Benutzer: Gast  Login
Dokumenttyp:
Zeitschriftenaufsatz 
Autor(en):
Berg, Tobias; Kaserer, Christoph 
Nicht-TUM Koautoren:
ja 
Kooperation:
national 
Titel:
Does contingent capital induce excessive risk-taking? 
Abstract:
In this paper, we analyze the effect of the conversion price of CoCo bonds on equity holders’ incentives. First, we use an option-pricing context to show that CoCo bonds can magnify equity holders’ incentives to increase the riskiness of assets and decrease incentives to raise new equity in a crisis in cases in which conversion transfers wealth from CoCo bond holders to equity holders. Second, we present a clinical study of the CoCo bonds issued so far. We show that (i) almost all existing CoCo...    »
 
Stichworte:
Contingent capital; Banking regulation; Risk-taking incentives; Asset substitution; Debt overhang; Credit crunch 
Dewey Dezimalklassifikation:
330 Wirtschaft 
Intellectual Contribution:
Discipline-based Research 
Zeitschriftentitel:
Journal of Financial Intermediation 
Journal gelistet in FT50 Ranking:
nein 
Jahr:
2015 
Band / Volume:
24 
Jahr / Monat:
2015-07 
Heft / Issue:
Seitenangaben Beitrag:
356-385 
Sprache:
en 
Key publication:
Ja 
Peer reviewed:
Ja 
International:
Ja 
Book review:
Nein 
commissioned:
not commissioned 
Professional Journal:
Nein 
Interdisziplinarität:
Nein 
Leitbild: