UNIVERSAL BANKING AND FIRM RISK-TAKING

被引：40
|
作者：
JOHN, K
JOHN, TA
SAUNDERS, A
机构：
[1] Salomon Brothers Center, Leonard School of Business, New York University, New York, NY 10012
来源：
JOURNAL OF BANKING & FINANCE | 1994年 / 18卷 / 02期
关键词：
UNIVERSAL BANKING; RISK-TAKING; COMMERCE; INVESTMENT EFFICIENCY; SOCIAL WELFARE;
D O I：
10.1016/0378-4266(94)00037-9
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper analyzes the welfare implications of banks taking equity stakes in firms under conditions of imperfect information and moral hazard. Two cases of bank control over investment decisions are analyzed. In the first, the bank does not control the investment decisions of the firm. Here, the investment efficiency is higher and bank risk is lower for an optimal positive level of bank equity holdings. However, in the case when the bank has veto power over investment proposals by the firm, there is a trade off between increased investment efficiency and increased bank risk.
引用
收藏
页码：307 / 323
页数：17
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