March 2022

The NBS Research & Insights newsletter is an effort to demonstrate NBS thought leadership, as well as reflect the awards achieved and the latest research, covering a wide range of sectors and disciplines by our faculty.
Information Technology & Operations Management faculty wins at the Case Centre Awards and Competitions 2022
Co-authored by Assoc Prof Sia Siew Kien, ‘Fintech and Finance Transformation: The Rise of Ant Financial Services’ was an award-winning case in the Knowledge, Information and Communication Systems Management category at the 32nd Case Centre Awards and Competitions 2022. The annual Case Centre Awards and Competitions recognises worldwide excellence in case writing and teaching. This is the second award for Assoc Prof Sia Siew Kien and NBS, following a previous win in 2017.
Read his winning case...
Banking & Finance faculty wins best paper at the 2022 Midyear Meeting of the American Accounting Association
Assoc Prof Tao Chen’s paper titled ‘Competition Laws and Earnings Management: International Evidence’, co-authored with PhD student Jimmy Qu, was selected as one of the three best papers at the IAS Midyear Meeting this year, awarded by American Accounting Association.
Read about the Midyear Meeting...
Business Law faculty appointed as a subject matter expert in the Lexis Advance Annotated Laws of Singapore
Assoc Prof Hannah Yee-Fen Lim was appointed as a subject matter expert in the field of cybersecurity law & technology law by LexisNexis Legal and Professional. The Annotated Laws of Singapore is a new flagship collection of legal commentary on Singapore legislation written by legal experts. These explanatory notes provide analysis to the provisions contained in each statute.
Read more on Annotated Laws of Singapore...
Finance and Firm Volatility: Evidence from Small Business Lending in China
Tao Chen, Yi Huang, Chen Lin & Zixia Sheng - Management Science
Alibaba provides FinTech credit for millions of micro, small, and medium-sized enterprises. Applying regression discontinuity design to this data, this paper shows that credit access reduces firm sales volatility significantly.
How Resource Scarcity Influences the Preference for Counterhedonic Consumption
Haiyang Yang & Kuangjie Zhang - Journal of Consumer Research
This study shows how resource scarcity can degrade consumers’ sense of control, which in turn decreases their preference for counterhedonic consumption.
Does Board Demographic Diversity Enhance Cognitive Diversity and Monitoring?
Jun-koo Kang, Seil Kim & Seungjoon Oh - The Accounting Review
This paper explores how directors and boards with diverse qualifications have a range of problem-solving styles and unique perspectives, which increases firm value and effectiveness.
Investigating electronic word‐of‐mouth on social media: An eye‐tracking approach
Kang Yang Trevor Yu, Kim Huat Goh & Shota Kawasaki - Human Resource Management
This research investigates how individuals process electronic word-of-mouth (eWOM) information about jobs and employers on social media, providing insights into the cognitive processing of employers’ online profiles, and its implications for job search, recruitment, and employer branding.
Shareholder Withdrawal in Close Corporations: An Anglo-German Comparative Analysis
Alan K Koh - Journal of Corporate Law Studies
This article analyses German and UK ‘withdrawal’ law and suggests reforms to the UK regime based on German and Singapore law.
Habit and Automaticity in Medical Alert Override: Cohort Study
Le Wang, Kim Huat Goh, Adrian Yeow, Hermione Poh, Ke Li, Joannas Jie Lin Yeow, Gamaliel Tan & Christina Soh - Journal of Medical Internet Research
Prior literature suggests that alert dismissal in physicians could be linked to habits and automaticity. The evidence for this perspective has been mainly observational data. This study uses log data from an electronic medical records system to empirically validate this perspective and to quantify the association between habit and alert dismissal.
Evidence-Based Teaching for the 21st Century Classroom and Beyond – Innovation-Driven Learning Strategies
Kumaran Rajaram - Innovation-Driven Learning Strategies
This book equips readers with a deep understanding of the evolving and dynamic issues that need to be addressed in higher education and recommends the pedagogical frameworks and strategies to effectively engage future learners.
Know your risk profile and options available
The Straits Times - 6 March 2022
In an op-ed for a new column in The Sunday Times, Assoc Prof Angie Low answers questions from readers regarding financial literacy. She recommends that investors understand their risk profiles before exploring the optimal mix of assets that are available.
Minor Issues: Ask your kids before posting their pictures online
The Straits Times - 6 March 2022
In an op-ed, Adj Assoc Prof and NBS Advisory Board member Abel Ang addresses the motivations behind parents who post pictures of their children’s milestones on social media. “How much we share about our children could have a huge bearing on their digital futures, long after we have forgotten what we have posted online,” he says.
Higher prices for petrol, electricity and food: How Russia's invasion of Ukraine might affect people in Singapore
CNA Online - 3 March 2022
Families and businesses in Singapore might see prices of some goods rise amid Russia’s invasion of Ukraine. Assoc Prof Chen Tao says that the increase in petrol and electricity prices can be attributed partly to the “soaring price” of raw materials, including crude oil and natural gas. Additionally, demand for petrol and electricity continues to rise as the global economy recovers from the COVID-19 pandemic.
3 in 4 young Singaporeans feel under-compensated
CNA 938 - 1 March 2022
According to a survey by HR solutions agency Randstad, three in four Singaporeans aged between 18 and 24 feel they are not fairly or sufficiently rewarded for the skill sets that they have, causing them to seek other jobs. Assoc Prof Trevor Yu discusses this phenomenon.
Implicit Intelligence and Learning New Cultures
Psychology Today - 28 February 2022
Assoc Prof Krishna Savani studies how implicit intelligence – the ability to pick up complex patterns in the environment without trying to do so – helps people learn new cultures. One of the most surprising insights is that when it comes to learning cultures, a high IQ may sometimes hinder performance. “Culture is too complex, too nuanced to learn explicitly through guidebooks and lists of dos-and-don’ts,” he says.
Tax Impact
Money Mind, CNA - 26 February 2022
In a segment of this pre-recorded interview on taxes impacting the real estate market, Prof Boh Wai Fong explains why investors are pouring millions into virtual real estate in the metaverse.
Commentary: Cryptocurrencies have huge appeal despite holes
CNA Online - 26 February 2022
Assoc Prof Cindy Deng Xin gives her take on what lies ahead for cryptocurrency under the intense scrutiny of regulators everywhere. “Strictly speaking, cryptocurrencies, including the most popular two with the largest market capitalisation – Bitcoin and Ethereum – are not money because they lack the function of a store of value, which requires the value of money to remain stable over time,” she explains.
The risks of investing in cryptocurrencies
Money Mind, CNA - 25 February 2022
In a ‘live’ interview, Assoc Prof Hannah Yee-Fen Lim discusses what we should take note of before dipping our toes into the cryptocurrency pool. She also gives her views on bitcoin halving events, and whether they are an indicator of how its price will rise or fall in the future.
Sunseap to shelve IPO plans after S$1.1b buyout; Temasek sold all 12% of its stake
The Business Times - 24 February 2022
CEO of Singapore renewable energy company Sunseap Frank Phuan, confirmed that EDP Renewables’ acquisition means that its early investors have relinquished their entire stake in the company. Phuan and his fellow co-founder NBS alumnus Lawrence Wu now hold a 7 per cent stake – about half of what they owned before the acquisition.
Singapore’s “toothless” protectors: Are they effective in dealing with issues??
TheHomeGround Asia - 16 February 2022
In Singapore, non-governmental organisations that protect the welfare of employees, consumer interests, and animals lack enforcement or legislative powers. Assoc Prof Steven Ang, Assoc Prof Dennis Ong, and Asst Prof Charlene Chen discuss why it would not be fair to describe these organisations as toothless as legitimacy is not based solely on possessing enforcement powers.
Race to reduce Singapore F1’s carbon footprint a good start, but experts are mixed on its impact
CNA Online - 10 February 2022
The Singapore Formula 1 Grand Prix is embarking on a drive to be more sustainable. However, as the major sporting event takes place all over the world, it is not possible to eliminate emissions generated by logistics and transport completely, says Prof S Viswanathan, Director of the Centre for Business Sustainability. He adds that organisers could consider and evaluate a modal shift for transport to reduce emissions.
Cool Change: Benjamin Choy
The CEO magazine - 9 February 2022
After over a decade in corporate finance and investment banking, NBS alumnus Benjamin Choy was looking for a change when he joined Natural Cool as COO in March 2020 to steer the air conditioning company in a new direction. Today, he has become an empathetic, multifaceted, people-first leader driving the company’s digital transformation.
African SMEs need credit: FinTech to the rescue?
Business Day - 8 February 2022
In an edited version of this article first published by NBS NTU-SBF Centre for African Studies, Singapore, the author details the various challenges related to infrastructure and regulation for FinTech adoption in African SMEs, as well as some possible solutions.

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