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Articles 1 - 30 of 123
Full-Text Articles in Social and Behavioral Sciences
L S Penrose's Limit Theorem: Tests By Simulation, Pao-Li Chang, Vincent Chua, Moshe Machover
L S Penrose's Limit Theorem: Tests By Simulation, Pao-Li Chang, Vincent Chua, Moshe Machover
Research Collection School Of Economics
LS Penrose’s limit theorem (PLT) – which is implicit in Penrose [5, p. 72] and for which he gave no rigorous proof – says that, in simple weighted voting games, if the number of voters increases indefinitely while existing voters retain their weights and the relative quota is pegged, then – under certain conditions – the ratio between the voting powers of any two voters converges to the ratio between their weights. Lindner and Machover [3] prove some special cases of PLT; and conjecture that the theorem holds, under rather general conditions, for large classes of weighted voting games, various …
The Singapore-India Connection: A Tale Of Two Industrial Parks, Caroline Yeoh, Wongso Kevin, Wee Tan
The Singapore-India Connection: A Tale Of Two Industrial Parks, Caroline Yeoh, Wongso Kevin, Wee Tan
Research Collection Lee Kong Chian School Of Business
In recent times, Singapore has, as part of its regionalisation strategy, established industrial parks in various countries, including China, Vietnam, and India. The parks are marketed as a winning combination of the host country’s unique location advantages and Singapore-style efficiency and management know-how. Singapore’s foray into India, in particular, was marked by the setting up of the ITPL in Bangalore; a development that met with great success. However, with global businesses shifting interests towards India, and competing industrial parks emerging to meet the increasing demand, ITPL is faced with stiff competition from other industrial parks; and Singapore has since announced …
Investing In Real Estate: Mortgage Financing Practices And Optimal Holding Period, Winston T. H. Koh, Edward H. K. Ng
Investing In Real Estate: Mortgage Financing Practices And Optimal Holding Period, Winston T. H. Koh, Edward H. K. Ng
Research Collection School Of Economics
Real estate investments are typically characterized by high degrees of leverage and long-loan tenures. In perfect capital markets, leverage has no impact on the investment decision apart from tax considerations. However, the mortgage financing market is imperfect in many countries. In the presence of market imperfections, an optimal holding period exists for real property investments. We provide a simple rule to calculate the optimal holding period to compare the required rate of return with the leveraged rate of return on equity.
The Political Economy Of Polarized Pluralism, Salvatore Babones, Riccardo Pelizzo
The Political Economy Of Polarized Pluralism, Salvatore Babones, Riccardo Pelizzo
Research Collection School of Social Sciences
It is difficult to overestimate the importance of Sartori’s party system typology at least because, as Peter Mair recently pointed out, “there has been very little new thinking on how to classify systems since the seminal work of Sartori” (Mair, forthcoming). The first important party system taxonomy was proposed by Duverger in his Political Parties (1951). Duverger in this classic study identified three types of party systems: the one party system, the two party system and the multi-party system. By the early 1960s Sartori had become quite unhappy with this typology (Sartori, 1982). Sartori thought that both the one-party and …
Economic Transition And New Patterns Of Parent-Adult Child Coresidence In Urban China, Qian Forrest Zhang
Economic Transition And New Patterns Of Parent-Adult Child Coresidence In Urban China, Qian Forrest Zhang
Research Collection School of Social Sciences
This study uses national data from the 1996 Life History and Social change in Contemporary China survey (N = 3,087) to gauge the effect of the economic transition on parent-adult child coresidence in urban China. Previous studies find that, thanks to state actions, traditional patterns in coresidence persisted in post-Mao urban China. This study still finds high levels of coresidence. China's aging population, coupled with an underdeveloped social security system, means that the traditional role of family will remain strong. It also uncovers three new patterns, however, best explained as caused by changes in the economic realm. First, the coresidence …
Development Of Land Rental Markets In Rural Zhejiang: Growth Of Off-Farm Jobs And Institution Building, Qian Forrest Zhang, Qingguo Ma, Xu Xu
Development Of Land Rental Markets In Rural Zhejiang: Growth Of Off-Farm Jobs And Institution Building, Qian Forrest Zhang, Qingguo Ma, Xu Xu
Research Collection School of Social Sciences
We employ survey data collected in 2001 in Zhejiang province to investigate patterns and determinants of land market development. Previous studies have noted the correlation between growth of off-farm jobs and rental-market development at the aggregate level, but failed empirically to demonstrate mechanisms at the disaggregate level. Our analyses find concrete evidence at the household level connecting developments in labour and land markets. Growth in off-farm jobs allow rural households to transfer labour out of farming and prompt them to relinquish land rights, generating a supply of land that drives rental activities. We also go beyond interactions between factor markets …
An Analytical Framework For Science Parks And Technology Districts With An Application To Singapore, Cher Chiew Francis Koh, Teow Hock Winston Koh, Feichin Ted Tschang
An Analytical Framework For Science Parks And Technology Districts With An Application To Singapore, Cher Chiew Francis Koh, Teow Hock Winston Koh, Feichin Ted Tschang
Research Collection Lee Kong Chian School Of Business
This paper analyzes the question: what does it take for science parks and technology districts to evolve and grow? We propose an analytical framework to examine the gestation, evolution and sustainability of science parks and regional phenomena at a broader scale such as technology districts. The framework comprises three aspects of a science park's development: growth mechanisms, level of technological capabilities, and integration with national or global markets. The main growth mechanisms we identify are government-led infrastructure provision, agglomeration effects and continual self-renewal through the creation of new businesses. We apply this framework to analyze Singapore's science park strategy and …
Analytically Calibrated Box-Cox Percentile Limits For Duration And Event-Time Models, Zhenlin Yang, Albert K.C. Tsui
Analytically Calibrated Box-Cox Percentile Limits For Duration And Event-Time Models, Zhenlin Yang, Albert K.C. Tsui
Research Collection School Of Economics
This paper proposes a unified approach to constructing confidence limits for a future percentile duration or event-time. The construction is based on an analytical calibration of the Box-Cox-type “plug-in” percentile limits (PL). The performance of the calibrated Box-Cox PL is investigated using Monte Carlo experiments. Comparisons are made with PLs that are specifically designed for a particular distribution such as Weibull and lognormal. Excellent performances of the calibrated Box-Cox PL are observed. Simulation based on other popular duration models such as gamma and inverse Gaussian reveal that the proposed PL is robust against distributional assumptions and that it performs much …
On Measuring Influence In Non-Binary Voting Games, Vincent Chua, C. H. Ueng
On Measuring Influence In Non-Binary Voting Games, Vincent Chua, C. H. Ueng
Research Collection School Of Economics
In this note, we demonstrate using two simple examples that generalization of the Banzhaf measure of voter influence to non-binary voting games that requires as starting position a voter’s membership in a winning coalition is likely to incompletely reflect the influence a voter has on the outcome of a game. Generalization of the Banzhaf measure that takes into consideration all possible pivot moves of a voter including those moves originating from a losing coalition will, on the other hand, result in a measure that is proportional to the Penrose measure only in the ternary case.
Easing The Inferential Leap In Competency Modeling: The Effects Of Task-Related Information And Subject Matter Expertise, Filip Lievens, Juan I. Sanchez, Wilfred De Corte
Easing The Inferential Leap In Competency Modeling: The Effects Of Task-Related Information And Subject Matter Expertise, Filip Lievens, Juan I. Sanchez, Wilfred De Corte
Research Collection Lee Kong Chian School Of Business
Despite the rising popularity of the practice of competency modeling, research on competency modeling has lagged behind. This study begins to close this practice-science gap through 3 studies (1 lab study and 2 field studies), which employ generalizability analysis to shed light on (a) the quality of inferences made in competency modeling and (b) the effects of incorporating elements of traditional job analysis into competency modeling to raise the quality of competency inferences. Study 1 showed that competency modeling resulted in poor interrater reliability and poor between-job discriminant validity amongst inexperienced raters. In contrast, Study 2 suggested that the quality …
Free Will's A Gamble, Seow Hon Tan
Free Will's A Gamble, Seow Hon Tan
Research Collection Yong Pung How School Of Law
The debate over whether Singapore should have a casino has turned from the contest between moral values and social repercussions, on the one hand, and economic values on the other, to whether Singaporeans can be trusted to act responsibly. Put another way, the issue now seems to be whether the approach should be paternalistic, with all its connotations of the nanny state protecting the individual from himself.
True Believers Or Moral Absolutists, Seow Hon Tan
True Believers Or Moral Absolutists, Seow Hon Tan
Research Collection Yong Pung How School Of Law
The recent American presidential elections brought to the fore the question of what place moral values have in public decision-making when traditional moral values are not espoused by all in a pluralist society. Even if traditional values - seen as absolutist - are imposed on others through a democratic electoral process, that imposition, particularly in hot button issues like abortion and same-sex marriage, remains difficult to accept.
The Changing Political Economy Of Party Membership, Riccardo Pelizzo
The Changing Political Economy Of Party Membership, Riccardo Pelizzo
Research Collection School of Social Sciences
Although few scholars would dispute from an empirical point of view the fact that parties change their electoral strategies, ideological stances and organizational structures over time, there is not much agreement on how these changes, above all party organizational change, have to be understood from a theoretical point of view. This is especially true with regard to the transformations that party organizations have undergone from the early 1970s on. In fact, although party organizational changes in the past three decades have generally been considered to be signs of the so called party crisis, the agreement on this analytical perspective is …
True Believers Or Moral Absolutists, Seow Hon Tan
True Believers Or Moral Absolutists, Seow Hon Tan
Research Collection Yong Pung How School Of Law
The recent American presidential elections brought to the fore the question of what place moral values have in public decision-making when traditional moral values are not espoused by all in a pluralist society. Even if traditional values - seen as absolutist - are imposed on others through a democratic electoral process, that imposition, particularly in hot button issues like abortion and same-sex marriage, remains difficult to accept.
Free Will's A Gamble, Seow Hon Tan
Free Will's A Gamble, Seow Hon Tan
Research Collection Yong Pung How School Of Law
The debate over whether Singapore should have a casino has turned from the contest between moral values and social repercussions, on the one hand, and economic values on the other, to whether Singaporeans can be trusted to act responsibly. Put another way, the issue now seems to be whether the approach should be paternalistic, with all its connotations of the nanny state protecting the individual from himself.
Singapore: Always Restructuring, Avoiding Convergence And Reining In Divergence, Tan K. B. Eugene
Singapore: Always Restructuring, Avoiding Convergence And Reining In Divergence, Tan K. B. Eugene
Research Collection Yong Pung How School Of Law
Even as the government declares Asia - with China and India at the forefront - as a region of change and opportunities, the fear of becoming irrelevant ensures that Singapore will not relent in its drive to stay ahead of the regional economic competition. For instance, the search for new industrial winners, after the successful industrial programmes in electronics and the biomedical sciences, has begun resolutely with the formation of a high-powered ministerial committee to mould Singapore's research and development destiny. Restructuring in Singapore is a governing norm that is very much invoked as a policy necessity and a way …
The Changing Political Economy Of Party Membership, Riccardo Pelizzo
The Changing Political Economy Of Party Membership, Riccardo Pelizzo
Research Collection School of Social Sciences
A recent survey conducted in a sample of 83 countries by the Inter-Parliamentary Union in collaboration with the World Bank Institute on the “Relations between the Legislature and the Executive in the Context of Parliamentary Oversight” allows cross-national comparison for the role of legislatures in the budgetary process. One of the survey’s most significant indications is that legislatures in presidential systems are generally more involved in the preparation of the budget than legislatures in either parliamentary or semi-presidential systems. The picture, however, is very different when we look at legislatures’ oversight of the budget. Parliaments are generally more involved in …
Multivariate Stochastic Volatility Models: Bayesian Estimation And Model Comparison, Jun Yu, Renate Meyer
Multivariate Stochastic Volatility Models: Bayesian Estimation And Model Comparison, Jun Yu, Renate Meyer
Research Collection School Of Economics
In this paper we show that fully likelihood-based estimation and comparison of multivariate stochastic volatility (SV) models can be easily performed via a freely available Bayesian software called WinBUGS. Moreover, we introduce to the literature several new specifications which are natural extensions to certain existing models, one of which allows for time varying correlation coefficients. Ideas are illustrated by fitting, to a bivariate time series data of weekly exchange rates, nine multivariate SV models, including the specifications with Granger causality in volatility, time varying correlations, heavy-tailed error distributions, additive factor structure, and multiplicative factor structure. Empirical results suggest that the …
Asymmetric Response Of Volatility: Evidence From Stochastic Volatility Models And Realized Volatility, Jun Yu
Research Collection School Of Economics
This paper examines the asymmetric response of equity volatility to return shocks. We generalize the news impact function (NIF), originally introduced by Engle and Ng (1993) to study asymmetric volatility under the ARCH-type models, to be applicable to both stochastic volatility (SV) and ARCH-type models. Based on the generalized concept, we provide a unified framework to examine asymmetric properties of volatility. A new asymmetric volatility model, which nests both ARCH and SV models and at the same time allows for a more flexible NIF, is proposed. Empirical results based on daily index return data support the classical asymmetric SV model …
The Relationship Between Governance Structure And Risk Management Approaches In Japanese Venture Capital Firms, Toru Yoshikawa, Phillip H. Phan, Jonathan Linton
The Relationship Between Governance Structure And Risk Management Approaches In Japanese Venture Capital Firms, Toru Yoshikawa, Phillip H. Phan, Jonathan Linton
Research Collection Lee Kong Chian School Of Business
This paper attempts to understand what drives Japanese venture capital (JVC) fund managers to select either active managerial monitoring or portfolio diversification to manage their firms' investment risks [J. Bus. Venturing 4 (1989) 231]. Unlike U.S. venture capitalists that use active managerial monitoring to gain private information in order to maximize returns [J. Finance 50 (1995) 301], JVCs have traditionally used portfolio diversification to attenuate investment risks [Hamada, Y., 2001. Nihon no Bencha Kyapitaru no Genkyo (Current State of Japanese Venture Capital), Nihon Bencha Gakkai VC Seminar, May 7]. We found that performance pay is positively related to active monitoring …
Constructing A Coincident Index Of Business Cycles Without Assuming A One-Factor Model, Roberto S. Mariano, Yasutomo Murasawa
Constructing A Coincident Index Of Business Cycles Without Assuming A One-Factor Model, Roberto S. Mariano, Yasutomo Murasawa
Research Collection School Of Economics
The Stock-Watson coincident index and its subsequent extensions assume a static linear one-factor structure for the component indicators. Such assumption is restrictive in practice, however, with as few as four indicators. In fact, such assumption is unnecessary if one defines a coincident index as an estimate of latent monthly real GDP. This paper considers VAR and factor models for latent monthly real GDP and other coincident indicators, and estimates the models using the observable mixed-frequency series. For US data, Schwartz’s Bayesian information criterion selects a two-factor model. The smoothed estimate of latent monthly real GDP is the proposed index.
The Paradox Of Promoting Creativity In The Asian Classroom: An Empirical Investigation, Aik Kwang Ng, Ian Smith
The Paradox Of Promoting Creativity In The Asian Classroom: An Empirical Investigation, Aik Kwang Ng, Ian Smith
Research Collection School of Social Sciences
To shed light on the paradox of promoting creativity in the Asian classroom, the authors conducted 3 studies. The 1st study found that novice teachers classified student behaviors as desirable but uncreative (DBU) versus creative but undesirable (CBU). The 2nd study found that conservative-autocratic teachers were more likely to encourage DBU behaviors in class, whereas liberal-democratic teachers were more likely to encourage CBU behaviors in class. The 3rd study found that cultural individualism—collectivism had a positive impact on liberal—democratic teaching attitude but a negative impact on conservative—autocratic teaching attitude. In turn, liberal—democratic teaching attitude had a positive impact on the …
The Contribution Of A Satellite Market To Price Discovery: Evidence From The Singapore Exchange, Vicentiu Covrig, David K. Ding, Buen Sin Low
The Contribution Of A Satellite Market To Price Discovery: Evidence From The Singapore Exchange, Vicentiu Covrig, David K. Ding, Buen Sin Low
Research Collection Lee Kong Chian School Of Business
The Singapore Exchange (SGX), a small satellite market, successfully competes with a large home market, the Osaka Securities Exchange (OSE), in trading the Nikkei 225 futures index. In this paper, we investigate the contribution of the SGX to price discovery and shed light on the reasons for its continued success. Evidence is provided from information revelation and price discovery of three competing but informationally linked markets of the Nikkei 225 index - domestic spot (Tokyo Stock Exchange), domestic futures (OSE), and foreign futures (SGX), which represents the satellite market. Overall, the futures market contributes 77% to price discovery, with the …
Legislative Ethics And Codes Of Conduct, Rick Stapenhurst, Riccardo Pelizzo
Legislative Ethics And Codes Of Conduct, Rick Stapenhurst, Riccardo Pelizzo
Research Collection School of Social Sciences
The purpose of this paper is to discuss why and how ethics reforms have been enacted by many parliaments in the course of the past decade. Our argument is fairly straightforward. Politicians’ perceived irresponsiveness, various forms of misconduct and corruption scandals have eroded voters’ trust in politicians and political institutions. In order to induce a more ethical behavior among politicians as well as to rebuild public trust in political institutions, ethics regimes have been adopted by several legislatures. Such regimes have generally taken two main forms: ethics codes and conduct codes. Ethics codes tend to be fairly general documents: they …
Trans-Normal Distribution: A Flexible Model For Duration And Event-Time Data, Zhenlin Yang
Trans-Normal Distribution: A Flexible Model For Duration And Event-Time Data, Zhenlin Yang
Research Collection School Of Economics
A new family of distributions, called the trans-normal distribution is introduced. Its basic properties are presented. A closely related family of distributions called tran-t distribution is also given along with its basic properties. Trans-normal regression is used as an illustration on the usefullness of the new distribution.
Future Perspectives On Employee Selection: Key Directions For Future Research And Practice, Neil Anderson, Filip Lievens, Karen Van Dam, Ann Marie Ryan
Future Perspectives On Employee Selection: Key Directions For Future Research And Practice, Neil Anderson, Filip Lievens, Karen Van Dam, Ann Marie Ryan
Research Collection Lee Kong Chian School Of Business
A future-oriented perspective for selection and assessment research is presented. Four superordinate themes of critical import to the development of future research are identified: (i) bimodal prediction, (ii) multilevel fit, (iii) applicant reactions and decision making, and (iv) tensions between research and practice in employee selection. Under each theme we pose a number of outstanding questions for research. Implications for practice and the ongoing advancement of the sub-field of selection, traditionally one of the most robust core disciplines in international IWO psychology, are discussed.
Academic Year 2004 Welcomes Smu’S Largest Intake Of Students, Singapore Management University
Academic Year 2004 Welcomes Smu’S Largest Intake Of Students, Singapore Management University
SMU Press Releases
No abstract provided.
Is The Good Life The Easy Life?, Christie N. Scollon, Laura A. King
Is The Good Life The Easy Life?, Christie N. Scollon, Laura A. King
Research Collection School of Social Sciences
Three studies examined folk concepts of the good life. Participants rated the desirability and moral goodness of a life as a function of the happiness, meaning, and effort experienced. Happiness and meaning were solid predictors of the good life, replicating King and Napa (1998). Study 1 (N = 381) included wealth as an additional factor. Results showed little desire for exorbitant (over moderate) wealth, but also a desire to avoid poverty. When effort was operationalized as number of hours worked, respondents desired the easy life, particularly at moderate levels of income. When effort was operationalized as effortful engagement (Study 2), …
Tests Of Transformation In Nonlinear Regression, Zhenlin Yang, Gemai Chen
Tests Of Transformation In Nonlinear Regression, Zhenlin Yang, Gemai Chen
Research Collection School Of Economics
This paper presents three versions of the Lagrange multiplier (LM) tests of transformation in nonlinear regression: (i) LM test based on expected information, (ii) LM test based on Hessian, and (iii) the LM test based on gradient. All three tests can be easily implemented through a nonlinear least squares procedure. Simulation results show that, in terms of finite sample performance, the LM test based on expected information is the best, followed by the LM test based on Hessian and then the LM test based on gradient. The LM test based on gradient can perform rather poorly. An example is given …
A Var Analysis Of Singapore's Monetary Transmission Mechanism, Hwee Kwan Chow
A Var Analysis Of Singapore's Monetary Transmission Mechanism, Hwee Kwan Chow
Research Collection School Of Economics
The Singapore economy has experienced greater business cycle fluctuations in recent years, being subject to recurrent shocks from the external environment. Given the extreme openness of the economy—Singapore’s export share of GDP is approximately 180%—it is not surprising that the main cause of the increase in economic volatility is a rise in the frequency and magnitude of exogenous shocks. These include the downswing in the global electronics industry in 1996–97, the Asian financial crisis in 1997–98, the burst of the information technology bubble in 2001, and the outbreak of the SARS respiratory disease in 2003. Such a close sequence of …