教師資料查詢 | 類別: 期刊論文 | 教師: 陳鴻崑 Hung-Kun Chen (瀏覽個人網頁)

標題:Share Pledges and Margin Call Pressure
學年107
學期1
出版(發表)日期2018/10/01
作品名稱Share Pledges and Margin Call Pressure
作品名稱(其他語言)
著者Chan, Konan; Chen, Hung-Kun; Hu, Shing-yang; Liu, Yu-Jane
單位
出版者
著錄名稱、卷期、頁數Journal of Corporate Finance 52, p.96-117
摘要It is common practice worldwide for corporate insiders to put up stock as collateral for personal loans. We highlight a potential problem in such pledging. When controlling shareholders face a margin call threat if stock prices fall below the required level for a loan, they have an incentive to use corporate resources for their private benefit. We develop and test a margin call hypothesis that controlling shareholders may initiate share repurchases to fend off potential margin calls associated with pledged stocks in order to maintain their control rights. Investors seem to recognize such behavior and discount the potential benefits of repurchase programs. However, share pledges are not reliably related to repurchases when control rights are not a concern. We further show that regulatory restrictions of control rights on pledging effectively reduce the likelihood of firms’ repurchasing. Overall, our results shed light on the impact of share pledges on corporate decisions.
關鍵字share pledges, margin call, repurchases, control right, controlling shareholders, self-serving
語言英文(美國)
ISSN0929-1199
期刊性質國外
收錄於SSCI;
產學合作
通訊作者Chen, Hung-Kun
審稿制度
國別荷蘭
公開徵稿
出版型式,電子版,紙本
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