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Articles 1381 - 1410 of 2456
Full-Text Articles in Economics
Europe: Negotiating Changes Through Compromise, Singapore Management University
Europe: Negotiating Changes Through Compromise, Singapore Management University
Perspectives@SMU
Herman Van Rompuy, the outgoing President of the European Council, believes Europe can overcome its current challenges by doing what it does best: negotiate and compromise
Bitcoins, Block Chains, And Mining Pools, Singapore Management University
Bitcoins, Block Chains, And Mining Pools, Singapore Management University
Perspectives@SMU
Bitcoins can help facilitate online commerce, but investors – and speculators – should understand how the cryptocurrency works
It’S Not Will You Succeed? But Can You Afford To Fail?, Girija Pande
It’S Not Will You Succeed? But Can You Afford To Fail?, Girija Pande
Asian Management Insights
With India and China’s economic ties no longer defined only by trade, the countries’ convergence is opening up new opportunities and challenges for businesses on either side seeking to cross the Sino-Indian border.
Mind The Liquidity Gap: Building A Better Capital Market For You, Kaushik Rudra
Mind The Liquidity Gap: Building A Better Capital Market For You, Kaushik Rudra
Asian Management Insights
Asian banks in most jurisdictions are currently more than adequately capitalised with respect to Basel III. However, as they are called upon to support the region’s economic growth over the next decade, they are likely to run up against capital constraints.
Do Asian Conglomerates Offer Attractive Risk-Adjusted Returns?, Nandini Vijayaraghavan
Do Asian Conglomerates Offer Attractive Risk-Adjusted Returns?, Nandini Vijayaraghavan
Asian Management Insights
Research on a sample of seven Asian conglomerates shows that stocks of some of these companies not only outperformed the S&P 500, but also exhibited lower volatility.
Unleashing Asean's Potential Through Aec, Michael Zink
Unleashing Asean's Potential Through Aec, Michael Zink
Asian Management Insights
The Association of Southeast Asian Nations (ASEAN) has set an ambitious goal to integrate the economies of its ten members by 2015, a move that is aimed at boosting the bloc’s competitiveness and creating development across the region that is more equitable. With the target date for Southeast Asia's countries to create a single economic market just months away, increasing attention is being paid to the region's vast economic potential. If successful, the formation of the ASEAN Economic Community (AEC) will not only create one of the world’s largest integrated economic spheres, but will add vastly to the appeal of …
Raising The Bar 2: Challenges To Productivity Initiatives In The Finance And Accounting Function, Clarence Goh
Raising The Bar 2: Challenges To Productivity Initiatives In The Finance And Accounting Function, Clarence Goh
Research Collection School Of Accountancy
Faced with a tightening labour supply, raising productivity has become an increasingly important issue for manybusinesses in Singapore. To understand how this impacts on the F&A functions of businesses, the Instituteof Singapore Chartered Accountants (ISCA) collaborated with Robert Half to survey over 550 senior financeexecutives in Singapore and also the region to understand the focus of F&A functions of businesses andcorporations regarding raising productivity and effectiveness. Our findings are presented in a series of three reportswith the following themes – (1) Trends in implementing productivity initiatives, (2) Challenges faced in implementingproductivity initiatives, and (3) Essential skills and training needed to …
Trade And Divergence In Education Systems, Fali Huang, Pao-Li Chang
Trade And Divergence In Education Systems, Fali Huang, Pao-Li Chang
Research Collection School Of Economics
This article presents a theory on the endogenous choice of education policy and the two-way causal relationship between trade and education systems. A country’s education system determines its talent distribution and comparative advantage; the possibility of trade by raising the returns to the sector of comparative advantage in turn induces countries to further differentiate their education systems and reinforces the initial pattern of comparative advantage. Specifically, the Nash equilibrium choice of education systems by two countries interacting strategically are necessarily more divergent than their autarky choices, and yet less than what is socially optimal for the world.
Mutual Funds And Information Diffusion: The Role Of Country-Level Governance, Chunmei Lin, Massimo Massa, Hong Zhang
Mutual Funds And Information Diffusion: The Role Of Country-Level Governance, Chunmei Lin, Massimo Massa, Hong Zhang
Research Collection Lee Kong Chian School Of Business
We hypothesize that poor country-level governance, which makes public information less reliable, induces fund managers to increase their use of semipublic information. Utilizing data from international mutual funds and stocks over the 2000-2009 period, we find that semipublic information-related stock rebalancing can be five times higher in countries with the worst quality of governance than in countries with the best. The use of semipublic information increases price informativeness but also increases information asymmetry and reduces stock liquidity. It also intensified the price impact and liquidity crunch during the recent global financial crisis.
Norming Rates And Limit Theory For Some Time-Varying Coefficient Autoregressions, Offer Lieberman, Peter C. B. Phillips
Norming Rates And Limit Theory For Some Time-Varying Coefficient Autoregressions, Offer Lieberman, Peter C. B. Phillips
Research Collection School Of Economics
A time-varying autoregression is considered with a similarity-based coefficient and possible drift. It is shown that the random-walk model has a natural interpretation as the leading term in a small-sigma expansion of a similarity model with an exponential similarity function as its AR coefficient. Consistency of the quasi-maximum likelihood estimator of the parameters in this model is established, the behaviours of the score and Hessian functions are analysed and test statistics are suggested. A complete list is provided of the normalization rates required for the consistency proof and for the score and Hessian function standardization. A large family of unit …
Ceo Optimism And Incentive Compensation, Clemens A. Otto
Ceo Optimism And Incentive Compensation, Clemens A. Otto
Research Collection Lee Kong Chian School Of Business
I study the effect of chief executive officer (CEO) optimism on CEO compensation. Usingdata on compensation in US firms, I provide evidence that CEOs whose option exercisebehavior and earnings forecasts are indicative of optimistic beliefs receive smaller stockoption grants, fewer bonus payments, and less total compensation than their peers. Thesefindings add to our understanding of the interplay between managerial biases andremuneration and show how sophisticated principals can take advantage of optimisticagents by appropriately adjusting their compensation contracts.
Optimal City Hierarchy: A Dynamic Programming Approach To Central Place Theory, Wen-Tai Hsu, Thomas J. Holmes, Frank Morgan
Optimal City Hierarchy: A Dynamic Programming Approach To Central Place Theory, Wen-Tai Hsu, Thomas J. Holmes, Frank Morgan
Research Collection School Of Economics
Central place theory is a key building block of economic geography and an empirically plausible description of city systems. This paper provides a rationale for central place theory via a dynamic programming formulation of the social planner's problem of city hierarchy. We show that there must be one and only one immediate smaller city between two neighboring larger-sized cities in any optimal solution. If the fixed cost of setting up a city is a power function, then the immediate smaller city will be located in the middle, confirming the locational pattern suggested by Christaller. We also show that the solution …
Allocative Efficiency, Mark-Ups, And The Welfare Gains From Trade, Thomas J. Holmes, Wen-Tai Hsu, Sanghoon Lee
Allocative Efficiency, Mark-Ups, And The Welfare Gains From Trade, Thomas J. Holmes, Wen-Tai Hsu, Sanghoon Lee
Research Collection School Of Economics
This paper develops an index of allocative efficiency that depends upon the distribution of mark-ups across goods and is separable from an index of standard Ricardian gains from trade. It determines how changes in trade frictions affect allocative efficiency in an oligopoly model of international trade, decomposing the effect into the cost-change channel and the price-change channel. Formulas are derived shedding light on the signs and magnitudes of the two channels. In symmetric country models, trade tends to increase allocative efficiency through the cost-change channel, yielding a welfare benefit beyond productive efficiency gains. In contrast, the price-change channel has ambiguous …
The Yangon Report: National Landscape, Current Challenges And Opportunities For Growth, Institute For Societal Leadership, John W. Ellington
The Yangon Report: National Landscape, Current Challenges And Opportunities For Growth, Institute For Societal Leadership, John W. Ellington
Institute of Societal Leadership Research Collection
Since its independence from British rule in 1948, Myanmar has struggled with multiple obstacles, including a series of violent internal ethnic and sectarian conflicts, isolationist fiscal policies instituted by an increasingly distrustful military government and international sanctions and condemnation following government crackdowns in 1988 and 2007. In spite of all these setbacks, President Thein Sein’s decision in 2011 to liberalise the country’s political and economic systems has created a new wave of optimism for what was once commonly regarded as a failed state.
Managing The Accounting And Finance Function – Productivity Trends And Focus, Clarence Goh
Managing The Accounting And Finance Function – Productivity Trends And Focus, Clarence Goh
Research Collection School Of Accountancy
We found that firms in Singapore, HongKong, Japan, and China tend to favourstaff-related initiatives over processrelatedones when looking to raiseproductivity, with this being relativelymore prominent in the more developedeconomies of Singapore, Hong Kongand Japan.
Raising The Bar: Trends In Implementing Productivity Initiatives In The Finance And Accounting Function, Clarence Goh
Raising The Bar: Trends In Implementing Productivity Initiatives In The Finance And Accounting Function, Clarence Goh
Research Collection School Of Accountancy
Faced with a tightening labour supply, raising productivity has become an increasingly important issue for manybusinesses in Singapore. To understand how this impacts the finance and accounting functions of businesses,the Institute of Singapore Chartered Accountants (ISCA) collaborated with Robert Half to survey over 550senior finance executives in Singapore and also the region to understand the focus of finance and accountingfunctions of businesses regarding raising productivity of these departments or functional units.
Is Urban Food Demand In The Philippines Different From China?, Tomoki Fujii
Is Urban Food Demand In The Philippines Different From China?, Tomoki Fujii
Research Collection School Of Economics
It is essential to understand the consumption pattern of food and how it changes over time to formulate sound economic policies as well as marketing and pricing strategies. In this study, we estimate the Quadratic Almost Ideal Demand System with six rounds of the Family Income Expenditure Survey exploiting the conditional linearity of the demand system. We find that the Filipino diet has become westernized and that the changes in urban food demand elasticities are qualitatively similar to those in urban China, especially for meat, fruits, and vegetables.We also offer some policy and business implications.
Complementarity In Institutional Quality In Bilateral Fdi Flows, Pao Li Chang
Complementarity In Institutional Quality In Bilateral Fdi Flows, Pao Li Chang
Research Collection School Of Economics
This paper develops a theory on the complementarity in institutional qualities between the home and host countries in bilateral FDI. Firms ‘born’ in countries with poorer institutions tend to invest more in informal institutions to mitigate political risk. The marginal advantage of higher informal institution endowment is bigger when the political risk at the FDI destination is higher. Thus, all else being equal, the ranking of the MNE’s home institutions predicts the ranking of the institutional qualities of their FDI destinations. I find robust empirical evidence for this theoretical prediction using bilateral FDI for 219 economies during year 2001-2010.
Wage, Income And Consumption Inequality In Japan, 1981-2008: From Boom To Lost Decades, Jeremy Lise, Nao Sudo, Michio Suzuki, Ken Yamada, Tomoaki Yamada
Wage, Income And Consumption Inequality In Japan, 1981-2008: From Boom To Lost Decades, Jeremy Lise, Nao Sudo, Michio Suzuki, Ken Yamada, Tomoaki Yamada
Research Collection School Of Economics
In this paper we document the main features of the distributions of wages, earnings, consumption and wealth in Japan since the early 1980s using four main data sources: the Basic Survey on Wage Structure (BSWS), the Family Income and Expenditure Survey (FIES), the National Survey of Family Income and Expenditure (NSFIE) and the Japanese Panel Survey of Consumers (JPSC). We present an empirical analysis of inequality that specifically considers the path from individual wages and earnings, to household earnings, after-tax income, and finally consumption. We find that household earnings inequality rose substantially over this period. This rise is made up …
Wage Subsidies As A Tool To Fight Recessions, Hian Teck Hoon
Wage Subsidies As A Tool To Fight Recessions, Hian Teck Hoon
Research Collection School Of Economics
Since 1981, MAS has used the exchange rate as the primary tool of macroeconomic stabilisation. An exchange rate-based policy rule not only describes very well Singapore’s actual conduct of monetary policy but it has also delivered reduced volatility in inflation and output. Yet, as the quotation above suggests, during the onslaught of the contagion effects arising from the 1997–98 Asian Financial Crisis when Singapore’s export demand declined precipitously, threatening a rise in the unemployment rate, exchange rate adjustment did not act alone to counteract the decline in aggregate demand (AD). Instead, the committee set up by then - Prime Minister …
Finance And Social Responsibility In The Informal Economy: Institutional Voids, Globalization And Microfinance Institutions, Hao Liang, Chris Marquis, Sunny Li Sun
Finance And Social Responsibility In The Informal Economy: Institutional Voids, Globalization And Microfinance Institutions, Hao Liang, Chris Marquis, Sunny Li Sun
Research Collection Lee Kong Chian School Of Business
We examine how different types of country-level globalization and the industry structure of microfinance institutions (MFIs) affect organization-level microcredit interest rates which crucially affect the poor's entrepreneurial opportunities. We develop an opportunity structure perspective that argues that MFI interest rates can be reduced by egalitarian-based social globalization but increased by neoliberal-based economic globalization. Moreover, stronger presence of nonprofit organizations in the microfinance industry lowers interest rates. Furthermore, these three forces can moderate the relationship between MFIs' outreach to the poor and average interest rate. Analyses of 2,559 MFI observations across 74 countries from 2002 - 2012 largely support our hypotheses.
Bound Estimator Of Hiv Prevalence: Application To Malawi, Tomoki Fujii, Denis H. Y. Leung
Bound Estimator Of Hiv Prevalence: Application To Malawi, Tomoki Fujii, Denis H. Y. Leung
Research Collection School Of Economics
To find lower and upper bounds of HIV prevalence in Malawi under mild and intuitive assumptions to assess the importance of the refusal issue in the estimation of HIV prevalence. Methods: We derive bounds based on the following two key assumptions: (i) Among those who have never taken an HIV test before, those who refuse to take an HIV test (hereafter “refusers”) have at least as much risk to be HIV positive as those who participate in the HIV test, and (ii) among the refusers, those who have a prior testing experience are at least as likely to be HIV …
A New Hedonic Regression For Real Estate Prices Applied To The Singapore Residential Market, Jiang Liang, Peter C. B. Phillips, Jun Yu
A New Hedonic Regression For Real Estate Prices Applied To The Singapore Residential Market, Jiang Liang, Peter C. B. Phillips, Jun Yu
Research Collection School Of Economics
This paper develops a new hedonic method for constructing a real estate price index that utilizes all transaction price information that encompasses both single-sale and repeat-sale properties. The new method is less prone to specification errors than standard hedonic methods and uses all available data. Like the Case-Shiller repeat-sales method, the new method has the advantage of being computationally efficient. In an empirical analysis of the methodology, we fit the model to all transaction prices for private residential property holdings in Singapore between Q1 1995 and Q2 2014, covering several periods of major price fluctuation and changes in government macro …
Additive Nonparametric Regression In The Presence Of Endogenous Regressors, Deniz Ozabaci, Daniel J. Henderson, Liangjun Su
Additive Nonparametric Regression In The Presence Of Endogenous Regressors, Deniz Ozabaci, Daniel J. Henderson, Liangjun Su
Research Collection School Of Economics
In this article we consider nonparametric estimation of a structural equation model under full additivity constraint. We propose estimators for both the conditional mean and gradient which are consistent, asymptotically normal, oracle efficient, and free from the curse of dimensionality. Monte Carlo simulations support the asymptotic developments. We employ a partially linear extension of our model to study the relationship between child care and cognitive outcomes. Some of our (average) results are consistent with the literature (e.g., negative returns to child care when mothers have higher levels of education). However, as our estimators allow for heterogeneity both across and within …
Does Market Competition Lead To Customization?, Wen-Tai Hsu, Yi Lu, Travis Ng
Does Market Competition Lead To Customization?, Wen-Tai Hsu, Yi Lu, Travis Ng
Research Collection School Of Economics
This paper proposes a theory of competition and customization. When firms allocate their production to both custom-made and standardized products, the fraction of sales from the former will increase in the face of increased competition. Recent surveys conducted by the World Bank on Chinese firms provide a rare direct measure of customization that allows us to test the above-mentioned prediction. We find empirical results consistent with the prediction.
Sustaining Frugal Green Innovations, Singapore Management University
Sustaining Frugal Green Innovations, Singapore Management University
Perspectives@SMU
Sharing knowledge and acknowledging the innovativeness of those at the bottom of the economic pyramid is crucial
Testing Conditional Independence Via Empirical Likelihood, Liangjun Su, Halbert White
Testing Conditional Independence Via Empirical Likelihood, Liangjun Su, Halbert White
Research Collection School Of Economics
We construct two classes of smoothed empirical likelihood ratio tests for the conditional independence hypothesis by writing the null hypothesis as an infinite collection of conditional moment restrictions indexed by a nuisance parameter. One class is based on the CDF; another is based on smoother functions. We show that the test statistics are asymptotically normal under the null hypothesis and a sequence of Pitman local alternatives. We also show that the tests possess an asymptotic optimality property in terms of average power. Simulations suggest that the tests are well behaved in finite samples. Applications to some economic and financial time …
Intraday Periodicity Adjustments Of Transaction Duration And Their Effects On High-Frequency Volatility Estimation, Yiu Kuen Tse, Yingjie Dong
Intraday Periodicity Adjustments Of Transaction Duration And Their Effects On High-Frequency Volatility Estimation, Yiu Kuen Tse, Yingjie Dong
Research Collection School Of Economics
We study two methods of adjusting for intraday periodicity of high-frequency financial data: the well-known Duration Adjustment (DA) method and the recently proposed Time Transformation (TT) method (Wu (2012)). We examine the effects of these adjustments on the estimation of intraday volatility using the Autoregressive Conditional Duration-Integrated Conditional Variance (ACD-ICV) method of Tse and Yang (2012). We find that daily volatility estimates are not sensitive to intraday periodicity adjustment. However, intraday volatility is found to have a weaker U-shaped volatility smile and a biased trough if intraday periodicity adjustment is not applied. In addition, adjustment taking account of trades with …
Modified Qml Estimation Of Spatial Autoregressive Models With Unknown Heteroskedasticity And Nonnormality, Shew Fan Liu, Zhenlin Yang
Modified Qml Estimation Of Spatial Autoregressive Models With Unknown Heteroskedasticity And Nonnormality, Shew Fan Liu, Zhenlin Yang
Research Collection School Of Economics
In the presence of heteroskedasticity, Lin and Lee (2010) show that the quasi maximum likelihood (QML) estimators of spatial autoregressive models (SAR) can be inconsistent as a ‘necessary’ condition for consistency can be violated, and thus propose robust GMM estimators for the model. In this paper, we first show that this condition may hold in many practical situations and when it does the regular QML estimators can be consistent.In cases where this condition is violated, we propose a modified QML estimation method robust against heteroskedasticity of unknown form. In both cases, asymptotic distributions of the estimators are derived, and methods …
Initial-Condition Free Estimation Of Fixed Effects Dynamic Panel Data Models, Zhenlin Yang
Initial-Condition Free Estimation Of Fixed Effects Dynamic Panel Data Models, Zhenlin Yang
Research Collection School Of Economics
It is well known that (quasi) MLE of dynamic panel data (DPD) models with short panels depends on the assumptions on the initial values; ignoring them or a wrong treatment of them will result in inconsistency or serious bias. This paper introduces a initial-condition free method for estimating the fixed-effects DPD models, through as simple modification of the quasi-score. An outer-product-of-gradients (OPG) method is also proposed for robust inference. The MLE of Hsiao, Pesaran and Tahmiscioglu (2002, Journal of Econometrics), where the initial observations are modeled, is extended to quasi MLE and an OPG method is proposed for robust inference. …