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List of Discussion Paper Series
- No.2005-06 (July 2005)
- リスク・インセンティブ問題における債務免除のあり方
Risk Incentives and the Exemption of the Debt - Takafumi YOSHIDA (Associate Professor, Faculty of Economics, Nagasaki University)
- Abstract:
- We have already known that investment decisions might be inefficient when risk incentives arise on the side of stockholders. It has also been suggested that the control by the bondholders or lenders will have effects on solving the problems. This paper shows their rational behaviors and the fair allocation of the market value when the stockholders-bondholders conflict exists. Efficiency and fairness of the allocation will be realized through the market value rule and the side payments between them. We have to consider seriously in the case of renouncement of the debt.
- Keywords:
- risk incentives, side payments, net return from investment, exemption of the debt
- JEL Classification:
- D23, G30, G33, P34