This paper examines the impact of fiduciary duties on collective asset sales in the case of owners acting as delegates for other owners, thereby potentially inducing conflicts of interests. Our identification strategy exploits a unique legal shock in Singapore, which established fiduciary duties in those transactions in the real estate market known colloquially as en bloc sales. The imposition of fiduciary duties caused the price premium of units sold via en bloc sales to increase over units ineligible for en bloc sale, as well as over units that, although eligible for en bloc sale, are sold individually. In addition, this valuation effect is stronger for projects with especially severe agency problems as proxied by high ownership turnover. This legal reform also affects the general private housing market beyond the en bloc premium: findings show that residential owners are increasingly willing to participate and reduce condominium turnover. Finally, we find that the stock price of public real estate developers responded positively to the legal reform, which indicates a possible overall positive welfare effect. Our study highlights the importance of judicial oversight for addressing agency conflicts in non-consensual asset-sale mechanisms.

本文研究了在所有者作为其他所有者的代表的情况下，信托义务对集体资产销售的影响，从而可能引发利益冲突。我们的识别策略利用了新加坡独特的法律冲击，该冲击在房地产市场上的这些交易中确立了信托责任，俗称整体销售。信托责任的征收导致通过整体销售出售的单位的价格溢价高于不符合整体销售资格的单位，以及尽管有资格整体销售的单位出售，单独出售。此外，这种估值效应对于以高所有权周转率为代表的代理问题特别严重的项目更为明显。这项法律改革还影响了整体私人住房市场，超出了整体溢价：调查结果表明，住宅业主越来越愿意参与并减少公寓营业额。最后，我们发现公共房地产开发商的股价对法律改革的反应是积极的，这表明可能存在整体的积极福利效应。我们的研究强调了司法监督对于解决非自愿资产出售机制中的代理冲突的重要性。