Winston T. H. Koh

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This paper analyzes the question: what does it take for science parks and technology districts to evolve and grow? We propose an analytical framework to examine the gestation, evolution and sustainability of science parks and related but broader regional phenomena such as technology districts. The framework comprises three aspects of a science park’s(More)
This paper studies the impact of vehicle quota system on the market structure of Singapore s car distributorship industry. Using recently available data, we analyzed the populations and new registrations of different brands of passenger car and motorcycle. We found an increase in market concentration in the car distributorship industry, as the market shares(More)
This paper studies collective decision making in the context of a project selection model. We derive the optimal decision architecture when marginal decision costs are present, and investigate the circumstances under which the hierarchy and polyarchy exist as optimal sequential architectures. Our analysis extends previous results on optimal committee(More)
This paper studies the allocative efficiency of two non-price allocation mechanisms — the lottery (random allocation) and the waiting-line auction (queue system) — for the cases where individuals possess identical time costs (the homogeneous case), and where time costs are correlated with valuations (the heterogeneous case). The relative efficiency of the(More)
This paper provides an overview of the venture capital industry, and its development in Asia and Singapore. Venture capital plays an important role in innovation and economic growth. Indeed, the resurgence of the United States as a technology leader is intimately linked to the success of Silicon Valley. As Singapore enters the next phase of economic(More)
In this paper, we develop a specific observable symptom of a banking system that underprices the default spread in non-recourse asset-backed lending. Using three different data sets for 18 countries and property types, we find that, following a negative demand shock, the “underpricing” economies experience far deeper asset market crashes than economies in(More)
Real estate investments are typically characterized by high degrees of leverage and long loan tenures. In perfect capital markets, leverage has no impact on the investment decision apart from tax considerations. However, the mortgage financing market is imperfect in many countries. In the presence of market imperfections, an optimal holding period exists(More)
Hedge funds are collective investment vehicles that are often established with a special legal status that allows their investment managers a free hand to use derivatives, short sell, and exploit leverage to raise returns and cushion risk. We review various issues relating to the investment in hedge funds, which have become popular with high net-worth(More)