conflict in more beneficial ways.

Singapore Management University Report To Stakeholders 2022/2023, Singapore Management University

Report to Stakeholders

This year, we were delighted to welcome Mr Piyush Gupta as SMU’s second Chairman of the Board of Trustees, as well as to see the start of Professor Lily Kong’s second term as SMU President. There were a number of important senior appointments as we introduced new offices and restructured to enhance our research, partnerships, engagement, and transformation capabilities. The title of the Annual Report, “Sustainable Growth”, points to the University’s commitment to economic, social, and environmental sustainability in how we work, learn, and play as an Engaged City University, even as we continue to maintain growth and development. The …

Research@Smu: Sustainable Living, Singapore Management University

Research Collection Office of Research

Sustainable Living is one of the three key priorities of the SMU 2025 Strategy, and the University is committed to develop it into an area of cross-disciplinary strength. The articles in this booklet highlight impactful sustainability research accomplishments at SMU, which spans five broad pillars: Sustainable Business Operations; Sustainable Finance and Impact Assessment; Sustainable Ageing and Wellness; Sustainable Urban Infrastructure; and Sustainable Agro-business and Food Consumption.

Contents:

Sustainable Business Operations

• Managing the Load on Loading Bays
• Going the Last-mile
• Feeding a Growing World
• Pooling the Benefits of Sharing a Ride

Sustainable Finance and Impact Assessment

• When Going Green Becomes a …

Smu Receives S$20 Million Landmark Gift From Family Of The Late Dr Yong Pung How, Singapore Management University

SMU Press Releases and News

Singapore Management University (SMU) has received a significant gift of S$20 million towards the Yong Pung How School of Law (YPHSL). Generously gifted to SMU by Mrs Yong Wei Woo in Dr Yong’s honour, this gift forms part of the 15th anniversary celebrations of SMU’s law school, which was established in 2007. The announcement also coincides with the third anniversary of the passing of the late Dr Yong Pung How (11 April 1926 – 9 January 2020). The S$20 million gift will be used to establish a financial aid programme, a fellowship programme and a research fund.

Keep Calm And Read Laterally! A Bite-Sized Information Literacy Programme At Singapore Management University Libraries, Zhenyan Li

Research Collection Library

Librarians at Singapore Management University (SMU) Libraries developed an information literacy programme, titled Keep Calm and Read Laterally! as part of the Libraries’ flagship BiteSized Workshop Series. The initiative aimed to further the digital competence of students through advocating critical and effective engagement with digital information. The workshop was highly interactive, incorporating problem-based learning and hands-on group activities, and was split into two parts. The first part helped learners to understand what they read and what types of resources they could use to address various information needs, while the second part guided learners to assess digital information leveraging lateral reading …

Champions For Social Good: How Can We Discover Social Sentiment And Attitude-Driven Patterns In Prosocial Communication?, Raghava Rao Mukkamala, Robert J. Kauffman, Helle Zinner Henriksen

Research Collection School Of Computing and Information Systems

The UN High Commissioner on Refugees (UNHCR) is pursuing a social media strategy to inform people about displaced populations and refugee emergencies. It is actively engaging public figures to increase awareness through its prosocial communications and improve social informedness and support for policy changes in its services. We studied the Twitter communications of UNHCR social media champions and investigated their role as high-profile influencers. In this study, we offer a design science research and data analytics framework and propositions based on the social informedness theory we propose in this paper to assess communication about UNHCR’s mission. Two variables—refugee-emergency and champion …

The Persistence Of Ethnopopulist Support: The Case Of Rodrigo Duterte's Philippines, Dean C. Dulay, Allen Hicken, Ronald Holmes

Research Collection School of Social Sciences

The past few years have seen an emergence of populist leaders around the world, who have not only accrued but also maintained support despite rampant criticism, governance failures, and the ongoing COVID pandemic. The Philippines' Rodrigo Duterte is the best illustration of this trend, with approval ratings rarely dipping below 80 percent. What explains his high levels of robust public support? We argue that Duterte is an ethnopopulist who uses ethnic appeals in combination with insider vs. outsider rhetoric to garner and maintain public support. Moreover, we argue that ethnic affiliation is a main driver of support for Duterte, and …

Leveraging Campus-Scale Wi-Fi Data For Activity-Based Occupant Modeling In Urban Energy Applications, Martín Mosteiro-Romero, Clayton Miller, Matias Quintana, Adrian Chong, Rudi Stouffs

Research Collection College of Integrative Studies

The widespread availability of open datasets in urban areas is transforming how urban energy systems are planned, simulated, and visualized. Urban energy models, however, require an understanding of urban dwellers, as their activities create the demands for energy in buildings. In this paper, we explore using campus-scale Wi-Fi data to identify typical occupant activity patterns as an input to an agent-based model of building occupants at the district scale. The data is taken from a Singaporean university’s Wi-Fi network at high resolution. Each record comprises a timestamp, a device identifier, the location of the device within the campus, and the …

Cheating Constraint Decisions And Discrimination Against Workers With Lower Financial Standing, Grace J. H. Lim, Marko Pitesa, Abhijeet K. Vadera

Research Collection Lee Kong Chian School Of Business

Workers with lower financial standing face many personal challenges due to the relatively lower level of material resources they have at their disposal. We propose that lower financial standing not just impacts workers themselves, but also engenders discrimination from supervisors. Drawing on social cognition principles, we forward a situational inference perspective whereby supervisors make a naïve inference that workers with lower financial standing pose a higher risk of cheating which leads them to subject such workers to more negative treatment and deprive them of opportunities. We focus on two ubiquitous ways in which organizations constrain cheating behavior: worker surveillance and …

Decentralizability Of Efficient Allocations With Heterogenous Forecasts, Shurojit Chatterji, Atsushi Kajii

Research Collection School Of Economics

Do price forecasts of rational economic agents need to coincide in perfectly competitive complete markets? To address this question, we define an efficient temporary equilibrium (ETE) within the framework of a two period economy. Although an ETE allocation is intertemporally efficient and is obtained by perfect competition, it can arise without the agents forecasts being completely coordinated on a perfect foresight price. Nevertheless, it entails price forecasts delicately related with each other: we show that regardless of the number of agents, there is a one dimensional set of such Pareto efficient allocations for generic endowments.

Permutation-Based Tests For Discontinuities In Event Studies, Federico Bugni, Jia Li, Qiyuan Li

Research Collection School Of Economics

We propose using a permutation test to detect discontinuities in an underlying economic model at a cutoff point. Relative to the existing literature, we show that this test is well suited for event studies based on time-series data. The test statistic measures the distance between the empirical distribution functions of observed data in two local subsamples on the two sides of the cutoff. Critical values are computed via a standard permutation algorithm. Under a high-level condition that the observed data can be coupled by a collection of conditionally independent variables, we establish the asymptotic validity of the permutation test, allowing …

Is Democracy Good For Growth? Development At Political Transition Time Matters, Di Sima, Fali Huang

Research Collection School Of Economics

Is democracy a better political regime for economic prosperity than autocracy? This paper shows that the answer depends on the initial economic development level during the democratic transition when the foundation of institutions was laid. Democracy facilitates growth only in countries that already have adequate development at transition time. These countries are more likely to create and sustain growth-enhancing institutions than others. Without appropriate development, democracy does not improve growth; this applies to about 40% of the third-wave democratized countries. These results are based on a sample of 153 countries in 1960–2010 and robust to various specifications and endogeneity issues.

Can Digital Finance Promote Low-Carbon Transition? Evidence From China, Xing Ge, Tomoki Fujii

Research Collection School Of Economics

Using panel data of Chinese cities from 2011 to 2019, this paper analyzes the impact of digital finance on low-carbon transition derived from a super-efficiency slacks-based measure data envelopment analysis. We find that digital finance promotes low-carbon transition, and this finding is robust with respect to the choice of sample, potential presence of measurement issue, choice of study period, presence of other policies, and potential endogeneity, among others. This impact is at least in part goes through increased green innovations. We also find evidence for impact heterogeneity across locations and by the level of low-carbon transition.

Conditional Evaluation Of Predictive Models: The Cspa Command, Jia Li, Zhipeng Liao, Rogier Quaedvlieg, Wenyu Zhou

Research Collection School Of Economics

In this article, we introduce a new command, cspa, that implements the conditional superior predictive ability test developed in Li, Liao, and Quaedvlieg (2022, Review of Economic Studies 89: 843–875). With the conditional performance of predictive methods measured nonparametrically by the conditional expectation functions of their predictive losses, we test the null hypothesis that a benchmark model weakly outperforms a collection of competitors uniformly across the conditioning space. The proposed command can implement this test for both independent cross-sectional data and serially dependent time-series data. Confidence sets for the most superior model can be obtained by inverting the test, for …

A Mixture Autoregressive Model Based On Student’S T–Distribution, Mika Meitz, Daniel Preve, Pentti Saikkonen

Research Collection School Of Economics

A new mixture autoregressive model based on Student’s t–distribution is proposed. A key feature of our model is that the conditional t–distributions of the component models are based on autoregressions that have multivariate t–distributions as their (low-dimensional) stationary distributions. That autoregressions with such stationary distributions exist is not immediate. Our formulation implies that the conditional mean of each component model is a linear function of past observations and the conditional variance is also time-varying. Compared to previous mixture autoregressive models our model may therefore be useful in applications where the data exhibits rather strong conditional heteroskedasticity. Our formulation also has …

Bubble Testing Under Polynomial Trends, Xiaohu Wang, Jun Yu

Research Collection School Of Economics

This paper develops the asymptotic theory of the least squares estimator of the autoregressive (AR) coefficient in an AR(1) regression with intercept when data is generated from a polynomial trend model in different forms. It is shown that the commonly used right-tailed unit root tests tend to favor the explosive alternative. A new procedure, which implements the right-tailed unit root tests in an AR(2) regression, is proposed. It is shown that when the data generating process has a polynomial trend, the test statistics based on the new procedure cannot find evidence of explosiveness. Whereas, when the data generating process is …

A Taxonomy Of Non-Dictatorial Unidimensional Domains, Shurojit Chatterji, Huaxia Zeng

Research Collection School Of Economics

Non-dictatorial preference domains allow the design of unanimous social choice functions (henceforth, rules) that are non-dictatorial and strategy-proof. On a class of preference domains called unidimensional domains, we show that the unique seconds property characterizes all non-dictatorial domains. Subsequently, we provide an exhaustive classification of all non-dictatorial, unidimensional domains, based on a simple property of two-voter rules called invariance. The domains constituting the classification are semi-single-peaked domains and semi-hybrid domains (introduced here) which are two appropriate weakenings of single-peaked domains and shown to allow strategy-proof rules to depend on non-peak information of voters' preferences; the canonical strategy-proof rules for these …

Anchorage: Visual Analysis Of Satisfaction In Customer Service Videos Via Anchor Events, Kam Kwai Wong, Xingbo Wang, Yong Wang, Jianben He, Rong Zhang, Huamin Qu

Research Collection School Of Computing and Information Systems

Delivering customer services through video communications has brought new opportunities to analyze customer satisfaction for quality management. However, due to the lack of reliable self-reported responses, service providers are troubled by the inadequate estimation of customer services and the tedious investigation into multimodal video recordings. We introduce , a visual analytics system to evaluate customer satisfaction by summarizing multimodal behavioral features in customer service videos and revealing abnormal operations in the service process. We leverage the semantically meaningful operations to introduce structured event understanding into videos which help service providers quickly navigate to events of their interest. supports a comprehensive …

Leadership Through Effective Communication, Han Boon Kevin Lim

Dissertations and Theses Collection (Open Access)

Charismatic leadership oratory is critical in aligning the organisational vision and goals for business sustainability. This research focuses on charismatic leadership, particularly on oratory leading to charismatic perception by the audience. This research seeks to provide future leaders with a better perspective of the multigenerational workforce in an effort to customise the rhetorical process for this diverse workforce to enhance charismatic perception, thereby promoting organisational communication.

The audience in prior studies has been treated as a homogeneous unit (Clark & Greatbatch, 2011; Groß et al., 2015), without distinguishing between different generational groups and their respective receptiveness to a leadership oratory. …

Postmaterialism And Corporate Tax Avoidance, Yujia Cui, Jiwei Wang, Kangtao Ye

Research Collection School Of Accountancy

Using a proprietary dataset of China tax audits, we found that firms owned by investors from countries with higher postmaterialism values were less likely to engage in tax-avoidance behavior in China. In addition, we found some evidence that the negative association between postmaterialism and tax avoidance is more pronounced when tax enforcement is stronger, indicating that national culture and formal institutions act as complements. To check the external validity of our main results, we further used a cross-country sample from 21 countries over 22 years. The evidence from the cross-country sample was consistent with the findings obtained from the China …

R&D Subsidies In Permissive And Restrictive Environment: Evidence From Korea, Yumi Koh, Gea M. Lee

Research Collection School Of Economics

This paper investigates the extent to which a regulatory environment for R&D subsidies shapes the magnitude and direction of R&D subsidies set by a government and consequent innovation paths. When the WTO adopted a permissive regulatory environment, we find that the Korean government increased R&D subsidies significantly (89.21%) and selectively so for firms and industries with higher returns. Recipient firms conducted less basic research and more development research. Improvements in innovations were mostly incremental and minor. However, such changes did not persist once the WTO switched to a restrictive regulatory environment. Our findings show that the regulatory environment imposed by …

Growth And Risk: A View From International Trade, Pravin Krishna, Andrei A. Levcheko, Lin Ma, William F. Maloney

Research Collection School Of Economics

This paper studies the cross-country patterns of risky innovation and growth through the lens of international trade. We use a simple theoretical framework of risky quality upgrading by firms under varying levels of financial development to derive two predictions. First, the mean rate of quality growth and the corresponding cross-sectional variance of quality growth in a country are positively correlated. Second, both the mean and variance of quality changes are positively correlated with the country’s level of financial development. We then test these two hypotheses using data on disaggregated (HS10) bilateral exports to the United States. The patterns in the …