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Journal of International Economic Studies >

このアイテムの引用には次の識別子を使用してください: http://hdl.handle.net/10114/1672

タイトル: How Large Creditors Affect Corporate Bond Prices through Creditor Coordination
著者: Takeda, Fumiko
Takeda, Koichi
発行日: 2008-3
出版者: The Institute of Comparative Economic Studies, Hosei University
抄録: We investigate the role of large creditors such as Japanese main banks in determining the prices of corporate bonds when creditors face coordination problems. We present a model in which a single large creditor and a group of small creditors independently decide whether to continue lending to a borrowing company without common knowledge of the company’s fundamentals. Our numerical calculations in the model show that when these fundamentals are good enough, corporate bond values fall as the information available to the large creditor deteriorates. However, when the fundamentals are bad enough, corporate bond values rise as the information available to the large creditor deteriorates. These results suggest that, for both the borrowing company and its bond holders, whether a better informed large creditor is beneficial or detrimental crucially depends on the strength of the company’s fundamentals.
URI: http://hdl.handle.net/10114/1672
ISSN: 09111247
出現コレクション:Journal of International Economic Studies

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