Read more
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.
List of contents
Preface Notes on the Contributors Introduction; H.Osano & T.Tachibanaki PART I: BANKING Liquidity Demand of Corporate Sector and Soft Budget Constraint; N.Yanagawa Incentive Effects of Conditional Bank Recapitalization: Lending and Disclosure of Non-Performing Loans; P.Aghion, P.Bolton & S.Fries Injection of Public Funds into Banks under Deposit Insurance and Bank Regulation; H.Osano Governance Structure of Banks and Their Business Performance; T.Tachibanaki & H.Okamura A Vacuum of Governance in the Japanese Bank Management; M.Hanazaki & A.Horiuchi PART II: CORPORATE GOVERNANCE Corporate Bankruptcy; M.J.White Executive Option Plans and Incentives to Take Risk in Levered Firms: Equity Value or Firm Value Maximization?; G.T.Garvey & A.Mawani Does the Decision to Retain Retiring Executives on the Board of Directors Help to Control Agency Problems in American and Japanese Firms?; J.A.Brickley, J.L.Coles & J.S.Linck PART III: CAPITAL MARKET Viable Design of a Security with a Pre-existing Market; K.Õhashi Investment, Security Design and Information; G.Demange & G.Laroque PART IV: GENERAL COMMENTS Mashiro Okuno: Fujiwara Index
About the author
PHILIPPE AGHION Professor of Economics, University College London
PATRICK BOLTON Professor of Economics, Department of Economics, Princeton University
JAMES A. BRICKLEY Gleason Professor of Business Administration, Simon School of Business, University of Rochester
JEFFREY L. COLES Professor of Finance, College of Business, Arizona State University
GABRIELLE DEMANGE Researcher, DELTA, Paris
STEVEN FRIES Director of Policy Studies, European Bank for Reconstruction and Development, London
GERALD T. GARVEY Professor of Economics and Finance, Faculty of Commerce and Business Administration, University of British Columbia
MASAHARU HANAZAKI Economist, Japan Policy and Investment Bank
AKIYOSHI HORIUCHI Professor of Economics, University of Tokyo
GUY LAROQUE Director des Études et Synthèses Économiques, INSEE, France
JAMES S. LINCK Assistant Professor of Business Administration, University of Georgia
AMIN MAWANI Professor of Economics and Finance, Faculty of Commerce and Business Administration, University of British Columbia
KUZUHIKO ÕHASHI Associate Professor of Finance, Hitotsubashi University
HIDEO OKAMURA Lecturer, Department of Economics, Kansai University, Japan
MASAHIRO OKUNO-FUJIWARA Professor of Economics, University of Tokyo
MICHELL J. WHITE Professor of Economics, University of Michigan
NORIYUKI YANAGAWA Associate Professor, Department of Economics, University of Tokyo
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.
