Thesis
Contingent capital: a theoretical and empirical analysis
- Abstract:
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This thesis is about the design of contingent capital (CoCos) to induce monitoring and to therefore reduce the expected size of taxpayer funded bailouts. CoCos are debt instruments that either convert into debt or are written down when a bank approaches distress—based on a reduction in the bank's capital.
The thesis begins with a moral hazard model that provides a stylised illustration of the circumstances where either shareholders or CoCo investors can be induced to monitor. It pre...
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Bibliographic Details
- Type of award:
- DPhil
- Level of award:
- Doctoral
- Awarding institution:
- University of Oxford
Item Description
- Language:
- English
- Keywords:
- Subjects:
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Terms of use
- Copyright date:
- 2016
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