Verfügbarkeit: Bailout and Conglomeration

Bailout and Conglomeration:

The paper suggests that when firms differ stochastically in their productivity, a bank may find it optimal not to bail out the failed nonconglomerate firms at all, but to bail out conglomerates fully. Expectation of such bailout policy may encourage risk-averse firms to join a conglomerate to minimi...

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1. Verfasser:	Kim, Se-Jik (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Washington, D.C International Monetary Fund 1999
Schriftenreihe:	IMF Working Papers Working Paper No. 99/108
Online-Zugang:	UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext
Zusammenfassung:	The paper suggests that when firms differ stochastically in their productivity, a bank may find it optimal not to bail out the failed nonconglomerate firms at all, but to bail out conglomerates fully. Expectation of such bailout policy may encourage risk-averse firms to join a conglomerate to minimize the risk of liquidation. Furthermore, in case of private information, bad firms follow good firms' decision on conglomeration to hide their type. Finally, the paper discusses the impact of conglomeration on the debt-equity ratio and the expansion of existing conglomerates through mergers and acquisitions
Beschreibung:	1 Online-Ressource (29 p)
ISBN:	1451853084 9781451853087

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spelling	Kim, Se-Jik Verfasser aut Bailout and Conglomeration Kim, Se-Jik Washington, D.C International Monetary Fund 1999 1 Online-Ressource (29 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 99/108 The paper suggests that when firms differ stochastically in their productivity, a bank may find it optimal not to bail out the failed nonconglomerate firms at all, but to bail out conglomerates fully. Expectation of such bailout policy may encourage risk-averse firms to join a conglomerate to minimize the risk of liquidation. Furthermore, in case of private information, bad firms follow good firms' decision on conglomeration to hide their type. Finally, the paper discusses the impact of conglomeration on the debt-equity ratio and the expansion of existing conglomerates through mergers and acquisitions Online-Ausg http://elibrary.imf.org/view/IMF001/00541-9781451853087/00541-9781451853087/00541-9781451853087.xml Verlag URL des Erstveröffentlichers Volltext
spellingShingle	Kim, Se-Jik Bailout and Conglomeration
title	Bailout and Conglomeration
title_auth	Bailout and Conglomeration
title_exact_search	Bailout and Conglomeration
title_exact_search_txtP	Bailout and Conglomeration
title_full	Bailout and Conglomeration Kim, Se-Jik
title_fullStr	Bailout and Conglomeration Kim, Se-Jik
title_full_unstemmed	Bailout and Conglomeration Kim, Se-Jik
title_short	Bailout and Conglomeration
title_sort	bailout and conglomeration
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