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| Title | Corporate Innovation, Default Risk, and Bond Pricing |
| Creator | 李曉惠 Lee, Hsiao-Hui Hsu, Po-Hsuan* Liu, Alfred Zhu |
| Contributor | 資管系 |
| Key Words | Innovation ; Patent ; Default risk ; Bond premium ; Bond return |
| Date | 2015-12 |
| Date Issued | 30-Oct-2019 11:12:51 (UTC+8) |
| Summary | 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. |
| Relation | Journal of Corporate Finance, Vol.35, pp.329-344 |
| Type | article |
| DOI | https://doi.org/10.1016/j.jcorpfin.2015.09.005 |
| dc.contributor | 資管系 | |
| dc.creator (作者) | 李曉惠 | |
| dc.creator (作者) | Lee, Hsiao-Hui | |
| dc.creator (作者) | Hsu, Po-Hsuan* | |
| dc.creator (作者) | Liu, Alfred Zhu | |
| dc.date (日期) | 2015-12 | |
| dc.date.accessioned | 30-Oct-2019 11:12:51 (UTC+8) | - |
| dc.date.available | 30-Oct-2019 11:12:51 (UTC+8) | - |
| dc.date.issued (上傳時間) | 30-Oct-2019 11:12:51 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/127170 | - |
| dc.description.abstract (摘要) | 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 (關聯) | Journal of Corporate Finance, Vol.35, pp.329-344 | |
| dc.subject (關鍵詞) | Innovation ; Patent ; Default risk ; Bond premium ; Bond return | |
| dc.title (題名) | Corporate Innovation, Default Risk, and Bond Pricing | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1016/j.jcorpfin.2015.09.005 | |
| dc.doi.uri (DOI) | https://doi.org/10.1016/j.jcorpfin.2015.09.005 |