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Article
Publication date: 25 November 2020

Jerry Koh and Jonathan Lee

To introduce the various private fund structuring options available in Singapore, an important fund management hub that has increasingly also come to be recognized as a popular…

109

Abstract

Purpose

To introduce the various private fund structuring options available in Singapore, an important fund management hub that has increasingly also come to be recognized as a popular fund domicile with its pro-business environment, transparent and robust regulatory regime and government support through tailored investment structures, tax incentives and extensive double taxation treaties.

Design/methodology/approach

This article provides an overview of the available private fund structures as well as the key legal issues and considerations that fund managers and investors should take into account when structuring a private fund. It also provides a brief summary of the available tax incentive schemes for funds in Singapore.

Findings

With growth in private market assets under management fueled by private equity funds over the last decade, the use of private investment funds established in Singapore has become a popular means to tap the large capital inflows into Asia. Singapore offers a wide range of fund structures to suit different fund strategies and considerations, including the variable capital company (“VCC”) structure, a legal structure tailored for use as investment funds that was introduced in January 2020.

Practical implications

There are a range of Singapore private fund structures available with different features, including the VCC, which is a corporate structure that allows for umbrella-sub-fund structures with segregated assets and liabilities, and the limited partnership, which is familiar to international investors and permits a large degree of contractual flexibility. Other structures such as unit trusts and private companies may also be suitable depending on the particular circumstances and objectives of the fund. Fund managers who are exploring setting up fund vehicles to tap Asian capital or to invest in Asia should be aware of the possible options, and their pros and cons.

Originality/value

Practical analysis and guidance and market commentary from experienced investment funds lawyers.

Details

Journal of Investment Compliance, vol. 21 no. 1
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 1 July 2021

Jerry Koh and Jonathan Lee

To show different ways the Singapore Variable Capital Company (“VCC”) can be employed and utilized.

152

Abstract

Purpose

To show different ways the Singapore Variable Capital Company (“VCC”) can be employed and utilized.

Design/methodology/approach

Describes how the Singapore VCC can be used in master-feeder structures, umbrella structures, a “plug-and-play” model, sub-fund structures with different assets and different investors, open-ended structures, and structures that allow for tokenization of securities and the offering of VCC shares as digital securities.

Findings

The flexibility of the VCC allows it to be used across different fund strategies, investor classes and asset classes.

Originality/value

Practical analysis, guidance and market commentary from experienced investment funds lawyers.

Details

Journal of Investment Compliance, vol. 22 no. 3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 14 September 2012

Sharifah Nazatul Faiza Syed Mustapha Nazri, Malcolm Smith and Zubaidah Ismail

The purpose of this paper is to examine the impact of ethnicity on auditor choice for Malaysian listed companies.

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Abstract

Purpose

The purpose of this paper is to examine the impact of ethnicity on auditor choice for Malaysian listed companies.

Design/methodology/approach

This study evaluates the effects of various independent variables on auditor choice behaviour, particularly ethnicity of auditor and ethnicity of management, using a logistic regression analysis approach for 300 companies listed on the Bursa Malaysia (formerly known as Kuala Lumpur Stock Exchange‐KLSE) over an 18 year period.

Findings

Auditor choice is shown to be significantly influenced by client firm's characteristics, notably changes in management, complexity, and financial risk, lending support to the findings of previous survey studies. Ethnicity was found to be a significant factor influencing auditor choice only for auditor switches between non‐Big 4 and Big 4 firms.

Research limitations/implications

A number of important variables such as corporate governance characteristics, audit fees, client size, and growth that might enhance an understanding of auditor choice behaviour in Malaysia were not incorporated in the regression models, and might be considered in future studies.

Originality/value

The results presented in the paper have important implications for both the auditing profession and regulators in Malaysia.

Details

Asian Review of Accounting, vol. 20 no. 3
Type: Research Article
ISSN: 1321-7348

Keywords

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Book part
Publication date: 15 March 2022

Stavros Sindakis and Sakshi Aggarwal

The purpose of this chapter is to analyse the theoretical work conducted in the fields of e-business adoption by small businesses in the UK. This chapter aims to explore the…

Abstract

Chapter Contribution

The purpose of this chapter is to analyse the theoretical work conducted in the fields of e-business adoption by small businesses in the UK. This chapter aims to explore the benefits and drawbacks that influence small businesses in adopting Internet-based e-business. We are thus responding to a need to recognise and measure the perceived importance of driving forces and barriers in the adoption of e-business solutions among small businesses. Currently, adoption of e-business is rapidly growing among business organisations throughout the world. Crucially, it is often seen as an essential strategic tool that attracts many companies in turning their traditional business strategy to e-business and as a more complex concept of interfirm cooperation.

A structured work was applied to synthesise a theoretical model. A meticulous search of available literature was conducted, focussing on key terms such as e-business adoption, benefits, drawbacks and small businesses in the UK. We identify that e-business adoption within small businesses is affected by perceived relative advantage, perceived compatibility, CEO’s innovativeness, information intensity, buyer/supplier pressure, support from technology vendors and competition. Furthermore, the value of such adoption depends on how, in the face of rapid growth, small businesses can effectively expand IT resources, strategic planning and business partnerships to develop e-business capability and business process competence. These are the key areas of activity which help adopting companies to achieve outstanding business performance. The findings of this study to date are presented within the limiting parameters of methodology based upon use of self-report scales to measure the constructs of the theoretical model. The main orientation of the work of this study is theoretical and sectional which provides a static picture of e-business adoption by small businesses – offering guiding practical insight and providing foundations for subsequent empirical study.

This chapter offers researchers a broader and more comprehensive view of the benefits and drawbacks that influence small businesses in adopting Internet-based e-business. Educators, researchers and practitioners will be all benefitted. In recent years, e-business has been adopted by many corporations to improve operational efficiency and profitability and to strengthen their competitive position and potential for survival in the new economic era (the information era).

Details

Small Business Management and Control of the Uncertain External Environment
Type: Book
ISBN: 978-1-83909-624-2

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Article
Publication date: 31 January 2011

Jerry Sun and Guoping Liu

The purpose of this paper is to examine whether high analyst coverage increases or decreases accounting conservatism.

3918

Abstract

Purpose

The purpose of this paper is to examine whether high analyst coverage increases or decreases accounting conservatism.

Design/methodology/approach

Sample firms were selected from the Compustat and I/B/E/S databases for years 1989‐2006. The authors used both accrual‐based and market‐value‐based measures of accounting conservatism, also the extent to which negative cash flow from operations is more timely recognized via accruals than positive cash flow from operations to measure accounting conservatism. The regression analyses are conducted to test the hypotheses.

Findings

Strong evidence was found that analyst coverage is positively associated with accounting conservatism. The results suggest that firms choose more conservative accounting methods when they are followed by more analysts than when they are followed by fewer analysts. The results are robust to a battery of sensitivity analyses.

Originality/value

This paper sheds light on how analyst coverage affects firms' accounting choices and extends the limited research on the monitoring role of analyst coverage. The findings are consistent with the notion that analyst coverage plays an important corporate governance role in the financial reporting process. This paper also adds to the literature on the economic determinants of accounting conservatism, and provides some implications for practitioners.

Details

Managerial Finance, vol. 37 no. 1
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 November 1997

John Lie

From 1953 to 1961, the South Korean economy grew slowly; the average per capita GNP growth was a mere percent, amounting to less than $100 in 1961. Few people, therefore, look for…

463

Abstract

From 1953 to 1961, the South Korean economy grew slowly; the average per capita GNP growth was a mere percent, amounting to less than $100 in 1961. Few people, therefore, look for the sources of later dynamism in this period. As Kyung Cho Chung (1956:225) wrote in the mid‐1950s: “[South Korea] faces grave economic difficulties. The limitations imposed by the Japanese have been succeeded by the division of the country, the general destruction incurred by the Korean War, and the attendant dislocation of the population, which has further disorganized the economy” (see also McCune 1956:191–192). T.R. Fehrenbach (1963:37), in his widely read book on the Korean War, prognosticated: “By themselves, the two halves [of Korea] might possibly build a viable economy by the year 2000, certainly not sooner.”

Details

International Journal of Sociology and Social Policy, vol. 17 no. 11/12
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 9 February 2015

Richard M. Friend, Pakamas Thinphanga, Kenneth MacClune, Justin Henceroth, Phong Van Gai Tran and Tuyen Phuong Nghiem

This paper aims to fill a conceptual gap in the understanding of rapidly changing characteristics of local risk, addressing how the notion of the local might be reframed, and how…

507

Abstract

Purpose

This paper aims to fill a conceptual gap in the understanding of rapidly changing characteristics of local risk, addressing how the notion of the local might be reframed, and how opportunities for multi-scale interventions for disaster risk reduction might be identified.

Design/methodology/approach

The paper illustrates the significance of the systems and services on which urbanization depends – water, food, energy, transport and communications – to consider the cascading impacts at multiple scales often beyond the administrative boundaries of cities, and how vulnerabilities and risks are distributed unevenly across different groups of people.

Findings

The process of rapid urbanization in the Mekong Region represents a fundamental transformation of ecological landscapes, resource flows, livelihoods and demographics. In addition to the location of urbanization, it is these transformative processes and the critical dependence on inter-linked systems that shape the overall picture of urban disaster and climate vulnerability.

Research limitations/implications

By drawing on research and practical experience in two of the most rapidly urbanizing countries in the world, Thailand and Vietnam, the approach and findings have implications for understanding global patterns of urbanization.

Practical implications

The paper contributes to considering practical actions whether in terms of policy or project implementation for both the assessment of disaster and climate risk, and for actions to reduce vulnerability and promote resilience.

Social implications

The paper draws largely from social science perspectives, highlighting the dynamism of social organization in urbanizing contexts, and the implications for risk and vulnerability.

Originality/value

The paper draws on original research in Thailand and Vietnam that takes urbanization as the starting point for assessing vulnerability and risk.

Details

International Journal of Disaster Resilience in the Built Environment, vol. 6 no. 1
Type: Research Article
ISSN: 1759-5908

Keywords

Available. Content available
Article
Publication date: 1 April 2004

124

Abstract

Details

Education + Training, vol. 46 no. 3
Type: Research Article
ISSN: 0040-0912

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Article
Publication date: 3 June 2019

Chen Zheng (Jerry) and Henry Tsai

This study aims to empirically examine the relationship between industrial diversification and firm performance and the moderating effects exerted on that relationship by board…

962

Abstract

Purpose

This study aims to empirically examine the relationship between industrial diversification and firm performance and the moderating effects exerted on that relationship by board size and family representation on the board.

Design/methodology/approach

Secondary financial data were collected for hotel firms listed on the Hong Kong Stock Exchange during the period 2005-2016. Subsequently, a bivariate correlation and a fixed-effects panel regression analysis were performed on the data.

Findings

The empirical results showed that diversification positively influenced firm performance until firms reached an optimal level of diversification (0.34); beyond that level, the effect was negative. In addition, firms with a larger board tended to show better performance when the level of diversification increased from medium to high, and firms with lower family representation on the board tended to exhibit better performance when the level of diversification increased from low to medium.

Practical implications

Theoretical and managerial implications are suggested in terms of balancing the size of a firm’s board and with regard to family representation on a board from the perspectives of resource dependence theory (RDT) and socioemotional wealth (SEW), the diversification of hotel firms and future research.

Originality/value

A limited number of studies have considered diversification as a corporate-level strategy in the hospitality field and in the unique context in which a service-oriented economy is dominant, such as in Hong Kong. The role of board composition on the diversification–performance relation has rarely been investigated theoretically and empirically. Apart from providing managerial implications for corporate governance, this study also offers theoretical generalizability, from the perspectives of RDT and SEW, to examine the moderating roles of board size and family representation on the diversification–firm performance relation.

Details

International Journal of Contemporary Hospitality Management, vol. 31 no. 8
Type: Research Article
ISSN: 0959-6119

Keywords

Available. Open Access. Open Access
Article
Publication date: 26 July 2023

Fong Yew Leong, Dax Enshan Koh, Wei-Bin Ewe and Jian Feng Kong

This study aims to assess the use of variational quantum imaginary time evolution for solving partial differential equations using real-amplitude ansätze with full circular…

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Abstract

Purpose

This study aims to assess the use of variational quantum imaginary time evolution for solving partial differential equations using real-amplitude ansätze with full circular entangling layers. A graphical mapping technique for encoding impulse functions is also proposed.

Design/methodology/approach

The Smoluchowski equation, including the Derjaguin–Landau–Verwey–Overbeek potential energy, is solved to simulate colloidal deposition on a planar wall. The performance of different types of entangling layers and over-parameterization is evaluated.

Findings

Colloidal transport can be modelled adequately with variational quantum simulations. Full circular entangling layers with real-amplitude ansätze lead to higher-fidelity solutions. In most cases, the proposed graphical mapping technique requires only a single bit-flip with a parametric gate. Over-parameterization is necessary to satisfy certain physical boundary conditions, and higher-order time-stepping reduces norm errors.

Practical implications

Variational quantum simulation can solve partial differential equations using near-term quantum devices. The proposed graphical mapping technique could potentially aid quantum simulations for certain applications.

Originality/value

This study shows a concrete application of variational quantum simulation methods in solving practically relevant partial differential equations. It also provides insight into the performance of different types of entangling layers and over-parameterization. The proposed graphical mapping technique could be valuable for quantum simulation implementations. The findings contribute to the growing body of research on using variational quantum simulations for solving partial differential equations.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 33 no. 11
Type: Research Article
ISSN: 0961-5539

Keywords

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