Swee-Sum LAM, Weina ZHANG and Gabriel Henry JACOB (2015). "The Mispricing of Socially Ambiguous Grey Stocks". Finance Research Letters, forthcoming.

Executive Summary: The study examines how stock market prices the stocks of socially ambiguous "Grey" firms. These are firms that are socially responsible in certain corporate social responsibility (CSR) dimensions while being socially irresponsible in the same or other dimensions. Using the firm data from 1992 to 2011, we find that the "Grey" portfolio earns an annual abnormal return up to 3.6% relative to other firms. We also find that "Community" and "Environment" sub-dimensions of CSR are the main drivers for the overpricing. Overall, our results imply that "Grey" firms are paid off for doing more socially responsible actions.

Swee-Sum LAM and Weina ZHANG (2015). "The Moderating Effect of Bureaucratic Quality in the Pricing of Policy Instability" China Finance Review International, forthcoming.

Executive Summary: This study examines how the Chinese interbank lending rate and its associated volatility are affected by financial market liberalization policies. The impact of government policy change is assessed through the borrowing cost of the economy. The research methodology in this study can be more broadly applied to evaluate the economic impact of investment-related decisions.


Rob John (2014). "Giving Circles in Asia: Newcomers to the Asian Philanthropy Landscape", The Foundation Review, Vol. 6: Iss. 4, Article 9.

Executive Summary: Giving Circles are a significant part of the American philanthropy landscape and have been the subject of academic study since 2004. They are important not only for raising funds for locally based, non-profit organisations, but also as a vehicle for donor education and socialisation. We know that giving circles exist outside of the US and Canada but little has been written about them. We report on initiatives in collective philanthropy in 7 Asian countries, including India and China, and suggest an initial typology. We profile examples of giving circles in 2 broad categories – models imported from the US and Europe; and indigenous models initiated within Asia. Both categories exhibit a wide range of characteristics, e.g. circle size, organisational structure, strategic partnerships and level of personal engagement by members. We argue that giving circles will become an important phenomenon in the growth of philanthropy in Asia and make recommendations that would promote their number and quality of impact.