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.

Autorentext

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

Inhalt

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