Please use this identifier to cite or link to this item:
https://ah.lib.nccu.edu.tw/handle/140.119/127170
DC Field | Value | Language |
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dc.contributor | 資管系 | |
dc.creator | 李曉惠 | |
dc.creator | Lee, Hsiao-Hui | |
dc.creator | Hsu, Po-Hsuan* | |
dc.creator | Liu, Alfred Zhu | |
dc.date | 2015-12 | |
dc.date.accessioned | 2019-10-30T03:12:51Z | - |
dc.date.available | 2019-10-30T03:12:51Z | - |
dc.date.issued | 2019-10-30T03:12:51Z | - |
dc.identifier.uri | http://nccur.lib.nccu.edu.tw/handle/140.119/127170 | - |
dc.description.abstract | We propose firm-level innovation performance to be an important determinant of corporate creditworthiness and examine this relation from the perspective of bond investors. We find that firms` default probabilities are negatively related to the quantity, impact, originality, and generality of their patent portfolios. Moreover, bonds issued by more innovative firms have lower issuance premiums and lower realized excess returns. Our findings are further supported by instrumental regressions that use monetary and time costs of innovation, and by difference-in-differences tests based on exogenous shocks from state-level R&D tax credits. | |
dc.format.extent | 379211 bytes | - |
dc.format.mimetype | application/pdf | - |
dc.relation | Journal of Corporate Finance, Vol.35, pp.329-344 | |
dc.subject | Innovation ; Patent ; Default risk ; Bond premium ; Bond return | |
dc.title | Corporate Innovation, Default Risk, and Bond Pricing | |
dc.type | article | |
dc.identifier.doi | 10.1016/j.jcorpfin.2015.09.005 | |
dc.doi.uri | https://doi.org/10.1016/j.jcorpfin.2015.09.005 | |
item.openairecristype | http://purl.org/coar/resource_type/c_18cf | - |
item.fulltext | With Fulltext | - |
item.openairetype | article | - |
item.grantfulltext | restricted | - |
item.cerifentitytype | Publications | - |
Appears in Collections: | 期刊論文 |
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