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Vision, Mission, Values


Message from the Dean


Making an Impact


Stronger Ties with Industry


Governance, Organisation and Leadership


School Leadership


Attracting Top Faculty and Quality Research


Nurturing the Best and Brightest - Undergraduate Studies


Raising the Bar - Graduate Studies


Continual Learning - Executive Education


Career Services


Asia Centre for Social Entrepreneurship and Philanthropy


Centre for Asset Management Research and Investments


Centre for Behavioural Economics


Centre for Governance, Institutions and Organisations


Centre for Strategic Leadership


A Vibrant Community


Gifts - Making a Difference


Spreading the Word


Rankings 4













VISION VIS To be the leading business T usine school in Asia, globally recognised for excellence in education and research

MISSION To advance knowledge and develop leaders so as to serve business and society

VALUES Exce Excellence Integrity Innovation Teamwork Care



Shortly after I joined NUS in 2008, Lehman Brothers collapsed, igniting the global financial crisis. Four years on, the world economy is haunted by the Euro crisis. It has been one mega crisis after another while the centre of economic gravity shifts further and further eastwards. The world now counts on Asia to deliver sustainable growth. Yet, challenges remain: resource and talent constraints, difficult institutional development, uncertain productivity growth, and so on. In charting its future, Asia will have to make it on its own steam. It is a burden we share. We need to – and we want to – advance impact knowledge that influences practice, particularly in Asia. We want to be the place that nurtures students into leaders who make positive impact on business and society.

TEACHING NUS Business School plays an important role in society. Teaching is at the core of what we do. We have implemented many progressive changes. We must now press ahead with further meaningful changes to develop our students into effective leaders. In an environment where turmoil and uncertainty are the new norm, leaders charting Asia’s future must be able to understand global trends and developments and connect the dots to forge a path ahead, have the confidence to communicate, and motivate their teams to move forward. We are well known for imparting fundamental analytical skills to our students. We now must add critically important dimensions to our teaching. First, we must emphasise developing critical and integrative thinking skills in our students – the ability to distil essentials from the massive amount of information at their fingertips. Second, we should be critical of our own learning in the past and from the West and recognise that we are dealing with Asian contexts and cultures and thus develop our thinking and teaching within our Asian contexts and cultures.



Third, we must instil in our students a passion for creating ideas and the excitement of discovery and innovation. Fourth, we have to build their confidence to be decisive, and develop their business skills to connect and to communicate. Finally, and most importantly, as educators, we need to inculcate in our students the right values, a duty of care and a sense of responsibility to the community. To achieve the above, we will make the necessary investment in our faculty, curriculum, and out-ofclassroom activities to nurture our students' development. It is also critically important that our students respond in kind, internalise our mission and strive towards it.

RESEARCH NUS Business School has a deserved reputation for rigorous academic research and we have begun to be known for impactful research. To serve business and society we will push the latter forward, constantly asking ourselves why our research matters while maintaining our analytical rigour. That means we will continue our strong effort in faculty recruiting and development while actively engaging industries and public policy decision-makers -listening as well as speaking, learning as well as influencing while shaping and developing our ideas. Our research centres – the Centre for Asset Management Research and Investments; the Centre for Governance, Institutions, and Organisations; the Centre for Strategic Leadership; the Asia Centre for Social Enterpreneurship and Philanthropy; and the Centre for Behavioural Economics – will continue to serve as our bridges to business and industries, ensuring relevance and impact to society. Our business partners are valuable resources in this regard too. They provide us with valuable insights and opportunities to keep our research and teaching practical and relevant, in addition to being rigorous.

We recently launched Think Business, our own online showcase for our intellectual capital, positioning the School as an innovative thought leader. I urge all of us – faculty, staff, students and alumni – to support, contribute and help spread the word about these initiatives.

TEAMWORK We support, inspire and respect each other.



Any organisation’s outcome – especially that of a school – is only as good as its people. Effective and efficient operations are crucial and integral for us to deliver superior outcomes for every activity, event or programme carried out by the School. We will continue to build a strong and diverse operations team as caring facilitators and enablers who enhance the impact and benefits of our work. Working together as a team, we shall realise our vision to be the leading business school in Asia, globally recognised for excellence in education and research.

The School today is in the strongest position ever. The leadership of the University, our Management Advisory Board, the business community, students and alumni strongly support us. Due to our enhanced reputation, recruitment of our faculty has become more successful and so too is faculty development. Our research centres are building strong reputations as effective bridges amongst faculty, students and industry. Blue-chip companies collaborate with us. Recruiters value our students. Gaining admission to the School is more intense than ever. Our rankings put us among the top business schools in Asia and we are well recognised globally.

OUR VALUES Attaining our mission requires a strong culture built on fundamental core values. A Branding Council was tasked to distil these shared values. Drawing on extensive surveys, in-depth discussions and feedback from our stakeholders – faculty, staff, students, alumni – the Council has determined that the following values embody the current ethos that we share or aspire to live by. The School’s leadership agrees. I urge everyone to internalise and build on these values in their daily work:

CARE We support the growth and well-being of our community and environment.

Let us be grateful for our blessings and draw strengths from them to face the turbulent world. Let us together share those values and renew our sense of purpose to produce impact knowledge and analytical, caring, and enterprising business leaders to serve business and society. Let us together, Lead from Asia!


EXCELLENCE We are committed to delivering the best in teaching, research and service. INTEGRITY We uphold the highest standards of ethics and moral principles. INNOVATION We strive constantly for a better future.

Bernard Yeung Dean & Stephen Riady Distinguished Professor

Making an Impact


Dean Bernard Yeung on the role of the School in advancing knowledge and developing leaders.




We live in unprecedented times. An avalanche of disruptive forces, from technology and globalisation to demographics and climate change, are creating immense challenges for policy-makers, business leaders and entire communities the world over. Along with these challenges are opportunities too. For NUS Business School, the impetus to make a difference in a crisis-laden world is never greater.




to – “andWeweneed want to – advance impact knowledge that influences practice, particularly in Asia. We want to be the place that nurtures students into leaders who leave a positive impact on business and society. Dean Bernard Yeung

INSPIRING ENTREPRENEURSHIP Entrepreneurship, in transforming ideas into real ventures, has been well documented as a major driver of economic growth, new business formation and job creation. Both NUS Business School and NUS Entrepreneurship Centre have been in the forefront of promoting entrepreneurial learning and start-up efforts. Our faculty, students and alumni show that passion and the creative spark are very much alive, whether on campus or beyond.

Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission.

Source: The Straits Times 20 May 2012

Dubbed ‘Start-up Godfather’, Prof Wong Poh Kam (above) is the go-to man for advice on the tech start-up industry in South-east Asia. Prof Wong from the School’s Department of Strategy and Policy has championed entrepreneurship in various ways. He is the driving force behind: NUS Enterprise Centre which has StartUp@Singapore, a national nurtured numerous start-ups by the business plan competition University professors, researchers and students; Business Angel Network South-east Asia, a group of NUS Overseas Colleges in US, China, angel investors. India and Israel

During the year, the School co-sponsored Angel's Gate TV series, a weekly reality show aired around the region aimed at grooming aspiring entrepreneurs. Budding entrepreneurs pitched their business ideas to a panel of judges or 'Angels'. Adjunct Professor Sheila Wang (above) from the Department of Decision Sciences took part as guest judge while Assoc Prof Eric Tachibana from Department of Strategy and Policy was involved as an online judge. Among the participating entrepreneurs for funding from the Angels in Season One was Bryan Lee (2010 BBA Class) who pitched for his green energy-saving company, Intraix.

It was Prof Wong whom NUS student Audrey Tan turned to for advice and seed money. Both Audrey and fellow NUS student Lee Min Xuan (BBA Class of 2012, on left of picture) conceptualised and founded Playmoolah, which creates financial literacy online games for children.

Marcus Tan (BBA Class of 2011) and Quek Siu Rui (BBA Class of 2012) were part of a three-member team which walked away with the main prize at StartUp Weekend Singapore 2012. Given 54 hours to work on their promising ideas, the team used a smartphone application to create Carousell, a mobile-first social marketplace for buying and selling between peers. The winners now have the chance to pitch for seed money on Season 2 of Angel’s Gate.



With the emergence of China as a global economic powerhouse, understanding and engaging China are no longer an option, but an imperative. NUS Business School has been a pioneer in this area. Our Mandarin-language Asia Pacific Executive MBA (APEX), one of the region’s most established EMBA programmes, is going into its 16th year, while our Mandarin-language executive education programmes are on their 87th run. The School has stepped up its own China engagement efforts with innovative China-related initiatives and Chinese-language programmes. In addition to creating a China strategy team to map out efforts in this area, the School is also expanding and deepening its extensive, fast-growing alumni networks in China. Recent initiatives include: MASTER IN PUBLIC ADMINISTRATION AND MANAGEMENT (MPAM)

Offered jointly with Lee Kuan Yew School of Public Policy, the programme develops public sector leaders with a greater appreciation and capacity to deal with governance and complex policy issues, as well as critical challenges facing Asian countries.

Curriculum developers hard at work

ENRICHING INTELLECTUAL DISCOURSE Distinguished visitors, such as eminent scholars, social scientists, Nobel laureates, presidential advisers and regulators, add further richness to the continuing intellectual discourse at NUS Business School. PROF MICHAEL SPENCE This eminent scholar, Nobel laureate and recipient of many honours and awards, gave lectures on economics at the School. Prof Spence, whose scholarship focuses on economic policy in emerging markets, the economics of information, and the impact of leadership on economic growth, was chairman of the independent Commission on Growth and Development (2006 - 2010), a global policy group focused on strategies for producing rapid and sustainable economic growth and reducing poverty.



Twenty-three CEOs from China’s largest and fastest growing private sector industries converged on Singapore in March 2012 to share information and network with Singapore’s top policy makers, corporate leaders and asset managers. The two-day high-impact programme, organised by the School in collaboration with Huaxia Leading Minds, included a dialogue session with Prime Minister Lee Hsien Loong at the Istana.

When China was struggling to contain the deadly SARS virus back in 2003, it was Dr Yin Weidong, NUS Business School alumnus (APEX-Chinese MBA 2002) who led a research group to find a vaccine for the virus which triggered a global health scare. Undaunted by the high level of risk and cost, Dr Yin persevered in his quest to fight the disease.

Under his leadership, his company, Beijing-based Sinovac Biotech Co Ltd, had a breakthrough after a year of relentless research and developed the trial version of a SARS vaccine in May 2004. After a long and tedious process of clinical tests and trials, the first H1N1 vaccine was commercialised in 2009.

Prof Lam Swee Sum, Director of Asia Centre for Social Entrepreneurship & Philanthropy (ACSEP) and Dr David Seah, President of Asian Pastoral Institute, brought their collective academic and change management expertise – and passion – to bear on this three-year programme to develop community-based social entrepreneurs for some 2,000 communities in the Philippines. Supported by Singapore’s Temasek Foundation, the project comprised two phases – curriculum development and cascading the learning to the community. Adopting a novel multi-disciplinary approach and multiple iterative small group discussions, Prof Lam and Dr Seah guided the curriculum development process for a year. The 12 curriculum developers were drawn from four schools in Ateneo de Manila University (Management, Government, Humanities and Social Sciences) and Gawad Kalinga, a Philippine-based poverty alleviation and non-profit organisation. Ten case studies on social

Photo by Silv Malkmus

enterprises in the Philippines have been written to provide context for venture creation. The undergraduate module will be offered at two schools in Ateneo de Manila. As of March 2012, the curriculum adapted for Gawad Kalinga has been cascaded in three training programmes (7-10 days each) to 79 community leaders from Gawad Kalinga. After participating in the project, two community leaders received seed funding for their business plans, and one received accolades in the national media. Fostering Entrepreneurship for Sustainable Development Scan the QR code for a walkthrough of the programme for social entrepreneurship that is bringing change – and hope -to disadvantaged communities in the Philippines.



Prof Feldstein spoke at a forum organised by the Centre for Asset Management, Research and Investments (CAMRI). An economic adviser to businesses and government organisations in the US and abroad, Prof Feldstein was President Reagan's chief economic adviser (1982-84). In 2009, President Obama appointed him to be a member of the President's Economic Recovery Advisory Board.

At an NUS talk in October 2011, this authority on corporate responsibility and sustainable development spoke about ‘Breaking the Sustainability Barrier’. Prof Elkington is the founder of Volans and has authored 17 books and addressed over 500 conferences around the world.



Banker to the poor, father of microfinance, and Nobel Peace Prize laureate, Prof Yunus took part in a Social Business Forum organised by the Asia Centre for Social Entrepreneurship & Philanthropy (ACSEP) and NUS Enterprise Centre. Prof Yunus and Grameen Bank, which he founded, received the Nobel Peace Prize in 2006 "for their efforts through microcredit to create economic and social development from below”.

Prof Neoh, a former Chairman of the Hong Kong Securities and Futures Commission and Chief Advisor to China Securities Regulatory Commission, spoke on the outlook for the Chinese currency at the 4th Wee Cho Yaw Singapore-China Finance and Banking Forum organised by CAMRI. Currently, he is the Dean’s Visiting Professor at NUS Business School.

In addition, Dr Yin has dedicated his life to hepatitis research for more than 20 years, and was instrumental in the development of Healive (hepatitis A) vaccine in 1999, the first of its kind developed by Chinese scientists.

Dr Yin Weidong won the Annual Innovation Award in 2009 presented by China Central Television (CCTV), for his contribution to the battle against the H1N1 influenza pandemic. Source: Sina Finance



STRONGER TIES WITH INDUSTRY, DEEPER INTERACTIONS WITH THE WORLD The School actively engages with industry, the business community and international academic networks, ensuring topicality and relevance in its teaching and research programmes. These engagements take various forms at all levels, from involvement in strategies and our governance structure to advice on our curriculum, and from CEO dialogues to management internships for our students and international exchanges with partner universities. Throughout the past year, these engagements have broadened and deepened the School’s close partnerships with the business community and international partner institutions.

STRATEGIC RELATIONS The Strategic Relations unit, set up in mid-2011, enables the School to intensify its engagement efforts. It has paved the way for knowledge exchange, student internships, management practicums and research collaborations with major global and regional corporate partners. Partnerships sealed included those with Citibank, SAS, Eurocopter, Morgan Stanley and the World Bank Group. The collaboration with Citibank Global Transaction Services, for instance, involves faculty working with Citi’s senior executives on various research projects and co-authoring a series of articles in The Business Times, the leading local daily business newspaper. As well, the School is developing a joint curriculum on transaction banking to give our students relevant real-world insights.

These forums also serve as networking platforms for faculty, students, alumni, corporate partners and industry veterans to discuss the issues of the day.



School forums featuring: 1 Liew Mun Leong President & CEO, CapitaLand Group 4

It has spearheaded forums featuring prominent local and international business leaders such as Peter Seah of DBS Bank, Michael Zink of Citibank, William Fung of Li & Fung, Mochtar & Stephen Riady of Lippo Group, Makoto Kigawa from Yamato, Girija Pande from Tata and Liew Mun Leong of CapitaLand.



2 Peter Seah Chairman, DBS Group 3 Mochtar Riady Founder & Chairman, Lippo Group 4 Girija Pande Chairman, Tata Consultancy Services Asia Pacific


5 Makoto Kigawa President, Executive Officer & Representative Director, Yamato Holdings Co. Ltd




The School leadership actively seeks and acts on the counsel and advice of its Management Advisory Board (MAB) members, all of whom are business luminaries. Established in July 2009, the MAB meets every quarter to provide valuable guidance on the School’s strategies and work plans, as well as its inputs on the quality, relevance and rigour of the School’s education and programmes.

Executive Education saw strong growth in demand for its non-degree programmes, reaffirming NUS as a choice destination for management and leadership development. Particularly gratifying was the continued growth in Chinese-language programmes, as well as programmes conducted overseas, and new initiatives involving high-powered workshops for CEOs and top officials in the region (see page 18).

Lending his immense breadth of industry knowledge and deep global experience, Dr William Fung, Group Chairman of global consumer goods supply-chain leader Li & Fung Ltd, joined the MAB in July 2011 (more on MAB on pages 8-9).



William Fung on China and Supply Chains Scan the QR code to hear what Dr Fung has to say about tapping mainland China’s consumer market and the shift in global supply chains.

RESEARCH CENTRES, BOARD AND ADVISORY COUNCILS Although operations were established from 2010 onwards, our research centres have gained credence from industry players. The past year has been particularly busy with new corporate partnerships, research collaborations and student projects. Numerous academic conferences, industry seminars, dialogue sessions were also held with inspiring and influential leaders sharing insights and their perspectives on global and Asia-specific issues (see pages 20-29).

The centres’ Advisory Councils (AC) comprising prominent industry members, continue to provide vital links to the business community. Various AC members have participated as speakers, panellists at our centres’ forums and have served as mentors, sponsors and advisors to our students. In some cases, board and AC members have also provided funding support for the centres’ research, training and educational programmes and activities.

The School continues to retain and reflect the highly international flavour and outlook of its faculty, academic programmes, and research agendas, as it forges ahead to develop, and leverage on its world-class faculty. Strong international demand for our programmes was also evident in our student population with more than 90 per cent of postgraduate students coming from overseas. Half of our undergraduate and MBA students attended semester-long or short-term summer exchange programmes with our over 120 partner universities. Students also made numerous overseas study trips to major corporations, and

participated in case competitions worldwide with many teams winning top placings (see pages 14-17).

INTERNATIONAL RELATIONS To better manage, engage and build on the School’s growing academic partnerships, an International Relations (IR) unit was set up in August 2011. The office serves as a focal point for international partnerships, linkages, exchanges and activities with major academic institutions around the world. Adding on the School’s current extensive ties with top universities in North America, Europe, Asia and Australia, the School joined the Global Business School Network (GBSN) in 2011, a new grouping of major business schools spearheaded by Yale School of Management.

KNOWLEDGE PORTAL Think Business, the School’s online knowledge portal was launched in April 2012 to support and promote the School as a thought leader in business education. Reaching out to the broader community, it features videos and features, commentaries, analysis by faculty, and visiting academic and industry leaders from Asia and around the world.





Mr S Dhanabalan The School has a Management Advisory Board (MAB), comprising senior business leaders and ex-public officials appointed by the NUS President to guide and review the School’s performance. Established in July 2009, the MAB meets every quarter to provide valuable guidance on the School’s strategies and work plans, and its inputs on the quality, relevance and rigour of the School’s education and programmes. In addition, as an advocate for the School, it assists and promotes the School in building its reputation and advises the School on its plan for fund raising and utilisation.

Chairman, Temasek Holdings (Pte) Ltd Member, Council of Presidential Advisors Member, Presidential Council for Minority Rights Alumnus, NUS


The MAB members, led by Mr S Dhanabalan, Chairman of Temasek Holdings and an NUS alumnus, were re-appointed for a fresh two-year term from July 2011. The MAB bench was further strengthened with the addition in July 2011 of a new member, Dr William Fung, Group Chairman of Hongkong-based global consumer supply chain group, Li & Fung. Under the guidance of the MAB and the leadership of the Dean, the School has been growing quickly, so much so that the School deemed it necessary to appoint a full-time professional. Mr Tay Kuan Ming joined the School as Associate Dean (Administration) in July 2012 with a mandate to take the School to the next level of operational professionalism.


Mr Hsieh Fu Hua Chairman, Fullerton Fund Management Company Chairman, Stewardship & Corporate Governance Centre President, National Council of Social Service Independent Non-executive Director, United Overseas Bank, Tiger Airways, ICAP plc Co-Founder & Adviser, PrimePartners Group of Companies Deputy Chairman, The National Art Gallery of Singapore Alumnus, NUS Business School Honorary Chairman, Securities Investors Association (Singapore)



Dr William Fung

Ms Euleen Goh

Mr Hsieh Tsun-Yan

Group Chairman, Li & Fung Ltd Independent Director, Singapore Airlines Ltd Independent Non-executive Director, Shui On Land Ltd, Sun Hung Kai Properties Ltd, The Hong Kong and Shanghai Hotels Ltd & VTech Holdings Ltd

Non-executive Chairman, Singapore International Foundation Non-executive Board Member, Aviva plc, Singapore Airlines Ltd, CapitaLand Ltd & DBS Group Holdings Ltd and DBS Bank Ltd Chairman, Singapore Chinese Girls' School & Board of Governors of NorthLight School Adviser, Singapore Institute of International Affairs

Chairman & Lead Counsellor, LinHart Group Independent Director, Sony Corp, Bharti Airtel Ltd, Singapore Airlines Ltd & Manulife Financial Governor, Singapore International Foundation Provost’s Chair Professor of Management, NUS Business School Adjunct Professor of Leadership, Lee Kuan Yew School of Public Policy Member, Institute of Policy Studies Academic Panel

Mr Liew Mun Leong

Mr Tan Soo Jin

President & CEO, CapitaLand Group Chairman, Changi Airport Group (Singapore) Pte Ltd Non-executive Director, Singapore Exchange Ltd & Singapore China Foundation Ltd Member, National Productivity and Continuing Education Council, Governing Council of Human Capital Leadership Institute, Centre for Liveable Cities and Board of Trustees of Chinese Development Assistance Council Distinguished Honorary Member, Securities Investors Association (Singapore) Board Member, Surbana Corporation Pte Ltd Alumnus, NUS

Partner & Director, Amrop Hever Group/ Gattie-Tan Soo Jin Management Consultants Pte Ltd Governing Council Member, Singapore Institute of Management Executive-in-Residence, NUS Business School



Temasek Holdings chairman and former long-serving Singapore cabinet minister S Dhanabalan shares lessons on leadership from his 50-year long career as a civil servant, politician, banker and corporate chief.




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Assoc Prof Trichy V. Krishnan Vice-Dean PhD & Research Tay Kuan Ming Associate Dean Administration

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Assoc Prof Hum Sin Hoon Deputy Dean

Prof Bernard Yeung Dean

Assoc Prof Susanna Leong Vice-Dean Graduate Studies Assoc Prof Chng Chee Kiong Vice-Dean Undergraduate Studies


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3 2 8 4


Centre for Behavioural Economics (CBE)


Prof Ho Teck Hua Director

Centre for Asset Management Research & Investments (CAMRI)

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Prof Joseph Cherian Director

Asia Centre for Social Entrepreneurship & Philanthropy (ACSEP)

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Assoc Prof Audrey Chia Co-Director

Assoc Prof Lam Swee Sum Director

Centre for Strategic Leadership (CSL)

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Assoc Prof Darren Hanson Executive Director

Prof Richard Arvey Director

Centre for Governance, Institutions & Organisations (CGIO)

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Dr Marleen Dieleman Associate Director

Prof Chang Sea-Jin Executive Director


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Prof Teo Chung Piaw Decision Sciences

Assoc Prof Anand Srinivasan Finance


Assoc Prof Lee Yih Hwai Marketing

Prof Richard Arvey Management & Organisation

Assoc Prof Ho Yew Kee Accounting

Prof Lim Chin Strategy & Policy (Not in picture)

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Stuart Pallister Director Corporate Communications Nigel Yeung Director Executive Education

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Ng Pheck Choo Director, Global Alumni Network Office Interim Director, Development Office

Joan Tay Director, Career Services & Strategic Relations Dr Helen Chai Assistant Dean & Director, Undergraduate Programmes


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Azmi bin Salleh Senior Assoc Director Facilities & Operations Phyllis Kum Deputy Director Finance & Administration

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Chua Nan Sze, Marie-Antonie Director Graduate Studies Lim Yue Wen Director International Relations

Simon Woo Assoc Director IT & Multimedia - 11 -


ATTRACTING TOP FACULTY AND QUALITY RESEARCH The School promotes and encourages a vibrant teaching and research environment. This is evident in the significant investment that has gone into new faculty hires, modern facilities, state-of-the-art laboratories and strong support for research and case studies.

decade has been highly successful. This is reflected in the increasing number of publications in top-tier academic journals by our faculty and their research productivity, which rank amongst the best in the region and are comparable to reputed business schools in North America and Europe.

increased by 25% in the same time period. Our ability to attract topnotch faculty and visiting academics attests to our rising reputation. Since the start of 2011, 22 new faculty hires have joined the School, bringing the total to 168, representing over 24 nationalities, as of May 2012.

Along with the rest of the NUS, the continuing transition from primarily a teaching-oriented institution to a teachingcum-research-intensive school over the past

The annual publication rate in the prestigious tier-1 journals and tier-2 journals has doubled in the past five years, and the annual overall publication rate has

Adding ballast to our research imperative, the School’s five research centres or “peaks of excellence” act as intellectual hubs for students, faculty,




The first research centre devoted exclusively to Behavioural Economics in Singapore.

Founded to pioneer research on leadership values and competencies critical in building and shaping strategies for Asia’s growth.


A resource and knowledge hub, acting as a bridge between those who have the ability and desire to do good and those in need. ............................................

CENTRE FOR ASSET MANAGEMENT RESEARCH & INVESTMENTS (CAMRI) A world-class centre for research, education, focusing on the practice of asset management using state-of-the-art facilities, resources, data, and software applications.


CENTRE FOR GOVERNANCE, INSTITUTIONS & ORGANISATIONS (CGIO) An intellectual hub promoting sustainable development of Asian societies and economies through thought leadership in areas of governance, institutions and organisations.

business, government, and non-governmental organisations to come together to explore and debate the issues and challenges of the day. Through courses, research projects, industry collaboration and student outreach, these centres are set to stimulate thought leadership, disseminate knowledge, as well as translate research into managerial insights for industry.


ACSEP CAMRI CBE CGIO CSL More details on research centres on pages 20-29.

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NEW HIRES – FACULTY A total of 22 new faculty hires joined us since January 2011.





Esther Bay Teo Chee Kiang Oliver Zhen Li Aimee Shih

Professor (Practice) Professor (Practice) Professor Assistant Professor

Sumit Agarwal Luis Filipe Goncalves-Pinto Jumana Zahalka David Mitchell Reeb

Associate Professor Assistant Professor Senior Lecturer Visiting Professor

Ho Teck Hua Ganesh K Iyer Lee Whee Chuen Leonard

Tan Chin Tuan Centennial Professor OSIM Visiting Professor Visiting Associate Professor

Remus Ilies Hsieh Tsun-Yan Amy Yi Ou Hanson Darren Neil

Professor Professor (Practice) and Provost’s Chair Assistant Professor Visiting Associate Professor

Markus David Taussig Sampsa Patrikki Samila Peter Jacob Zeitz Vivek Tandon Huan Li Yueh Julie Gong Jie

Assistant Professor Assistant Professor Assistant Professor Assistant Professor Senior Lecturer Visiting Assistant Professor

Dennis William Cheek

Visiting Professor






Huang Yu Chen

NUS PhD programme is “ The demanding and challenging, but intellectually rewarding... ” Huang Yu Chen Department of Marketing

Yan Zheng

have an enormous “ We sense of achievement and excitement through our own research findings.

Yan Zheng Department of Strategy & Policy

As of May 2012.

expands the horizon of “ Research knowledge and stimulates learning with the new perspectives it provides. The analytical rigour of the research must withstand the scrutiny of peer reviewers, and the fact that our faculty research is published in top-tier journals shows that our research is recognised internationally for its quality. Ho Yew Kee Associate Professor Head, Department of Accounting

is relevant to policy-makers “ Research and the general public. The research in finance focuses on problems that are relevant and are analysed in a rigorous manner. For example, an article published by one of our faculty members and her co-authors led to an invitation for her to present the research findings at several regulatory organisations.

RESEARCH PRODUCTIVITY Tier 1 & Tier 2 publications by our faculty (in print and accepted) FACULTY DEPARTMENT








Decision Sciences








Management & Organisation











Strategy & Policy

August 2010 - April 2012

Anand Srinivasan Associate Professor Head, Department of Finance

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NURTURING THE BEST & BRIGHTEST UNDERGRADUATE STUDIES Reflecting the School’s reputation for solid, distinctive and practical business education, applications for our Business Administration and Business Administration (Accountancy) undergraduate programmes hit a record high, resulting in the best ever application pool in the School’s history. Local applicants offered places in the School’s undergraduate programmes were straight A (AAA/A for GCE A-level) students at both the 10th and 90th percentiles, while the indicative grade profile was 3.79 to 3.82 for Polytechnic applicants.

Undergraduate enrolment totalled 2,300 for Academic Year 2011/12, including freshman intakes of 457 and 172 students for the BBA and BBA (Accountancy) Degree courses respectively. For NUS Business School and our students, the focus is clearly on building firm foundations for business leadership, and more. In addition to core modules in analytics, functional knowledge and leadership, students are empowered to explore the many, varied learning experiences offered by the School, and other NUS faculties. Students can also opt for hundreds of internships and exchange places available through the School’s corporate partnerships or any of our partner universities.

HIGHLY SOUGHT AFTER: Twice a year, some 300 students get to spend a semester with one of over 200 partner universities. Overseas modules are incorporated into the degree requirement.

BBA students on an Ayutthaya Cultural Trip, Thailand.

NUS Overseas Colleges in: Silicon Valley, partnering Stanford University

Stockholm, partnering Swedish Royal Institute of Technology

Bio Valley, partnering University of Pennsylvania and Wharton Business School

Bangalore, partnering Indian Institute

Shanghai, partnering Fudan University

Beijing, partnering Tsinghua University Israel


From students to highly-soughtafter professionals Taking care of every detail. Scan the QR code for highlights of the grooming process by the School’s Career Services office.

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Sectional teaching in progress


A FULL LIFE From sports, start-ups, special interest groups to pursuing social causes, there is no shortage of activities to engage and enrich the NUS student.


: Champion’s Trophy Case Competition, Auckland, New Zealand (Champion’s Trophy and People’s Choice Award)

1st Runner-up

: CaselT 2012, Canada


: 12th Annual Navigant-McIntire Case Competition, USA


: CBS Case Competition 2011, Denmark


: USC Marshall Real Estate Case Competition 2011, USA


: Ernst & Young Singapore Business Case Competition, Singapore


: NUS CSRSM: Holcim CSR Case Study Competition 2011, Singapore

2ND RUNNER-UP : Inter-Collegiate Business Competition, (BUSINESS POLICY) Canada 2ND RUNNER-UP

: CaselT 2011, Canada


: 13th Inter-Collegiate Finance Competition (ICFC), Philippines

BBA teams excel in case competitions around the world


Lim Heem Wei, national gymnast

Jasmine Ser, national shooter

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RAISING THE BAR GRADUATE STUDIES Our postgraduate degree programmes are valued for their academic rigour, for inculcating business discipline and stimulating innovative thinking. In its continuing efforts to raise the bar, the School conducted a comprehensive review of its MBA programmes. Completed this year, the recommendations covering curriculum, pedagogy and service delivery, will be implemented progressively over the next two years.

International recognition has reaffirmed our approach. The NUS MBA programme was placed 23rd in the prestigious Financial Times 2012 rankings. More pertinently, within Asia, we are among the clear leaders. Well-regarded surveys also placed us highly for education experience, global mobility, international experience, and post-graduation salary increase. In terms of MBA graduates most favoured by employers, we were the leader in Singapore, and within the top three in Asia.











KEY STATISTICS ACADEMIC YEAR 2011/12 The NUS MBA (full-time / part-time) Double-Degree MBA (with Peking University; 3 HEC Paris; S Asia MBA with Fudan University and Korea University; and MPP/MPA with Lee Kuan Yew School of Public Policy) Average GMAT (full-time MBA)





Jaimin Shah The NUS MBA Class of 2010

575 MBA TEAMS FROM OVER 100 BUSINESS SCHOOLS BATTLE IT OUT AT CEREBRATION 2011 Scan the QR code to find out more about the world’s biggest business plan competition.


Cerebration 2011 overall winner: Team HarryHans from London Business School

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The China trip was a great eye opener for me… we had heard about China from our Chinese classmates and read about it in the various modules but experiencing China first hand was a completely different ball game.





Our Executive MBA programmes continue to expand their geographic reach and alumni networks, reflecting our ability to meet demand and deliver a quality curriculum that addresses the challenges of doing business in Asia. During the year, new study venues – in Seoul, Tokyo and Melbourne – were added to the residential study segments in our Asia-Pacific Executive (APEX) MBA programme. Comprising two-week stints every quarter, these residential segments provide direct exposure to business in Asian economies such as Singapore, China, India, Indonesia, Vietnam, Taiwan and the Philippines.

MAKING A DIFFERENCE, ONE ICE CREAM AT A TIME APEX MBA students (Intake 20) presenting their catch of the day to Dean Bernard Yeung. For their Innovation Management & Entrepreneurship module in June 2012, they were given a challenging assignment: raise as much money in three and a half hours by selling ice-cream. The 32 students were divided into five groups with each receiving $100 in seed money. With nothing else but their combined knowledge, skills and extensive network to leverage on, the five teams combed the streets and returned with S$24,511. The monies raised were donated to various NUS funds.

The well-established APEX MBA programme, now in its 21st run, was placed among the best 19 EMBA globally in the latest Financial Times ranking exercise. In the same EMBA FT rankings, the UCLA – NUS Executive MBA was ranked 9th globally.








UCLA – NUS Executive MBA 8th Intake participants with Chetan Maini, founder of Mahindra Reva Electric Vehicle Company, during a visit to the company factory in Bangalore, India in February 2012

Singapore 40%

Americas 6%

Asia 35%

Argentina / Canada / Mexico / Peru / United States

Brunei / China / India Indonesia / Japan / Korea / Malaysia / Philippines / Sri Lanka / Vietnam

Among our more innovative offerings is the Masters in Public Administration and Management (MPAM) programme to train leaders capable of dealing with complex multi-dimensional policy issues. Conducted in Chinese, it is jointly offered by Lee Kuan Yew School of Public Policy and NUS Business School. A total of 77 students from the 2nd cohort celebrated their commencement in July 2012.

Oceania 4% Australia / New Zealand

Europe 15% Denmark / France / Germany / Holland / Ireland / Italy / Norway / Switzerland / United Kingdom

MPAM 2013 Intake – including government officials from 18 provinces across mainland China

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CONTINUAL LEARNING Since 1981, NUS Business School has offered a comprehensive portfolio of innovative executive education and business development programmes in Singapore to more than 25,000 managers and senior executives

from over 80 countries. This year, executive education enrolment rose 19 per cent, and revenues by 25 per cent. In the last three years, programme days have grown 184 per cent, reflecting the global repositioning of staff,

talent, leadership building and development initiatives in Asia by our client partners. Our ability to deliver senior-level programmes in both native English and Chinese mirrors our clients’ needs to develop their leadership

ranks in major Asian markets effectively. The pioneering Mandarin General Management Programme is now in its 87th run!

INAUGURAL WORKSHOP FOR PRESIDENT EXECUTIVE CLUB The School has conducted programmes such as an inaugural two-day workshop in February 2012 for the President Executive Club (left). In this workshop, Indonesian national business and government leaders shared information and engaged with each other and industry experts on the issues and challenges of public–private sector cooperation on infrastructure development in Indonesia.



3,500 executive participants in FY 2011/12

50 programmes customised for 45 corporations in the 12 months ending March 2012

INAUGURAL WORKSHOP FOR PROGRAMME FOR LEADERSHIP IN UNIVERSITY MANAGEMENT (PLUM) The School was a facilitator for the Programme for Leadership in University Management (PLUM), which aims to build capacity in higher education leadership. A partnership between NUS and Temasek Foundation, the programme was attended by 56 deans and university presidents from universities in the Philippines, Indonesia, Thailand, Cambodia, Brunei, Malaysia and Vietnam.

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The NUS Summer Institute for Business Management was launched this year, attracting local and international participants. The two-week-long programme offers broad exposure to managing and doing business in Asia.

FT EXECUTIVE EDUCATION RANKINGS The School also made its debut in the Financial Times Executive Education rankings in May 2012, one of only four Asian institutions to be ranked. Globally ranked 64th and 67th for the open enrolment and customised categories respectively, the School fared well in several areas including repeat business and growth, faculty diversity and proportion of international clients.


CAREER SERVICES A critical touch-point between students and corporate recruiters, Career Services’ engagement with our students begins the moment they start their studies through to graduation. We develop the skills the students will need as they embark on their careers through a comprehensive career enrichment and development programme. We also keep them informed of opportunities in the job market through daily alerts.

Career Services matches our students' talents with the needs of corporate recruiters from a wide range of industries. Leveraging on the School’s extensive business networks, Career Services facilitates and enhances the employability of our students in a highly competitive job market. This is achieved through a variety of activities throughout the year, including internships, on-campus corporate recruitment, industry forums, career workshops and networking events. NETWORKING EVENTS


Networking events organised by Career Services created opportunities for students to interact with recruiting partners. In 2011, Relazione, an annual BBA networking event, brought together undergraduates from the class of 2012 and representatives from diverse industries.


Virtually all our students had internship stints, allowing them to apply classroom learning to the real world. All BBA (Accountancy) students had internships with the ‘Big Four’ and other major accounting firms while 92 per cent of BBA students had a taste of working life in a variety of industries. A good majority of our MBA 2012 class also undertook summer and part-time internships during the course of the year. Company visits were also organised for students to engage directly with business managers and understand their businesses. Companies visited included DBS, McKinsey & Company, Microsoft Asia Pacific Operations Centre and Google.

Relazione 2011 gave me plenty of time to engage with recruiters. I would strongly recommend it to my peers.

Erwin Susanto (BBA Class of 2012)

Career consultant preparing students

More than 100 career development workshops were held during the year. From developing their career aspirations to preparing for that all-important interview, students get tips and advice from career counsellors, as well as external consultants and industry experts.

ON-CAMPUS RECRUITMENT Career Services hosted 174 recruitment presentations, industry forums and networking sessions.

The role-play gave me critical “insights: how to prepare for a case interview; the key competencies that recruiters look for. The trainer provided a very clear, structured framework.

Aidan Ang (BBA Graduating Class of 2013) who attended the workshop: “Succeed at Your Case Interview”

NUS MBA Evening with Consultants

The annual industry-wide MBA networking event, Connexions, saw more than 50 firms and over 140 students take part. Career Services also hosted monthly industryspecific events, such as Technology Night, Finance Happy Hour and Evening with Consultants. The NUS MBA Finance Night was “ really impressive! Good recruiter

Students turned out in full force for a recruitment presentation by global management consulting firm Oliver Wyman

and alumni turnout, representing various bulge bracket firms.

John Yip (MBA Class of 2012)

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ACSEP’s goal is to be a resource and knowledge hub, providing a bridge between those who want to do good and those in need. It aims to achieve this by advancing the understanding and impactful practice of social entrepreneurship and philanthropy throughout Asia via research and education.

A strong sense of purpose and passion is palpable at ACSEP as it presses ahead in building understanding and capacity in the sector. Important as it is to promote initiatives for the greater good, it is just as critical that our

students, corporate partners and community are inspired to act. The need has never been greater, but so too are the opportunities. A new generation of Asian entrepreneurs, business leaders, and leaders

from other sectors is increasingly seeking opportunities to leverage its wealth, contacts, insights, and passion to address pressing social concerns throughout the region.

STIMULATING THOUGHT HIGHLIGHTS ACSEP'S 1ST ANNIVERSARY Using data from the Edelman Trust Barometer 2012 and the 2012 Edelman good purpose study, Bob Grove, Managing Director for Edelman Southeast Asia, discussed the potential of embodying social purpose into businesses. (May 2012)

Bob Grove, Managing Director, Edelman SEA, delivered a talk on “Trust: Impact on Business, NGOs & Consumer”.

DONATIONS AND GRANT-MAKING ENTITIES IN SINGAPORE, a landscape study by Prof Lam Swee Sum, ACSEP Director, presented at the inaugural meeting of Philanthropy Roundtable, National Volunteer & Philanthropy Centre (NVPC) in November 2011.

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ACSEP CONVERSATIONS IN PHILANTHROPY SERIES Paul Brest, President and CEO of William and Flora Hewlett Foundation, speaks about “Approaches to grant-making and lessons for Asian philanthropists” in an interview with ACSEP Visiting Prof Dennis Cheek. (October 2011) SOCIAL BUSINESS FORUM FOR CORPORATE LEADERS WITH PROF MUHAMMAD YUNUS, Nobel Peace Prize laureate. This event was co-organised with the NUS Entrepreneurship Centre (NEC) as part of Social Business Week. (February 2012)

SUSTAINABLE BUSINESS PRACTICES Not Business As Usual A forum organised by AkzoNobel and supported by ACSEP on the new rules of business leadership and the importance of incorporating sustainability in the corporate agenda. (August 2011)

MUHAMMAD YUNUS: THE POWER OF SOCIAL BUSINESS Scan the QR code for a video interview with the microfinance guru as he talks about the power of social business and human creativity in overcoming the world's biggest problems.



INSPIRING ACTION Here are some of the initiatives spearheaded by ACSEP during the year. LAM SEE CHIEW SCHOLARSHIP – A $100,000 grant to fund an annual scholarship for an incoming MBA student who has set up, or has been working in social enterprises, grant-makers and foundations in Asia, and who wishes to improve his/her knowledge of market-oriented practices so he or she can be more effective in subsequent social change pursuits. CURRICULUM ON SOCIAL ENTREPRENEURSHIP The centre has adapted for Gawad Kalinga, a Philippines-based non-profit community organisation, a curriculum on social entrepreneurship. This has been rolled out in three training programmes aimed at developing 79 community leaders. Two leaders have since received seed funding for their business plans.

STUDENT FIELD SERVICE PRACTICUMS FOR THE NON-PROFIT SECTOR These are consulting practicum opportunities for students to synthesise their business skills when assisting corporations to fulfil their mission. They include: • Independent Charity Analysis for National Volunteer & Philanthrophy Centre (NVPC) • Online Resource Centre – Singapore for NVPC • Online Resource Centre – Asia for NVPC

NEW MBA COURSE on Socially Conscious Business 24/7 commenced in May 2012. This module addresses how social considerations can be embedded into business strategies, value chains, functions and processes. NEW BBA MODULES on Social Entrepreneurship and Business with a Social Conscience launched in January 2012 with students cutting across various disciplines, faculties and programmes.

• Non-Profit Sector Career Guide for ACSEP

The first batch of Gawad Kalinga (GK) trainers and community leaders who completed the train-the-trainer programme on Entrepreneurship for Sustainable Development developed by the NUS-Ateneo-GK curriculum writers.

NUS Business School students Lim Jun Peng Benjamin and Puah Jia Wei (above in red t-shirts) hard at work on a practicum assignment with a Gawad Kalinga community in the Philippines.

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FULL STEAM AHEAD Centre for Asset Management Research and Investments (CAMRI)

A world-class centre focusing on research, education, and practice of asset management, using state-of-the-art facilities, resources, data, and software applications.

It was full steam ahead for CAMRI in Academic Year 2011/12 as it translated a jammed-packed agenda into reality. From applied research and roundtable forums for corporates and finance executives, to courses, global competitions

and students consulting practicum projects with investment firms. The centre’s direct interaction and integration of applied theory and practice have benefited stakeholders, as well as faculty and students. In particular,

CAMRI continues to champion best practices and experiential learning in the field of Asian asset management, especially through the launch of Asia’s first Student Managed Fund.

4TH WEE CHO YAW SINGAPORE-CHINA FINANCE & BANKING FORUM: INTERNATIONALISATION OF THE RENMINBI The discussion revolved around the Chinese currency’s increasing international position as a potential reserve currency for trade and financial transactions. The forum also explored the currency‘s offshore status and the different financial centres’ roles, as well as the regulatory issues involved (June 2012). PUBLIC LECTURE ON THE FUTURE OF THE INTERNATIONAL MONETARY SYSTEM In an extremely well-attended public lecture, Professor Eswar Prasad (bottom left) of Cornell University discussed the outlook for currencies, particularly in key emerging markets in the context of the shifting global economic order (June 2012).

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FAILING ASSET CLASSES Professor Yacine-AïtSahalia (below) of Princeton University, shared his thoughts on “When All Asset Classes Can Fail Together” (August 2011).

FUNDING ENTREPRENEURIAL GROWTH IN ASIA The CAMRI and Singapore Venture Capital and Private Equity Association (SVCA) jointly organised a panel discussion and networking session on this issue (October 2011).


FOCUS ON ASIA: HIGHLIGHTS 3RD NUS ASIAN MBA STOCK PITCH COMPETITION This is an annual competition where MBA students from top Asian universities test their equity research and stock-picking skills (March 2012).

2ND NUS-CORNELL APPLIED RESEARCH FORUM in Asian Asset Management (March 2012), which included topics as wide-ranged as financial regulation, family offices and wealth management, and the investment outlook in Asia.

THOUGHT LEADERSHIP @ CAMRI On the centre’s website, one can find its outlook series on markets, economies, issues and asset classes, with a focus on Asia.

NEW INITIATIVES: MORGAN STANLEY PARTNERSHIP During the year, CAMRI signed a three-year partnership with Morgan Stanley. With this partnership, the School has direct access to Morgan Stanley’s business units such as investment management, wealth management, private equity, corporate finance, risk management in terms of guest lecturers, speakers, competition judges and student consulting practicum projects.

STUDENT MANAGED FUND This is an embodiment of CAMRI’s Track in Asset Management which encompasses investment management classes and hands-on experiential learning in the CAMRI Lab. Students will participate in all aspects of live portfolio management such as quantitative and fundamental analysis, trading, operations, compliance, and risk management. It will also provide them with a holistic experience to applied research at CAMRI.

CAMRI Director Prof Joseph Cherian and students in CAMRI Investment Management & Trading Lab

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As the first research centre exclusively devoted to Behavioural Economics (BE) research in Singapore, this centre aspires to be a leading research hub using emotive and cognitive factors to understand and predict important economic decisions of individuals and institutions and their effects on market behaviours.

Set up in 2011, the centre aims to develop thought leadership in behavioural economics and publish research in the most prestigious journals in economics, business, and psychology.

To achieve these goals, the centre will focus on two main activities: • To rigorously test standard economic theories and develop formal extensions that will make

them more predictive; • Induce positive behavioural change in order to increase social welfare and inform and influence people to adopt good behaviours.

RESEARCH AGENDA BEHAVIOURAL GAME THEORY This research programme rigorously tests standard models of game theory and documents systematic empirical regularities that either support or reject these models. A primary goal is to develop formal extensions of the standard models so that they can be more predictive of actual behaviours in social interactions. CBE is particularly interested in social interactions where emotion and fairness concerns are important in shaping strategic behaviours.

SCIENCE OF BEHAVIOURAL CHANGE This research programme conducts field experiments to induce positive behavioural change among rational people. A primary goal is to develop low-cost but innovative field interventions that will lead to positive long-term outcomes. CBE is particularly interested in areas where individuals fail to exert self-control and exhibit loss aversion (e.g. exercise, diet, and drug regimen).

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BEHAVIOURAL POLICY ANALYSIS This research programme collects large-scale panel data sets to analyse individual consumption and investment behaviours over time. A primary goal is to develop dynamic and structural models of individual behaviours so that policy makers can conduct what-if analyses on alternative policy options. CBE is particularly interested in situations where individuals must adjust their behaviours due to external shocks (e.g. economic recession, loss of jobs, etc.).


ONGOING LABORATORY EXPERIMENTS THEORY TESTING Laboratory experiments in CBE offer causal insights about human decision-making. Emotional Agency and Happiness Peer-induced Fairness in B2B Pricing Contracting Strategic Transmission of Performance Feedback

ONGOING FIELD EXPERIMENTS INDUCING POSITIVE BEHAVIOURAL CHANGE Field experiments examine interventions in the real world to understand the causation and predictivity of people’s behaviour.

RESEARCH SEMINARS AND SUMMER INSTITUTES INFORMING AND INFLUENCING THE PUBLIC These introduce graduate students and beginning faculty to the methods and findings of behavioural economics. The Annual “Asia Summer Institute in Behavioural Economics” from 18-29 July 2011 and 23 July-3 August 2012 "Mispredicting Tastes: Evidences, Models, and Implications" on 8 February 2012 by Professor Matthew Rabin, University of California, Berkeley "The Promise and Pitfalls of Genoeconomics" on 14 February 2012 by Dr Daniel Benjamin, Cornell University "Rational and Naive Herding" on 23 February 2012 by Professor Matthew Rabin, University of California, Berkeley "Decision-Making and the Brain: Toward a Biological Understanding of Consumer and Managerial Decision-making" on 16 July 2012 by Dr Min Hsu, University of California, Berkeley

Improving Rate of Adoption for Lasting Power of Attorney among Mature People Improving Adherence of Treatment Regime in Diabetes Developing Better Social Norms for Energy Saving in Singapore Increasing Participation for Training Among Workers

Professor Matthew Rabin of UC Berkeley, speaking at the 3rd Asia Summer Institute in Behavioral Economics co-organised by CBE and the Department of Economics. The summer institute aims to introduce graduate students and beginning faculty in economics, business, and related disciplines to the findings and methods of behavioural economics.

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PROMOTING GOVERNANCE AND BEST PRACTICES Centre for Governance, Institutions & Organisations (CGIO)

An intellectual research hub promoting the sustainable development of Asian societies and economies through thought leadership in areas of governance, institutions and organisations.

Launched in July 2011, the centre has successfully pursued a two-pronged approach, focusing on academic and applied research. The goal is disseminating best practices and developing high-quality research that is impactful and relevant for business communities and governments in Asia. Exploring broad themes from family business, leadership succession and corporate board issues to practical corporate governance (CG) challenges, both tracks have attracted media coverage and stimulated much discussion along corporate corridors.


Eight leading international academics presented their papers at the conference. Prof Pankaj Ghemawat (left), Anselmo Rubiralta Professor of Global Strategy at IESE Business School and author of “World 3.0”, gave a keynote presentation on the “Differences in Ownership and Governance around the World”. Prof Colin Mayer, Dean of the Saïd Business School of Oxford University and Peter Moores Professor of Management Studies gave a second keynote on the next possible governance and regulation crisis.


CGIO Family Business Roundtable 2011: The Family Business research team with international academics and family business practitioners

Singapore ranks low in boardroom gender diversity Of the 700 Singapore Exchange listed firms, there was only 6.9 per cent female representation on their boards. In the region, Singapore lags behind Hong Kong, China and Malaysia, and is only ahead of India. Scan the QR code for more details from the hard-hitting Singapore Board Diversity Report.

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This featured Prof Michael Lemmon from the University of Utah and participants including Mr Liew Mun Leong, President & CEO of CapitaLand Group (March 2012). Video

ROUNDTABLE DISCUSSION ON SUSTAINING FAMILY BUSINESSES Taking part in this were experts from the local and international academic and business communities (November 2011). CGIO OFFICIAL LAUNCH An inaugural industry roundtable on Institutional Development and Economic Growth: A Call for an Asian Model, with Prof Huang Yasheng of Sloan School of Management, MIT (July 2011).


APPLIED RESEARCH PROJECTS THE GOVERNANCE AND TRANSPARENCY INDEX (GTI), CGIO’S FLAGSHIP PROJECT As Singapore’s leading corporate governance benchmark, the GTI has served as reference on corporate governance standards and progress of all the listed companies on the Singapore Exchange since 2000. The CGIO undertakes this massive ranking exercise annually, in collaboration with the Business Times, the local leading business daily, and CPA Australia.

companies to make a “ Urging stronger commitment to meet corporate governance standards in substance and in form, Mr Teo noted that there is much room for improvement citing the latest Governance and Transparency Index (GTI)



Conducted in partnership with BoardAgender, this report was based on research spanning three years and highlighted the issue of the under-representation of women on the boards of Singapore’s listed companies. The findings were widely reported and debated.

This provides detailed statistics on family firm importance, ownership structure, board structure and director profiles, with the aim of teasing out family governance practices. This report is a joint initiative between the CGIO and Family Business Network (FBN) Asia.

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The Centre for Strategic Leadership partners with academics and the business community to create rigorous, cutting-edge research projects that advance leadership knowledge and best practices for today’s managers.

Following on the extensive business networks and linkages developed in its initial start-up phase, CSL is now moving ahead to establish beachheads in research, while creating opportunities to involve

our students and young people in pilot projects with the potential for replication throughout the region. As for research, the focus will be on generating top

ACTIVITIES HIGHLIGHTS • Two new research initiatives for leadership development with funding support. • Throughout the year, the CSL organised various talks and events such as the Industry Guru Series and the HR Leadership Guru Series. It also held a CEO Roundtable and two sessions in an Executive Dialogue Series. • Launched Youth Sustainability Leadership (YSL) This programme involved pilot projects for children and young people from disadvantaged homes in Singapore, Kuala Lumpur and Ipoh.

calibre know-how on leadership behaviour that can impact the momentum of emerging and innovative Asian economies, as well as for the benefit of society worldwide.

NEW RESEARCH INITIATIVES MUSIM MAS SUSTAINABILITY RESEARCH GRANT CSL Executive Director, Assoc Prof Darren Hanson is leading the CSL team in an exploration of the development of leadership capabilities required for ASEAN leaders to achieve sustainable work practices. Coverage will include sociallyresponsible leadership in agro-industries. STUDY ON LEADERSHIP DEVELOPMENT IN FAMILY-OWNED BUSINESSES, FUNDED BY CAPITALAND GROUP

Acting Minister for Community Development, Youth and Sports, and Minister of State for Information, Communications and the Arts, MG(NS) Chan Chun Sing (3rd from right) at the Industry Guru Series on Mastering Entrepreneurial Leadership (May 2012) with the CSL team and invited speakers

From left: Dr Michael Teng, President of MBA Alumni–NUS, moderating an “Impactful Leadership for Corporate Transformation” forum (November 2011) with Mr Yam Ah Mee, Chief Executive Director of People’s Association, Mr Liak Teng Lit, CEO of Alexandra Health System and Mr Peter Tay, Executive Chairman of TPS Group of Companies

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The study, led by CSL Director, Prof Richard Arvey, will explore and contrast talent identification and management developmental processes between family-owned and non-family-owned businesses in the region.


INDUSTRY OUTREACH Since its launch in March 2011, the CSL has organised seven dialogue sessions with leading business and public sector leaders, attended by more than 750 faculty, alumni, students and members of the business community. Discussions included issues such as talent acquisition, talent retention, entrepreneurial leadership, cultural issues in leadership and nurturing future leaders. Invited guest speakers included: Dr Mochtar Riady Founder and Chairman, Lippo Group

YOUTH SUSTAINABILITY LEADERSHIP Interns at CSL have embarked on a Youth Sustainability Leadership (YSL) project. The YSL is innovative in its methodology, encouraging NUS interns and the young people in disadvantaged homes to practise service learning, empowering them with the necessary project management and leadership skills. Executed in three different homes and locations, the pilot project has received very positive feedback. To sustain the spirit of youth leadership development, the CSL will expand the YSL programmes to other universities and countries.

Mr Liew Mun Leong President and CEO, CapitaLand Group Mr Peter Y.B. Tay Executive Chairman, TPS Group of Companies Mr Liak Teng Lit Chief Executive Officer, Alexandra Health System/Khoo Teck Puat Hospital Mr Yam Ah Mee Chief Executive Director, People’s Association Mr David Foley Vice President and Managing Director for Asia Pacific, Harley-Davidson Motor Company Mr Lee Slater Global Head, Talent Acquisition and International Talent Deployment, Standard Chartered Bank Singapore

Youth Sustainability Leadership Programme undertaken by a group of CSL interns in disadvantaged homes in Malaysia (May 2012)

Mr Hew Evans Director and Head of Human Resources, Regional and Corporate Services Group, Sony Electronics Asia Pacific Pte Ltd Ms Susan Chong Managing Director, Greenpac Singapore Pte Ltd Mr Quek Ling Kiong Associate Conductor, Singapore Chinese Orchestra

Mr David Foley, VP and MD for Asia Pacific, Harley-Davidson Motor Company with CSL Executive Director Darren Hanson before the HR Leadership Guru session

Harley-Davidson expanding in Asia


Scan the QR code to find out how the American motorcycle icon is looking to grow its business in Asia and develop Asian business leaders.

NUS Asian Business Series on The Rise of Asian Family Business with Dr Mochtar Riady, Founder and Chairman, Lippo Group (September 2011)

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A VIBRANT COMMUNITY Building Relationships, Creating Opportunities It has been a very busy year for our Global Alumni Network Office (GANO), as the School intensifies its engagement with its extensive network of more than 50,000 alumni globally.

As a key stakeholder and valuable resource, alumni members have also actively supported the School in fund-raising and mentoring. The MBA student mentoring programme, now into its fourth year, has coached more than 200 students with plans afoot for a similar programme for BBA students.

Some 100 alumni and invited guests at the NUS Bizalum Evening of Innovation and Knowledge in New Delhi in September 2011

Alumni gatherings were held in Hong Kong, Tokyo, Jakarta, Kuala Lumpur, New Delhi and Seoul. These provided the opportunity to introduce Ms Ng Pheck Choo, the new GANO director, as well as for alumni to network and share their experiences. Numerous other events were also held for knowledge sharing and networking, including industry seminars and roundtable sessions with breakfast talks by CEOs. Launch of the NUS MBA Mentorship Programme 2011

FACTS AND FIGURES (as at June 2012) Total alumni (degree holders): 33,514 Executive Education alumni: 25,000


40th Anniversary Dinner of the BBA Class of 1971

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Eminent Business Alumni Awards (bi-yearly) Alumni Appreciation Dinner MBA Mentoring Programme Alumni Reunions BBA Leadership Initiative - Alumni CEO Partnership Annual Golf Reunion Challenge MBA Class of 2008 Reunion Distinguished Alumni Luncheons Explore Singapore and Networking Dinner Oktoberfest


GANO’s efforts were strongly supported by the School’s Shanghai Office, as well as by local and overseas alumni chapters keen to keep alive the NUS Business School spirit and connections. The latest alumni chapter, Zhongyuan Alumni Association in Zhengzhou, Henan Province was established in April 2012, extending our global alumni reach to 41 cities. The School has four regional China Alumni Networks. Camaraderie among alumni on the green at the Golf Challenge

An alumni signature event is the annual Golf Challenge jointly organised by the three flagship alumni associations – the umbrella NUS Business School Alumni Association, the NUSBSMA and the MBA Alumni-NUS association.

Installation of office bearers for Zhongyuan Alumni Association

In June 2012, 50 China alumni members and visitors from China, US, Canada and Singapore visited Yichang city, the ‘Capital of Electricity’ where they were feted by Yichang top public and business leaders, including 12 Yichang government officials and Mr Li Lecheng, Secretary of Yichang Central Communist Party Committee (pictured below exchanging gifts with NUS Business School Dean Bernard Yeung). To round off the memorable and eventful trip, delegates visited the scenic Three Gorges Dam in Sanxia.

20th Anniversary of the NUS Business School Mandarin Alumni

NUS Business School Mandarin Alumni’s 20th anniversary celebration and the BBA class reunions of 1971 and 1981 helped raise funds towards supporting bursaries for undergraduates students.

Lending visibility to all these activities and to inspire action, the School expanded its social media presence, revamped its website to inform and enable alumni to network and volunteer, and equipped its Bizalum directory with a more powerful search engine. The directory provides links to members’ profiles and connections to their Facebook, LinkedIn and Twitter accounts.

Network for Life Find class cohorts and renew friendships; browse job listings and get career advice. Gain fresh insights from industry seminars or volunteer for a good cause. Scan the QR code and link up with GANO for these and more updates on alumni activities.

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GIFTS – MAKING A DIFFERENCE As a non-profit government-funded institution, the School consciously manages its expenses within budget. To go the extra mile, ensure sustainable growth and take it higher in the global league of business schools, the School relies on private support from generous individuals and corporate donors, foundations, alumni as well as faculty, staff and students.

In recent years, such gifts have gone into building world-class state-of-theart facilities and providing financial support for students. They have enabled the School to invest in strategic projects, recruit and retain world-class professors, bring in eminent visitors to share their insights, and fund innovative research in target areas.

The School provides a variety of ways and opportunities for donors to make a difference. For the Financial Year 2011, ending 31 March 2012, 825 donors gave a total combined gift of S$11.36 million to NUS Business School. In particular, we are grateful to our 162 alumni and 559 students who have come forward to provide their generous support to their alma mater.

GIVING BY SOURCE* Singapore Government and Statutory Boards



34.4% 10.9% 8.4% 0.7%

Foundations Corporations Others

54.7% 20.7% Student Support 18.3% Research Centres 5.6% Research Funds 0.7% Faculty Support Others

* % of total funds received

* % of total funds received



Donors can pledge an endowment where the principal sum is preserved and invested to earn returns to support a designated purpose. Alternatively, donors can plan an expendable gift to be used for an intended purpose over a specified period.

The School works closely with donors to match mutual goals and needs. While some prefer anonymity, others have availed themselves of naming opportunities to honour loved ones or their organisations. Newly-named gifts established for the Financial Year 2011 are:

For the Financial Year 2011, we received S$1.24 million of expendable gifts and S$10.12 million endowed gifts. The unaudited market value of the School’s endowment is S$65.37 million as at 31 March 2012, a 15.36 per cent increase from the previous financial year.

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STUDENT SUPPORT Bengawan Solo Bursary D. Sankaraguruswamy Bursary Lam See Chiew Memorial Scholarship in Social Entrepreneurship and Philanthropy The Li & Fung Scholarship Endowed Fund Ministry of Manpower National HR Prize Ng Ah Hing Memorial Bursary NUS Business School Alumni Association (NUSBSA) Student Experience Fund Santander Students’ Mobility Programme SAS Institute Scholarship Sundari Sankaraguruswamy Bursary




Low Tuck Kwong Distinguished Professorship

Temasek Foundation – China National MBA Education Supervisory Committee (CNMESC) MBA Schools Dean and Faculty Capacity Building Programme

RESEARCH FUND Yamato Faculty Research Fund



We are truly grateful to donors who have given S$250,000 or more cumulatively to the School.


S$250,000 OR MORE

Lippo Group

Veronica Eng Siang Yang Ian Ferguson Foundation


The Institute of Banking & Finance Estate of Foo Hee Lim

Lee Foundation

Jardine Cycle & Carriage Ltd

Mizuho Corporate Bank Ltd

Mrs Lee Choon Guan Trust Fund

Jean Ngiam-Wu Po Kin & Family

Low Tuck Kwong

NUS Business School Alumni Association

Musim Mas Holdings Pte Ltd

PSA Corporation Ltd

OSIM International Ltd

Singapore Press Holdings Ltd

Saw Swee Hock

Singapore Totalisator Board


Singapura Investment Holdings Pte Ltd

Tang See Chim & Family

Temasek Foundation CLG Ltd

Victor and William Fung Foundation

YCH Group Pte Ltd

My mum passed away in 2006 and my dad had a stroke last year. Both my younger brother and I have to work part-time to support ourselves to continue with our studies. Thanks to the NUS Business School Alumni Association’s Lily Koh Bursary, our financial burden has lightened and I am able to focus on my studies now without worrying too much about tuition fees.

Miss Tan Lay Teng BBA Year 2 Student

I am the eldest of six children in a family of eight. With all six of us still in school, finances are extremely tight. I am very grateful to receive the Ng Ah Hing Memorial Bursary which helps pay for my food, transportation and textbooks. Now I can focus on my studies to pursue my dream of becoming a leader of tomorrow.

Miss Syahirah Aiman binte Abbas BBA Year 2 Student Miss Syahirah Aiman binte Abbas

The gift from Yamato Holdings will enable us to conduct research projects that will advance knowledge in Logistics and Supply Chain Management with practical relevance. Professor Teo Chung Piaw Head, Department of Decision Sciences

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SPREADING THE WORD Our reputation is important to us. Whether it is amongst our internal stakeholders, our peers in business education, or the business community at large, recognition of our quality, capabilities and achievements serves to validate our existence. More importantly, we believe that this will spur us to do more and do better.

INTERNATIONAL RECOGNITION The School has consistently received top rankings in the Asia-Pacific region from independent publications and agencies, such as The Financial Times, Economist Intelligence Unit, Forbes and QS Top MBA for the quality of its programmes, faculty research and graduates. NUS Business School was among the first in the Asia-Pacific to be accredited by the Association to Advance Collegiate Schools of Business (AACSB) International in 2003 and by the European Foundation for Management Development (EFMD) in 2009 for meeting the

highest standards of achievement in education and research for business schools worldwide. Today, the School is one of only 14 business schools in Asia accredited by the European Quality Improvement System (EQUIS) and one of only 29 by AACSB International. It is also the first and one of only two Asian business schools to be invited as a full member of CEMS, an alliance of leading business schools and multinational companies. The School has close links with top universities in North America, Europe, Asia and Australia through student

exchange programmes and academic collaborations. Key partner business schools include University of California, Los Angeles, Peking University, Korea University, Fudan University, Copenhagen Business School, NHH (Bergen), St Gallen, and HEC Paris. The School also represents the Southeast Asian region as a governing school of the Graduate Management Admissions Council (GMAC). In 2011, the School joined the Global Business School Network (GBSN), a new grouping of major business schools spearheaded by Yale School of Management.

KNOWLEDGE PORTAL Think Business, the School’s online knowledge portal was launched in April 2012 to support and promote the School as a thought leader in business education. As a bridge between the academic and business worlds, the portal aims to raise the School’s profile as a source of leading-edge knowledge and insight into the issues that matter to today’s business leaders, entrepreneurs and executives. Reaching out to the broader community, the free service features commentaries, analysis by

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faculty, interviews with distinguished speakers, visiting academic and industry leaders from Asia and around the world. As well as text articles, Think Business is supported by video reports carried on the School’s dedicated YouTube channel which in the first six months garnered more than 15,000 views.

William Fung (a member of the School’s Management Advisory Board), and Professor Richard Arvey on the influence of genes on leadership.

Among the highlights to date: a feature interview with Nobel Peace Prize laureate Professor Muhammad Yunus, insights on leadership from Li & Fung boss


MEDIA COVERAGE During the year, NUS Business School attracted media attention in terms of coverage on the School’s initiatives and activities, faculty research and commentaries, student profiles, as well as the ‘Ask NUS Profs’ and ‘Ask: NUS Economists’ columns published in The Business Times and The Straits Times respectively.

SOCIAL MEDIA Social media channels have taken the corporate world by storm, changing the way companies of all sizes connect and interact with their customers. To deepen engagement with students and the community, the School began concerted efforts to build and shape its online and social media presence on four of the most popular social media platforms: Facebook, Twitter, LinkedIn and YouTube.

From some 800 fans (Likes) on its official Facebook page in July 2011, the School now has 3,600 Likes (as of July 2012). It currently has some 1,250 followers on its LinkedIn page.The NUS Business School YouTube channel has attracted a total of 18,520 video views from online viewers around the world within the first 10 months of its launch.

Spreading the word within the School: Dancing to the same tune...Dean Bernard Yeung and faculty leading staff during the School’s Dinner & Dance on 2 March 2012

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LEADING - BUT THE BEST IS YET TO BE Financial Times MBA 2012 23rd Financial Times EMBA 2011 19th (APEX EMBA) 9th (UCLA - NUS EMBA) Financial Times pre-experience Master’s in Management 2012 3rd (CEMS Master’s in International Management)

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Financial Times Exec Education 2012 64th (Open Enrolment) 67th (Customised Programmes) Forbes (2-year MBA) 1st in Asia, 4th outside the US Princeton Review 2012 World’s Best 20 outside the US QS World® 2011 1st in Asia (Accounting & Finance) QS World® 2011/12 28th (University-wide) University of Texas at Dallas 2012 42nd (Research Contribution)

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NUS Business School National University of Singapore Mochtar Riady Building 15 Kent Ridge Drive Singapore 119245 Email: Website: September 2012




Annual Report 2011/12: Making an Impact  
Annual Report 2011/12: Making an Impact  

NUS Business School Annual Report for year 2011 - 2012.