‘The Re Tea Corporation principle and junior creditors’ rights to participate in a scheme of arrangement – a view from Singapore'

This paper examines the application of the principle derived from Re Tea Corporation's case in recent schemes of arrangement to break negotiation deadlocks between senior and junior creditors of a financially distressed company. This paper argues against an overly technical application of the principle in Re Tea Corporation's case which might work injustice towards junior creditors by effectively shutting them out of a restructuring. This paper further explores how the holdout problem, which led to the formulation of the Re Tea Corporation principle in the first place, could be addressed while balancing the competing interests of junior claimants in a scheme of arrangement. Copyright © 2011 John Wiley & Sons, Ltd.     

Impact of Immigrant Peers on Native Students’ Achievement: Evidence from Australia,Canada and the United States

This article examines how exposure to immigrant students affects the achievement of native students in Australia, Canada and the United States. Variation in the share of immigrant students across different grade levels within schools is exploited to identify the impact of immigrant peers. The study finds that the effects on native students’ achievements of exposure to immigrant peers differ between the three countries. While exposure has a positive impact on Australian natives, it has a negative impact on Canadian natives. Exposure has no effect on US natives. How immigrant students affect their peers is found to depend on institutional arrangements within the education system.     

Would China＇s Sovereign Wealth Fund Be a Menace to the USA？

The sovereign wealth club acquired a new member with the official launch of the China Investment Corporation （CIC） on 29 September 2007. The arrival of CIC has further heated up debate regarding sovereign wealth funds （SWFs） and their potential implications for global financial markets. This is because, in carrying out its investments, CIC can tap into China＇s huge official foreign exchange reserves, which by April 2008 had surged to US$1.76tn. CIC＇s initial working capital of US$2OObn makes it the fifth largest SWFs in the world today. This article seeks to analyze CIC＇s investment strategies, as well as their potential economic and political implications for global as well as US financial markets.     

Is It What We Do or How We Do It? New Evidence on Agglomeration Economies and Metropolitan Growth

This paper uses data on U.S. metropolitan areas from 1970 to 1999 to examine the extent to which recent increases in earnings are attributable to agglomeration economies. We decompose the total change in earnings over the 1970–1999 period into components attributable to changes in relative growth, industry mix and interaction effects. We find strong evidence that relative growth matters more than industry mix. In addition, we find that relative growth effects are related to both localization and urbanization economies.     

How Big of a Lemons Market is the Secondary Market for Private Equity Real Estate Limited Partnerships?

We find that shares of real estate limited partnerships sell at substantial discounts to net asset values (NAV) and these discounts are influenced by factors associated with agency costs and unrealized gains. Our study builds on previous work by Barber (1996) by examining a much longer time period (1994-2013), including additional control variables, and utilizing Tobit estimation instead of OLS, which we find superior. We find much larger effects of unrealized capital gains than Barber (1996). Factors that reduce fund managers’ freedom to take actions that might reduce shareholder returns such as leverage and high dividend payments reduce discounts.