Download Banking, Capital Markets and Corporate Governance by H. Osano, T. Tachibanaki PDF

By H. Osano, T. Tachibanaki

Banking, Capital Markets and company Governance explores the fragility of the banking process, company governance, and the expanding securitization of company finance. The members handle the subsequent matters: The influence of banking in the course of a problem in delivering an incentive for the managers of failing banks to restructure their resources; the way fiscal and felony associations can keep an eye on the administration of banks and corporations; and the consequences of raises within the securitization of company finance and the volume of economic innovation.

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Additional resources for Banking, Capital Markets and Corporate Governance

Sample text

An extension of this model to more general versions of dynamic models would be interesting. By using an in®nite horizon model, for example, we can derive the dynamic of asset prices more rigorously. Then we can make clearer the dynamic interactions between the dynamics of asset prices and investment decisions. Notes 1. See, for example, Fazzari, Hubbard and Petersen (1988) or Blanchard, Lopez-deSilanes and Shleifer (1994). 2. This logic is also similar to Greenwald, Stiglitz and Weiss (1984) or Myers and Majluf (1984).

Min † > k …19† Under this assumption, the liquidity value is suf®ciently high to implement the additional investments for the ex ante shock. Even if the insuf®cient liquidity problem does not exist, the ¯uctuation of the liquidity value generates the soft budget problem. max )] is not included in the range L*, each ®rm cannot control the liquidity value appropriately and the initial investments cannot be realised as explained in the previous section. This mean that private claims are insuf®cient for absorbing the liquidity shocks even if the total value of the market portfolio is always suf®ciently high.

In addition, the bank manager's objective function includes the cost of effort, if any, that she expends in managing the bank's loan portfolio. Formally, the bank manager's objective boils down to: ci † ‡ e UB ˆ b max…0; W B‰1 ‡ max…0; Wi ‡ R†Š � c…e† …8† where ( e Bˆ B if the bank manager remains in place 0 if not ) ci is the reported net worth of the bank (absent recapitalisation). and W Any additional resources accruing to the bank in period one, in particular as a result of recapitalisation, is denoted by R.

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