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Articles 7201 - 7230 of 8024

Full-Text Articles in Social and Behavioral Sciences

Singapore Management University Inaugurates Visual Arts Initiative, Singapore Management University Jan 2006

Singapore Management University Inaugurates Visual Arts Initiative, Singapore Management University

SMU Press Releases

No abstract provided.

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Impact Of Gender And Ethnic Composition Of South African Boards Of Directors On Intellectual Capital Performance, Jean-Luc Wolfgang Mitchell Van Der Zahn Jan 2006

Impact Of Gender And Ethnic Composition Of South African Boards Of Directors On Intellectual Capital Performance, Jean-Luc Wolfgang Mitchell Van Der Zahn

Research Collection School Of Accountancy

This study examines the association between the gender and ethnic composition of boards of directors and firm performance in a transitional nation. In contrast to prior research that largely focuses on firm performance within a financial context, this study concentrates on intellectual capital performance. Using data collected from 84 South African, empirical results indicate a positive association between the percentage of female and non-white directors on the board and a firm’s intellectual capital performance. Additional analysis shows the designation of female directors as an insider has a negative effect of intellectual capital performance. Designation of female and non-white directors as …

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Realized Variance And Market Microstructure Noise - Comment, Peter C. B. Phillips, Jun Yu Jan 2006

Realized Variance And Market Microstructure Noise - Comment, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

No abstract provided.

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A Survey On Physical Delivery Versus Cash Settlement In Futures Contracts, Donald Lien, Yiu Kuen Tse Jan 2006

A Survey On Physical Delivery Versus Cash Settlement In Futures Contracts, Donald Lien, Yiu Kuen Tse

Research Collection School Of Economics

A futures contract may adopt physical delivery or cash settlement to liquidate open positions after the maturity day. While traditionally physical delivery specification is favored, exchanges have recently turned to examine cash settlement possibilities. This paper summarizes current literature on settlement specifications with emphases on market manipulation, cash index construction, and hedging effectiveness comparisons.

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Does Governance Matter? Yes, No Or Maybe Some Evidence From Developing Asia, M. G. Quibria Jan 2006

Does Governance Matter? Yes, No Or Maybe Some Evidence From Developing Asia, M. G. Quibria

Research Collection School Of Economics

This paper seeks to explore the relationship between economic growth and governance performance in Asian developing economies. This exploration yields some interesting conclusions. First, notwithstanding its tremendous economic achievements, the state of governance in Asia is not stellar by international comparison. Indeed, a majority of these countries seem to suffer from a governance deficit. Second, contrary to our expectation, data do not suggest any strong positive link between governance and growth: paradoxically, countries that exhibit surpluses in governance on average grew much slower than those with deficits. The paper ends with some conjecture about this apparent paradox.

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Asymmetry Of Processing Trade In China : Theory And Empirics, Zhaopeng Xing Jan 2006

Asymmetry Of Processing Trade In China : Theory And Empirics, Zhaopeng Xing

Dissertations and Theses Collection (Open Access)

This paper studies decision of whether outsourcing or localization in China. Both strategies can enjoy low wage advantage. But outsourcing induces processing trade, while localization, which has additional localization cost can turn processing trade of some goods to ordinary trade. The asymmetric effect lies on that once localized, it is hard to return to outsourcing due to competition or fixed expenditures involved. If wage difference larger, it is more preferable to localized. Therefore, we can expect asymmetric effect of processing trade due to movement of relative wage difference, which was proved by econometrics on recent data by cointegrating analysis within …

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External Debt And Growth Dynamics, Si Chen Jan 2006

External Debt And Growth Dynamics, Si Chen

Dissertations and Theses Collection (Open Access)

Based on an extended growth model, this thesis further explores the joint dynamics between external debt and growth. The model explicitly expresses this growth dynamic mechanism incorporating external debt as an important explanatory variable with risk premium and other related structural factors. The interactions between external debt and growth are interpreted as directly and mainly through the channel of capital accumulation and indirectly through technology change. These constitute the functional form foundation to solve the main concern on the effect of external debt upon growth adjustment path. The numerical simulations of the model indicate that when external debt is assumed …

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Information Value Of Credit Ratings In Asia Ex-Japan Markets, Chen Zhou Jan 2006

Information Value Of Credit Ratings In Asia Ex-Japan Markets, Chen Zhou

Dissertations and Theses Collection (Open Access)

This study investigates the information value of credit ratings by exploring the relationship between ratings and security price. Unlike previous studies, we concentrate on the major markets ex-Japan in Asia. We begin with an investigation of rating reclassification as well as credit watch placement events by three leading international rating agencies. We show that markets with differing level of sophistication behave differently. Specifically, South Korea and Hong Kong are found to respond in a similar manner. Indonesia shows possible ign of information leakage. In the cases of Malaysia and Thailand, significant and positive equity price responses exist for upgrades, suggesting …

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Where Should The Action Be - Inside The Classroom Or Outside The Classroom? A Comparison Of The Action-Learning Outcomes In Singapore, China, Korea, New Zealand And Australia, Jens Mueller, Wee Liang Tan, Hanjun Hu, John Thornton Jan 2006

Where Should The Action Be - Inside The Classroom Or Outside The Classroom? A Comparison Of The Action-Learning Outcomes In Singapore, China, Korea, New Zealand And Australia, Jens Mueller, Wee Liang Tan, Hanjun Hu, John Thornton

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Change Leadership In Small Enterprises: Evidence From Singapore, Thomas Menkhoff, Yue Wah Chay Jan 2006

Change Leadership In Small Enterprises: Evidence From Singapore, Thomas Menkhoff, Yue Wah Chay

Research Collection Lee Kong Chian School Of Business

Leading change processes in an enterprise is a challenge for many entrepreneurs. Numerous elements influence the outcomes of such transformation processes, including the adopted change leadership style, the implementation skills of the entrepreneur, the particular scenario of change in terms of urgency of change and resistance, the scale of change as well as macro variables. This article sheds light on the change leadership approaches of small Chinese entrepreneurs in Singapore. It aims at examining widespread common-sense assumptions that æAsianÆ small entrepreneurs adopt mostly directive-coercive (autocratic) change leadership approaches. We argue that there is indeed a great diversity and heterogeneity amongst …

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Little Understood Knowledge Trap, Hans-Dieter Evers, Solvay Gerke, Thomas Menkhoff Jan 2006

Little Understood Knowledge Trap, Hans-Dieter Evers, Solvay Gerke, Thomas Menkhoff

Research Collection Lee Kong Chian School Of Business

As knowledge increases, we realise how much else we do not know. Successful research always results in new questions. Any knowledge economy must be aware of such unknowns if it is to expand further through research and development. Debate on bridging the digital divide does not take this factor into account. Many of the strategies currently preached are misplaced.

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Predicting A Currency Crisis Alternative Approaches And Applications To The Philippines, Fernando Antonio Iv Castillo Jan 2006

Predicting A Currency Crisis Alternative Approaches And Applications To The Philippines, Fernando Antonio Iv Castillo

Dissertations and Theses Collection (Open Access)

An arrival of a currency crisis can be anticipated through a comprehensive and properly specified Early Warning System (“EWS”). The costs that entail with experiencing a currency crisis far exceed the costs of spending a considerable amount of time to developing an EWS. In a report done by the IMF(1998), they estimated that emerging economies suffer an 8% cumulative loss in real output during a severe currency crisis. Likewise, evidence suggests that a simple look at traditional market indicators of currency and default risks will not provide much advance warning of an impending currency crisis. In a study done by …

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Dynamics In Legislative Budgeting In Italy: 1982-2001, Carolyn Forestiere, Riccardo Pelizzo Jan 2006

Dynamics In Legislative Budgeting In Italy: 1982-2001, Carolyn Forestiere, Riccardo Pelizzo

Research Collection School of Social Sciences

For much of the First Republic, the Italian Parliament was notorious for its fiscal irresponsibility. However, using data over a 20-year period we note that the performance of the Parliament during the passage of the national budget changed over time. During most the 1980s the Parliament always spent more than the amount specified in the government’s Budget Bill. But this trend slowed towards the late 1980s, and of particular interest is that for several years during the 1990s the Parliament voted to spend less than what the government originally proposed. We explain this anomaly using institutional theories and contextual explanations.

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Parliamentary Oversight For Government Accountability, Riccardo Pelizzo, Rick Stapenhurst, David Olson Jan 2006

Parliamentary Oversight For Government Accountability, Riccardo Pelizzo, Rick Stapenhurst, David Olson

Research Collection School of Social Sciences

No abstract provided.

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L S Penrose's Limit Theorem: Tests By Simulation, Pao Li Chang, Vincent Chua, Moshe Machover Jan 2006

L S Penrose's Limit Theorem: Tests By Simulation, Pao Li Chang, Vincent Chua, Moshe Machover

Research Collection School Of Economics

L S Penrose's Limit Theorem-which is implicit in Penrose (1952, p. 72) [Penrose, 1952. On the Objective Study of Crowd Behavior. H. K. Lewis and Co, London, p. 72] and for which he gave no rigorous proof-says that, in simple weighted voting games, if the number of voters increases indefinitely 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 (2004) [Lindner I., Machover M. 2004. L.S. Penrose's limit theorem: proof of some special cases. Mathematical Social Sciences 47, 37-49] prove some …

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Rights Of Culture, Rights Of Conscience, Chandran Kukathas Jan 2006

Rights Of Culture, Rights Of Conscience, Chandran Kukathas

Research Collection School of Social Sciences

In this contribution I take up a particularly troubling issue in the theory of human rights. It is the issue of intervention to defend or uphold — or re-assert and re-establish — human rights. The issue is a troubling one because intervention in the affairs of others is always something we should be wary of, not least because history is full of unhappy episodes of intervention, from the Spanish in the Americas to the Chinese in Tibet. Indeed, so difficult and complex are the issues raised that one might be tempted in a discussion of human rights simply to separate …

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Measuring Global Poverty Right: Mission Impossible?, M. G. Quibria Jan 2006

Measuring Global Poverty Right: Mission Impossible?, M. G. Quibria

Research Collection School Of Economics

The international community is committed to millennium development goals which postulate a vision of global development that makes eliminating poverty and sustaining development the overriding objective of global development efforts. In the hierarchy of the MDGs, the first and foremost goal is to reduce by half, between 1990–2015, the proportion of people whose income is less than a dollar a day (a widely used yardstick to measure extreme poverty). However, estimating such poverty across developing countries and globally is by no means a simple exercise nor has it yielded unambiguous results. This article provides a brief summary of the state …

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Intraday Stock Prices, Volume, And Duration: A Nonparametric Conditional Density Analysis, Anthony S. Tay, Christopher Ting Jan 2006

Intraday Stock Prices, Volume, And Duration: A Nonparametric Conditional Density Analysis, Anthony S. Tay, Christopher Ting

Research Collection School Of Economics

We investigate the distribution of high-frequency price changes, conditional on trading volume and duration between trades, on four stocks traded on the New York Stock Exchange. The conditional probabilities are estimated nonparametrically using local polynomial regression methods. We find substantial skewness in the distribution of price changes, with the direction of skewness dependent on the sign of trade. We also find that the probability of larger price changes increases with volume, but only for trades that occur with longer durations. The distribution of price changes vary with duration primarily when volume is high.

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Modeling The Firm-Size Distribution Using Box-Cox Heteroscedastic Regression, Zhenlin Yang, Yiu Kuen Tse Jan 2006

Modeling The Firm-Size Distribution Using Box-Cox Heteroscedastic Regression, Zhenlin Yang, Yiu Kuen Tse

Research Collection School Of Economics

Using the Box-Cox regression model with heteroscedasticity (BCHR), we re-examine the size distribution of the Portuguese manufacturing firms studied by Machado and Mata () using the Box-Cox quantile regression (BCQR) method. We show that the BCHR model compares favourably against the BCQR method. In particular, the BCHR model can answer the key questions addressed by the BCQR method, with the advantage that the estimated quantile functions are monotonic. Furthermore, estimation of the BCHR model is straightforward and the confidence intervals of the BCHR regression quantiles are easy to compute.

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Financial Liberalization In A Small Open Economy, Haiping Zhang, Jürgen Von Hagen Jan 2006

Financial Liberalization In A Small Open Economy, Haiping Zhang, Jürgen Von Hagen

Research Collection School Of Economics

We address three related questions concerning financial liberalization in a small open economy. Does financial liberalization and the resulting capital inflow improve production efficiency in the domestic economy? Who benefits from financial liberalization in the long run and in the short run? Should financial liberalization be implemented gradually or hastily? Our main results are as follows. First, whether financial deregulation in one sector can improve production efficiency may depend on financial regulation in other sectors. Second, financial liberalization may have opposite welfare implications to domestic agents with different productivity in the long run. Third, although some domestic agents lose in …

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Semi-Parametric Inference In A Bivariate (Multivariate) Mixture Model, Denis H. Y. Leung, Jing Qin Jan 2006

Semi-Parametric Inference In A Bivariate (Multivariate) Mixture Model, Denis H. Y. Leung, Jing Qin

Research Collection School Of Economics

We consider estimation in a bivariate mixture model in which the component distributions can be decomposed into identical distributions. Previous approaches to estimation involve parametrizing the distributions. In this paper, we use a semi-parametric approach. The method is based on the exponential tilt model of Anderson (1979), where the log ratio of probability (density) functions from the bivariate components is linear in the observations. The proposed model does not require training samples, i.e., data with confirmed component membership. We show that in bivariate mixture models, parameters are identifiable. This is in contrast to previous works, where parameters are identifiable if …

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An Empirical Examination Of Ipo Underpricing In The Chinese A-Share Market, Ting Yu, Yiu Kuen Tse Jan 2006

An Empirical Examination Of Ipo Underpricing In The Chinese A-Share Market, Ting Yu, Yiu Kuen Tse

Research Collection School Of Economics

Research in the literature shows that initial public offerings (IPOs) of common stocks are systematically priced at a discount to their subsequent initial trading price. The large underpricing magnitude in the Chinese IPO market has attracted much attention. We consider three hypotheses that may explain the IPO underpricing in China. These are the winner's curse hypothesis, the ex ante uncertainty hypothesis and the signaling hypothesis. Among these hypotheses, the winner's curse hypothesis has not been tested in the Chinese market. Using IPO data for online fixed-price offerings from November 1995 to December 1998, our results show that the winner's curse …

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Commune-Level Estimation Of Poverty Measure And Its Application In Cambodia, Tomoki Fujii Jan 2006

Commune-Level Estimation Of Poverty Measure And Its Application In Cambodia, Tomoki Fujii

Research Collection School Of Economics

Cambodia is still suffering from the legacy of civil conflict after more than a decade. With over one-third of the population living below the poverty line, poverty remains one of the most serious problems in Cambodia. A number of governmental bodies, local and international nongovernmental organizations (NGOs), and international organizations operating in Cambodia have made eradicating poverty a priority and have established many social programmes to this end. In designing such programmes, the efficient allocation of resources is essential for making poverty alleviation more cost-effective. Targeting is often helpful for this purpose because one can avoid wasting resources on the …

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The Effects Of Intercorporate Networks On Corporate Social And Political Behaviour, Matthew Bond, Siana Glouharova, Nicholas Harrigan Jan 2006

The Effects Of Intercorporate Networks On Corporate Social And Political Behaviour, Matthew Bond, Siana Glouharova, Nicholas Harrigan

Research Collection School of Social Sciences

Large economic corporations play a central role in the economies of modern societies. Much of what we consume is produced and marketed by corporations, and many of us are employed by them. Our economic fates appear to be inextricably linked to their actions. Not for the first time, however, corporations are facing pressures to expand the scope of their concerns even further. Two cases neatly illustrate the nature of these pressures. First, movements promoting corporate social responsibility exert pressures on corporations to take account of the negative and positive consequences of their actions to third parties; they are requesting that …

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A Class Of Nonlinear Stochastic Volatility Models, Jun Yu, Zhenlin Yang Jan 2006

A Class Of Nonlinear Stochastic Volatility Models, Jun Yu, Zhenlin Yang

Research Collection School Of Economics

This paper proposes a class of nonlinear stochastic volatility models based on the Box-Cox transformation which offers an alternative to the one introduced in Andersen (1994). The proposed class encompasses many parametric stochastic volatility models that have appeared in the literature, including the well known lognormal stochastic volatility model, and has an advantage in the ease with which different specifications on stochastic volatility can be tested. In addition, the functional form of transformation which induces marginal normality of volatility is obtained as a byproduct of this general way of modeling stochastic volatility. The efficient method of moments approach is used …

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Public Accounts Committees, Riccardo Pelizzo, Rick Stapenhurst Jan 2006

Public Accounts Committees, Riccardo Pelizzo, Rick Stapenhurst

Research Collection School of Social Sciences

No abstract provided.

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The Role Of Parliaments In The Budget Process, Riccardo Pelizzo, Rick Stapenhurst, David Olson Jan 2006

The Role Of Parliaments In The Budget Process, Riccardo Pelizzo, Rick Stapenhurst, David Olson

Research Collection School of Social Sciences

No abstract provided.

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Westernization Of Business Organizations In Japan And China. Continuity And Change, Wai Keung Chung Jan 2006

Westernization Of Business Organizations In Japan And China. Continuity And Change, Wai Keung Chung

Research Collection School of Social Sciences

No abstract provided.

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Southeast Asian Warfare, 1300-1900, Handbook Of Oriental Studies, Section Three: South-East Asia, Volume 16 By Michael W. Charney [Book Review], Tobias Frederik Rettig Jan 2006

Southeast Asian Warfare, 1300-1900, Handbook Of Oriental Studies, Section Three: South-East Asia, Volume 16 By Michael W. Charney [Book Review], Tobias Frederik Rettig

Research Collection School of Social Sciences

No abstract provided.

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Democracy And Oversight, Riccardo Pelizzo, Rick Stapenhurst Jan 2006

Democracy And Oversight, Riccardo Pelizzo, Rick Stapenhurst

Research Collection School of Social Sciences

In the course of the past decade, political science has started paying increasing attention to the study of legislative oversight, which had been previously been described as an important but inadequately researched area of legislative activity (Lees, 1977). Lees’ comment is particularly true with regard to comparative analyses of oversight tools and practices. Some studies have recently discussed the instruments of legislative oversight (Maffio, 2002), other studies have instead investigated how legislative oversight relates to both political variables (Pennings, 2000; Damgaard, 2000; Pelizzo and Stapenhurst, 2004a) and socio-economic conditions (Pelizzo and Stapenhurst, 2004b). In spite of this renewed interest in …

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