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Full-Text Articles in Social and Behavioral Sciences
Singapore Budget 2015: Building Our Future, Strengthening Social Security, Clarence Goh, Felix Wong
Singapore Budget 2015: Building Our Future, Strengthening Social Security, Clarence Goh, Felix Wong
Research Collection School of Accountancy
Our Budget for FY2014 is expected to record a slightly smallerdeficit than what we had estimated a year ago. We had budgetedfor an overall deficit of $1.2 billion (or 0.3% of GDP). We nowexpect a very small deficit of $0.1 billion, close to a balancedposition.
Tunneling Through Intercorporate Loans: The China Experience, Guohua Jiang, Charles M. C. Lee, Heng Yue
Tunneling Through Intercorporate Loans: The China Experience, Guohua Jiang, Charles M. C. Lee, Heng Yue
Research Collection School of Accountancy
This study investigates a particularly brazen form of corporate abuse, in which controlling shareholders use intercorporate loans to siphon billions of RMB from hundreds of Chinese listed companies during the 1996 to 2006 period. We document the nature and extent of these transactions, evaluate their economic consequences, examine factors that affect their cross-sectional severity, and report on the mitigating roles of auditors, institutional investors, and regulators. Collectively, our findings shed light on the severity of the minority shareholder expropriation problem in China, as well as the relative efficacy of various legal and extra-legal governance mechanisms in that country.