期刊論文

標題 Modeling Put-Option Margin and Default Risk When Labor Has a Voice in Bank Governance Mechanism
學年 98
學期 2
出版(發表)日期 2010/05/01
作品名稱 Modeling Put-Option Margin and Default Risk When Labor Has a Voice in Bank Governance Mechanism
作品名稱(其他語言)
著者 Chang, Chuen-Ping; Lin, Jyh-Jiuan; Tsai, Jeng-Yan
單位 淡江大學國際企業學系
出版者 Zographou: World Scientific and Engineering Academy and Society
著錄名稱、卷期、頁數 WSEAS Transactions on Mathematics 9(5), pp.386-396
摘要 Although considerable research effort has been put toward modeling governance mechanisms for the purpose of valuing investment decisions written on them, little attention has been paid to the effects of governance mechanisms by labor voice on bank operations management. Like entrenched operations management, entrenched labor cannot be gotten rid of easily. This paper demonstrates how labor voice determines the optimal bank interest margin and default risk decisions. Our model is based on a regime giving corporate governance power to current labor and then labor's objective is equivalent to minimizing the equity value of the put option. We show that the governance voice pushes bank interest margin determination toward shareholder value maximization. However, an opportunity cost of bank governance from listening labor voice is increasing the bank's default risk in equity returns.
關鍵字 Bank Interest Margin; Default Risk; Labor Voice; Put Option
語言 英文
ISSN 1109-2769
期刊性質 國外
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