Please use this identifier to cite or link to this item: https://hdl.handle.net/10356/143478
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dc.contributor.authorChang, Xinen_US
dc.contributor.authorChen, Yangyangen_US
dc.contributor.authorWang, Sarah Qianen_US
dc.contributor.authorZhang, Kuoen_US
dc.contributor.authorZhang, Wenruien_US
dc.date.accessioned2020-09-03T08:09:42Z-
dc.date.available2020-09-03T08:09:42Z-
dc.date.issued2019-
dc.identifier.citationChang, X., Chen, Y., Wang, S. Q., Zhang, K., & Zhang, W. (2019). Credit default swaps and corporate innovation. Journal of Financial Economics, 134(2), 474-500. doi:10.1016/j.jfineco.2017.12.012en_US
dc.identifier.issn0304-405Xen_US
dc.identifier.urihttps://hdl.handle.net/10356/143478-
dc.description.abstractWe 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.en_US
dc.language.isoenen_US
dc.relation.ispartofJournal of Financial Economicsen_US
dc.rights© 2019 Elsevier B.V. All rights reserved. This paper was published in Journal of Financial Economics and is made available with permission of Elsevier B.V.en_US
dc.subjectBusiness::Financeen_US
dc.titleCredit default swaps and corporate innovationen_US
dc.typeJournal Articleen
dc.contributor.schoolNanyang Business Schoolen_US
dc.identifier.doi10.1016/j.jfineco.2017.12.012-
dc.description.versionAccepted versionen_US
dc.identifier.scopus2-s2.0-85064010649-
dc.identifier.issue2en_US
dc.identifier.volume134en_US
dc.identifier.spage474en_US
dc.identifier.epage500en_US
dc.subject.keywordsCredit Default Swapsen_US
dc.subject.keywordsCorporate Innovationen_US
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