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:A contingent claim analysis of sunflower management under board monitoring and capital regulation
學年100
學期1
出版(發表)日期2012/01/01
作品名稱A contingent claim analysis of sunflower management under board monitoring and capital regulation
作品名稱(其他語言)
著者Tsai, Jeng-Yan; Lin, Jyh-Horng
單位淡江大學國際企業學系
出版者Amsterdam: Elsevier BV * North-Holland
著錄名稱、卷期、頁數International Review of Financial Analysis 21, pp.1–9
摘要Sunflower management describes a style of management adopted by chief executive officer (CEO) in an attempt to produce a consensus between his own view and the view that he ascribes to the board. This paper develops a model that combines the contingent-claim pricing of bank equity and the resulting default risk probability under a sunflower management style. We show that the CEO's decision making in the optimal bank interest margin matches the board's low default risk expectation, but that it does not match its expectations for high equity return. Furthermore, an increase in either the internal force of the board's monitoring or the external force of the authority's capital regulation decreases the bank's equity return and increases its default risk probability. If there is sunflower management, both the forces lead to inefficiencies.
關鍵字Sunflower management; Board monitoring; Capital regulation
語言英文
ISSN1057-5219
期刊性質國外
收錄於
產學合作
通訊作者
審稿制度
國別荷蘭
公開徵稿
出版型式紙本
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