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    政大機構典藏 > 商學院 > 資訊管理學系 > 期刊論文 >  Item 140.119/127170
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/127170

    Title: Corporate Innovation, Default Risk, and Bond Pricing
    Authors: 李曉惠
    Lee, Hsiao-Hui
    Hsu, Po-Hsuan*
    Liu, Alfred Zhu
    Contributors: 資管系
    Keywords: Innovation;Patent;Default risk;Bond premium;Bond return
    Date: 2015-12
    Issue Date: 2019-10-30 11:12:51 (UTC+8)
    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.
    Relation: Journal of Corporate Finance, Vol.35, pp.329-344
    Data Type: article
    DOI 連結: https://doi.org/10.1016/j.jcorpfin.2015.09.005
    DOI: 10.1016/j.jcorpfin.2015.09.005
    Appears in Collections:[資訊管理學系] 期刊論文

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