Researchers in NUS Business School are experts in their individual areas and their work appear regularly in leading and prestigious publications. Below is a selection of research highlights.

 


Assoc. Professor
Marleen Dieleman

Balancing Stakeholder Interests at the Indonesian Railways
Marleen Dieleman

Abstract

The chief executive responsible for the Indonesian railways, a state-owned enterprise, is under pressure to show profits, but he also needs to balance widely diverging stakeholder expectations that include inexpensive transportation and excellent customer service. The government subsidizes the railway's passenger travel segment and has capped its fare prices, which has turned the railway's mainstay into a loss-making business. The chief executive wonders how to best trade off the different stakeholder expectations. He needs to develop a plan to present to the minister for State-Owned Enterprises.

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Assoc. Professor
Ruth Tan

Initial Public Offerings of State-Owned Enterprises: An International Study of Policy Risk
Swee Sum Lam, Ruth Seow Kuan Tan, Glenn Wee

Abstract

Policy risk, and not information asymmetry, explains the cross-sectional underpricing of privatized initial public offerings. The issuer governments of high policy-risk issues tend to retain a large equity stake and underprice more, with underpricing increasing in retained equity. While the issuer government's retained equity is an observable signal for policy risk, we find that the quality of a country's bureaucratic machinery is a more intuitive and practical measure of policy risk. Policy risk also explains the absence of a systematic relation between the initial returns on privatized and private initial public offerings.

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