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:The determination of optimal bank lending decisions during acquisitions: An option value approach
學年91
學期2
出版(發表)日期2003/03/01
作品名稱The determination of optimal bank lending decisions during acquisitions: An option value approach
作品名稱(其他語言)
著者Hsu, Yin-Chieh; Lin, Jyh-horng
單位淡江大學國際貿易學系
出版者International journal of management
著錄名稱、卷期、頁數International Journal of Management 20(1), pp.36-42
摘要This paper shows how an opportunity for future bank acquisition can be viewed as call options, how its valuation relates to bank lending, and its effect on the incentive to conduct bank acquisitions. Given this incentive, the optimal bank lending decision demonstrates that the marginal Tobin's q in the acquisition and non-acquisition alternatives must be equal. Moreover the acquirer bank's loan market value increases with volatility. This paper suggests that bank acquisition can also be important in influencing a bank's lending decision. A theoretical acquisition framework is set up, along with several model assumptions. The paper applies equilibrium and comparative statistical analysis. In this paper, a simple Black-Scholes model is developed to study optimal bank lending, considering opportunities for a future acquisition. This paper demonstrates a crucial link between bank lending and acquisition decisions on pricing the acquirer bank's risk-adjusted equity.
關鍵字Bank acquisitions & mergers; Bank loans; Mathematical models; Studies; Economic models
語言英文
ISSN0813-0183
期刊性質國外
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