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Articles 1 - 30 of 101
Full-Text Articles in Political Economy
The Political Economy Of Mandatory Disclosure: A Literature Review, Hao Liang, Hanyu Zhang
The Political Economy Of Mandatory Disclosure: A Literature Review, Hao Liang, Hanyu Zhang
Research Collection Lee Kong Chian School Of Business
Reviewing the literature on mandatory corporate disclosure from a political economy perspective, we synthesize the classic justifications for disclosure regulations while emphasizing why voluntary disclosure often fails to achieve socially efficient transparency. We also highlight how legal institutions, enforcement capacity, and political forces shape the design, credibility, and effectiveness of disclosure mandates. Drawing on evidence from international and China-focused studies, we review empirical findings on how mandatory disclosure affects investor protection, information environments, and firm behavior, showing that similar reporting rules yield different outcomes across institutional settings. We further extend the discussion to ESG and climate-related disclosure to examine emerging …
From Index To Impact: How Vietnam’S Provincial Competitiveness Index Shapes Governance, Investment And Reform, Edmund J. Malesky
From Index To Impact: How Vietnam’S Provincial Competitiveness Index Shapes Governance, Investment And Reform, Edmund J. Malesky
Asian Management Insights
Why business leaders should watch Vietnam’s subnational reform experiment closely.
Art Pricing And Anti-Corruption Campaigns: Evidence From Repeat Sales Of Chinese Paintings, Yihan Wang
Art Pricing And Anti-Corruption Campaigns: Evidence From Repeat Sales Of Chinese Paintings, Yihan Wang
Dissertations and Theses Collection (Open Access)
My dissertation investigates the impact of China’s anti-corruption campaign on the pricing of traditional Chinese paintings, leveraging a unique dataset of repeat sales transactions. Since the 1990s, China’s art market has experienced explosive growth, becoming the world’s largest by 2011. However, this market is characterized by extreme opacity, facilitating elegant bribery (“ya hui” in Chinese), where artworks serve as vehicles for implicit corruption through inflated auctions or disguised gifts to officials. The launch of the "Eight-point Regulation" in December 2012 marked a significant intensification of anti-corruption efforts, raising the critical question of how such political shocks affect asset pricing in …
A Debt To Whom? The Nature Questions In Sino‑Sri Lankan Development Narratives, Orlando Woods, Kanchana Ruwanpura, Loritta Chan, Barnabas Mah
A Debt To Whom? The Nature Questions In Sino‑Sri Lankan Development Narratives, Orlando Woods, Kanchana Ruwanpura, Loritta Chan, Barnabas Mah
Research Collection College of Integrative Studies
This chapter critically examines dominant narratives around Sri Lanka’s debt and development in the context of Sino‑Sri Lankan relations and the Belt and Road Initiative, questioning assumptions about “debt‑trap” explanations and highlighting how narratives about development, nature and agency shape understanding of the country’s economic and ecological futures.
What Have Corporations Got To Do With It? A Political Economy Approach To Organizations And Climate Change, Annika Rieger
What Have Corporations Got To Do With It? A Political Economy Approach To Organizations And Climate Change, Annika Rieger
Research Collection School of Social Sciences
Ecological issues are often seen as only one of the many “problems” societies face today, even though they go deep and affect everything – from physical disruption and displacement to perhaps more subtle long-term changes in temperature, flora, and fauna that alter the face of the planet and the norms of everyday life. As a result of this view, the study of the environment has been siloed into the realm of “environmental sciences” with a few “environmental fill-in-the-social-science-blank” subfields scattered about. This is not to say that only “environmental” problems are important, but that across all disciplines and subfields, greater …
Policy Design For Biodiversity: How Problem Conception Drift Undermines "Fit-For-Purpose" Peatland Conservation, Benjamin Cashore, Ishani Mukherjee, Altaf Virani, Lahiru S. Wijedasa
Policy Design For Biodiversity: How Problem Conception Drift Undermines "Fit-For-Purpose" Peatland Conservation, Benjamin Cashore, Ishani Mukherjee, Altaf Virani, Lahiru S. Wijedasa
Research Collection School of Social Sciences
For over two decades, scientists have documented the alarming decline of global Peatland ecosystems, regarded as the planet’s most crucial carbon sinks. The deterioration of these unique wetlands alongside their policy attention presents a puzzle for policy scientists and for students of anticipatory policy design. Two contrasting explanations have emerged. Some argue that pressures from economic globalization compel governments to relax environmental standards, while others point to deficiencies in policy design and implementation. Our paper applies Cashore’s Four Problem Types framework to assess a more nuanced explanation: that failure of global and local policies to curb ecosystem degradation is owing …
Politically Connected Emncs In A (De)Globalising World: A Review And Future Research Directions, Dongdong Huang, Lai Si Tsui-Auch, Marleen Dieleman, David Gomulya
Politically Connected Emncs In A (De)Globalising World: A Review And Future Research Directions, Dongdong Huang, Lai Si Tsui-Auch, Marleen Dieleman, David Gomulya
Research Collection Lee Kong Chian School Of Business
Emerging market multinational corporations (EMNCs) have emerged as significant global players, driven by their home country political connections that present both opportunities and challenges. Despite the insights gained from current studies, we still lack a clear conceptualisation of diverse political connections and the distinctiveness of politically connected EMNCs. Our study conducts a comprehensive review to bridge those gaps. We identify and compare two types of political connections, delve into major theories and highlight their main focus, key arguments, mechanisms and outcome predictions. Consequently, we propose a context-mechanism-outcome framework across three contextual levels, emphasising theoretical convergence and divergence between politically connected …
Getting Dynamic Implementation To Work, Yi-Chun Chen, Richard Holden, Takashi Kunimoto, Yifei Sun, Tom Wilkening
Getting Dynamic Implementation To Work, Yi-Chun Chen, Richard Holden, Takashi Kunimoto, Yifei Sun, Tom Wilkening
Research Collection School Of Economics
We develop a new class of two-stage mechanisms, which fully implement any social choice function under initial rationalizability in complete information environments. We show theoretically that our Simultaneous Report (SR) mechanisms are robust to small amounts of incomplete information about the state of nature. We also highlight the robustness of the mechanisms to a wide variety of reasoning processes and behavioral assumptions. We show experimentally that a SR mechanism performs well in inducing truth-telling in both complete and incomplete information environments and that it can induce efficient investment in a two-sided hold-up problem with ex-ante investment. The SR mechanism also …
Presidential Economic Approval Rating And The Cross-Section Of Stock Returns, Zilin Chen, Zhi Da, Dashan Huang, Liyao Wang
Presidential Economic Approval Rating And The Cross-Section Of Stock Returns, Zilin Chen, Zhi Da, Dashan Huang, Liyao Wang
Research Collection Lee Kong Chian School Of Business
We construct a monthly presidential economic approval rating (PEAR) index from 1981 to 2019, by averaging ratings on the president’s handling of the economy across various national polls. In the cross-section, stocks with high betas to changes in the PEAR index significantly under-perform those with low betas by 1.00% per month in the future, on a risk-adjusted basis. The low PEAR beta premium persists up to one year, and is present in various sub-samples and even in other G7 countries. PEAR beta dynamically reveals a firm’s perceived alignment to the incumbent president’s economic policies and investors seem to misprice such …
Is Democracy Good For Growth? Development At Political Transition Time Matters, Di Sima, Fali Huang
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.
The Search For Spices And Souls: Catholic Missions As Colonial State In The Philippines, Dean C. Dulay
The Search For Spices And Souls: Catholic Missions As Colonial State In The Philippines, Dean C. Dulay
Research Collection School of Social Sciences
A growing literature posits that colonial Christian missions brought schooling to the colonies, improving human capital in ways that persist to this day. But in some places they did much more. This paper argues that colonial Catholic missions in the Philippines functioned as state-builders, establishing law and order and building fiscal and infrastructural capacities in territories they controlled. The mission-as-state was the result of a bargain between the Catholic missions and the Spanish colonial government: missionaries converted the population and engaged in state-building, whereas the colonial government reaped the benefits of state expansion while staying in the capital. Exposure to …
Political Connections, Informational Asymmetry, And The Efficient Resolution Of Financial Distress, Madhav S. Aney, Sanjay Banerji
Political Connections, Informational Asymmetry, And The Efficient Resolution Of Financial Distress, Madhav S. Aney, Sanjay Banerji
Research Collection School Of Economics
We show that securities issued by a distressed firm, often through exchange offers, providethe most efficient resolution of financial restructuring. Information asymmetry between thefirm-bank coalition and small bondholders gives rise to other forms of distress resolutionsuch as refinancing, public workout, and the inefficiency of liquidation. We find that politicallobbying by the firm-bank amplifies these inefficiencies and inhibits the development of privatemarket for distressed securities. Cross-country evidence is consistent with this and indicatesthat improved creditor rights, and information facilitating credit bureaus interact in reducingthe likelihood of inefficient distress resolution.
The Imaginary And Epistemology Of Disaster Preparedness: The Case Of Japan's Nuclear Safety Failure, Hiro Saito
The Imaginary And Epistemology Of Disaster Preparedness: The Case Of Japan's Nuclear Safety Failure, Hiro Saito
Research Collection School of Social Sciences
The Fukushima nuclear disaster was profoundly a man-made one, resulting from the organiza-tional failure of nuclear emergency preparedness. To fully understand the cause of this disaster, I propose to extend an organizational perspective on disasters into a macro-institutional perspec-tive on disaster preparedness. To this end, I borrow from science and technology studies the concepts of "sociotechnical imaginary" and "civic epistemology" to probe the deepest layers of meaning-making constitutive of disaster preparedness. I then apply these concepts to the history of nuclear energy in postwar Japan that was centered on the developmental state pursuing in-dustrial transformation. Specifically, I illustrate how the …
The Imaginary And Epistemology Of Disaster Preparedness: The Case Of Japan's Nuclear Safety Failure, Hiro Saito
The Imaginary And Epistemology Of Disaster Preparedness: The Case Of Japan's Nuclear Safety Failure, Hiro Saito
Research Collection School of Social Sciences
The Fukushima nuclear disaster was profoundly a man-made one, resulting from the organizational failure of nuclear emergency preparedness. To fully understand the cause of this disaster, I propose to extend an organizational perspective on disasters into a macro-institutional perspective on disaster preparedness. To this end, I borrow from science and technology studies the concepts of "sociotechnical imaginary" and "civic epistemology" to probe the deepest layers of meaning-making constitutive of disaster preparedness. I then apply these concepts to the history of nuclear energy in postwar Japan that was centered on the developmental state pursuing industrial transformation. Specifically, I illustrate how the …
Does A District Mandate Matter For The Behavior Of Politicians? An Analysis Of Roll-Call Votes And Parliamentary Speeches, Andreas Born, Aljoscha Janssen
Does A District Mandate Matter For The Behavior Of Politicians? An Analysis Of Roll-Call Votes And Parliamentary Speeches, Andreas Born, Aljoscha Janssen
Research Collection School Of Economics
In most democracies, members of parliament (MPs) are elected either through a party list or by a district. We use a discontinuity in the German electoral system to investigate the causal effect of a district election on an MP’s conformity with the party line. A district election does not affect roll-call voting behavior causally, possibly due to overall high adherence to party-line voting. Analyzing the parliamentary speeches of each MP allows us to overcome the high party-line discipline with regard to parliamentary voting. Using textual analysis and machine learning techniques, we create two measures of closeness of an MP’s speeches …
Does A District Mandate Matter For The Behavior Of Politicians? An Analysis Of Roll-Call Votes And Parliamentary Speeches, Andreas Born, Aljoscha Janssen
Does A District Mandate Matter For The Behavior Of Politicians? An Analysis Of Roll-Call Votes And Parliamentary Speeches, Andreas Born, Aljoscha Janssen
Research Collection School Of Economics
In most democracies, members of parliament (MPs) are elected either through a party list or by a district. We use a discontinuity in the German electoral system to investigate the causal effect of a district election on an MP’s conformity with the party line. A district election does not affect roll-call voting behavior causally, possibly due to overall high adherence to party-line voting. Analyzing the parliamentary speeches of each MP allows us to overcome the high party-line discipline with regard to parliamentary voting. Using textual analysis and machine learning techniques, we create two measures of closeness of an MP’s speeches …
Decree Power In Parliamentary Systems: Theory And Evidence From India, Madhav Shrihari Aney, Shubhankar Dam
Decree Power In Parliamentary Systems: Theory And Evidence From India, Madhav Shrihari Aney, Shubhankar Dam
Research Collection School Of Economics
Decree powers are common to presidential systems; they are rarely found in parliamentary ones. We analyze decree powers in one such rare setting: India. We show that bicameral minority governments in India systematically use ordinances to circumvent parliament and prosecute their legislative agendas. They promulgate more ordinances, enact less legislation, and often repromulgate lapsed ordinances. These patterns suggest that, with bicameral minority governments, the locus of lawmaking shifts to the executive branch. While both majority and minority governments invoke ordinances, the latter do so systematically to get around their parliamentary deficit. In the hands of minority governments, then, the mechanism …
When Running For Office Runs In The Family: Horizontal Dynasties, Policy And Development In The Philippines, Dean C. Dulay, Laurence Go
When Running For Office Runs In The Family: Horizontal Dynasties, Policy And Development In The Philippines, Dean C. Dulay, Laurence Go
Research Collection School of Social Sciences
Political dynasties exist in practically every variant of democracy, but take different forms in different places. Yet the types of dynastic structures have remained unexplored. We argue that horizontal dynasties—multiple members from the same political family holding different political offices concurrently— affect policymaking by replacing potential political rivals, who may oppose an incumbent’s policy choices, with a member of the family. But in developing countries, the policy change that accrues from dynastic status may not lead to higher levels of economic development. We test this argument’s implications in the Philippines. Employing a close elections regression discontinuity design on a sample …
Adam Smith, Settler Colonialism, And Limits Of Liberal Anti-Imperialism, Onur Ulas Ince
Adam Smith, Settler Colonialism, And Limits Of Liberal Anti-Imperialism, Onur Ulas Ince
Research Collection School of Social Sciences
Recent scholarship has claimed Adam Smith's frontal attack on the mercantile system as a precocious expression of liberal anti-imperialism. This paper argues that settler colonialism in North America represented an important exception and limit to Smith’s anti-imperial commitments. Smith spared agrarian settler colonies from his invective against other imperial practices like chattel slavery and trade monopolies because of the colonies’ evidentiary significance for his “system of natural liberty.” Smith’s embrace of settler colonies involved him in an ideological conundrum insofar as the prosperity of these settlements rested on imperial expansion and seizure of land from the indigenous peoples. Smith navigated …
Asset Classes, Nicolas L. Jacquet
Asset Classes, Nicolas L. Jacquet
Research Collection School Of Economics
This paper proposes a theory of endogenous differences in liquidity of assets based on the interaction between differences in the risk of assets and differences in liquidity needs of investors. An equilibrium of the model, which always exists and is unique, displays a class structure, where investors’ types sort themselves across different types of assets. I also provide a detailed analysis of the possible types of sorting and of the consequences for the cross-sectional properties of asset prices and their velocity. The framework can also be useful to think about what constitute a ""light-to-liquidity" and a "safe asset".
The Developmental State And Public Participation: The Case Of Energy Policymaking In Post-Fukushima Japan, Hiro Saito
The Developmental State And Public Participation: The Case Of Energy Policymaking In Post-Fukushima Japan, Hiro Saito
Research Collection School of Social Sciences
After the Fukushima Daiichi nuclear disaster, the Japanese government tried to democratize energy policy-making by introducing public participation. Over the course of its implementation, however, public participation came to be subordinated to expert committees as the primary mechanism of policy rationalization. The expert committees not only neutralized the results of public participation but also discounted the necessity of public participation itself. This trajectory of public participation, from its historic introduction to eventual collapse, can be fully explained only in reference to complex interactions between the macroinstitutions and microsituations of Japanese policy-making at the time of the nuclear disaster: the macroinstitutional …
Swinging Shale: Shale Oil, Global Oil Market, And The Geopolitics Of Oil, Inwook Kim
Swinging Shale: Shale Oil, Global Oil Market, And The Geopolitics Of Oil, Inwook Kim
Research Collection School of Social Sciences
Is shale oil “revolutionizing” the global oil market and the geopolitics of oil? If so, how? While two aspects of the shale boom—a new source of supply and a cause for the price collapse in 2014–2015—dominate the conventional wisdom, I argue that the most revolutionary change is the least understood aspect of shale oil—shale oil producers’ rise as new swing suppliers due to its unique extraction technique and cost structure. Shale oil producers also differ from traditional swing producers in motives, contexts, and an amount of accessible excess capacity such that while shale oil lowers the medium-term price ceiling, it …
Essays On Empirical Asset Pricing, Liyao Wang
Essays On Empirical Asset Pricing, Liyao Wang
Dissertations and Theses Collection (Open Access)
The dissertation consists of four chapters on empirical asset pricing. The first chapter reexamines the existence of time-series momentum. Time-series momentum (TSM) refers to the predictability of the past 12-month return on the next one month return. Using the same data set as Moskowitz, Ooi, and Pedersen (2012) (MOP, henceforth), we show that asset-by-asset time-series regressions reveal little evidence of TSM, both in- and out-of-sample. While the t -statistic in a pooled regression appears large, it is not statistically reliable as it is less than the critical values of parametric and nonparametric bootstraps. From an investment perspective, the performance of …
Political Connections And The Value Of Cash Holdings, Yuanto Kusnadi
Political Connections And The Value Of Cash Holdings, Yuanto Kusnadi
Research Collection School Of Accountancy
This study examines how political connections influence the value of cash holdings in an international setting. The main finding reveals that political connections are not associated with the value of cash holdings in the overall sample. However, further analysis demonstrates that political connections are negatively associated with the value of cash holdings for firms inemerging markets and in countries with high levels of corruption. Moreover, the negative valuation of cash holdings is driven by firms that are connected through large shareholders. Overall, the findings provide new insights into the value relevance of cash holdings, especially for politically connected firms.
Policy Effectiveness And Capacity: Two Sides Of The Design Coin, Ishani Mukherjee, Azad S. Bali
Policy Effectiveness And Capacity: Two Sides Of The Design Coin, Ishani Mukherjee, Azad S. Bali
Research Collection School of Social Sciences
Policy capacity and effectiveness are two themes that have opened new pathways for academic and empirical enquiry throughout the policy sciences. In the contemporary discourse of policy design, effectiveness has taken on a more foundational meaning that goes beyond what is understood as only the attainment of specific policy goals. Rather, it has come to occupy a central position in the study of policy design, signifying the broader logic of deliberate policy action used to articulate policy problems and present alternative ways of addressing them. Effectiveness thus signals both effectual processes as well as successful policy outcomes. However, what constitutes …
Essays On Human Capital, Growth And Innovation: Political Economy Perspective, Di Sima
Essays On Human Capital, Growth And Innovation: Political Economy Perspective, Di Sima
Dissertations and Theses Collection (Open Access)
The dissertation explores the role of human capital, education, and political institutions in the process of economic and political development. The first chapter shows that economic development such as secondary school enrollment rates during the democratization period exerts long-lasting effects on growth, possibly by giving permanent birthmarks to newly minted democratic institutions. Specifically, democracies born in weak development tend to have weak institutions and slow growth, while in contrast, those with adequate development at the political transition time establish strong institutions and achieve faster growth. The second chapter explores the effect of curriculum control in schooling on national innovation and …
Sanctions For Nuclear Inhibition: Comparing Sanctions Conditions Between Iran And North Korea, Inwook Kim, Jung-Chul Lee
Sanctions For Nuclear Inhibition: Comparing Sanctions Conditions Between Iran And North Korea, Inwook Kim, Jung-Chul Lee
Research Collection School of Social Sciences
Whendo sanctions succeed in nuclear inhibition? Is there a generalizable frameworkto estimate sanction effectiveness against nuclear aspirants? Instead ofrelying on partial equilibrium analysis, we conceptualize sanctions as threesequential phases—imposition of economic pain, conversation to politicalpressure, and creation (or failure thereof) of zone of possible agreement(ZOPA). The effectiveness of each phase is subject to phase-specific contextualvariables, an aggregation of which helps measure individual sanction’s effectiveness,conduct cross-case comparison, and estimate one’s replicability in other cases.To illustrate its analytical utility, we analyze the divergent sanctionoutcomes between Iran in 2012-2015 and North Korea 2013-2017. Iran waseconomically more vulnerable, politically less resilient, and its bargainingposition …
U.S. Economic Outlook For The Rest Of 2018, Singapore Management University
U.S. Economic Outlook For The Rest Of 2018, Singapore Management University
Perspectives@SMU
Fed rates to inch up as GDP grows but China-U.S. trade war is a major worry
Anwar Ibrahim: Forgiveness, Character And Values Can Rescue Malaysia, Singapore Management University
Anwar Ibrahim: Forgiveness, Character And Values Can Rescue Malaysia, Singapore Management University
Perspectives@SMU
Anwar returned to the political fray for the country's youth despite the threat of imprisonment; they can rebuild the country with principles and tenacity of purpose
How Do Emerging Multinationals Configure Political Connections Across Institutional Contexts?, Liang Chen, Yi Li, Di Fan
How Do Emerging Multinationals Configure Political Connections Across Institutional Contexts?, Liang Chen, Yi Li, Di Fan
Research Collection Lee Kong Chian School Of Business
Research Summary: Forming informal ties with political agents is viewed as a viable strategy for multinational enterprises seeking to enter emerging countries. Less is known about the conditions under which political connection is most helpful for firms dealing with cross-border institutional distance. We discuss the distinctive mechanisms through which emerging multinationals may benefit from both home and host political connections. Based on the strategy tripod perspective, we postulate that the importance of different types of connections depends on the overall configurations of a firm's resources and industry characteristics, and these may change with institutional distance. Our analysis of a sample …