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Articles 1981 - 2010 of 9281

Full-Text Articles in Social and Behavioral Sciences

On The Test Accuracy And Effective Control Of The Covid-19 Pandemic: A Case Study In Singapore, Guang Cheng, Sarah Yini Gao, Yancheng Yuan, Chenxiao Zhang, Zhichao Zheng Mar 2022

On The Test Accuracy And Effective Control Of The Covid-19 Pandemic: A Case Study In Singapore, Guang Cheng, Sarah Yini Gao, Yancheng Yuan, Chenxiao Zhang, Zhichao Zheng

Research Collection Lee Kong Chian School Of Business

This study examines the impact of coronavirus disease 2019 (COVID-19) test accuracy (i.e., sensitivity and specificity) on the progression of the pandemic under two scenarios of limited and unlimited test capacity. We extend the classic susceptible–exposed–infectious–recovered model to incorporate test accuracy and compare the progression of the pandemic under various sensitivities and specificities. We find that high-sensitivity tests effectively reduce the total number of infections only with sufficient testing capacity. Nevertheless, with limited test capacity and a relatively high cross-infection rate, the total number of infected cases may increase when sensitivity is above a certain threshold. Despite the potential for …

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Financial Intermediaries And Contagion In Market Efficiency: The Case Of Etfs, Claire Yurong Hong, Frank Weikai Li, Avanidhar Subrahmanyam Mar 2022

Financial Intermediaries And Contagion In Market Efficiency: The Case Of Etfs, Claire Yurong Hong, Frank Weikai Li, Avanidhar Subrahmanyam

Research Collection Lee Kong Chian School Of Business

Capital constraints of financial intermediaries can affect liquidity provision. We investigate whether these constraints spillover and consequently cause contagion in the degree of market efficiency across assets managed by a common intermediary. Specifically, we provide evidence of strong comovement in pricing gaps between ETFs and their constituents for ETFs served by the same lead market maker (LMM). The effects are stronger for ETFs that are more illiquid and volatile, when the underlying constituents of the ETFs are more costly to arbitrage, and for LMMs with more constrained capital. Using extreme disruptions in debt markets during COVID-19 as an experiment, we …

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How Do Firms Respond To Reduced Private Equity Buyout Activity?, Yi-Hsin Lo Mar 2022

How Do Firms Respond To Reduced Private Equity Buyout Activity?, Yi-Hsin Lo

Research Collection Lee Kong Chian School Of Business

This paper presents new evidence on the economic role of private equity buyouts by exploiting the staggered adoption of the constructive fraud provision by U.S. state courts. The law unintentionally shifts the credit default risk borne by existing unsecured creditors of the buyout target to the selling shareholders and lenders in the form of ex-post litigation risk, thereby discouraging buyout activity. Using a difference-in-differences framework, I find that firms raise less capital, reduce payouts and investments, and form alliances with employees. Firms also avoid positive NPV projects that carry too much risk. These findings are consistent with managers enjoying a …

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How Do Smes Reap A Roaring Success In The Year Of The Tiger, Siow-Heng Ong Mar 2022

How Do Smes Reap A Roaring Success In The Year Of The Tiger, Siow-Heng Ong

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Commentary: Coastal Cities Like Singapore Face Outsized Risks – And Opportunities – In A Warming World, Winston T. L. Chow Mar 2022

Commentary: Coastal Cities Like Singapore Face Outsized Risks – And Opportunities – In A Warming World, Winston T. L. Chow

Research Collection College of Integrative Studies

Many Southeast Asian cities are at the frontline for rapid, concerted and effective climate action, says the Intergovernmental Panel on Climate Change report's lead author Winston Chow.

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Heterogeneous Attentions For Solving Pickup And Delivery Problem Via Deep Reinforcement Learning, Jingwen Li, Liang Xin, Zhiguang Cao, Andrew Lim, Wen Song, Jie Zhang Mar 2022

Heterogeneous Attentions For Solving Pickup And Delivery Problem Via Deep Reinforcement Learning, Jingwen Li, Liang Xin, Zhiguang Cao, Andrew Lim, Wen Song, Jie Zhang

Research Collection School Of Computing and Information Systems

Recently, there is an emerging trend to apply deep reinforcement learning to solve the vehicle routing problem (VRP), where a learnt policy governs the selection of next node for visiting. However, existing methods could not handle well the pairing and precedence relationships in the pickup and delivery problem (PDP), which is a representative variant of VRP. To address this challenging issue, we leverage a novel neural network integrated with a heterogeneous attention mechanism to empower the policy in deep reinforcement learning to automatically select the nodes. In particular, the heterogeneous attention mechanism specifically prescribes attentions for each role of the …

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Analyzing The Impact Of Digital Payment On Efficiency And Productivity Of Commercial Banks: A Case Study In China, Haopeng Wang, Aldy Gunawan Mar 2022

Analyzing The Impact Of Digital Payment On Efficiency And Productivity Of Commercial Banks: A Case Study In China, Haopeng Wang, Aldy Gunawan

Research Collection School Of Computing and Information Systems

Digital payment has become one of the most popular payment methods all around the world, especially in countries that witnessed the rapid development of internet. As a traditional financial institution, commercial banks have been impacted by newly developed payment technology since third payment platforms have attracted customers to use the digital payment for daily consumption, transferring, and even investment. This paper focuses on analyzing whether and how the commercial banks in China have been affected by digital payment by using empirical methods. Systematic Generalized Method of Moments (SYS-GMM) is used to test the relationship between the productivity of commercial banks …

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Estimating Financial Information Asymmetry In Real Estate Transactions In China: An Application Of Two-Tier Frontier Model, Ganlin Pu, Ying Zhang, Li-Chen Chou Mar 2022

Estimating Financial Information Asymmetry In Real Estate Transactions In China: An Application Of Two-Tier Frontier Model, Ganlin Pu, Ying Zhang, Li-Chen Chou

Research Collection School Of Computing and Information Systems

This study applies the two-tier stochastic frontier model to estimate the distribution of housing transaction information in Hangzhou, Wenzhou, Ningbo, and Jinhua (four cities in Zhejiang Province, China) during the year 2018, to analyze the difference in the price information acquired by the buyers and sellers in the transaction, and the effect of information asymmetry on the transaction price. The empirical results show that in each city, during the housing transaction process, the supplier has more complete information about house prices than consumers, and can therefore implement price discrimination strategies in setting service prices. Due to the disadvantage in acquired …

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The Impact Of Ride-Hail Surge Factors On Taxi Bookings, Sumit Agarwal, Ben Charoenwong, Shih-Fen Cheng, Jussi Keppo Mar 2022

The Impact Of Ride-Hail Surge Factors On Taxi Bookings, Sumit Agarwal, Ben Charoenwong, Shih-Fen Cheng, Jussi Keppo

Research Collection School Of Computing and Information Systems

We study the role of ride-hailing surge factors on the allocative efficiency of taxis by combining a reduced-form estimation with structural analyses using machine-learning-based demand predictions. Where other research study the effect of entry on incumbent taxis, we use higher frequency granular data to study how location-time-specific surge factors affect taxi bookings to bound the effect of customer decisions while accounting for various confounding variables. We find that even in a unique market like Singapore, where incumbent taxi companies have app-based booking systems similar to those from ride-hailing companies like Uber, the estimated upper bound on the cross-platform substitution between …

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No Need For Asia To Be Woke - Responsible Capitalism Through An Asian Lens, Dan W. Puchniak Mar 2022

No Need For Asia To Be Woke - Responsible Capitalism Through An Asian Lens, Dan W. Puchniak

Research Collection Yong Pung How School Of Law

LARRY Fink's 2018 proclamation that every company must show "how it makes a positive contribution to society" ostensibly woke American CEOs to the need for companies to fulfil a societal purpose beyond profit maximisation. The American Business Roundtable's 2019 commitment that a business should no longer be run purely for profit is cited as another woke moment for American CEOs to the new reality that corporate purpose matters. However, just as the sun rises first in Asia, there is no need for Asia's CEOs to be woke to the reality that corporate purpose matters.

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Foreword To The Special Issue On "Building A Sustainable Future: New Asian Regionalism In International Economic Law", Pasha L. Hsieh Mar 2022

Foreword To The Special Issue On "Building A Sustainable Future: New Asian Regionalism In International Economic Law", Pasha L. Hsieh

Research Collection Yong Pung How School Of Law

We live in an unprecedented time, which witnesses the rapid transformation of global trade and politics. The neoliberal legal order in the post-war era has recently encountered multifaceted threats. Rising populist nationalism, US-China tensions and the COVID-19 pandemic have led to diverse forms of trade protectionism that has eroded the normative basis of international economic law. The Russian invasion of Ukraine and corresponding economic sanctions have further worsened the instability of the increasingly fragile supply chain and multilateral trading system. Amid these challenges, new Asian regionalism has emerged to shape and construct the new regional economic order. In response to …

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Perceived Cultural Impacts Of Climate Change Motivate Climate Action And Support For Climate Policy, Kim-Pong Tam, Angela K. Y. Leung, Brandon Koh Mar 2022

Perceived Cultural Impacts Of Climate Change Motivate Climate Action And Support For Climate Policy, Kim-Pong Tam, Angela K. Y. Leung, Brandon Koh

Research Collection School of Social Sciences

The impacts of climate change on human cultures have received increasing attention in recent years. However, the extent to which people are aware of these impacts, whether such awareness motivates climate action, and what kinds of people show stronger awareness are rarely understood. The present investigation provides the very first set of answers to these questions. In two studies (with a student sample with N = 199 from Singapore and a demographically representative sample with N = 625 from the USA), we observed a generally high level of awareness among our participants. Most importantly, perceived cultural impacts of climate change …

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From Roadman To Royalties: Inter-Representational Value And The Hypercapitalist Impulses Of Grime, Orlando Woods Mar 2022

From Roadman To Royalties: Inter-Representational Value And The Hypercapitalist Impulses Of Grime, Orlando Woods

Research Collection School of Social Sciences

This paper explores how digital media can cause the representational value of rap artists to be transformed. Ubiquitous access to digital recording, production and distribution technologies grants rappers an unprecedented degree of representational autonomy, meaning they are able to integrate the street aesthetic into their lyrics and music videos, and thus create content that offers a more authentic representation of their (past) lives. Sidestepping the mainstream music industry, the digital enables these integrations and bolsters the hypercapitalist impulses of content creators. I illustrate these ideas through a case study of grime artist, Bugzy Malone, who uses his music to narrate …

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Evidence Integration For Coherent Nexus Policy Design: A Mediterranean Perspective On Managing Water-Energy Interactions, Sarah Giest, Ishani Mukherjee Mar 2022

Evidence Integration For Coherent Nexus Policy Design: A Mediterranean Perspective On Managing Water-Energy Interactions, Sarah Giest, Ishani Mukherjee

Research Collection School of Social Sciences

Nexus governance increasingly relies on using data to design policy measures. At the intersection of different policy fields, such as energy and water, data is seen to shed light on complex challenges and have the ability to measure both problems and solutions systematically. In order to analyze the challenges linked to data use in the context of nexus governance, we use a policy design lens and more specifically the perspective of organizational policy instruments to look at the Mediterranean region. We focus on how the design of organizational tools enables or impedes policy coherence and thereby the efficacy of data …

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In Search Of The Social Impact Of Cultural Districts - Emerging Principles For Social Impact Evaluation, Su Fern Hoe Mar 2022

In Search Of The Social Impact Of Cultural Districts - Emerging Principles For Social Impact Evaluation, Su Fern Hoe

Research Collection School of Social Sciences

Across the globe, the transformative powers of cultural districts have been widely noted, particularly with respect to how they add value to the lives of individuals and to society as a whole. Yet the ways in which cultural districts deliver and evaluate their social impact have yet to be fully explored. Importantly, there is a stark absence of rigorous methodologies and assessment frameworks to assist cultural districts in articulating, planning, delivering, and evaluating their social value proposition. Based on findings from a follow-up study to our 2019 report on Social Impact, untimely terminated due to Covid-19, this publication highlights there …

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A Daily Within-Person Investigation On The Link Between Social Expectancies To Be Busy And Emotional Wellbeing: The Moderating Role Of Emotional Complexity Acceptance., Verity Y. Q. Lua, Nadyanna M Majeed, Angela K. Y. Leung, Andree Hartanto Mar 2022

A Daily Within-Person Investigation On The Link Between Social Expectancies To Be Busy And Emotional Wellbeing: The Moderating Role Of Emotional Complexity Acceptance., Verity Y. Q. Lua, Nadyanna M Majeed, Angela K. Y. Leung, Andree Hartanto

Research Collection School of Social Sciences

With postmodern societies placing a strong emphasis on making full use of one’s time, it is increasingly common to extol busy individuals as more achieving. In this context, although feeling a social expectation to be busy might imply that individuals are regarded as competent and desirable, its accompanying stressors may also detrimentally impact their mental health. Utilising data from a seven-day diary study, the current research examined the relationship between people’s daily perceived pressure to be busy and their daily emotional wellbeing. Multilevel modelling revealed that daily social pressure to be busy was a significant predictor of daily negative affect, …

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Valued Waste/Wasted Value: Waste, Value And The Labour Process In Electronic Waste Recycling In Singapore And Malaysia, Aidan Marc Wong Feb 2022

Valued Waste/Wasted Value: Waste, Value And The Labour Process In Electronic Waste Recycling In Singapore And Malaysia, Aidan Marc Wong

Research Collection College of Integrative Studies

This paper focuses on value creation in electronic waste, and supports the argument (c.f. Herod et al., 2014) that 'waste' embodies congealed labour - the product of the labour process. This analysis of itinerant rag-and-bone collectors demonstrates that value creation by informal labour accrues as congealed labour in recycled e-waste through the agentic acts of collecting, salvaging and extracting. This paper highlights the central role of informal labour in this labour process and pushes further the conceptualisation of 'wasted labour' (McGrath-Champ et al., 2015) by calling for greater attention to the agentic nature of labour in value creation, rather than …

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Apple And Foxconn: Addressing Power Imbalances In Global Supply Chains, Singapore Management University Feb 2022

Apple And Foxconn: Addressing Power Imbalances In Global Supply Chains, Singapore Management University

Perspectives@SMU

Global suppliers such as Foxconn can form strong business networks to put pressure on dominant clients such as Apple to address power imbalances in global supply chains

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Sandwiched Between A Rock And A Hard Place?, Thomas Lam, David Fernandez Feb 2022

Sandwiched Between A Rock And A Hard Place?, Thomas Lam, David Fernandez

Sim Kee Boon Institute for Financial Economics

The policy gap between US and China is likely to be widening further, potentially raising and unevenly distributing the risks of negative spillovers for Asia and the rest of the world.

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Skbi Big 5 Survey 2022 February, Singapore Management University Feb 2022

Skbi Big 5 Survey 2022 February, Singapore Management University

Sim Kee Boon Institute for Financial Economics

The latest survey results on the largest five economies (Big5), based on submissions prior to the ongoing Russia-Ukraine conflict, imply a more intricate growth, inflation and policy dynamic.

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Older Adult Preparedness For Living With An Endemic Covid-19, Micah Tan, Paulin T. Straughan, Grace Cheong, Wensi Lim, Mindy Eiko Tadai, Nadya Haifan, Dyan Jun Wei See Toh Feb 2022

Older Adult Preparedness For Living With An Endemic Covid-19, Micah Tan, Paulin T. Straughan, Grace Cheong, Wensi Lim, Mindy Eiko Tadai, Nadya Haifan, Dyan Jun Wei See Toh

ROSA Research Briefs

As Singapore holds steady against the current Omicron wave and begins to pave the next steps towards living with COVID-19, we hope that this report will provide our fellow colleagues and stakeholders with valuable insights into the perceptions and experiences of older adults in preparing to live with an endemic COVID-19. To this end, the current report examines several aspects of living with an endemic including whether older adults perceive themselves to be prepared, whether they are willing to adopt certain preventive behaviours, and the level of support they have for living with an endemic COVID-19. Specifically, we look at …

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Risk Price Variation: The Missing Half Of Empirical Asset Pricing, Andrew John Patton, Brian M. Weller Feb 2022

Risk Price Variation: The Missing Half Of Empirical Asset Pricing, Andrew John Patton, Brian M. Weller

Research Collection School Of Economics

Equal compensation across assets for the same risk exposures is a bedrock of asset pricing theory and empirics. Yet real-world frictions can violate this equality and create apparently high Sharpe ratio opportunities. We develop new methods for asset pricing with cross-sectional heterogeneity in compensation for risk. We extend k-means clustering to group assets by risk prices and introduce a formal test for whether differences in risk premiums across market segments are too large to occur by chance. We find significant evidence of cross-sectional variation in risk prices for almost all combinations of test assets, factor models, and time periods considered.

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Domains For Well Behaved Monotonic Social Choice Functions, Salles Paulo Daniel Ramos Feb 2022

Domains For Well Behaved Monotonic Social Choice Functions, Salles Paulo Daniel Ramos

Research Collection School Of Economics

We present here a set of necessary and sufficient conditions for an MD-Connected Domain to support a Well Behaved Monotonic Social Choice Function. We require the domain to have a minimal number of preferences in which a pair of alternatives flips their relation, and these reversals must occurr in accordance to a tree graph. While this condition cannot be sum-marized by a set of restrictions on individual preferences, we provide two alternative characterizations that can, one that is necessary and another that is sufficient.

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Prediction Of “L” Train’S Daily Ridership In Downtown Chicago During The Covid-19 Pandemic, Amin Azimian, Junfeng Jiao Feb 2022

Prediction Of “L” Train’S Daily Ridership In Downtown Chicago During The Covid-19 Pandemic, Amin Azimian, Junfeng Jiao

Research Collection College of Integrative Studies

In this study, we utilized a random forest model to predict the “L” train’s daily ridership in the Chicago downtown area during the pandemic based on environmental, transportation, and COVID-19-related factors. The results indicated that the model accurately predicts ridership one month in advance. However, its accuracy degraded over time. Moreover, average temperature, stay-at-home order status, and percentage of home renters were found to be the most important factors contributing to ridership.

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Cities And Settlements By The Sea, Bruce Glavovic, Richard Dawson, Winston T. L. Chow, Matthias Garschagen, Chandni Singh, Adelle Thomas Feb 2022

Cities And Settlements By The Sea, Bruce Glavovic, Richard Dawson, Winston T. L. Chow, Matthias Garschagen, Chandni Singh, Adelle Thomas

Research Collection College of Integrative Studies

Cities and settlements (C&S) by the sea are on the frontline of climate change—they face climate-compounded risks that are amongst the highest, but are a key source of innovation in climate resilient development (high confidence)

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Transitioning To A Circular Economy: A Systematic Review Of Its Drivers And Barriers, Jovan Tan, Fabien Jianwei Tan, Seeram Ramakrishna Feb 2022

Transitioning To A Circular Economy: A Systematic Review Of Its Drivers And Barriers, Jovan Tan, Fabien Jianwei Tan, Seeram Ramakrishna

Research Collection Lee Kong Chian School Of Business

Advancing societal's progress to achieve circularity is imperative as our linear (take, make, waste) economic model is highly unsustainable. It depletes our natural resources and substantially contributes to pollution and global greenhouse gas emissions. Our continued participation in the linear economy will also expose businesses to volatile resource prices and supply disruptions resulting from the scarcity of critical materials and geopolitical factors. Hence, there are compelling reasons for businesses to transit and participate in the circular economy. However, anecdotal evidence suggests limited practical implementations. Therefore, this systematic review aims to determine the most significant drivers and barriers that influence business …

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Short-Term Impact Of Covid-19 On Consumption Spending And Its Underlying Mechanisms: Evidence From Singapore, Seonghoon Kim, Kanghyock Koh, Xuan Zhang Feb 2022

Short-Term Impact Of Covid-19 On Consumption Spending And Its Underlying Mechanisms: Evidence From Singapore, Seonghoon Kim, Kanghyock Koh, Xuan Zhang

Research Collection School Of Economics

We examine the short-term impact of COVID-19 on consumption spending and labor market outcomes. Using monthly panel data of individuals mainly aged 50–70 in Singapore, we find that COVID-19 reduced consumption spending and labor market outcomes immediately after its outbreak, and its negative impact quickly evolved. At its peak, the pandemic reduced total household consumption spending by 22.8% and labor income by 5.9% in April. Probability of full-time work also went down by 1.2 pp and 6.0 pp in April and May, respectively, but employment and self-employment were only mildly affected. Our heterogeneity analysis indicates that the reduction in consumption …

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Nonignorable Missing Data, Single Index Propensity Score And Profile Synthetic Distribution Function, Xuerong Chen, Denis H. Y. Leung, Jing Qin Feb 2022

Nonignorable Missing Data, Single Index Propensity Score And Profile Synthetic Distribution Function, Xuerong Chen, Denis H. Y. Leung, Jing Qin

Research Collection School Of Economics

In missing data problems, missing not at random is difficult to handle since the response probability or propensity score is confounded with the outcome data model in the likelihood. Existing works often assume the propensity score is known up to a finite dimensional parameter. We relax this assumption and consider an unspecified single index model for the propensity score. A pseudo-likelihood based on the complete data is constructed by profiling out a synthetic distribution function that involves the unknown propensity score. The pseudo-likelihood gives asymptotically normal estimates. Simulations show the method compares favorably with existing methods.

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Heterogeneous Health Effects Of Medical Marijuana Legalization: Evidence From Young Adults In The United States, Junxing Chay, Seonghoon Kim Feb 2022

Heterogeneous Health Effects Of Medical Marijuana Legalization: Evidence From Young Adults In The United States, Junxing Chay, Seonghoon Kim

Research Collection School Of Economics

Legalizing marijuana for medical purposes is a longstanding debate. However, evidence of marijuana's health effects is limited, especially for young adults. We estimate the health impacts of medical marijuana laws (MML) in the U.S. among young adults aged 18–29 years using the difference-in-differences method and data from the Behavioral Risk Factors Surveillance System. We find that having MMLs with strict regulations generate health gains, but not in states with lax regulations. Our heterogeneity analysis results indicate that individuals with lower education attainments, with lower household income and without access to health insurance coverage gain more health benefits from MML with …

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A Panel Clustering Approach To Analyzing Bubble Behavior, Yanbo Liu, Peter C. B. Phillips, Jun Yu Feb 2022

A Panel Clustering Approach To Analyzing Bubble Behavior, Yanbo Liu, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

This study provides new mechanisms for identifying and estimating explosive bubbles in mixed-root panel autoregressions with a latent group structure. A post-clustering approach is employed that combines a recursive k-means clustering al-gorithm with panel-data test statistics for testing the presence of explosive roots in time series trajectories. Uniform consistency of the k-means clustering algorithm is established, showing that the post-clustering estimate is asymptotically equivalent to the oracle counterpart that uses the true group identities. Based on the estimated group membership, right-tailed self-normalized t-tests and coefficient-based J-tests, each with pivotal limit distributions, are introduced to detect the explosive roots. The usual …

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