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Articles 7471 - 7500 of 8024

Full-Text Articles in Social and Behavioral Sciences

Transaction-Data Analysis Of Marked Durations And Their Implications For Market Microstructure, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitchell Warachka Mar 2004

Transaction-Data Analysis Of Marked Durations And Their Implications For Market Microstructure, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitchell Warachka

Research Collection Lee Kong Chian School Of Business

We propose an Autoregressive Conditional Marked Duration (ACMD) model for the analysis of irregularly spaced transaction data. Based on the Autoregressive Conditional Duration (ACD) model, the ACMD model assigns marks to characterize events such as tick movements and trade directions (buy/sell). Applying the ACMD model to tick movements, we study the influence of trade frequency, direction and size on price dynamics, volatility and the permanent and transitory price impacts of trade. We also apply the ACMD model to analyze trade-direction data and estimate the probability of informed trading (PIN). We find that trade frequency has a critical role in price …

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Entry Mode And Performance In A Transitional Economy: A Framework For Foreign-Invested Enterprises In China, Howard Davies, Jin K. Han, Namwoon Kim, Jae H. Pae Mar 2004

Entry Mode And Performance In A Transitional Economy: A Framework For Foreign-Invested Enterprises In China, Howard Davies, Jin K. Han, Namwoon Kim, Jae H. Pae

Research Collection Lee Kong Chian School Of Business

A conceptual framework is developed, bringing together entry mode, the influence of state officials, and the adoption of a customer-driven orientation in order to explain the performance of foreign-invested firms in a transitional economy. The model is tested on a sample of firms in China across eight provinces and cities, spread across the relatively developed South Coast, the Central Belt formed by Shanghai and the Yangzi basin and the less-developed North and West. We find that the decision to enter through a joint venture reduces the customer focus of the enterprise. Contrary to expectation, however, we find no positive relationship …

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Singapore Management University Appoints Howard Hunter As University’S New President, Singapore Management University Mar 2004

Singapore Management University Appoints Howard Hunter As University’S New President, Singapore Management University

SMU Press Releases

No abstract provided.

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Is Global Civil Society A Good Thing?, Ann Florini Mar 2004

Is Global Civil Society A Good Thing?, Ann Florini

Research Collection School of Social Sciences

Washingtons — Tanks in the streets of Seattle in 1999. Molotov cocktails in Prague in 2000. Gunfire in Genoa in 2001. A hundred thousand people gathering every winter in a World Social Forum to talk about how to improve the world. Global agreements on everything from human rights protections to banning weapons systems. Fifteen million people on the streets in cities around the world on a single day in 2003 to protest the Iraq war. These headlines reflect the rise of a force now so potent in world affairs that the New York Times has referred to it as “the …

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Road Congestion Pricing In Singapore: 1975-2003, Sock-Yong Phang, Rex S. Toh Mar 2004

Road Congestion Pricing In Singapore: 1975-2003, Sock-Yong Phang, Rex S. Toh

Research Collection School Of Economics

Facing traffic congestion in the Central Business District and enormous demands on scarce land resources by the growing number of motor vehicles, Singapore, a small island city-state the size of Seattle, embarked on a bold decision to reduce road congestion by implementing the famous Area Licensing Scheme in 1975. This was a manual system of tolls for multiple entries into the Restricted Zone. While achieving the intended effect of cutting down on the volume of vehicular traffic in the Restricted Zone, the authors (and others) found that the problem of congestion had merely shifted in time and place. Many changes …

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Modeling The Firm-Size Distribution Using Box-Cox Heteroscedastic Regression, Zhenlin Yang, Yiu Kuen Tse Mar 2004

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 (2000) 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, confidence intervals of the regression quantiles are easy to compute, and the estimation of the Box-Cox heteroscedastic regression is straight forward.

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Why Is China So Competitive? Measuring And Explaining China's Competitiveness, F. Gerard Adams, Byron Gangnes, Yochanan Shachmurove Mar 2004

Why Is China So Competitive? Measuring And Explaining China's Competitiveness, F. Gerard Adams, Byron Gangnes, Yochanan Shachmurove

Research Collection School Of Economics

This paper evaluates factors responsible for the competitiveness of China in the world economy and relative to its East Asian rivals. China has been highly successful in capturing world export markets. Chinese competitiveness is not just a matter of an undervalued exchange and extremely low labor costs. It reflects primarily the coincidence of favorable cost conditions with improvements in China’s ability to produce products that meet world market specifications. These improvements are closely related to foreign participation in China’s economy through foreign direct investment and joint venture enterprises.

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Trade, Capital Accumulation And Structural Unemployment: An Empirical Study Of The Singapore Economy, Hiau Looi Kee, Hian Teck Hoon Mar 2004

Trade, Capital Accumulation And Structural Unemployment: An Empirical Study Of The Singapore Economy, Hiau Looi Kee, Hian Teck Hoon

Research Collection School Of Economics

This paper studies the factors responsible for the secular decline of Singapore’s unemployment rate over the period 1966-2000 in an environment of low and stable inflation rates. We introduce wage bargaining and unions into a specific-factors, two-sector economy with an export sector and a non-tradable sector to obtain an endogenous natural unemployment rate. Increases in the relative export price and capital stock in the export sector are predicted to reduce structural unemployment. These hypotheses could not be rejected based on structural estimations and co-integration regressions. Empirically, capital accumulation in the export sector explains most of the decline in Singapore’s unemployment …

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Cross-Situational Consistency Of Affective Experiences Across Cultures, Shigehiro Oishi, Ed Diener, Christie N. Scollon, Robert Biswas-Diener Mar 2004

Cross-Situational Consistency Of Affective Experiences Across Cultures, Shigehiro Oishi, Ed Diener, Christie N. Scollon, Robert Biswas-Diener

Research Collection School of Social Sciences

This study examined cross-situational consistency of affective experiences using an experience-sampling method in Japan, India, and the United States. Participants recorded their moods and situations when signaled at random moments for 7 days. The authors examined relative (interindividual) consistency and absolute (within-person) consistency. They found stable interindividual differences of affective experiences across various situations (mean r = .52 for positive affect .51 for negative affect) and cultural invariance of the cross-situational consistency of affective experiences. Simultaneously, the authors found a considerable degree of within-person cross-situational variation in affective experiences, and cultural differences in within-person cross-situational consistency. Thus, global affective traits …

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Bargaining And Competition Revisited, Takashi Kunimoto, Roberto Serrano Mar 2004

Bargaining And Competition Revisited, Takashi Kunimoto, Roberto Serrano

Research Collection School Of Economics

We show the robustness of the Walrasian result obtained in models of bargaining in pairwise meetings. Restricting trade to take place only in pairs, most of the assumptions made in the literature are dispensed with. These include assumptions on preferences (differentiability, monotonicity, strict concavity, bounded curvature), on the set of agents (dispersed characteristics) or on the consumption set (allowing only divisible goods).

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The Empirical Relationship Between Exchange Rates And Interest Rates In Post-Crisis Asia, Hwee Kwan Chow, Yoonbai Kim Mar 2004

The Empirical Relationship Between Exchange Rates And Interest Rates In Post-Crisis Asia, Hwee Kwan Chow, Yoonbai Kim

Research Collection School Of Economics

In post-crisis Asia, all crisis-hit countries (except Malaysia) announced a shift from exchange rate based monetary policy framework to the explicit adoption of inflation targeting that uses interest rates as the key monetary policy operating instrument. In this study, we examine the empirical relationship between exchange rates and interest rates, and investigate how the dynamics between them have changed following the crisis. This is carried out by constructing a bivariate VAR-GARCH model for each of the four Asian crisis countries, namely Indonesia, Korea, Philippines and Thailand. The findings suggest these countries do not use interest rate policy more actively to …

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Management Fashion As Image-Spectacle: The Production Of Best-Selling Management Books, Timothy Adrian Robert Clark, David Greatbatch Feb 2004

Management Fashion As Image-Spectacle: The Production Of Best-Selling Management Books, Timothy Adrian Robert Clark, David Greatbatch

Research Collection Lee Kong Chian School Of Business

Drawing on the work of Guy Debord's Society of the Spectacle and Daniel Boorstin's The Image, this article argues that aesthetic and management fashions are not separate forms, as both represent the preeminence of the image spectacle. Central to this is the increasing emergence of pseudoevents and synthetic products. Using empirical findings from a study of the production of six best-selling management books, it shows that they are manufactured coproductions that result from an intricate editorial process in which the original ideas are moulded in order for them to have a positive impact on the intended audience. Central to this …

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Cultural Geography: By Whom, For Whom?, Lily Kong Feb 2004

Cultural Geography: By Whom, For Whom?, Lily Kong

Research Collection School of Social Sciences

The "cultural turn," coupled by the "spatial turn" in recent years has drawn significant attention to cultural geography from those in other subdisciplines and disciplines. One might forgive those who sometimes mistake particular research as cultural geography which is in fact conducted by non-geographers or geographers who would not ordinarily identify themselves as cultural geographers. A pointed moment that illustrated this to me was when a sociology colleague insisted that he had read cultural geography, and when asked, indicated that he had read Nigel Thrift and Ash Amin. One interpretation of this is, as Shurmer-Smith (1996) offered through her title …

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From Efficiency-Driven To Innovation-Driven Growth: Perspectives From Singapore, Kim Song Tan Feb 2004

From Efficiency-Driven To Innovation-Driven Growth: Perspectives From Singapore, Kim Song Tan

Research Collection School Of Economics

No abstract provided.

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Local Coordination And Market Equilibria, Shurojit Chatterji, Sayantan Ghosal Feb 2004

Local Coordination And Market Equilibria, Shurojit Chatterji, Sayantan Ghosal

Research Collection School Of Economics

We reformulate the local stability analysis of market equilibria in a competitive market as a local coordination problem in a market game, where the map associating market prices to best-responses of all traders is common knowledge and well-defined both in and out of equilibrium. Initial expectations over market variables differ from their equilibrium values and are not common knowledge. This results in a coordination problem as traders use the structure of the market game to converge back to equilibrium. We analyse a simultaneous move and a sequential move version of the market game and explore the link with local rationalizability.

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Parliamentary Libraries, Institutes And Offices: The Sources Of Parliamentary Information, Robert Miller, Riccardo Pelizzo, Rick Stapenhurst Jan 2004

Parliamentary Libraries, Institutes And Offices: The Sources Of Parliamentary Information, Robert Miller, Riccardo Pelizzo, Rick Stapenhurst

Research Collection School of Social Sciences

No abstract provided.

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Group Taxation: Ifa Singapore Branch Report, Cecil Duncan Macrae Jan 2004

Group Taxation: Ifa Singapore Branch Report, Cecil Duncan Macrae

Research Collection Yong Pung How School Of Law

No abstract provided.

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Singapore Management University Report To Stakeholders 2004 - 2005, Singapore Management University Jan 2004

Singapore Management University Report To Stakeholders 2004 - 2005, Singapore Management University

Report to Stakeholders

As the Singapore Management University moves into the Singapore centre, a whole new interchange between education and city takes hold in this revitalised urban environment. Bridging the scholastic origins of Bras Basah with the promise of the new millennium, SMU is at the centre of a new and dynamic educational hub where foundations are being readapted and the future redefined. Every facet of the SMU experience – academic programmes and research, faculty and staff enterprise, student activity and exploration – embraces the University’s passion for creativity, personal interchange and bold challenge.

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The Politics Of Wto Enforcement Mechanism, Pao-Li Chang Jan 2004

The Politics Of Wto Enforcement Mechanism, Pao-Li Chang

Research Collection School Of Economics

This paper attempts to develop a formal economic framework to analyze the influences of domestic political considerations by democratic governments in shaping the WTO enforcement outcomes in the wake of a violation ruling against the defendant. Since a different mix of import and export sectors in the defendant and complainant country will benefit from the various potential enforcement outcomes, they become competing forces which steer the strategic interactions between the disputing governments. The results of the paper illustrate the complainant’s strategy in selecting the retaliation list, and the likelihood of the defendant’s compliance or compensation in response to the proposed …

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Expert Knowledge And The Role Of Consultants In An Emerging Knowledge-Based Economy, Hans-Dieter Evers, Thomas Menkhoff Jan 2004

Expert Knowledge And The Role Of Consultants In An Emerging Knowledge-Based Economy, Hans-Dieter Evers, Thomas Menkhoff

Research Collection Lee Kong Chian School Of Business

In the emerging globalised knowledge society/economy, a group of professionals, namely experts and consultants gain in importance. The paper discusses the following issues: Who are these experts and consultants? Why is this group of knowledge workers strategically important and why is their importance - socially in terms of number of persons and economically in terms of output or turnover - growing? How can we explain the increasing professionalisation of consultants? How do they gain their expertise and which role does academic knowledge play in professional attainment? How do consultants package and apply expert knowledge? What are the challenges experts and …

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Embedded Co-Operation In The Context Of Singapore's Regionalization Program: The Batamindo Experiment Revisited, Caroline Yeoh, Adeline Kwan, Siang Yeung Wong Jan 2004

Embedded Co-Operation In The Context Of Singapore's Regionalization Program: The Batamindo Experiment Revisited, Caroline Yeoh, Adeline Kwan, Siang Yeung Wong

Research Collection Lee Kong Chian School Of Business

The development of Singapore-styled industrial parks has resided on the country’s ability to negotiate investment concessions at inter-government level, to provide superior infrastructure, and where existing, through the links to influential business groups in the investment location. Singapore’s first transborder industrialization project in Batam (Indonesia) reflects this stratagem. This paper revisits the debate on the attractiveness of the low-cost investment enclaves for multinational investments, with insights from Batamindo Industrial Park. Through evidence from on-site interviews and case studies, this paper concludes that while the project’s progress to date has been largely overshadowed by socio-political uncertainties in the host environment, its …

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Are Family-Friendly Policies Fair? It Depends On Your Gender, Elizabeth Layne Paddock, J. Bagger, B. A. Gutek Jan 2004

Are Family-Friendly Policies Fair? It Depends On Your Gender, Elizabeth Layne Paddock, J. Bagger, B. A. Gutek

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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Notes From An ‘Intelligent Island’: Towards Strategic Knowledge Management In Singapore’S Small Business Sector, Thomas Menkhoff, Yue Wah Chay, Benjamin Loh Jan 2004

Notes From An ‘Intelligent Island’: Towards Strategic Knowledge Management In Singapore’S Small Business Sector, Thomas Menkhoff, Yue Wah Chay, Benjamin Loh

Research Collection Lee Kong Chian School Of Business

This essay outlines some of the benefits and challenges of implementing strategic knowledge management systems in small and medium-sized enterprises (SMEs) with reference to respective initiatives in the Republic of Singapore. The article addresses following research questions: What is knowledge management (KM) and why has it become an issue? How can SMEs benefit from strategic KM? What are the potential pitfalls of KM applications in small firms? What are the strategic imperatives of using KM in SMEs? Do small and large firms require different KM systems? What are the critical success factors which have to be considered during implementation? How …

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Market Segmentation And Information Values Of Earnings Announcements: Some Empirical Evidence From An Event Study On The Chinese Stock Market, Y. Gao, Yiu Kuen Tse Jan 2004

Market Segmentation And Information Values Of Earnings Announcements: Some Empirical Evidence From An Event Study On The Chinese Stock Market, Y. Gao, Yiu Kuen Tse

Research Collection School Of Economics

This paper investigates the trading activities of two distinct classes of shareholders, namely, the Chinese domestic investors and the foreign investors in the segmented Chinese A- and B-share markets, respectively. We conduct an event study on the annual earnings announcements based on two different accounting standards: International accounting standards (IAS) and PRC generally accepted accounting principles (PRC GAAP). The earnings announcements based on IAS and PRC GAAP are value relevant. The investors in the B-share market react to both the IAS and PRC GAAP earnings announcements, while the investors in the A-share market pay more attention to the PRC GAAP …

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Tools For Legislative Oversight: An Empirical Investigation, Riccardo Pelizzo, Rick Stapenhurst Jan 2004

Tools For Legislative Oversight: An Empirical Investigation, Riccardo Pelizzo, Rick Stapenhurst

Research Collection School of Social Sciences

Parliaments are the institutions through which governments are held accountable to the electorate. They have a wide range of tools with which to carry out this oversight function, but until recently little analysis had been undertaken on the characteristics or use of such tools. This paper uses data for 83 countries that was collected in 2001 to investigate whether the oversight potential relates to three variables, namely the form of government (presidential, semi-presidential, or parliamentary), per capita income levels, and the level of democracy. The paper finds that oversight potential is greatly affected by the form of government, per capita …

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The Effects Of Perceived Identity And Justice Experiences With An Adr Institution On Managers’ Decisions, Shu-Cheng Chi, Hwa-Hwa Tsai, Ming-Hong Tsai Jan 2004

The Effects Of Perceived Identity And Justice Experiences With An Adr Institution On Managers’ Decisions, Shu-Cheng Chi, Hwa-Hwa Tsai, Ming-Hong Tsai

Research Collection School of Social Sciences

This study samples 78 business decision‐makers whose cases were part of an alternative dispute resolution (ADR) process, i.e., the Public Construction Commission (PCC), which operates under the government in Taiwan, between 1997 and early 2000. The authors propose an interaction between two variations of trust—category‐based trust and experience‐based trust—and hypothesize that decision‐makers’ perceived identity with new versus old government ideology and past justice experiences (with the PCC) would jointly affect their decision preferences. The results partially support these hypotheses. The authors emphasize the critic role of trustworthiness of the third‐party ADR providers. We conclude with a discussion of the implications …

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The Case For Open Immigration, Chandran Kukathas Jan 2004

The Case For Open Immigration, Chandran Kukathas

Research Collection School of Social Sciences

People favor or are opposed to immigration for a variety of reasons. It is therefore difficult to tie views about immigration to ideological positions. While it seems obviousthat political conservatives are the most unlikely to defend freedom of movement,and that socialists and liberals (classical and modern) are very likely to favor more openborders, in reality wariness (if not outright hostility) to immigration can be foundamong all groups. Even libertarian anarchists have advanced reasons to restrict themovement of peoples.

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Empirical Characteristic Function Estimation And Its Applications, Jun Yu Jan 2004

Empirical Characteristic Function Estimation And Its Applications, Jun Yu

Research Collection School Of Economics

This paper reviews the method of model-fitting via the empirical characteristic function. The advantage of using this procedure is that one can avoid difficulties inherent in calculating or maximizing the likelihood function. Thus it is a desirable estimation method when the maximum likelihood approach encounters difficulties but the characteristic function has a tractable expression. The basic idea of the empirical characteristic function method is to match the characteristic function derived from the model and the empirical characteristic function obtained from data. Ideas are illustrated by using the methodology to estimate a diffusion model that includes a self-exciting jump component. A …

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A Small-Sample Overlapping Variance-Ratio Test, Yiu Kuen Tse, K. W. Ng, Xibin Zhang Jan 2004

A Small-Sample Overlapping Variance-Ratio Test, Yiu Kuen Tse, K. W. Ng, Xibin Zhang

Research Collection School Of Economics

The null distribution of the overlapping variance-ratio (OVR) test of the random-walk hypothesis is known to be downward biased and skewed to the right in small samples. As shown by , the test under-rejects the null on the left tail seriously when the sample size is small. This property adversely affects the applicability of the OVR test to macroeconomic time series, which usually have rather small samples. In this paper, we propose a modified overlapping variance-ratio statistic and derive its exact mean under the normality assumption. We propose to approximate the small-sample distribution of the modified statistic using a beta …

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Deviance Information Criterion For Comparing Stochastic Volatility Models, Andreas Berg, Renate Meyer, Jun Yu Jan 2004

Deviance Information Criterion For Comparing Stochastic Volatility Models, Andreas Berg, Renate Meyer, Jun Yu

Research Collection School Of Economics

Bayesian methods have been efficient in estimating parameters of stochastic volatility models for analyzing financial time series. Recent advances made it possible to fit stochastic volatility models of increasing complexity, including covariates, leverage effects, jump components, and heavy-tailed distributions. However, a formal model comparison via Bayes factors remains difficult. The main objective of this article is to demonstrate that model selection is more easily performed using the deviance information criterion (DIC). It combines a Bayesian measure of fit with a measure of model complexity. We illustrate the performance of DIC in discriminating between various different stochastic volatility models using simulated …

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