Abstract

http://ssrn.com/abstract=2001343
 


 



A Brief Research Note on Temasek Holdings and Singapore: Mr. Madoff Goes to Singapore


Christopher Balding


HSBC School of Business; ESADE University Faculties - ESADEgeo

February 8, 2012


Abstract:     
Financial data reported by Temasek Holdings and Singapore reveal problematic characteristics. First, Temasek reports an average annual return of 17% for 35 years despite Singaporean stock returns averaging less than 8% during this same time period. Given the range of stock market returns and its portfolio companies’ returns, it is highly improbably that Temasek has earned the returns claimed in its annual reports. Second, Singapore has become one of the most indebted countries in the world despite supposedly running large and sustained government surpluses. Given publicly available economic data on Singaporean finances, there is a minimum of $350 billion SGD or $275 billion USD unaccounted for from historical surpluses and financing operations. Third, given these results I find that for every $1 SGD in public borrowing, Singapore has received only 25 cents of publicly held Singaporean assets. Either financial returns have been drastically overstated or there are large unreported Singaporean controlled holdings.

Number of Pages in PDF File: 13

working papers series


Download This Paper

Date posted: February 9, 2012  

Suggested Citation

Balding, Christopher, A Brief Research Note on Temasek Holdings and Singapore: Mr. Madoff Goes to Singapore (February 8, 2012). Available at SSRN: http://ssrn.com/abstract=2001343 or http://dx.doi.org/10.2139/ssrn.2001343

Contact Information

Christopher Balding (Contact Author)
HSBC School of Business ( email )
University Town
Nanshan District
Shenzhen, Guang Dong 518055
China
ESADE University Faculties - ESADEgeo
Mateo Inurria, 25-27
Madrid, 28036
Spain
Feedback to SSRN


Paper statistics
Abstract Views: 15,116
Downloads: 3,367
Download Rank: 1,380

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo7 in 0.328 seconds