教師資料查詢 | 類別: 期刊論文 | 教師: 林志鴻 Jyh-horng Lin (瀏覽個人網頁)

標題:Optimal Bank Interest Margin and Shareholder Interest Conflicts under CEO Overconfidence: A Constrained Option-Pricing Model
學年98
學期1
出版(發表)日期2009/12/01
作品名稱Optimal Bank Interest Margin and Shareholder Interest Conflicts under CEO Overconfidence: A Constrained Option-Pricing Model
作品名稱(其他語言)
著者Lin, Jyh-Horng; Lii, Peirchyi; Jou, Rosemary
單位淡江大學國際貿易學系
出版者
著錄名稱、卷期、頁數WSEAS Transactions on Information Science and Applications 6(12), pp.1861-1871
摘要Less is known about how equity returns allocated between current and new shareholders are altered to react to chief executive officer (CEO) overconfidence. This paper uses a nonlinear constrained contingent claim methodology of Black and Scholes (1973) and Merton (1974) to explore interest conflicts between current and new shareholders when an overconfident bank CEO overestimates returns on investment projects, and sequentially raises too much in external funds when internal resources become scarce. We show that low levels of bank interest margins or equity returns, which decrease the claims of current shareholders, are associated with investment distortions; but high levels of bank equity returns, which dilute the claims of current shareholders, are associated with external financing distortion.
關鍵字CEO Overconfidence; Bank Margin; Call Pricing
語言英文
ISSN
期刊性質
收錄於EI
產學合作
通訊作者
審稿制度
國別希臘
公開徵稿
出版型式紙本
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