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Second Singapore International Conference on Finance 2008 (Archive)最新文献

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Resolving the Underinvestment and Asymmetric Information Problems with Target Debt Ratios 用目标负债率解决投资不足和信息不对称问题
Second Singapore International Conference on Finance 2008 (Archive) Pub Date : 2011-03-01 DOI: 10.2139/ssrn.1081308
Unyong Pyo, Yongjae Shin, H. Thompson
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引用次数: 0
Activists, Raiders, and Directors: Opportunism and the Balance of Corporate Power 激进分子、掠夺者和董事:机会主义和公司权力的平衡
Second Singapore International Conference on Finance 2008 (Archive) Pub Date : 2008-02-01 DOI: 10.2139/ssrn.983748
T. Noe, Michael Rebello, Ramana Sonti
{"title":"Activists, Raiders, and Directors: Opportunism and the Balance of Corporate Power","authors":"T. Noe, Michael Rebello, Ramana Sonti","doi":"10.2139/ssrn.983748","DOIUrl":"https://doi.org/10.2139/ssrn.983748","url":null,"abstract":"We model corporate governance in a world with competitive securities markets as well as markets for corporate assets. We show that varying the liquidity and opacity of corporate assets, the vitality of the market for corporate control, and the costs of enforcing shareholder rights to cash flows leads to a plethora of institutional designs. When asset liquidity is high, shareholder rights are enforced through the option to liquidate as in a mutual fund. When the opacity of corporate assets is relatively high and asset liquidity is relatively low, firms will eschew reliance on board monitoring and instead rely on shareholder activism. An increase in the cost of ownership concentration, by increasing the inefficiency of shareholder activism, will increase the reliance on board activism and decrease the reliance on CEO compensation. Decreases in the cost of enforcement of shareholder rights and the opacity of corporate assets, and increased raider activity further strengthen the preference for activist boards.","PeriodicalId":339527,"journal":{"name":"Second Singapore International Conference on Finance 2008 (Archive)","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134352935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Making Commercial Microfinance Work for the Poor: The Case of MFIs-Bank Linkage 使商业小额信贷为穷人服务:小额信贷机构与银行联动的案例
Second Singapore International Conference on Finance 2008 (Archive) Pub Date : 2007-12-20 DOI: 10.2139/ssrn.1077505
S. J. Ho, S. Mallick
{"title":"Making Commercial Microfinance Work for the Poor: The Case of MFIs-Bank Linkage","authors":"S. J. Ho, S. Mallick","doi":"10.2139/ssrn.1077505","DOIUrl":"https://doi.org/10.2139/ssrn.1077505","url":null,"abstract":"Financial deepening in rural credit markets remains a long-standing issue in development finance, and the problem of credit rationing has been one of the serious obstacles for economic development. This paper studies the interaction between a borrower, a microfinance institution and a formal bank, and suggests that a linkage between microfinance institutions and formal banks can provide a market-based solution to credit rationing and hence reduce poverty in rural economies. By using the information contained in the MFI's lending decisions, a bank can make more efficient loan decisions. Such linkage has the potential to break the wall between microfinance and formal finance in low-income countries.","PeriodicalId":339527,"journal":{"name":"Second Singapore International Conference on Finance 2008 (Archive)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126483860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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