Banking, Capital Markets and Corporate Governance

by Osano, Hiroshi; Tachibanaki, Toshiaki

• ISBN13: 9780333771365
• ISBN10: 0333771362
• Format: Hardcover
• Copyright: 2002-01-12
• Publisher: Palgrave Macmillan

Summary

Banking, Capital Markets and Corporate Governance explores the fragility of the banking system, corporate governance, and the increasing securitization of corporate finance. The contributors address the following issues: The impact of banking during a crisis in providing an incentive for the managers of failing banks to restructure their assets; the way in which economic and legal institutions can control the management of banks and firms; and the effects of increases in the securitization of corporate finance and the amount of financial innovation.

Author Biography

Hiroshi Osano and Toshiaki Tachibanaki are both Professors of Economics at Kyoto University.

Table of Contents

Preface	vii
List of Contributors	viii
Introduction	1	(12)
Hiroshi Osano
Toshiaki Tachibanaki
Part I Banking
Liquidity Demand of the Corporate Sector and Soft Budget Constraint	13	(18)
Noriyuki Yanagawa
Incentive Effects of Conditional Bank Recapitalisation: Lending and Disclosure of Non-Performing Loans	31	(20)
Philippe Aghion
Patrick Bolton
Steven Fries
Injection of Public Funds into Banks under Deposit Insurance and Bank Regulation	51	(34)
Hiroshi Osano
Governance Structure of Banks and Their Business Performance	85	(48)
Toshiaki Tachibanaki
Hideo Okamura
A Vacuum of Governance in Japanese Bank Management	133	(50)
Masaharu Hanazaki
Akiyoshi Horiuchi
Part II Corporate Governance
Corporate Bankruptcy	183	(21)
Michelle J. White
Executive Option Plans and Incentives to Take Risk in Levered Firms: Equity Value or Firm Value Maximisation?	204	(29)
Gerald T. Garvey
Amin Mawani
Does the Decision to Retain Retiring Executives on the Board of Directors Help to Control Agency Problems in American and Japanese Firms?	233	(20)
James A. Brickley
Jeffrey L. Coles
James S. Linck
Part III Capital Market
Viable Design of a Security with a Pre-existing Market	253	(19)
Kazuhiko Ohashi
Investment, Security Design and Information	272	(19)
Gabrielle Demange
Guy Laroque
Part IV General Comments
General Comments	291	(6)
Masahiro Okuno-Fujiwara
Index	297