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1 103/1 國企系 林志鴻 教授 期刊論文 發佈 Government bailouts and default risks of a duopoly: strong bank versus weak bank , [103-1] :Government bailouts and default risks of a duopoly: strong bank versus weak bank期刊論文Government bailouts and default risks of a duopoly: strong bank versus weak bankTsai, Jeng-Yan; Lin, Jyh-Horng; Cheng, Chu-Yun淡江大學國際企業學系Abingdon: RoutledgeApplied Economics 46(34), pp.4137-4150A duopolistic loan market includes a strong bank without the problem of early closure that opts out of government bailouts and a weak bank with this problem that participates in the bailout programmes of distressed loan purchases and direct equity injections. A direct implication of our framework is that the strong bank’s equity will be priced as a standard call option, while the weak bank’s equity will be priced as a down-and-out call option. We find that an increase in either bailout (i.e. distressed loan purchases and direct equity injections) directly decreases the weak bank’s default risk but indirectly increases the strong bank’s default risk. Accordingly, either bailout contributes to banking stability sinc
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