Credit Default Swaps and Corporate Innovation
Publication in refereed journal

香港中文大學研究人員

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替代計量分析
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其它資訊
摘要We show that credit default swap (CDS) trading on a firm's debt positively influences its technological innovation output measured by patents and patent citations. This positive effect is more pronounced in firms relying more on debt financing or being more subject to continuous monitoring by lenders prior to CDS trade initiation. Moreover, after CDS trade initiation, firms pursue more risky and original innovations and generate patents with higher economic value. Further analysis suggests that CDSs improve borrowing firms’ innovation output by enhancing lenders’ risk tolerance and borrowers’ risk- taking in the innovation process, rather than by increasing Research and Development (R&D) investment. Taken together, our findings reveal the real effects of CDSs on companies’ investments and technological progress.
出版社接受日期03.12.2017
著者Xin CHANG, Yangyang CHEN, Sarah Qian WANG, Kuo ZHANG, Wenrui Zhang
期刊名稱Journal of Financial Economics
出版年份2019
月份11
卷號134
期次2
頁次474 - 500
國際標準期刊號0304-405X
語言美式英語
關鍵詞Credit Default Swaps; Corporate Innovation; Risk Taking

上次更新時間 2021-20-01 於 02:20