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Corporate Fraud & Regulation | SMU Research
The financial crisis of 2007/2008 triggered a wave of financial fraud cases, particularly amongst Chinese private enterprise firms listed in Hong Kong and Singapore. These firms are characterised not only by having founding shareholders or families retaining significant control but also their assets, businesses and their senior management are located in China (that is, outside the jurisdiction of listing).

Do the fraudulent companies have board characteristics that are different from the non-fraudulent firms? Are foreign listings more likely to commit fraud as compared with domestic listings? Why has fraud occurred among the domestic and foreign listings despite the fact legal reforms have purported to strengthen the independence of the boards in both jurisdictions?

Professor Wan Wai Yee and Assoc/Prof Christopher Chen, from the SMU School of Law, highlight insights from their research in corporate fraud.

Additionally, in a study on squeeze-out transactions in Hong Kong and Singapore, they investigate how the two countries diverge in terms of regulation and outcomes, despite adaptation of corporate and securities laws from the UK.

Wan Wai Yee
Research Interests: Corporate Law; Securities Regulation; Law of Mergers and Acquisitions
Faculty profile: https://law.smu.edu.sg/faculty/profile/9600/WAN-Wai-Yee

Christopher Chen
Research Interests: Law regarding financial derivatives; Banking and insurance regulations; Comparative corporate law and corporate governance


Wan, Wai Yee, Chen, Christopher C. H, Xia, Chongwu, & Goo, Say. (2018). Managing the Risks of Corporate Fraud: The Evidence from Hong Kong and Singapore.
Available at:

Chen, Christopher, Zhang, Wei, and Wan, Wai Yee. (2018). Regulating Squeeze-out Techniques by Controlling Shareholders: The Divergence between Hong Kong and Singapore. Journal of Corporate Law Studies. 18, (1), 185-216.
Available at:

Produced by
Office of Integrated Information Technology Services (IITS)
Office of Research & Tech Transfer (ORTT)
Singapore Management University

For more information on how SMU's research addresses societal challenges: https://www.smu.edu.sg/research

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