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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/128725


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    題名: Share Pledgpes and Margin Call Pressure
    作者: 湛可南
    Chan, Konan
    Chen, Hung-Kun
    Hu, Shing-Yang
    Liu, Yu-Jane
    貢獻者: 財管系
    關鍵詞: share pledges;repurchases;controlling shareholders
    日期: 2018-10
    上傳時間: 2020-02-20 14:31:11 (UTC+8)
    摘要: Our paper documents that companies may use corporate resources as attempts to protect personal incentives of insiders. When insiders pledge their shareholdings as collaterals for a personal loan, they are subject to margin calls as the stock prices may fall below the desired level. We argue that insiders may tend to protect their pledged shares to maintain their control right. Among plausible ways to support price, repurchases seem to be more effective to relieve the potential threat of margin calls on their share pledge. Our results also show that investors will perceive insiders’ incentive and hence discount the potential benefits of repurchase programs.
    關聯: Journal of Corporate Finance, Vol.52, pp.96-117
    資料類型: article
    DOI 連結: https://doi.org/10.1016/j.jcorpfin.2018.08.003
    DOI:  10.1016/j.jcorpfin.2018.08.003
    顯示於類別:[財務管理學系] 期刊論文

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