期刊論文
| 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 | en |
| ISSN | |
| 期刊性質 | |
| 收錄於 | EI |
| 產學合作 | |
| 通訊作者 | |
| 審稿制度 | |
| 國別 | GRC |
| 公開徵稿 | |
| 出版型式 | 紙本 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/67462 ) |