This article considers the issue of whether Singapore should amend its trust laws to allow for non-charitable purpose trusts (NCPTs) for the specific purpose of holding company shares in perpetuity. The authors argue that such trusts should be allowed for two reasons. First, NCPTs in general...

Calibrating a key component of swing pricing, the swing factor, is difficult, particularly for mutual funds (MFs) that invest substantially in thinly traded debt. We propose a novel way to estimate swing factors by exploiting the structural similarities and differences between MFs and...

Policy makers are assessing potential options to reduce the financial stability risks posed by open-end mutual funds. One such option is swing pricing or the process of adjusting a fund’s net asset value per share in response to its level of net investor activity. Calibrating a key component...