| Project/Area Number |
12630106
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Yokohama City University |
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Principal Investigator |
MARUYAMA Hiroshi Yokohama City University, Department of Economics and Business Administration, Professor, 商学部, 教授 (30181837)
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| Project Period (FY) |
2000 – 2001
|
| Project Status |
Completed (Fiscal Year 2001)
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| Budget Amount *help |
¥900,000 (Direct Cost: ¥900,000)
Fiscal Year 2001: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 2000: ¥400,000 (Direct Cost: ¥400,000)
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| Keywords | convertible preferred stock / conversion price / minimum price of conversion / capital infusion / option pricing model / stock volatility / 企業倒産 / 倒産処理 / オプション理論 / 倒産コスト / ロス・シェアリング / 破綻銀行 / 二次損失 / 受け皿銀行 |
|---|
| Research Abstract |
On March, 1999, 24 banks were notified that the application of issuance of preferred stocks and other securities and Plan for Restoring Sound Management (the "Revitalization Plan" ) were approved. We investigate this publicly funded preferred stock capital injections under the Early Strengthening Law. Using an option pricing model, fair value of the convertible preferred stock issued by a bank was estimated. Results indicate that the estimated market value of the preferred stock suffered significant losses. This suggests that the existence of potential wealth transfers to the common stockholders from the preferred stockholders, I. e. taxpayers.
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