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Articles 31 - 60 of 101
Full-Text Articles in Business
Tokyo 2020: A Tale Of Two Cities, Tan K. B. Eugene
Tokyo 2020: A Tale Of Two Cities, Tan K. B. Eugene
Research Collection Yong Pung How School Of Law
In a commentary, SMU Associate Professor of Law Eugene Tan, who was a team manager at the 2002 Busan Asian Games and 2004 Athens Olympics, discussed the Olympics Tokyo 2020 and how it showed indomitable human spirit amid the pandemic. Assoc Prof Tan also discussed and explored how Singapore can develop sustainable pathways that would enable our athletes to continue having competitive sporting careers into their late 20s and 30s.
Can Employers Justify Paying Workers Who Return To The Office More Than Those Who Work From Home?, Jared Nai
Can Employers Justify Paying Workers Who Return To The Office More Than Those Who Work From Home?, Jared Nai
Research Collection Lee Kong Chian School Of Business
Employers have strong grounds to do so but should avoid differentiating for wrong reasons like presenteeism, Singapore Management University’s Jared Nai says.
Donor-Advised Funds Can Make A Meaningful Impact In Asia, Hang Wu Tang
Donor-Advised Funds Can Make A Meaningful Impact In Asia, Hang Wu Tang
Research Collection Yong Pung How School Of Law
Such funds give donors more say in the philanthropic process, and can lead to donors being tipped off about underfunded causes. These funds also make it possible for non-millionaires to do their bit.
The Role Of Law In Chinese Value Chains, Henry Gao, Gregory Shaffer
The Role Of Law In Chinese Value Chains, Henry Gao, Gregory Shaffer
Research Collection Yong Pung How School Of Law
Since starting its economic reform four decades ago, China has been highly successful in integrating its economy into regional and global value chains (GVCs). This started with simple assembly and processing, then expanded to low-end labor-intensive manufacturing, and gradually moved up to technology-intensive and capital-intensive industries. This article analyzes the development of Chinese law, legal institutions, and international and transnational legal initiatives to support the development of GVCs, which we divide into five phases. The article does not idealize law in terms of ‘commitment’ or ‘rule of law,’ but rather, in the legal realist tradition, views law as an important, …
Disruptive Technologies And Digital Transformation Of The Financial Services Industry In Singapore: Regulatory Framework And Challenges Ahead, Aurelio Gurrea-Martinez
Disruptive Technologies And Digital Transformation Of The Financial Services Industry In Singapore: Regulatory Framework And Challenges Ahead, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
This paper seeks to provide a general overview of the impact of new technologies in the financial services industry in Singapore. For that purpose, it starts by emphasizing that technology has always played an important role in the financial industry. However, new disruptive technologies, as well as the increasing use of data in the financial services industry, have created new challenges and opportunities for the financial sector. While Singapore has managed to address these challenges by adopting one of the quickest and most innovative and comprehensive responses probably observed internationally, financial markets –and particularly the fintech industry– are constantly evolving. …
Smart Contracts: Will Fintech Be The Catalyst For The Next Global Financial Crisis?, Randall Duran, Paul Griffin
Smart Contracts: Will Fintech Be The Catalyst For The Next Global Financial Crisis?, Randall Duran, Paul Griffin
Research Collection School Of Computing and Information Systems
Purpose: This paper aims to examine the risks associated with smart contracts, a disruptive financial technology (FinTech) innovation, and assesses how in the future they could threaten the integrity of the global financial system. Design/methodology/approach: A qualitative approach is used to identify risk factors related to the use of new financial innovations, by examining how over-the-counter (OTC) derivatives contributed to the Global Financial Crisis (GFC) which occurred during 2007 and 2008. Based on this analysis, the potential for similar concerns with smart contracts are evaluated, drawing on the failure of The DAO on the Ethereum blockchain, which involved the loss …
The Effect Of Green Announcements On Stock Returns Of New Zealand Listed Companies, David K. Ding
The Effect Of Green Announcements On Stock Returns Of New Zealand Listed Companies, David K. Ding
Research Collection Lee Kong Chian School Of Business
The purpose of this paper is to investigate the effect of corporate green announcements on the stock performance of listed companies in New Zealand. We find that the market has a positive, though not significant, reaction to the announcements. New Zealand companies are largely viewed to be already quite green at the onset and the market is not very much surprised by such announcements but expect them to continue being green. Our results are consistent with the view that to be green is costly, especially so in a developed economy where the cost of doing business is high. Our findings …
Tax Considerations For Funds Structuring In Asia, Vincent Ooi
Tax Considerations For Funds Structuring In Asia, Vincent Ooi
Research Collection Yong Pung How School Of Law
Tax considerations play a major role in the decisions of fund managers of where to base their funds. The highly mobile nature of capital has resulted in tax competition, leading to several host jurisdictions for funds in Asia (Hong Kong, Singapore, Labuan, and the BVI) having very similar tax characteristics in terms of low effective corporate income tax rates; no capital gains taxes; no exit taxes; a single tier of taxation; and generally no withholding taxes. Other ways in which jurisdictions have attempted to distinguish themselves include a strong Double Tax Agreement network, certainty on the taxation of the carried …
International Standards: Catalyst Or Barrier For Innovative Entrepreneurship In Singapore?, Tan K. B. Eugene
International Standards: Catalyst Or Barrier For Innovative Entrepreneurship In Singapore?, Tan K. B. Eugene
Research Collection Yong Pung How School Of Law
This research, under the Competition and Consumer Commission of Singapore inaugural Research Grant 2018, considers whether and how international standards, specifically those of the International Organization for Standardization (ISO), can function as a catalyst or barrier to innovative entrepreneurship in Singapore. It also interrogates how private (and quasi-public regulation) affect competition and whether such barriers are anti-competitive. In essence, while innovation and entrepreneurship are necessary, they may not be sufficient in ensuring that a product or service is competitive and able to access export markets. The growing movement towards and the expectation of businesses engaging in responsible behaviour has led …
What Users Say About Technology In Mediation: 2020 Sidra Survey, Part 3, Nadja Alexander, Allison Goh
What Users Say About Technology In Mediation: 2020 Sidra Survey, Part 3, Nadja Alexander, Allison Goh
Research Collection Yong Pung How School Of Law
In this post on the Kluwer Mediation Blog, the use and appreciation of technology in mediation among client users is analysed.
Towards A Data-Driven Financial System: The Impact Of Covid-19, Nydia Remolina
Towards A Data-Driven Financial System: The Impact Of Covid-19, Nydia Remolina
Centre for AI & Data Governance
The COVID-19 outbreak has a growing impact on the global economy and the financial sector, which plays a critical role in mitigating the unprecedented macroeconomic and financial shock caused by the pandemic. Given the unprecedented nature of the current crisis, financial regulators and supervisors, central banks, along with governments and legislatures face challenges to maintain financial stability, preserve the well-functioning core markets, and ensure the flow of credit to the real economy. Even though the COVID-19 has slowed down our daily lives and stopped the operation of many industries, it did not have the same effect in the data-driven finance …
The Global Sustainability Footprint Of Sovereign Wealth Funds, Hao Liang, Luc Renneboog
The Global Sustainability Footprint Of Sovereign Wealth Funds, Hao Liang, Luc Renneboog
Research Collection Lee Kong Chian School Of Business
With the emergence of sovereign wealth funds (SWFs) around the world managing equity of over $8 trillion, their impact on the corporate landscape and social welfare is being scrutinized. This study investigates whether and how SWFs incorporate environmental, social, and governance (ESG) considerations in their investment decisions in publicly listed corporations, as well as the subsequent evolution of target firms' ESG performance. We find that SWF funds do consider the level of past ESG performance as well as recent ESG score improvement when taking ownership stakes in listed companies. These results are driven by the SWF funds that do have …
Global Challenges And Regulatory Strategies To Fintech, Aurelio Gurrea-Martinez, Nydia Remolina
Global Challenges And Regulatory Strategies To Fintech, Aurelio Gurrea-Martinez, Nydia Remolina
Centre for AI & Data Governance
The rise of new technologies has changed the operation, regulation and supervision of financial markets, bringing new challenges and opportunities for consumers, regulators, and financial institutions. This Article seeks to explore the most common regulatory strategies used by financial regulators around the world to address the challenges associated with the rise of fintech. These strategies include the imposition of bans, regulatory passivity, adoption of new legislation, permission on a case by case basis, and more interactive approaches such as innovation offices, accelerators and sandboxes. This Article argues that the adoption and desirability of each regulatory approach will depend on a …
How Inheritance Law Affects Family Firm Performance: Evidence From A Natural Experiment, Yong Kyu Gam, Min Jung Kang, Junho Park, Hojong Shin
How Inheritance Law Affects Family Firm Performance: Evidence From A Natural Experiment, Yong Kyu Gam, Min Jung Kang, Junho Park, Hojong Shin
Research Collection Lee Kong Chian School Of Business
We argue that changes in the inheritance system affect incentives leading to sibling rivalry among descendants and therefore have a material impact on family firm performance. Using South Korea's 1991 inheritance law reform that stipulates the equal distribution of a deceased person's property to descendants, we find that the performance and operating growth rate in family firms show significant enhancement compared with those of nonfamily firms. Moreover, the positive effects are greater for family firms that undergo a business succession with multiple sons and married daughters. Overall, our results suggest that changing to equal bequests of inheritance has a positive …
Corporate Governance And Institutional Investors: Proxy Voting Behavior After The Stewardship Code (コーポレートガバナンスと機関投資家―スチュワードシップコード改訂後の議決権行使の状況について), Mari Yamauchi, Toru Yoshikawa
Corporate Governance And Institutional Investors: Proxy Voting Behavior After The Stewardship Code (コーポレートガバナンスと機関投資家―スチュワードシップコード改訂後の議決権行使の状況について), Mari Yamauchi, Toru Yoshikawa
Research Collection Lee Kong Chian School Of Business
本稿では，日本版スチュワードシップコードの改訂により始まった機関投資家 による議決権行使の結果について，投資家のタイプごとに分析し，どのような投 資家がどのような会社提案議案についてより多くの反対票を投じているかについ て検討した。先行研究に従えば，資産運用会社のように投資先企業とアームズレ ングスの関係を持つ投資家は，保険会社のように投資先企業とビジネス上の関係 を持つ投資家と比較すると，会社側提案に対して異議を唱える可能性が高いとさ れる。また，株式持ち合いなど日本的背景を考慮すると，日本においては，外資 系投資家の方が国内の投資家に比べて，会社提案に対して反対票を投じる可能性 が高いことも予想される。2018年度の議決権行使の結果を分析したところ，ほぼ 先行研究と同じ結果が得られ，業種で分類した場合，資産運用会社の方が生損保 のような保険会社より反対票の比率が高いこと，資本国籍で分類すると，外資投 資家の方が買収防衛策の導入や退任役員への退職慰労金の支給など特定の項目に ついて，日系の投資家に比べて反対率が高いことが確認された。
A One-Size-Fits-All Approach To Corporate Governance Codes And Compliance By Smaller Listed Firms: An Examination Of Companies Listed In Hong Kong And Singapore, Christopher C. H. Chen
A One-Size-Fits-All Approach To Corporate Governance Codes And Compliance By Smaller Listed Firms: An Examination Of Companies Listed In Hong Kong And Singapore, Christopher C. H. Chen
Research Collection Yong Pung How School Of Law
This article examines the impact of a one-size-fits-all corporate governance code on smaller listed firms, which should have fewer resources to hire more qualified independent directors for their boards and board committees. After examining data from a sample of companies listed in Hong Kong and Singapore, we find some limited support for these resources-based arguments. While smaller firms do not necessarily have a lower proportion of board members who are independent directors, some evidence suggests that smaller firms do pay less to independent directors and that these directors have to serve on multiple board committees. Although many larger firms also …
Proposed Reforms To Singapore Goods And Services Taxation In The Digital Economy, Hern Kuan Liu, Vincent Ooi
Proposed Reforms To Singapore Goods And Services Taxation In The Digital Economy, Hern Kuan Liu, Vincent Ooi
Research Collection Yong Pung How School Of Law
With the rapid development of the digital economy and the increasing importance of GST as a source of tax revenue, the Singapore Government has proposed several reforms to tighten the collection of tax revenue and tap its tax base more efficiently. The reforms focus on activating the currently dormant “reverse charge” mechanism to collect GST on supplies of services “imported” by businesses; creating an “overseas vendor registration regime” to catch digital products “imported” by individuals; and clarifying the “place of supply” requirement for supplies of digital products. This article considers the reforms from the perspective of a foreign business that …
Dual-Class Shares In Singapore – Where Ideology Meets Pragmatism, Pey Woan Lee
Dual-Class Shares In Singapore – Where Ideology Meets Pragmatism, Pey Woan Lee
Research Collection Yong Pung How School Of Law
This article seeks to understand the rationale for and potential implications of the introduction of dual class shares (DCS) in Singapore. It does so by first considering the theoretical as well as evidential arguments for and against the use of DCS, followed by a survey on the reception (or otherwise) of such structures in four common law jurisdictions with vibrant capital markets, viz., Canada, the United States, United Kingdom and Hong Kong. It observes that the chief argument cited by business founders to justify the use of DCS structures is the desire to enhance a firm’s long-term profitability by shielding …
Unravelling Civil Conspiracy, Pey Woan Lee
Unravelling Civil Conspiracy, Pey Woan Lee
Research Collection Yong Pung How School Of Law
This article seeks to understand civil conspiracy through the lens of its historical rationale. It identifies that purpose to be the protection of public interests as the tort was originally fashioned as an extension of criminal conspiracy to counter serious social ills. For lawful means conspiracy, this rationale is exemplified by the requirement for improper or illegitimate motive whilst “unlawful means” serves the same function in the context of unlawful means conspiracy. Counter-intuitively, understanding the tort in this way provides a means of restricting the tort and reigning in its “revolutionary” tendencies. Recognising the tort’s policy-based foundation would, it is …
Intellectual Property, Innovation And The Retail Industry, Singapore Management University
Intellectual Property, Innovation And The Retail Industry, Singapore Management University
Perspectives@SMU
Think ahead to protect your intellectual property, and leverage on it to deliver customer value
Board Independence As A Panacea To Tunnelling? An Empirical Study Of Related Party Transactions In Hong Kong And Singapore, Christopher C. H. Chen, Wai Yee Wan, Wei Zhang
Board Independence As A Panacea To Tunnelling? An Empirical Study Of Related Party Transactions In Hong Kong And Singapore, Christopher C. H. Chen, Wai Yee Wan, Wei Zhang
Research Collection Yong Pung How School Of Law
In this article, we examine a general question: is the legal transplantation of corporate governance rule effective in curtailing agency costs? Entering into the 21st century, we have seen reforms of corporate governance standards in the Far East since the Asian Financial Crisis in 1997, including in Hong Kong and Singapore. These reforms built on the Anglo-American model of corporate governance in the UK and US supported by broad academic literature of connecting better corporate governance with firm value and identifying the association of tunneling or wrongdoings with poor corporate governance practices. The idea is also to provide more checks-and-balances …
One Man’S Tale Of Resisting The Seducing Spa Sirens Of Singapore, Gary Low
One Man’S Tale Of Resisting The Seducing Spa Sirens Of Singapore, Gary Low
Research Collection Yong Pung How School Of Law
Why do people give in to pressure selling in the slimming and beauty industry? One consumer lawprofessor explores the dazzling experience of stepping into a spa.
Shareholder Litigation And Corporate Disclosure: Evidence From Derivative Lawsuits, Thomas Bourveau, Yun Lou, Rencheng Wang
Shareholder Litigation And Corporate Disclosure: Evidence From Derivative Lawsuits, Thomas Bourveau, Yun Lou, Rencheng Wang
Research Collection School Of Accountancy
Using the staggered adoption of universal demand (UD) laws in the United States, we study the effect of shareholder litigation risk on corporate disclosure. We find that disclosure significantly increases after UD laws make it more difficult to file derivative lawsuits. Specifically, firms issue more earnings forecasts and voluntary 8-K filings, and increase the length of management discussion and analysis (MD&A) in their 10-K filings. We further assess the direct and indirect channels through which UD laws affect firms' disclosure policies. We find that the effect of UD laws on corporate disclosure is driven by firms facing relatively higher ex …
Accounting Choices And The Legal Environment: The Impact Of The Ex Post Loss Rule, Teck Meng Junior Tan
Accounting Choices And The Legal Environment: The Impact Of The Ex Post Loss Rule, Teck Meng Junior Tan
Research Collection School Of Accountancy
Using a landmark Supreme Court decision as a natural experiment, I examine the impact of a fundamental requirement in securities litigation, the ex post loss rule, on income-decreasing accounting choices. Dura Pharmaceuticals v. Broudo (2005) established that plaintiffs must show that the alleged misrepresentations caused an actual economic loss. The case resolved a circuit split, allowing me to identify a treatment jurisdiction affected by Dura, and control jurisdictions in which the rule was already the prevailing legal standard. Motivated by legal analyses suggesting that Dura incentivizes firms to delay negative corrections, I hypothesize and find that treatment firms in high-litigation …
Individual Lawyers, The Sec Revolving Door, And Comment Letters, Michael Shen, Samuel T. Tan
Individual Lawyers, The Sec Revolving Door, And Comment Letters, Michael Shen, Samuel T. Tan
Research Collection School Of Accountancy
Government officials, advocacy groups, and the business press have raised concerns that former SEC employees may continue to influence the SEC after leaving the agency. Using a hand-collected database of individual lawyers that represent firms in responding to SEC comment letters, we examine the impact of individual lawyers, and lawyers formerly employed by the SEC, on the comment letter process. We document significant differences between lawyers and law firms in their clients’ resistance to SEC comment letters, and find that firms that retain former SEC employees are larger, more profitable, and more likely to have received a comment letter raising …
Stamp Duty Issues In Singapore Corporate Practice, Vincent Ooi
Stamp Duty Issues In Singapore Corporate Practice, Vincent Ooi
Research Collection Yong Pung How School Of Law
A new dimension to the determination and computation of stamp duties payable in corporate transactions has been introduced due to the Additional Conveyance Duties (“ACD”) Regime. For companies with significant residential property holdings, liability to pay ACD potentially extends to all transactions involving the issuance, transfer or cancellation of equity interests. This paper considers the impact of ACD on several common corporate transactions in Singapore, addressing the risks practitioners may face in being blindsided by potential tax liabilities. Besides highlighting potential pitfalls, this paper explores the use of advance rulings and preferring debt financing over equity financing for tax optimisation.
Reframing The Board Diversity Issue: Set 25 By 25 Target, Themin Suwardy, Surianarayanan Gopalakrishnan
Reframing The Board Diversity Issue: Set 25 By 25 Target, Themin Suwardy, Surianarayanan Gopalakrishnan
Research Collection School Of Accountancy
Studies have shown there is clear association between aboard's gender diversity and company performance. Yet Singapore has been softerthan usual in pushing the agenda. In this commentary, the authors discussed theimportance of setting an explicit hard target with a fixed deadline to reframeboard diversity in Singapore.
How Do Accounting Practices Spread? An Examination Of Law Firm Networks And Stock Option Backdating, Teck Meng Junior Tan, Patricia M. Dechow
How Do Accounting Practices Spread? An Examination Of Law Firm Networks And Stock Option Backdating, Teck Meng Junior Tan, Patricia M. Dechow
Research Collection School Of Accountancy
We hypothesize that one way that accounting practices spread is through law firm connections. We investigate this prediction by examining companies that avoided reporting compensation expense by engaging in stock option backdating. We hypothesize that executives engaged in backdating because they were desensitized to its inappropriateness when they learned through their legal counsel that other companies were engaging in this practice. We identify backdating companies through backdating-related restatements of earnings. Using network analysis, we document that backdating companies are more highly connected with other backdating companies via shared law firms. Logistic regressions indicate that the odds of a company backdating …
Smart Contracts: Terminology, Technical Limitations And Real World Complexity, Eliza Mik
Smart Contracts: Terminology, Technical Limitations And Real World Complexity, Eliza Mik
Research Collection Yong Pung How School Of Law
If one is to believe the popular press and many “technical writings,” blockchains create not only a perfect transactional environment but also obviate the need for banks, lawyers and courts. The latter will soon be replaced by smart contracts: unbiased and infallible computer programs that form, perform and enforce agreements. Predictions of future revolutions must, however, be distinguished from the harsh reality of the commercial marketplace and the technical limitations of blockchains. The fact that a technological solution is innovative and elegant need not imply that it is commercially useful or legally viable. Apart from attempting a terminological “clean-up” surrounding …
A Director’S Duty Of Loyalty And The Relevance Of The Company’S Scope Of Business: Cheng Wai Tao V Poon Ka Man Jason, Pearlie M. C. Koh
A Director’S Duty Of Loyalty And The Relevance Of The Company’S Scope Of Business: Cheng Wai Tao V Poon Ka Man Jason, Pearlie M. C. Koh
Research Collection Yong Pung How School Of Law
The Hong Kong Court of Final Appeal has utilised a ‘scope of business’ inquiry to delineate the boundaries of the no-conflict rule for the company director. Such an inquiry is directed at discerning the realistic ability of the company to exploit any particular business opportunity and a strict capacity approach is eschewed, at least where the no-conflict rule is concerned. The decision is premised on a bifurcation between the no-conflict and no-profit rules, suggesting that the tests to determine breach of these fiduciary rules are not necessarily the same, thus permitting a more nuanced consideration of directorial breaches.