Social and Behavioral Sciences Commons^™

Strategic Development Of Airport And Rail Infrastructure: The Case Of Singapore, Sock-Yong Phang

Research Collection School Of Economics

This article recounts how a number of strategic infrastructure investment decisions in airport and rail development taken by the Singapore government were at variance with recommendations emerging from cost-benefit analysis, but were considered necessary to support external competitiveness. This link between infrastructure provision and economic development may require decision makers to assess the trade-off between prudent macro-economic planning and efficient micro-economic management for major projects. In the case of airport hubs, the most difficult assessment might be the game consideration of how much, and how far ahead, excess capacity is needed to ensure the dominance of the hub.

Effects Of Electronic Trading On The Hang Seng Index Futures Market, Joseph Fung, Donald Lien, Yiuman Tse, Yiu Kuen Tse

Research Collection School Of Economics

This paper investigates the effects of the migration of the Hang Seng Index futures from open-outcry trading to electronic trading. Using trade data over a window of six months we find evidence that, after the migration, the bid-ask spread of the futures contract decreases and the contribution of the futures price in information transmission increases. Furthermore, the asymmetry in volatility spillover reduces and the open interests of the futures market become smaller. These results suggest that the anonymity in trading and the higher speed of order execution in the electronic trading system attract informed traders to the futures market and …

Smu: We Mean Business: We Are Different, Singapore Management University

SMU Press Releases

We believe it takes a different type of person to excel in the new economy. Which is why SMU is a different kind of university. One with a progressive curriculum, unique teaching methods and a world-class faculty.

SMU advertisments, Ng Peng Fong, Marina Rumi Ibrahim, Elsie Lin, featured students doing hand stand, jumping and back bend.

Singapore: Of Dreams, 'Tough Minds And Warm Hearts', Eugene K. B. Tan

Research Collection Yong Pung How School Of Law

No abstract provided.

Incentive Compatibility In Multi-Unit Auctions, Sushil Bikhchandani, Shurojit Chatterji, Arunava Sen

Research Collection School Of Economics

We characterize incentive compatibility in multi-unit auctions with multi-dimensional types. An allocation mechanism is incentive compatible if and only if it is nondecreasing in marginal utilities (NDMU). The notion of incentive compatibility we adopt is dominant strategy in private value models and ex post incentive compatibility in models with interdependent values. NDMU is the following requirement: if changing one buyer’s type, while keeping everyone else’s types the same, changes this buyer’s allocation then the new allocation must be relatively more attractive (or relatively less unattractive) to this buyer. We also establish a price characterization of incentive compatible mechanisms.

Exclusion Bias In Sample-Selection Model Estimators, Myoung-Jae Lee

Research Collection School Of Economics

Exclusion restrictions are routinely used in sample-selection models with selection and outcome equations. A false restriction, however, can cause an exclusion bias for the outcome equation estimator. In this paper, the specific form of the exclusion bias is derived for various sample-selection model estimators. Furthermore, it is shown that the outcome equation parameters for regressors with zero coefficients in the selection equation are immune to exclusion bias if only one regressor is excluded. Exclusion bias, or a lack thereof, is verified through a simulation study with the regressors taken from Mroz (1987). JEL Classification Numbers: C24, C34. [ABSTRACT FROM AUTHOR]

External Debt And Worsening Business Cycles In Less Developed Countries, Hing-Man Leung

Research Collection School Of Economics

Less developed countries (LDCs) have seen considerable business cycles in recent decades. At the same time they have significantly increased their external-debt-to-GDP ratios. It seems natural to suspect that increased indebtedness and the amplified cycles are linked. The paper presents a simple macroeconomic model to formalize this connection. External debt is the novelty of this model. The paper's main contribution is to calibrate the dynamic parameter using the World Development Indicator. It is found that the LDC dynamic behavior is generally non-oscillatory. Alarmingly though, the dynamic convergent system in the 1970s has been replaced by one of divergence.

The Elasticity Of Substitution And Endogenous Growth, Hing-Man Leung

Research Collection School Of Economics

The endogenous growth literature focuses exclusively on Cobb-Douglas. Elasticities other than unity are ignored. A recent paper by Klump and Grandville (2000) examined other elasticities but assumed an exogenous saving rate. By contrast, this paper studies elasticity and endogenous growth. Endogeneity is important since elasticity preserves capital’s productivity and encourages saving. Two models are presented. The first assumes exogenous technological change. We find elasticity to have a positive level effect on income. No rate of growth effect is found. The second model allows learning by doing from capital accumulation. In addition to the level effect, rate of growth effects are …

Competitiveness And Price Convergence On The Internet: Evidence From The Online Dvd Market, Xiaolin Xing, Fang Fang Tang, Zhenlin Yang

Research Collection School Of Economics

We compare the pricing behavior between online branches of traditional retailers (MCR) and pure Internet retailers (Dotcom) in the DVD market. Based on a set of panel data from July 5, 2000 to June 11, 2001, we find that the average price of the MCRs is about 11.2% higher than that of the Dotcoms. Further statistical analyses on the market dynamics of price trends show that the prices of the Dotcoms went up with time much faster than the prices of the MCRs, which points to a possibility that eventually both types of retailers may charge similar prices on average. …

Estimating Irish Party Policy Positions Using Computer Wordscoring: The 2002 Election: A Research Note, Kenneth Benoit, Michael Laver

Research Collection School of Social Sciences

Developments in the computerised analysis of political texts now make itmuch easier than before to investigate large volumes of political text inorder to estimate the policy positions of the authors. Previous contentanalyses of party manifestos, for example, have relied on the hand codingof texts (Budge et al., 1987; Laver and Budge, 1992; Klingeman et al.,1994; Budge et al., 2001), or on dictionary-based computer codingtechniques (Laver and Garry, 2000; Kleinnijenhuis and Pennings, 2001;Garry, 2001; de Vries et al., 2001; Bara, 2001). Such analyses, even thosebased on computer coding dictionaries, require heavy human involvement or intervention, creating both a huge resource cost …

Campaign Spending In The Local Government Elections Of 1999, Kenneth Benoit, Michael Marsh

Research Collection School of Social Sciences

For the first time in Irish electoral history, the 1999 local elections required candidates to publicly declare their campaign expenditures. Drawing on these data, we explore patterns in campaign spending and assess their impact, both on candidate success and on turnout. First, examining the elections contested by 1,838 candidates from 180 local constituencies and 34 councils, we identify both partisan and geographic spending patterns, and examine how well these can be explained as a function of political and demographic variables. Second, we model and estimate the effects of expenditure on individual electoral outcomes. The findings clearly indicate that even at …

Islam, Democracy And Civil Society, Chandran Kukathas

Research Collection School of Social Sciences

What is the relationship between Islam, democracy, and civil society? This is thequestion which supplies the topic of this essay, Its purpose, more particularly, is to explore theplace of Islam in the modern world-a world which contemporary writers increasingly try tounderstand by invoking the notions of democracy and civil society. But the occasion for thisexploitation has a more precise origin still. The issue of the place of Islam in the modernworld is raised, more often than not, by writers and commentators for whom Islam is, aboveall, a danger, in geo-political terms, it is a danger to the West; in world-historical …

The Concept Of A Middle Power In International Relations: Distinguishing Between Emerging And Traditional Middle Powers, Eduard Jordaan

Research Collection School of Social Sciences

This article seeks to develop a distinction between emerging and traditional middle powers as a means to giving the concept of a middle power greater analytical clarity. All middle powers display foreign policy behaviour that stabilises and legitimises the global order, typically through multilateral and cooperative initiatives. However, emerging and traditional middle powers can be distinguished in terms of their mutually-influencing constitutive and behavioural differences. Constitutively, traditional middle powers are wealthy, stable, egalitarian, social democratic and not regionally influential. Behaviourally, they exhibit a weak and ambivalent regional orientation, constructing identities distinct from powerful states in their regions and offer appeasing …

The Cultural Contradictions Of Socialism, Chandran Kukathas

Research Collection School of Social Sciences

While no one has yet announced the death of capitalism, reports of its imminent demise have been as numerous as they have been exaggerated. Such reports have usually been bolstered by thoughtful analyses of the fundamental contradictions of capitalism, which was expected to come sliding—if not crashing—down under the weight of its own inconsistencies. Leaving aside Karl Marx's own predictions, twentieth-century analysts as diverse as Joseph Schumpeter, Daniel Bell, and Jurgen Habermas have asserted that the contradictions of capitalism could only mean that its days were numbered. Alas, all that has been established by these analyses is that predictive failure …

Dynamical Evolutionary Psychology: Individual Decision Rules And Emergent Social Norms, Douglas T. Kenrick, Norman P. Li, Jonathan Butner

Research Collection School of Social Sciences

A new theory integrating evolutionary and dynamical approaches is proposed. Following evolutionary models, psychological mechanisms are conceived as conditional decision rules designed to address fundamental problems confronted by human ancestors, with qualitatively different decision rules serving different problem domains and individual differences in decision rules as a function of adaptive and random variation. Following dynamical models, decision mechanisms within individuals are assumed to unfold in dynamic interplay with decision mechanisms of others in social networks. Decision mechanisms in different domains have different dynamic outcomes and lead to different sociospatial geometries. Three series of simulations examining trade-offs in cooperation and mating …

Low-Wage Employment Subsidies In A Labor-Turnover Model Of The `Natural Rate, Hian Teck Hoon, Edmund S. Phelps

Research Collection School Of Economics

No abstract provided.

The Role Of The Eu In The Non-Proliferation Of Nuclear Weapons: The Way To Thessaloniki And Beyond, Clara Portela

Research Collection School of Social Sciences

Over the past few years the EU has begun taking some steps against the spread of nuclear weapons within its Common Foreign and Security Policy (CFSP). At the Thessaloniki Summit June 2003, the European Council adopted its first draft Strategy against the proliferation of Weapons of Mass Destruction (WMD). In order to assess the significance of the Strategy, this paper will first present and evaluate the Union’s record in the field, then review the newly released Strategy, and finally make suggestions as to how it can be improved.

The EU is not an unitary actor in the nuclear non-proliferation domain, …

Education, Technological Progress And Economic Growth, Winston T. H. Koh, Hing-Man Leung

Research Collection School Of Economics

An important role of education – and the resultant accumulation of human capital – for a less-developed economy is to facilitate technology diffusion in order for it to catch up with developed economies. This paper presents a model linking education, the accumulation of physical capital and technological progress. In the model, investment in education and the accumulation of physical capital are complementary, and intertwine with the technology progress through related effects on technology diffusion and the expansion of the technology frontier. The allocation of effort to education, the optimal savings rate and the technology gap are endogenously determined in the …

Singapore: The Feel Good Factor - A Vital Element In The Meticulous Preparations For Leadership Change, Eugene Kheng Boon Tan

Research Collection Yong Pung How School Of Law

No abstract provided.

Legal Issues Under Wto Rules On The Closer Economic Partnership Arrangement (Cepa) Between Mainland China And Hong Kong, Henry S. Gao

Research Collection Yong Pung How School Of Law

On 29 June 2003, the Central Government of the People's Republic of China (the Mainland) and the Hong Kong Special Administrative Region (HKSAR) signed the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA). As the first Regional Trade Agreement (RTA) for both sides, the CEPA provides a model for China to use the arrangements allowed under the rules of the World Trade Organization (WTO) to further trade liberalisation and promote economic development. This is a commendable endeavour. However, due to the complexity of the relevant rules of the WTO, caution must be exercised in the formulation and implementation of …

A Model Of Industrialization And International Wage Convergence Based On Multi-Plant Foreign Direct Investment, Hian Teck Hoon, Irene Ng

Research Collection School Of Economics

We show that for industrialization and international wage convergence through multi-plant foreign direct investment (FDI) to occur, the measure of the quality of the social infrastructure in the South relative to that in the North must be at least as large as the South-North wage ratio. We also show that if profitable FDI flows already take place from the North to the most productive economy in the South, then less productive Southern economies can also become recipients of FDI, provided that they are integrated into the world trading system, and there are no impediments to the decline of their wage …

Legal Environment For Technology Transfer In Taiwan, Kung-Chung Liu

Research Collection Yong Pung How School Of Law

In an effort to become an industrialized country, Taiwan, the Republic of China (ROC) has relied heavily on technology transfers and investment from abroad. The Taiwanese government adopted a heavy-handed policy of regulating investments made by foreigners and overseas Chinese in 1954. These policies include the Foreigner Investment Act (FIA) and the Overseas Chinese Investment Act (OCIA), which require all foreigners and overseas Chinese to obtain the Ministry of Economic Affairs (MOEA) approval prior to making any investments.1 Such investments may also be in the form of patents, trademarks, copyright, know-how, and other intellectual property (IP).2 In 1962, the Technology …

Food Groups And The Risk Of Colorectal Carcinoma In An Asian Population, Adeline Seow, Stella Quah, Denis Nyam, Paulin Tay Straughan, Terrence Chua, Tar-Choon Aw

Research Collection School of Social Sciences

BACKGROUND. Singapore Chinese have experienced a rapid transition toward a pattern of disease in which lifestyle-related, chronic, degenerative diseases are major public health concerns. The rates of colorectal carcinoma have increased 2-fold over the last 3 decades. It has long been known that dietary factors play a role in the risk of this disease, although studies in Asian populations, with their unique dietary intake, have been few.METHODS. The authors conducted a population-based case-control study that included 121 Chinese patients with colorectal carcinoma and 222 healthy control participants who provided information on usual intake of major food groups in the preceding …

Is Ricardo's Essay On Profits A Precursor Of The New Trade Theory?, Hian Teck Hoon

Research Collection School Of Economics

This paper carefully analyzes a passage of Ricardo’s Essay on Profits ([1815] 1923), which suggests that he clearly understood the effects of both interindustry as well as intraindustry trade. In the context of the Essay model, Ricardo argues that free interindustry trade involving an exchange of manufactures for agricultural good (from England’s point of view) raises the rate of profit through lowering the relative price of the agricultural good. On the other hand, where trade involves simply an exchange of manufactures for manufactures, these being produced under conditions of economies of scale (division of labour in manufactures (pg. 25 of …

Survey Article: Multiculturalism As Fairness: Will Kymlicka's Multicultural Citizenship, Chandran Kukathas

Research Collection School of Social Sciences

According to Will Kymlicka's book Multicultural Citizenship: A Liberal Theory of Minority Rights, `the liberal ideal is a society of free and equalindividuals'.1 But what, he goes on to ask, is the relevant `society'? The answer he says most people would give is `their nation'. `The sort of freedom and equality they most value, and can make use of is freedom and equality within their own societal culture'. Indeed, most people `are willing to forgo a wider freedom and equality to ensure the continued existence of their nation' (93). Thus few favour open borders which allow people freely to settle, …

Like Deja Vu All Over Again: The Hungarian Parliamentary Elections Of 2002, Kenneth Benoit

Research Collection School of Social Sciences

On 7 and 21 April 2002, Hungary went to the polls to vote in its fourth competitive election since the transition to a multi-party system in 1989. Voting took place in two rounds, first on 7 April in 176 single-member districts and 20 proportional list districts, and then on 21 April in a run-off in the 131 single-member districts that had not yielded a majority candidate in the first round. The result was a surprise to nearly everyone. First, surpassing all expectations, turnout exceeded 70 per cent of the registered electorate, higher than in any previous election in Hungary. Second, …

Residual-Based Diagnostics For Conditional Heteroscedasticity Models, Yiu Kuen Tse

Research Collection School Of Economics

We examine the residual–based diagnostics for univariate and multivariate conditional heteroscedasticity models. The tests are based on the parameter estimates of an autoregression with the squared standardized residuals or the cross products of the standardized residuals as dependent variables. As the regression involves estimated regressors the standard distribution theories of the ordinary least squares estimates do not apply. We provide the asymptotic variance of the regression estimates. Diagnostic statistics, which are asymptotically distributed as ?[sup 2], are constructed. A Monte Carlo experiment is conducted to investigate the finite–sample properties of the residual–based tests for both univariate and multivariate models. The …

The Culture Of Technology Of Singapore, Alwyn Lim

Research Collection School of Social Sciences

The objective of this paper is to map the sociological context in which the cultural economy of technology of Singapore exists. Taking a socio-histori cal perspective, this paper argues that the development of Singapore as a technological 'intelligent island' must take centre stage in relation to the soci ological analysis of modern Singapore's political, economic, and socio-cultural structure. This involves a critique of theories of the information society and empirical research on East Asian developmental states. The aim is to chart the development of technology in Singapore, from its founding as a colonial port-city to its current status as an …

New Singapore Management University School To Lead The Way In The Digital Economy -- Bachelors Degree First In Singapore To Combine Applied It With Business And Thesocial Sciences, Singapore Management University

SMU Press Releases

No abstract provided.

Medical Students' Personality Characteristics And Academic Performance: A Five-Factor Model Perspective, Filip Lievens, Pol Coetsier, Filip De Fruyt, Jan De Maeseneer

Research Collection Lee Kong Chian School Of Business

Objectives: This study investigates: (1) which personality traits are typical of medical students as compared to other students, and (2) which personality traits predict medical student performance in pre-clinical years. Design: This paper reports a cross-sectional inventory study of students in nine academic majors and a prospective longitudinal study of one cohort of medical students assessed by inventory during their first pre-clinical year and by university examination at the end of each pre-clinical year. Subjects and methods: In 1997, a combined total of 785 students entered medical studies courses in five Flemish universities. Of these, 631 (80.4%) completed the NEO-PI-R …