메뉴 건너뛰기




Volumn 30, Issue 10, 2006, Pages 2911-2929

Should banks own equity stakes in their borrowers? A contractual solution to hold-up problems

Author keywords

Banking regulation; Banks; Capital structure; Outside equity; Ownership structure

Indexed keywords


EID: 33747364290     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2005.12.003     Document Type: Article
Times cited : (41)

References (53)
  • 1
    • 84963057501 scopus 로고
    • An incomplete contracts approach to financial contracting
    • Aghion P., and Bolton P. An incomplete contracts approach to financial contracting. Review of Economic Studies 59 (1992) 473-494
    • (1992) Review of Economic Studies , vol.59 , pp. 473-494
    • Aghion, P.1    Bolton, P.2
  • 2
    • 0028828912 scopus 로고
    • A welfare comparison of the German and US financial systems
    • Allen F., and Gale D. A welfare comparison of the German and US financial systems. European Economic Review 39 (1995) 179-209
    • (1995) European Economic Review , vol.39 , pp. 179-209
    • Allen, F.1    Gale, D.2
  • 3
    • 33747348887 scopus 로고    scopus 로고
    • Barth, J., Nolle, D., Rice, T., 1997. Commercial banking structure, regulation, and performance: An international comparison. Office of the Comptroller of the Currency Working Paper 97-6.
  • 4
    • 0001202725 scopus 로고    scopus 로고
    • The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle
    • Berger A., and Udell G. The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance 68 (1998) 351-381
    • (1998) Journal of Banking and Finance , vol.68 , pp. 351-381
    • Berger, A.1    Udell, G.2
  • 5
    • 0000271059 scopus 로고    scopus 로고
    • Venture capital financing, moral hazard, and learning
    • Bergman D., and Hege U. Venture capital financing, moral hazard, and learning. Journal of Banking and Finance 22 (1998) 703-735
    • (1998) Journal of Banking and Finance , vol.22 , pp. 703-735
    • Bergman, D.1    Hege, U.2
  • 6
    • 0039863992 scopus 로고    scopus 로고
    • Bank equity stakes in borrowing firms and financial distress
    • Berlin M., John K., and Saunders A. Bank equity stakes in borrowing firms and financial distress. Review of Financial Studies 9 (1996) 889-919
    • (1996) Review of Financial Studies , vol.9 , pp. 889-919
    • Berlin, M.1    John, K.2    Saunders, A.3
  • 8
    • 33747367386 scopus 로고    scopus 로고
    • Le Partecipazioni Bancarie nelle Imprese in Italia: Investimenti e Ristrutturazioni Finanziarie
    • Bianco M., and Chiri S. Le Partecipazioni Bancarie nelle Imprese in Italia: Investimenti e Ristrutturazioni Finanziarie. Banca Impresa e Societa (1997) 393-425
    • (1997) Banca Impresa e Societa , pp. 393-425
    • Bianco, M.1    Chiri, S.2
  • 11
  • 12
    • 33747340991 scopus 로고    scopus 로고
    • Cruickshank, D., 2000. Report in the Financial Times, Monday, March 20.
  • 13
    • 0002812128 scopus 로고    scopus 로고
    • Relationship lending within a bank-based system: Evidence from European small business data
    • Degryse H., and Van Cayseele P. Relationship lending within a bank-based system: Evidence from European small business data. Journal of Financial Intermediation 9 (2000) 90-109
    • (2000) Journal of Financial Intermediation , vol.9 , pp. 90-109
    • Degryse, H.1    Van Cayseele, P.2
  • 14
    • 0038831326 scopus 로고    scopus 로고
    • Multiple versus single banking relationships: Theory and evidence
    • Detragiache E., Garella P., and Guiso L. Multiple versus single banking relationships: Theory and evidence. Journal of Finance 55 (2000) 1133-1161
    • (2000) Journal of Finance , vol.55 , pp. 1133-1161
    • Detragiache, E.1    Garella, P.2    Guiso, L.3
  • 15
    • 84883760221 scopus 로고
    • A theory of debt and equity: Diversity of securities and manager-shareholder congruence
    • Dewatripont M., and Tirole J. A theory of debt and equity: Diversity of securities and manager-shareholder congruence. Quarterly Journal of Economics 109 (1994) 1027-1054
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 1027-1054
    • Dewatripont, M.1    Tirole, J.2
  • 17
    • 47749120440 scopus 로고
    • Financial intermediation and delegated monitoring
    • Diamond D. Financial intermediation and delegated monitoring. Review of Economic Studies 51 (1984) 393-414
    • (1984) Review of Economic Studies , vol.51 , pp. 393-414
    • Diamond, D.1
  • 18
    • 84935413182 scopus 로고
    • Monitoring and reputation: The choice between bank loans and directly placed debt
    • Diamond D. Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of Political Economy 99 (1991) 689-721
    • (1991) Journal of Political Economy , vol.99 , pp. 689-721
    • Diamond, D.1
  • 19
    • 0000298981 scopus 로고
    • Seniority and maturity of debt contracts
    • Diamond D. Seniority and maturity of debt contracts. Journal of Financial Economics 33 (1993) 341-368
    • (1993) Journal of Financial Economics , vol.33 , pp. 341-368
    • Diamond, D.1
  • 20
    • 0000953175 scopus 로고    scopus 로고
    • Why East European banks don't want equity
    • Dittus P. Why East European banks don't want equity. European Economic Review 40 (1996) 655-662
    • (1996) European Economic Review , vol.40 , pp. 655-662
    • Dittus, P.1
  • 22
    • 0036226570 scopus 로고    scopus 로고
    • Switching from single to multiple bank lending relationships: Determinants and implications
    • Farinha L., and Santos J. Switching from single to multiple bank lending relationships: Determinants and implications. Journal of Financial Intermediation 11 (2002) 124-151
    • (2002) Journal of Financial Intermediation , vol.11 , pp. 124-151
    • Farinha, L.1    Santos, J.2
  • 23
    • 0040360082 scopus 로고
    • Shareholding in the Keiretsu, Japan's financial groups
    • Flath D. Shareholding in the Keiretsu, Japan's financial groups. Review of Economics and Statistics 75 (1993) 249-257
    • (1993) Review of Economics and Statistics , vol.75 , pp. 249-257
    • Flath, D.1
  • 24
    • 0032382780 scopus 로고    scopus 로고
    • Optimal financial contracting: Debt versus outside equity
    • Fluck Z. Optimal financial contracting: Debt versus outside equity. Review of Financial Studies 11 (1998) 383-418
    • (1998) Review of Financial Studies , vol.11 , pp. 383-418
    • Fluck, Z.1
  • 25
    • 0000765463 scopus 로고    scopus 로고
    • Universal banking and the performance of German firms
    • Gorton G., and Schmid F. Universal banking and the performance of German firms. Journal of Financial Economics 58 (2000) 29-80
    • (2000) Journal of Financial Economics , vol.58 , pp. 29-80
    • Gorton, G.1    Schmid, F.2
  • 27
    • 0032387703 scopus 로고    scopus 로고
    • The allocation of control rights in venture capital contracts
    • Hellmann T. The allocation of control rights in venture capital contracts. RAND Journal of Economics 29 (1998) 57-76
    • (1998) RAND Journal of Economics , vol.29 , pp. 57-76
    • Hellmann, T.1
  • 28
    • 0002682372 scopus 로고
    • Banking, financial intermediation, and corporate finance
    • Giovanni A., and Mayer C. (Eds), Cambridge University Press
    • Hellwig M. Banking, financial intermediation, and corporate finance. In: Giovanni A., and Mayer C. (Eds). European Financial Integration (1991), Cambridge University Press
    • (1991) European Financial Integration
    • Hellwig, M.1
  • 29
    • 0003110004 scopus 로고
    • Limited liability and incentive contracting with ex-ante action choices
    • Innes R. Limited liability and incentive contracting with ex-ante action choices. Journal of Economic Theory 52 (1990) 45-67
    • (1990) Journal of Economic Theory , vol.52 , pp. 45-67
    • Innes, R.1
  • 30
    • 21844498977 scopus 로고
    • When do banks take equity in debt restructurings?
    • James C. When do banks take equity in debt restructurings?. Review of Financial Studies 8 (1995) 1209-1234
    • (1995) Review of Financial Studies , vol.8 , pp. 1209-1234
    • James, C.1
  • 33
    • 33747372606 scopus 로고    scopus 로고
    • Kroszner, R., 2000. The legacy of the separation of banking and commerce continues in Gramm-Leach-Bliley. The Region (June), Federal Reserve Bank of Minneapolis.
  • 34
    • 33747351224 scopus 로고    scopus 로고
    • Banques universelles et participations des banques dans le capital des entreprises: Quelles conséquences sur le risque bancaire?
    • Lepetit L. Banques universelles et participations des banques dans le capital des entreprises: Quelles conséquences sur le risque bancaire?. Revue Economique 54 (2003) 857-885
    • (2003) Revue Economique , vol.54 , pp. 857-885
    • Lepetit, L.1
  • 35
  • 36
    • 23444440743 scopus 로고    scopus 로고
    • The interaction of capital structure and ownership structure
    • Mahrt-Smith J. The interaction of capital structure and ownership structure. Journal of Business 78 (2005) 787-816
    • (2005) Journal of Business , vol.78 , pp. 787-816
    • Mahrt-Smith, J.1
  • 37
    • 0001191203 scopus 로고
    • New issues in corporate finance
    • Mayer C. New issues in corporate finance. European Economic Review 32 (1988) 1167-1188
    • (1988) European Economic Review , vol.32 , pp. 1167-1188
    • Mayer, C.1
  • 38
    • 0041152099 scopus 로고    scopus 로고
    • Outside equity
    • Myers S. Outside equity. Journal of Finance 55 (2000) 1005-1037
    • (2000) Journal of Finance , vol.55 , pp. 1005-1037
    • Myers, S.1
  • 39
    • 0042887763 scopus 로고    scopus 로고
    • Bank relationships: A review
    • Harker P., and Zenios S.A. (Eds), Cambridge University Press
    • Ongena S., and Smith D. Bank relationships: A review. In: Harker P., and Zenios S.A. (Eds). The Performance of Financial Institutions (1999), Cambridge University Press
    • (1999) The Performance of Financial Institutions
    • Ongena, S.1    Smith, D.2
  • 40
    • 0002898789 scopus 로고    scopus 로고
    • What determines the number of bank relationships? cross-country evidence
    • Ongena S., and Smith D. What determines the number of bank relationships? cross-country evidence. Journal of Financial Intermediation 9 (2000) 26-56
    • (2000) Journal of Financial Intermediation , vol.9 , pp. 26-56
    • Ongena, S.1    Smith, D.2
  • 41
    • 84993914974 scopus 로고
    • The benefits of lending relationships: Evidence from small business data
    • Petersen M., and Rajan R. The benefits of lending relationships: Evidence from small business data. Journal of Finance 49 (1994) 3-37
    • (1994) Journal of Finance , vol.49 , pp. 3-37
    • Petersen, M.1    Rajan, R.2
  • 42
    • 0011024279 scopus 로고
    • Equity ownership structure, leverage, and productivity: Empirical evidence from Japan
    • Pushner G. Equity ownership structure, leverage, and productivity: Empirical evidence from Japan. Pacific-Basin Finance Journal 3 (1995) 241-256
    • (1995) Pacific-Basin Finance Journal , vol.3 , pp. 241-256
    • Pushner, G.1
  • 43
    • 84977702514 scopus 로고
    • Insiders and outsiders: The choices between informed and arm's-length debt
    • Rajan R. Insiders and outsiders: The choices between informed and arm's-length debt. Journal of Finance 47 (1992) 1367-1400
    • (1992) Journal of Finance , vol.47 , pp. 1367-1400
    • Rajan, R.1
  • 44
    • 0032351170 scopus 로고    scopus 로고
    • Monitoring, liquidation, and security design
    • Repullo R., and Suarez J. Monitoring, liquidation, and security design. Review of Financial Studies 11 (1998) 163-187
    • (1998) Review of Financial Studies , vol.11 , pp. 163-187
    • Repullo, R.1    Suarez, J.2
  • 45
    • 0002563407 scopus 로고
    • Political and legal restraints on ownership and control of public companies
    • Roe M. Political and legal restraints on ownership and control of public companies. Journal of Financial Economics 27 (1990) 7-41
    • (1990) Journal of Financial Economics , vol.27 , pp. 7-41
    • Roe, M.1
  • 46
    • 0010596725 scopus 로고    scopus 로고
    • Bank capital and equity investment regulations
    • Santos J. Bank capital and equity investment regulations. Journal of Banking and Finance 23 (1999) 1095-1120
    • (1999) Journal of Banking and Finance , vol.23 , pp. 1095-1120
    • Santos, J.1
  • 47
    • 33747339140 scopus 로고    scopus 로고
    • Santos, J., Rumble, A., 2005. The American Keiretsu and Universal Banks: Investing, voting and sitting on non-financials' corporate boards. Journal of Financial Economics, forthcoming.
  • 48
    • 84977733424 scopus 로고
    • Asymmetric information, bank lending, and implicit contracts: A stylized model of customer relationships
    • Sharpe S. Asymmetric information, bank lending, and implicit contracts: A stylized model of customer relationships. Journal of Finance 45 (1990) 1069-1087
    • (1990) Journal of Finance , vol.45 , pp. 1069-1087
    • Sharpe, S.1
  • 49
    • 33747379001 scopus 로고    scopus 로고
    • Tröge, M., 2000. Should banks be allowed to own equity in non-financial firms. Working Paper, ESCP-EAP.
  • 50
    • 33747378453 scopus 로고    scopus 로고
    • Volpin, P., 2005. Ownership structure, banks, and private benefits of control. Working Paper, London Business School.
  • 51
    • 84924953133 scopus 로고
    • Long-term contracts, short-term investment and monitoring
    • von Thadden E. Long-term contracts, short-term investment and monitoring. Review of Economic Studies 62 (1995) 557-575
    • (1995) Review of Economic Studies , vol.62 , pp. 557-575
    • von Thadden, E.1
  • 52
    • 3242694457 scopus 로고    scopus 로고
    • Asymmetric information, bank lending, and implicit contracts: The winner's curse
    • von Thadden E. Asymmetric information, bank lending, and implicit contracts: The winner's curse. Finance Research Letters 1 (2004) 11-23
    • (2004) Finance Research Letters , vol.1 , pp. 11-23
    • von Thadden, E.1
  • 53
    • 0031501456 scopus 로고    scopus 로고
    • Why is bank debt senior? A theory of asymmetry and claim priority based on influence costs
    • Welch I. Why is bank debt senior? A theory of asymmetry and claim priority based on influence costs. Review of Financial Studies 10 (1997) 1203-1236
    • (1997) Review of Financial Studies , vol.10 , pp. 1203-1236
    • Welch, I.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.