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Full-Text Articles in Law

The Effect Of Green Announcements On Stock Returns Of New Zealand Listed Companies, David K. Ding Oct 2020

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 ...


Stock Buybacks: Some Old Norm Should Remain New, Wei Zhang Sep 2020

Stock Buybacks: Some Old Norm Should Remain New, Wei Zhang

Research Collection School Of Law

Corporate payouts, especially through stock buybacks, are never short of critics. COVID-19 has simply energized them further. From the energy industry to airlines and banks, US public companies are blamed for ensnaring themselves into the abysmal crisis in the midst of COVID-19 by handing out cashes extravagantly to buy back stocks years before. However, as astutely pointed out by Professors Jesse Fried and Charles Wang, the critics did not get the facts right even before COVID-19. After taking into consideration the amount of newly raised capital through equity or debt issuances, the cumulative net payouts by US public companies between ...


Shareholders’ Rights And Corporate Meetings Post Covid‐19, Christopher Chao-Hung Chen Sep 2020

Shareholders’ Rights And Corporate Meetings Post Covid‐19, Christopher Chao-Hung Chen

Research Collection School Of Law

This short paper reflects on corporate governance and shareholders’ rights during and following the COVID-19 pandemic. The lockdown has affected the way companies’ organs operate. It is unfortunate that the pandemic took place around the critical time of year when most companies hold annual shareholders’ meetings (or general meetings). How, then, can shareholders exercise their rights? How can the board of directors and senior management function during the lockdown period? Technology naturally provides a solution, similar to online teaching and working from home. However, do virtual and remote meetings serve the purpose of having those meetings? Even when we get ...


The Value Of Insolvency Law In The Covid‐19 Crisis, Aurelio Gurrea-Martinez Sep 2020

The Value Of Insolvency Law In The Covid‐19 Crisis, Aurelio Gurrea-Martinez

Research Collection School Of Law

The COVID-19 pandemic not only has generated a social, humanitarian and public health crisis but it has also led to the worst recession the world’s economy has experienced since the Great Depression.283 As a response to the economic challenges generated by the COVID-19 crisis, many countries are responding with a variety of legal and economic measures that seek to support businesses, employees, and households


Covid‐19 And The Spotlight On Stakeholderism, Pearlie Koh Sep 2020

Covid‐19 And The Spotlight On Stakeholderism, Pearlie Koh

Research Collection School Of Law

The global disrupter that is COVID-19 has profoundly impacted human life on earth. Lives and livelihoods have been lost. But even for those amongst us fortunate enough to escape such calamity, significant adjustments have had to be made to the ways in which we live, play and work. As the United Nations noted, “[t]his is much more than a health crisis. It is a human, economic and social crisis. The coronavirus disease … is attacking societies at their core”.


Singapore Property Tax Law As It Stands: The Rebus Sic Stantibus Principle And The Statutory Formula, Vincent Ooi Aug 2020

Singapore Property Tax Law As It Stands: The Rebus Sic Stantibus Principle And The Statutory Formula, Vincent Ooi

Research Collection School Of Law

The Singapore jurisprudence appears to have adopted the proposition that the rebus sic stantibus principle is to be disapplied where section 2(3) of the Singapore Property Tax Act (“PTA”) (the “Statutory Formula”) is applied. This article argues that this proposition perhaps ought to be stated more precisely. The principle is only disapplied where section 2(3)(b) is applied because it would run contrary to the statutory fiction imposed by section 2(3)(b) that the land is to be valued as if it were vacant land. There should be no disapplication of the principle where section 2(3 ...


Singapore's Legal And Economic Response To The Covid-19 Crisis: The Role Of Insolvency Law And Corporate Workouts, Aurelio Gurrea-Martinez, Samuel Loh Jul 2020

Singapore's Legal And Economic Response To The Covid-19 Crisis: The Role Of Insolvency Law And Corporate Workouts, Aurelio Gurrea-Martinez, Samuel Loh

Research Collection School Of Law

The international spread of the coronavirus has forced many countries to put their economies into ‘hibernation’, leading to one of the worst recessions observed in modern times. Since Singapore is not isolated from this crisis, the Government had to intervene by adopting a very ambitious package of legal and financial measures to support businesses, households and employees. Among these measures, the Government has implemented various temporary changes to the insolvency legislation, and the use of out-of-court agreements has been encouraged for debtors facing financial trouble. This article argues that, while insolvency law can play an important role in the current ...


The Global Sustainability Footprint Of Sovereign Wealth Funds, Hao Liang, Luc Renneboog Jun 2020

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 ...


Genuine Incorporation Or Tax Avoidance?, Liu Hern Kuan, Vincent Ooi May 2020

Genuine Incorporation Or Tax Avoidance?, Liu Hern Kuan, Vincent Ooi

Research Collection School Of Law

In 2018, two articles in The Straits Times described how some professionals were incorporating one or more companies in an attempt to gain tax advantages. The issue was the difference between the highest personal income tax rate of 22 per cent and the corporate tax rate of 17 per cent, which provided an opportunity for tax arbitrage. The Start-Up Tax Exemption Scheme and Partial Tax Exemption and the availability of corporate tax rebates (typically announced during the Budget) also contributed to making incorporating one or more companies more attractive. Since the articles were published, many professionals have attempted to justify ...


Rethinking The Regulatory Sandbox For Financial Innovation: An Assessment Of The Uk And Singapore, Christopher Chen Jan 2020

Rethinking The Regulatory Sandbox For Financial Innovation: An Assessment Of The Uk And Singapore, Christopher Chen

Research Collection School Of Law

After the UK launched the first regulatory sandbox regime in 2016, the approach was quickly transplanted to numerous other countries as a means of promoting innovation, improving competition and enhancing financial inclusion. However, it remains unclear whether the approach can effectively achieve the relevant policy goals and thus justify the differential regulatory treatment. This chapter provides a broad overview of the regulatory sandbox regime and examines its potential benefits and problems. The chapter then provides some empirical evidence by analyzing the sandboxes awarded in the UK and Singapore between 2016 and 2018 with the aim of identifying what the businesses ...


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 Dec 2019

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。


The Dark Side Of Implementing Basel Capital Requirements: Theory, Evidence, And Policy, Aurelio Gurrea-Martinez, Nydia Remolina Mar 2019

The Dark Side Of Implementing Basel Capital Requirements: Theory, Evidence, And Policy, Aurelio Gurrea-Martinez, Nydia Remolina

Research Collection School Of Law

Most fnancial systems around the world have imposed new capital requirements for banks in the past years. This policy seems to be justifed on two powerful economic grounds. First, better capitalized banks promote fnancial stability by reducing banks' incentives to take risks and increasing banks' buffers against losses. Second, lack of compliance with a set of rules established by the Basel Committee may harm confdence on a country's fnancial system. While acknowledging these potential benefts, this paper makes the ofen overlooked point that the full implementation of Basel capital requirements may be socially undesirable for poorer countries seeking to ...


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 Jan 2019

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 School Of Law

This article examines the impact of aone-size-fits-all corporate governance code on smaller listed firms, which shouldhave fewer resources to hire more qualified independent directors for theirboards and board committees. After examining data from a sample of companieslisted in Hong Kong and Singapore, we find some limited support for these resources-basedarguments. While smaller firms do not necessarily have a lower proportion ofboard members who are independent directors, some evidence suggests that smallerfirms do pay less to independent directors and that these directors have toserve on multiple board committees. Although many larger firms also share theproblem of overloading their independent directors, the ...


Enforcing Town Councils’ Duties Of Financial Prudence: Problems Addressed By The Town Councils (Amendment) Act 2017, Benjamin Joshua Ong Oct 2018

Enforcing Town Councils’ Duties Of Financial Prudence: Problems Addressed By The Town Councils (Amendment) Act 2017, Benjamin Joshua Ong

Research Collection School Of Law

This article discusses the means by which a TownCouncil’s statutory duties, particularly its duties of financial prudence, maybe enforced. It studies the law as it was prior to 2017 and reveals variousconceptual and practical problems, the result of which was that it was possiblefor a Town Council to fail to perform its statutory duties and face onlyminimal consequences. This article willprovide a background to some of the new statutory procedures introduced in the2017 amendments to the Town Councils Act, which solve the problems from whichthe previous law suffered. It is hoped that this will shed light on the historyof ...


Negotiating The Legal Systems In Asean, Kee Yang Low, Philip Charles Zerrillo May 2018

Negotiating The Legal Systems In Asean, Kee Yang Low, Philip Charles Zerrillo

Asian Management Insights

One may ask: What is a thought piece on legal systems doing in a business magazine?


Re-Examining The Law And Economics Of The Business Judgment Rule: Notes For Its Implementation In Non-Us Jurisdictions, Aurelio Gurrea-Martinez Jan 2018

Re-Examining The Law And Economics Of The Business Judgment Rule: Notes For Its Implementation In Non-Us Jurisdictions, Aurelio Gurrea-Martinez

Research Collection School Of Law

The business judgment rule, as it has been traditionally understood, seems to be based on three underlying assumptions that make this rule economically desirable. First, directors are subject to a credible threat of being sued for a breach of the duty of care. Second, the primary role of the corporation is to maximise shareholder value. Third, shareholders want the directors to pursue those investment projects with the highest net present value regardless of their volatility. This article challenges these assumptions and argues that the business judgment rule might not be desirable in some jurisdictions outside the United States and even ...


A Relationship Of Reciprocal Influence: Singapore Company Law And The Economy, Vincent Ooi, Cheng Han Tan Jan 2018

A Relationship Of Reciprocal Influence: Singapore Company Law And The Economy, Vincent Ooi, Cheng Han Tan

Research Collection School Of Law

A strong reciprocal relationship has existed between Singapore Company Law (“SCL”) and the economy since Independence in 1965. Swift Parliamentary responses to economic events and successful implementation of Government policies has made it possible to clearly attribute cause and effect to statutory amendments and economic events in turn, proving the reciprocal relationship between the two. The first theme of this paper seeks to explain the fundamental characteristics of SCL that have resulted in such an unusually strong reciprocal relationship: the 1) Autochthonous nature of SCL; 2) Responsive nature of legislation; and 3) Government control at multiple levels of implementation. The ...


Regulating Squeeze-Outs Techniques By Controlling Shareholders: The Divergence Between Hong Kong And Singapore, Christopher C. H. Chen, Wei Zhang, Wai Yee Wan Jul 2017

Regulating Squeeze-Outs Techniques By Controlling Shareholders: The Divergence Between Hong Kong And Singapore, Christopher C. H. Chen, Wei Zhang, Wai Yee Wan

Research Collection School Of Law

No abstract provided.


Agency And Partnership Law [2016], Pearlie M. C. Koh, Stephen Noel Henry Bull Jul 2017

Agency And Partnership Law [2016], Pearlie M. C. Koh, Stephen Noel Henry Bull

Research Collection School Of Law

No abstract provided.


Agency And Partnership Law [2015], Pearlie M. C. Koh, Stephen Noel Henry Bull Jun 2016

Agency And Partnership Law [2015], Pearlie M. C. Koh, Stephen Noel Henry Bull

Research Collection School Of Law

The laws relating to the creation of an agency, implied authority, holding out and apparent authority, duties of the agent in relation to Agency law are discussed. The laws relating to partnership law and issues such as relationship of partners to third parties, relationships of partners between themselves and capacity to be a partner are highlighted.


Bringing Down The Temperature, Singapore Management University May 2016

Bringing Down The Temperature, Singapore Management University

Perspectives@SMU

Governments have signed the Paris Agreement to address climate change. Businesses and individuals can play their part to keep the momentum going


The Balanced Scorecard Framework For Financial Advisers: A Pandora's Box, Kee Yang Low May 2016

The Balanced Scorecard Framework For Financial Advisers: A Pandora's Box, Kee Yang Low

Research Collection School Of Law

The much-anticipated Balanced Scorecard Framework for determining the remuneration of representatives and supervisors in the financial advisory industry came into force on 1 January 2016. The framework is a major development and is likely to transform the industry. This article seeks to explain the framework and its challenges.


Modernising Company Law: The Singapore Experience, Pey Woan Lee, Christopher C. H. Chen Mar 2016

Modernising Company Law: The Singapore Experience, Pey Woan Lee, Christopher C. H. Chen

Research Collection School Of Law

In October 2014, the Singapore Parliament passed the Companies (Amendment) Act 2014 (Singapore). Encompassing the most comprehensive revision of corporate legislation in the history of Singapore, this Act has been implemented in two phases. This article will consider the impetus for as well as the salient themes that guided this wide-ranging review in the period 2014-2016.


Corporate Claims Against Directors Or Officers Following The Company’S Unlawful Conduct, Wai Yee Wan Feb 2016

Corporate Claims Against Directors Or Officers Following The Company’S Unlawful Conduct, Wai Yee Wan

Research Collection School Of Law

When a company enters into a transaction or undertakes an action that turns out to be either illegal or otherwise exposes the company to substantial fines or other pecuniary sanctions, the question arises as to whether the company may then recover its fines, expenses and other losses from its directors and employees, in the absence of the relevant legislation specifically providing for, or denying a claim by, the company. In these cases, the board may have made a specific decision to cause the company to enter into the unlawful conduct or may have failed to prevent the improper conduct from ...


Directors’ Defence Of Reliance On Professional Advisers Under Anglo-Australian Law, Wai Yee Wan Mar 2015

Directors’ Defence Of Reliance On Professional Advisers Under Anglo-Australian Law, Wai Yee Wan

Research Collection School Of Law

This paper analyses the issue of whether directors may use reliance on professional advice as a defence to a claim for breach of duty to exercise care, skill and diligence under common law or companies legislation in England and Australia. While England and Australia share the same common law tradition and have similar statutory provisions on the standard of care of directors, an English court generally regards a director as acting reasonably when he seeks advice from a qualified and independent professional adviser in a specialist matter within his expertise. In the absence of any conflict of interest, reliance is ...


The Enigma Of Veil-Piercing, Pey Woan Lee Jan 2015

The Enigma Of Veil-Piercing, Pey Woan Lee

Research Collection School Of Law

In Prest v Petrodel Resources Ltd [2013] 3 WLR 1, Lord Sumption narrowly confined veil-piercing at common law to those cases where a controller had used a company under his control to evade a pre-existing legal liability. This article argues against this approach as it is so narrow that it practically abolished the jurisdiction. Instead, the jurisdiction should be preserved, and its exercise should be constrained by clearly articulated principles.


Corporate Claims Against Director For Paying Bribes On Company's Behalf: Ho Kang Peng V Scintronix (Formerly Ttl Holdings), Wai Yee Wan Nov 2014

Corporate Claims Against Director For Paying Bribes On Company's Behalf: Ho Kang Peng V Scintronix (Formerly Ttl Holdings), Wai Yee Wan

Research Collection School Of Law

Can a company recover the value of the bribe from a director who has paid the bribe, on behalf of the company, to a third party to secure certain benefits for the company, and where it is not alleged that the director had personally benefitted from the bribe? This question raises several complex issues relating to directors’ standard of care, corporate authorisation and corporate illegality, which were considered by the recent decision of the Singapore Court of Appeal in Ho Kang Peng v Scintronix Corp (formerly known as TTL Holdings).


Public-Private Partnership: The Chinese Dilemma, Henry S. Gao Oct 2014

Public-Private Partnership: The Chinese Dilemma, Henry S. Gao

Research Collection School Of Law

As noted by Greg Shaffer in his book ‘Defending Interests: Public-Private Partnerships in WTO Litigation’, the US and EU have different approaches to public-private partnership in dealing with foreign trade barriers: the former tends to be more ‘bottom-up’, while the latter tends to be ‘top-down’. Inspired by Shaffer’s work, this article examines China’s experience in establishing public-private partnership. Initially, China appeared to prefer the American approach by adopting the Rules on Trade Barrier Investigation (TBI), which empowers domestic firms to petition the government directly to launch investigation against foreign trade barriers. However, since 2005, China seems to have ...


Enforcing Court Orders In A Foreign Land, Singapore Management University Aug 2014

Enforcing Court Orders In A Foreign Land, Singapore Management University

Perspectives@SMU

Give thought to crafting an arbitration clause in cross-border agreements to safeguard your business interests


A Reconsideration Of The Shareholder's Remedy For Oppression In Singapore, Pearlie Koh Mar 2013

A Reconsideration Of The Shareholder's Remedy For Oppression In Singapore, Pearlie Koh

Research Collection School Of Law

The statutory remedy for oppression plays an important role in minority shareholder protection in Singapore. Both the scope of its application and the court's jurisdiction to make remedial orders must necessarily be wide in order for the remedy to be effective. Nevertheless, the remedy is not without limits. Indeed, it is crucial that the boundaries of the remedy be made clear so that legitimate rule of the majority is not too often, and erroneously, equated with tyranny by the majority. This paper considers a number of issues as to the scope of the oppression remedy in Singapore through a ...