Detail Three essays on commercial banks and financial distress (Thailand) Bibliografi Author: Holden, Craig W. (Advisor); Narongtanupon, Prakit Topik: BUSINESS ADMINISTRATION; BANKING|ECONOMICS; FINANCE Bahasa: (EN )    ISBN: 0-599-70681-3     Penerbit: Indiana University     Tahun Terbit: 2000     Jenis: Theses - Dissertation Fulltext: 9966056.pdf (0.0B; 9 download) Abstract The dissertation contains three essays analyzing the roles and impacts of banks in the financial distress situation. The first essay employs duration models to examine how the firm's debt structure, financial characteristics and the restructuring environment affect the speed of the restructuring process. We report the significance of bank debt intensity in the firm's capital structure as an important determinant of restructuring duration. It was found that firms with a larger proportion of bank debt take longer to recontract their debt in prepackaged bankruptcy and out-of-court restructurings. However, reorganizations under Chapter 11 enjoy a faster process when firms have a larger portion of debt owed to banks. Our results emphasize the significance of restructuring environments on the role of banks which was unexplored by Helwege (1999). The second essay examines the factors that motivate banks to take equity in distressed restructurings. In addition to alleviating investment distortion arising from debt overhang problems, we provide evidence that banks take equity in the firms in order to acquire more effective control and improve their ability to force managerial turnover. After control for the firm's financial performance, banks are more likely to take equity in the firms that subsequently appoint new chief executive officers within the next year. The probability that banks take equity is however lower when the firms possess large outside shareholders with high stock ownership. Our supplement analyses based on the stock return data offer consistent findings. The last essay examines the efficiency of commercial banks in Thailand during the 1989 to 1998 using the Stochastic Frontier Approach. Our findings are consistent with the dominance of the Global Advantage Hypothesis, which supports superior efficiency by foreign banks relative to host-country banks. In addition, the average efficiency levels of both Thai-owned and foreign-owned banks in Thailand deteriorated after the eruption of its 1997 economic crisis. However, foreign-owned banks appear to cope better with the economic downturn. The variation in the bank's efficiency significantly correlates with both macro-economic variables and bank's specific characteristics. The findings on the superior efficiency by foreign-owned banks are relatively strong, but the results on their differential ability to cope with the economic crisis need further extension, most likely by incorporating a larger data set, to obtain more robust findings. An additional detailed data set would be available in the near future. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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