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Full-Text Articles in Business
The Value Of Fiduciary Duties: Evidence From En Bloc Sales In Singapore, Jianfeng Hu, Kelvin F. K. Low, Wei Zhang
The Value Of Fiduciary Duties: Evidence From En Bloc Sales In Singapore, Jianfeng Hu, Kelvin F. K. Low, Wei Zhang
Research Collection Lee Kong Chian School Of Business
This paper examines the impact of fiduciary duties on collective asset sales in the case of owners acting as delegates for other owners, thereby potentially inducing conflicts of interests. Our identification strategy exploits a unique legal shock in Singapore, which established fiduciary duties in those transactions in the real estate market known colloquially as en bloc sales. The imposition of fiduciary duties caused the price premium of units sold via en bloc sales to increase over units ineligible for en bloc sale, as well as over units that, although eligible for en bloc sale, are sold individually. In addition, this …
Essays On Product Market Dynamics And Corporate Cash Holdings Across Countries, Trang Thuy Thai
Essays On Product Market Dynamics And Corporate Cash Holdings Across Countries, Trang Thuy Thai
Finance and Real Estate Dissertations
My dissertation is composed of two essays that investigate two related yet distinct dynamics of product market and their influence on corporate cash holdings, and both are concerned with these dynamics being determinants of cash policy for international samples over the period of 1999-2015. The samples for the first and second essays respectively cover fourteen and ten countries that span not only developed countries but also emerging economies. The first essay focuses on the impact of product market competition risk on corporate cash level. I construct a composite score of competition that captures three horizontal dimensions of product pricing competition …