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Abstract from

As a Matter of Interest Whose Money is it Anyway?

Low Chee Keong (CK) holds degrees in both economics and law from Monash University and obtained his Master of Laws at the University of Hong Kong. He joined The Chinese University of Hong Kong following his admission as an Advocate and Solicitor of the High Court of Malaya in 1992. CK is currently an Associate Professor in Corporate Law with research interests in issues pertaining to corporate gover­nance and the regulatory framework of capital markets. His publi­cations include scholarly articles in internationally refereed academic journals in Australia, Hong Kong, Singapore, the United Kingdom and the United States of America, as well as seven books. Presently, his research is supported by private sector grants from the CLP Group, Ernst and Young, Noble Group Limited and Tricor Services Limited. CK is a member of the Listing Committee of the Stock Exchange of Hong Kong as well as the Financial Reporting Review Panel. He is a Research Fellow of the Corporate Law and Accountability Research Group at Monash University and serves on the International Advisory Board of the Centre for Corporate Law and Securities Regulation at the University of Melbourne and in various academic advisory capacities to the Hong Kong Institute of Certified Public Accountants and the Hong Kong Institute of Chartered Secretaries.

What becomes of the interest income that is generated by companies placing the application moneys from initial public offerings in over­night money market accounts as they prepare to allot shares to subscribers? Using data from the 151 initial public offerings on the Main Board of The Stock Exchange of Hong Kong for the three-year period between 2004 and 2006, this article highlights some short­comings of the existing system and puts forth recommendations for their rectification.

Appendices available online only:

(2007) 25 No 2 Law in Context 18

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