Top Rankings - We are rated as Singapore’s best business school and among Asia’s Top 3 by The Economist’s global MBA ranking. The Financial Times’ MBA ranking rates us as one of the best 35 business schools in the world.

International Recognition

Our international accolades and achievements speak volumes of the first-rate education and global recognition you will enjoy as our student and graduate.

Highest Teaching Quality Standards
We have been awarded both the EQUIS (European Quality Improvement System) and AACSB (Association to Advance Collegiate Schools of Business) accreditations – the most respected standards in business education. Outside of the United States, we are one of only nine business schools to be awarded the AACSB accreditation for accounting.

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This was part of the research behind Nanyang Business School’s (NBS) Professor Tan Hun Tong being named as the world’s top accounting researcher.
 

Prof Tan, who is the director of the centre for accounting and auditing research, published a total of 16 papers over the past six years sending him to the top of the table that spanned more than 600 institutions.
 

The rankings for accounting researchers were compiled by researchers at Brigham Young University who indexed peer-reviewed articles in 11 top accounting journals between 1990 and 2010.
 

Prof Tan’s work uses psychological theories to gain insight into fundamental accounting issues.
 

“I have a personal interest in understanding the mind and how it functions, so looking at the psychology of accounting decisions has been really fascinating to me,” he said. Prof Tan believes that “people may not necessarily be rational”.
 

One study he conducted showed that an investor’s reaction to news was determined by his holdings in the stock.
 

When a range of earnings forecast was given by a company, the reaction depended on whether an investor was holding the stock and was positive about it or whether the investor was short, or in other words, was selling off the stock.
 

“We (found) that people who have a long position in a stock tend to interpret information optimistically, while those who have a short or no position tend to be less optimistic,” he said.
 

Another study suggests that management who have positive earning forecasts should not release all the information in a single session.
 

“Investors react more positively to a actual earnings announcements subsequent to these forecasts when management understates the good news at the forecast date,”
 

“Don’t release all the good news at the earning guidance date, so there is appositive earnings surprise left at the actual earnings date,” he said.
 

Where negative earnings forecasts are concerned, Prof Tan advises against releasing “bad news twice”, once at the earnings guidance date and the other at the actual earnings date.
 

While Prof Tan topped the field of accounting research, another Nanyang Technological University professor, NBS’s head of the banking and finance division, Professor Jun-Koo Kang was also ranked No.1 for his finance research in the Asia Pacific.
 

The tanking was based on the number of his articles, as well as their quality, published in leading journals.
 

From 1990 to 2008, Prof Kang’s articles made 23 appearances in Asia’s top 23 finance journals, propelling him to the top of the table.
 

The rankings were presented as part of a broader assessment of finance research performance by Asia-Pacifica academic institutions and was carried out by Professor Kam Chan of Western Kentucky University, Professor Carl Chen of the University of Dayton and Professor Tan Lee of the University of Auckland.
 

It showed that Prof Kang was ranked ahead of Prof Kalok Chan of Hong Kong University of Science and Technology and Prof Larry Lang of the Chinese University of Hong Kong.
 

One of his areas of interest has been how investors make the decision to invest outside of their domestic markets, given that studies have shown that many investors tend to plump for their domestic market, despite the benefits of diversifying into overseas markets.
 

Prof Kang also looks at the issue of proximity – proximity between the domestic market and the overseas market.
 

He said: “Personally, I hope my research provides important practical policy implications and guidelines for both corporations and governments.”
 

This article was first published in The Straits Times.

Amid the soaring spending power of the region’s consumers, Asian brands must guard against being edged out of the huge market by Western ones, he warns.
 

Professor Schmitt, 54, recognises that this is a major challenge. He believes effective branding is sorely lacking at many Singapore and regional companies.
 

But he hopes to help change all that as he takes up his post as director of the newly created Institute on Asian Consumer Insight (ACI). In July, he signed a two-year contract to head the institute, based at Nanyang Technological University’s (NTU) business school.
 

The research centre – funded jointly by the Economic Development Board and NTU to the tune of $77 million over five years – was set up to pinpoint what drives Asian consumers and how their unique tastes and cultures affect their buying decisions.
 

Prof Schmitt is passionate about branding. Indeed, he describes himself as a living illustration of a brand.
 

His personality, image and reputation are delivered not only through what he says, but how he says it – his animated hand gestures, the way he dresses and the contagiously enthusiastic way he communicates.
 

While speaking to The Straits Times from his studio apartment at The Sail @ Marina Bay, he sports an industry standard grey suit with unconventional pink shoes and striped socks.
 

The image he has fine-tuned over the years, he says, is one of a nutty professor of sorts: A business-minded, innovative and accomplished researcher with a dose of quirkiness.
 

It has been working well for him so far, he says, adding that it has given him a competitive advantage in the business world and within the academic community. His keynote speeches, for instance, are well known to be entertaining. He loves delivering them, he says, because it is like putting on a show.
 

“It is important to have a clear presence. People know me as someone who doesn’t just preach, but lives it,” he says. But many Singapore companies have failed to develop effective branding, says the director of the Centre on Global Brand Leadership at Columbia Business School in New York.
 

The affable visiting professor, who lives here, reckons the time is ripe for local businesses, as well as for those in the region, to get serious about branding.
 

The German-born marketing guru, who has lived in Hong Kong, China and South Korea, says a shift is on the horizon in global consumer terms.
 

The current reality is that consumerism is centred in the United States. Americans became the leading consumers in theworld after World War II – when production fuelled the growth of the middle class  and economic expansion – and they still hold that position.
 

They are the prime target of every global company, and what happens in the US in terms of marketing campaigns becomes the reference point globally, he says.
 

He predicts that a paradigm shift will happen this century as Asia grows in economic strength and the purchasing power of consumers in immense regions such as China and India continues to increase.
 

This viewpoint is fast becoming accepted as an immutable fact.
 

The Organisation for Economic Cooperation and Development, in a report in January last year called The Emerging Class in Developing Countries, estimates the region will drive 80 per cent of global middle-class spending growth, which is projected to rise from US$21 trillion (S$27 trillion) in 2009 to US$56 trillion in 2030.
 

Local and regional companies should position themselves to capture a good chunk of the market – or risk being edged out by Western brands, says Prof Schmitt.
 

That is already happening, he says, listing numerous foreign labels, including Aeropostale, H&M, Banana Republic and Gap (and soon, Abercrombie & Fitch) – that have set up shop here recently to overwhelming consumer response.
 

He notes that Asian companies tend to have a more “engineering orientation” towards sales: They invest in technology to develop a good product that is expected to sell automatically. Marketing and branding is an afterthought.
 

At first glance, this would seem like a workable model, but it is not in today’s marketing world.
 

Many products are in the “mature stages of their life cycles” and are very much identical, he says: “What matters now are the designs, the marketing communications around it. That is all branding, a major thing most Singaporean companies neglect.”
 

In his view, branding is all about creating experiences for customers.
 

He points to local company TWG Tea, which leverages on consumers’ association of a French image with luxury.
 

“It is no longer about selling tea, but selling the entire environment, a lifestyle,” he says, holding Singapore Airlines and Starbucks up as other examples of successful marketing.
 

The other problem is that local companies – and Singaporeans in general – are too risk-averse.
 

It is a chicken-and-egg situation: Asian consumers shy away from trying new things and businesses err on the side of caution for fear of alienating them.
 

In broad strokes, he says, studies have shown that Asians tend to have a “collectivist mindset” with similar attitudes and views on certain things in the world. In turn, communication messages tend to be “less offensive, less taboo, not too crazy”.
 

Apart from setting up the institute, he has spent days along Orchard Road, as well as in lesser-known shopping areas in the heartland, armed with a video camera and observing Singaporeans shop.
 

At the Versace collection for H&M sale last month, for instance, he recorded consumers peering through the glass windows and noting down what others were buying. They later bought the same things. “No one dresses in an interesting way here. It is all uniform, all bland with few bright colours, few wild designs, and men don’t wear boots,” he says. “It points to Singaporeans being a bit more conservative, not taking risks.”
 

“Marketing and management here also end up less risque.”
 

He recounts ordering a cup of tea at a restaurant last week. The waitress insisted on repeating his order. “One tea,” she said, looking to him for approval.
 

That, he says, is a classic example of blindly following standard operation procedures.
 

Businesses should take a leap of faith, he urges.
 

In the past four months, he has met the managers of 40 consumer goods companies, including banks, and aims to create “a community of businesses and researchers interested in Asian consumer insight”. A handful have signed up for ACI’s research projects to help them innovate their brands, products and services to meet the needs of consumers in the region.
 

Regular forums, seminars and workshops – which chief executives and managers attend for a fee – will also be held.
 

The institute’s 20 researchers will also fan out across the region to gather qualitative and quantitative data on Asian consumers.
 

This could include, for instance, research on how often villagers in China wash their hair and what they think makes a good hair product. There is a reason, he says, why the institute cannot simply come up with a magic formula for companies to adopt wholesale – each business is unique.
 

Successful labels such as Abercrombie & Fitch and luxury brands like Gucci should not adjust their brand image across regions, he says, adding that Abercrombie & Fitch targets the clubbing crowd that exists in any society.
 

Brands such as these create a world that is not the real world. Adjusting would just drag the brand down to real life, he says.
 

However, most other brands – like Nestle, Procter & Gamble and Unilever – need to tailor their products to particular markets.
 

“These companies need to segment the Asian market and require lots of details of the lifestyles of particular consumers, how they define beauty, what they consider taking a break to be,” he says, adding that is where ACI comes in.
 

Most current research, he says, differentiates only between the Asian and the Western consumer. Asian women are typically viewed as fashionistas who love branded goods.
 

Asian men are “techies”, for instance. The institute aims to look beyond such generalities. Throughout the hour-long interview, the professor speaks openly about his knowledge about branding.
 

He paces excitedly around the room and even offers to prostrate himself for a photoshoot.
 

But when asked about his personal life, he clams up. The only information he offers: He is a big opera fan and likes to go to the Esplanade.
 

“I don’t want to tell you about my personal life, I don’t want to be known as the family guy,” he says.
 

Just as well. It probably clashes with the Schmitt brand anyway.
 

MARKETING WHIZ AND AUTHOR

PROFESSOR Bernd Schmitt, 54, is the executive director of Nanyang Technological University’s new Institute on Asian Consumer Insight. The visiting professor still holds his post as a professor at Columbia Business School in New York, where he heads the Centre on Global Brand Leadership. He completed his PhD in psychology at Cornell University. His research – which focuses on experiential marketing, brand management and international business – has been published in leading marketing and psychology journals. The American, who also holds a German passport, has been researching and teaching in Asia for 20 years. He has authored or co-authored seven books, which have been translated into 20 languages, including Experiential Marketing (1999), Customer Experience Management (2003) and Big Think Strategy (2007). He just completed his eighth book on customer happiness, Happy Customers Everywhere. It will be published next year.

This article was first published in The Business Times.

- Managing Director

- President, GIC Asset Management, and Head, China Business Group

- Government of Singapore Investment Corporation (GIC)

What do you do at GIC?

I am responsible for GIC’s public market investments such as stocks, bonds, currencies, commodities and hedge funds. I also work with a group of colleagues on developing our investing capabilities for China. Most importantly, I am part of a leadership effort to prepare GIC for the next 15 years.

How did you get started with GIC? When did you join them – and why?

I joined GIC as a trainee in 1993, straight after I graduated with my Bachelor of Accountancy degree from Nanyang Business School. GIC didn’t make the best paying offer then. But I thought, and I still do today, that the first five years of anybody’s career is really about learning. GIC seemed to offer that, and its relatively small team then – it was about 200 strong when I joined – I thought, would give me a lot of opportunities to learn, to do things. Crucially, I had developed a keen interest in capital markets during my time at Nanyang Business School, and so from among other job offers, the opportunity to work for a prestigious investment firm stood out. GIC’s mission to safeguard Singapore’s financial future also resonated with me.

How did Nanyang Business School stoke your interest in investing?

For that, I have to thank Associate Professor Ong Poh Wah. She taught corporate finance and capital markets, and was my final year project supervisor. Discussions in her class were always lively, because she related textbook theories to real-life examples, pushing us to work out why real-world practice often deviates from theory. She also helped develop my interest by engaging me in topics beyond the syllabus and pointing me to good books to read. I also had classmates who were keen on investing and “high finance”. It was fun comparing notes.

You’ve come a long way from being a trainee. What are some highlights of your journey to your current position?

I grew up in GIC. GIC gave me many opportunities, and markets gave me many tests and challenges. After my 1½-year rotation training, I was fortunate to start in our money market division. The four-year stint there exposed me to the workings of large global markets, the process of making quick decisions and how different investors react to systemic concerns. These were useful experiences for my subsequent roles. I was also posted to GIC’s New York office twice, both to operate locally and to learn. Plenty of culture shocks and eye-opening experiences for a kampong boy!

During my second New York stint in 1998-99, I helped to start up a new team to invest in credit assets. It was quite an entrepreneurial experience. We were a small team trying to create a niche in a field that was dominated by large, established teams. We had to innovate, and find new ways to research and construct a portfolio. Our effort was greatly helped by the market weakness arising from the collapse of hedge fund Long-Term Capital Management in late-1998. It was an exciting time.

In 2003, I went on to lead the bigger Fixed Income team. In addition to investment skills, I had to pick up management skills. In 2008, I was made deputy head of the public markets team and took on more organisational responsibilities.

In mid-2009, I was posted to London to run GIC’s European operations. It was useful to be close to the epicentre of the European debt crisis. In London, I got to know more colleagues and also had more space to reflect on bigger organisational issues. Again, I picked up new knowledge. Then in July, this year, I assumed my current role.

So looking back at my 18-plus years at GIC, it has been a great journey of learning, working with colleagues and participating in many important global financial market events and trends.

What are the main factors behind the impressive progress you’ve made in your career?

I have been most fortunate to be in an environment where I am encouraged to learn, to think out of the box and do new things. My bosses and colleagues take a long term view and afford me many opportunities to pursue my passion for investing. Moreover, GIC offers access to some of the world’s best brains in finance – and this even for relatively junior staff. When I was first posted to New York in the mid-90s, if I wanted to learn about a particular financial topic, I could set up a meeting with the best experts in that area, as they would be drawn to GIC’s reputation and investing power.

I would also credit Nanyang Business School. One of the strengths of the curriculum was that its scope went beyond our core discipline. Even though accountancy was my major, I did other courses in law, statistics, communication, IT, organisational behaviour, which I have found to be really useful. As I did more management work in the last 10 years, the things I learnt as an undergraduate came in handy. Without some of those foundational courses, I would probably have had to do an MBA to try and understand the management issues that I encounter at work.

What are the main perks of your job?

The main perk has got to be the many opportunities to learn, see new things and try different ways of profiting from them.

The work I do is very global. GIC invests outside of Singapore in more than 40 countries. As a result, we face the challenges of working with different cultures, across different physical locations and time zones. About 50 per cent of our investment
people are non-Singaporeans, from more than 30 countries. I travel quite a bit – and have seen many hotels and meeting rooms! It’s great meeting many people, seeing different assets and businesses, and discussing trends of the world.

I enjoy meeting many smart people. I always learn something from them. I have just had a discussion with one of our advisors, Sir Howard Davies. He used to be the Deputy Governor of Bank of England and was director of the London School of Economics till recently.

You have a really global career. How do you think that has affected you?

It opens your mind to different ways of doing things. It makes you reflect on your own views. The experience from living through events or being at a particular place is also useful. If you ask me what markets are like in New York on the days of important Federal Reserve meetings, I can still ‘feel’ it, having been there before.

Relationships too are better built in person, in the trenches together. My stints in our overseas offices, for example, help to build familiarity and trust.

Globalisation is here. An awareness of global trends is critical for many tasks. I try to keep up and get GIC prepared for them. It’s important though to point out that for investing and managing, it is crucial to first be anchored in sound principles and a
longer term orientation. Only then can we profit from the ebbs and flows.

Is there life apart from work?

Unfortunately for jobs like this, free time is quite limited. My boss would say this: ‘Investment work is the pinnacle of finance’. Why? Because many things can affect an investment decision, be it economics, politics or natural events. It keeps one quite occupied, just keeping up with the news.

But I do have a life. Indeed, a good investor needs to keep an even keel. I have three daughters, aged between 9 and 13 years, with whom I spend most of my free time. I also read and try to play a round of golf every Saturday.

It’s probably a bit early to ask this, but what do you think about your daughters going to Nanyang Business School for their university education?

Why not? People are coming round to see that our local universities are making big strides and are about as good as top schools in the US, and Europe, especially in areas such as engineering and business. Being in Singapore, at the crossroads of China, India and South-east Asia, also gives a rich experience many would crave for. Ultimately, just as I have been driven by my interests, it really depends on what my girls want to study. My wife and I will want to be supportive of their interests, encouraging them to pursue whatever they are passionate about.

The integration of subject areas within the accounting track at NBS allows us to develop a repertoire of analytical and problem solving skills, while concurrently sharpening our managerial acumen.

A life-changing experience in NBS is possible only with a world-class faculty. In my Year 2 module, Risk Management, Control & Ethics, I was taught by a partner from one of the Big Four. Such top accounting professionals bring real-world perspectives into the classrooms and give us a glimpse of the actual business environment. The hands-on approach is indeed a defining feature of my NBS education. In particular, I remember that while completing Risk Management, Control & Ethics, I had to work in a team to source for a company that would let us to conduct a risk analysis of it. At the end of our project, we presented a risk profile of our client and proposed solutions to issues we had uncovered.
 

Projects such as this forms almost 60% of the final grade of the module, underscoring the shift away from rote learning to knowledge application at NBS.
 
The usefulness of Project Discovery has impacted me positively outside the classroom. During my internship in a top-tier wealth management firm, one of my many responsibilities was to analyse the impact of 3 different fee structures on the firm’s bottom line. I thus had to be able to think from both the firm’s and the client’s perspective. Having been exposed to different business case problems in the classroom, I was keenly aware of the commercial and risk factors in each of the 3 fee structures. The numerous presentations which I had done in school have sharpened my communication skills and allowed me to articulate my recommendations with confidence and persuasion. I was definitely pleased when my recommendation was accepted by my superiors!
 
Besides the technical rigour which Nanyang Business School (NBS) instills in us, the hands-on aspect of Project Discovery also encourages us to be more adept at teamwork. This is a skill which I have come to really appreciate after my internship and my student exchange programme in Copenhagen Business School. I am now more able to respect diversity in cultures and conflicting opinions, and to handle a workplace environment marked by diverse, or even ostensibly clashing cultures. In today’s competitive and cosmopolitan workplace, this is both a crucial survival tool and a competitive advantage.
 
When I am not attending lessons, there are many opportunities to improve on my other skills. I have actively hosted 4 business case and accounting competitions, and expanded my network of professionals in the finance and accounting industry. As part of my membership in Business Solutions, a student club that aims to spread business case culture, I have organised 2 international business case competitions. Working under tight deadlines and a demanding academic workload have underscored the importance of prioritisation and leadership skills. Thank you NBS for creating this nurturing learning environment!
 

- Christopher Cheang
Year 3 // Accountancy

Says Chen Xinyi: “We completed the report during the school term, amidst our other project deadlines. In addition, Liu Xinyi and I were doing our internships throughout the competition. Essentially it boiled down to good time management and strong commitment. As a team, we knew that we wanted to give our best showing in this competition, so meeting up after work or during weekends was an easy decision.”

For the global final, the team presented the same case study they had worked on earlier. Gabriel says: “We knew we had to take it to the next level in the international round, so we added elements of audience interaction and went for a more dramatic style.”

Adds Shi Yuan: “Knowing how to speak Chinese was a great asset. This allowed us to handle the media in Chengdu confidently and win over the audience.”

So how did the quartet arrive at their apt choice of team name? Explains Chen Xinyi: “The girls came up with this name as we wanted something simple. The guys were all for fanciful names, but we put our foot down.”

Adds Liu Xinyi: “Another reason is we enjoy eating crackers very much!”

The article was adapted from the Nov-Dec 2011 issue of HEY!, NTU’s bimonthly free magazine featuring interesting morsels of varsity life and inspirational success stories.

The students were taking part in the McGill Management International Case Competition in Montreal, where they had to come up with a growth strategy for a US-based robotics firm.

Since two of them were on exchange at the University of Illinois at Urbana-Champaign and facing a 13-hour
time difference, the group had to discuss their plans and strategies via video conferencing.

Enter Skype to the rescue.

“It was like working in a multi-national company with 24-hour operations,’’ says Lau Seo Wang, who was based in Illinois with teammate Tan Sing Nan.

On Friday mornings in Illinois, they would “Skype” Singapore-based Kanesh Balasubramaniam and Xu Wei. Since this meant that Kanesh and Xu Wei would be pulling all-nighters on Friday nights in Singapore, they were given less of the workload.

This arrangement ensured they would be ready for their regular presentations to their coaches, Associate Professorial Fellow Arthur Lee Gilbert and Dr Edwin Tan, on Saturday mornings. Seo Wang and Sing Nan made sure they were “present” at these via webcam.

But going to Montreal to present their case study was another matter, with temperatures hitting below zero. Kanesh shares: “Seo Wang and Sing Nan adjusted well, having just spent three months in the US, but Xu Wei and I caught a cold upon our arrival despite wearing layers of winter clothing.”

“We were bedridden on our first day there, but picked ourselves up on the second day so we could get started with our work.”

It was all worth it as the four – all from the Nanyang Business School’s Business Solutions club – made history by being the first team from NTU to win the top prize in the McGill Management International Case Competition in May.

This was the university’s first shot at the prestigious, byinvitation competition. They also bested rivals from ten other top schools such as the University of Manchester and Hong Kong University of Science and Technology.

Teams were given 24 hours to work through a business scenario and then draft a strategic plan which they had to present to two separate judging panels. They had 30 minutes to convince each set of judges and to answer the questions posed.

Tasked to formulate a growth strategy for iRobot, a US-based technology company specialising in home robotics, the team developed four detailed recommendations, with their core solution catering to the eldercare robotics market.

The team members are thrilled to have received internship offers from global mining giant Rio Tinto. Still, they have their feet planted firmly on the ground, and credit Nanyang Business School for providing them with a “wholesome business education”.

Kanesh says: “The rigorous requirements of a case assignment and comprehensiveness of a winning presentation drove us to crystallise the concepts we had learnt in school.”

The article was adapted from the Nov-Dec 2011 issue of HEY!, NTU’s bimonthly free magazine featuring interesting morsels of varsity life and inspirational success stories.

At Nanyang Business School, our goal is to nurture you into a socially responsible leader, with acumen to balance the triple bottom line of people, environment and business.

For a start, you will be equipped with skills to manage real world situations, even while you’re in the classroom. Learn actively through courses and projects that are designed to develop your critical thinking, presentation and communication skills. New courses covering issues of ethics and corporate social responsibility have been integrated into our curricula to prepare you for a business world that is no longer concerned only with monetary profit.

The learning continues outside the classroom. Experience social responsibility firsthand through a Service Learning project and put your knowledge and skills to good use at not-for-profit organisations in Singapore and beyond. Get involved in one of our many student clubs and discover leadership and management insights ‘on the job’. Take part in a business competition and get a taste of the cut-and-thrust of the corporate world.

Cultural diversity is an integral part of the Nanyang Business School experience. Enjoy an open and vibrant environment, with a student community that hails from across the globe, and an international faculty that will enrich your academic journey with cross-cultural insights. Opportunities abound as well for you to experience life abroad through overseas internships and study exchanges.

As one of Asia’s top business schools, we are committed to providing you with an education that is world-class and world-relevant. Our academic rigour is globally accredited, while strong industry ties underpin the practical relevance of our programmes.

We look forward to making your undergraduate journey as exciting as it is rewarding, while helping you enhance your opportunities for success in the business world and beyond.

But the scope of sustainability extends far beyond reducing, reusing and recycling. Community interests must also be guarded, and economic viability secured, for long term success.

At Nanyang Business School, we nurture leaders who understand and balance the interest of people, businesses and the environment – to secure a sustainable future for our world.

Sustainability and Business
Sustainability for a company must begin at the core of its business model. How does it operate? What interest does it seek to advance?

Does it consider the impact of its operations on the environment and the stock of natural resources? Does it care about how it treats its employees and the impact it has on the community of which it is a part? A company that seeks enduring success must optimise the triple bottom line of people, environment and business.

Sustainability and Leadership
Awareness is growing that a one-dimensional pursuit of profit is no longer adequate. But there is still much to be done to embed sustainability in our government, business and society. Strong and fresh leadership that possesses the knowledge, skills and passion is needed to make a positive impact on the environment and their community.

Sustainability is more than mere pragmatism. It is an obligation. Just as we stand as beneficiaries of those who came before us, who harnessed physical, economic and social resources to give us this world of opportunity, so too should we ensure a better world for those who come after us.

 
It is this ethos that underpins our mission to groom Leaders for a Sustainable World.