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  1. Technology spillovers, asset redeployability, and corporate financial policies
    Author: Nguyen Phuong Anh; Kecskés, Ambrus
    Published: [2021]
    Publisher:  Asian Development Bank Institute, Tokyo, Japan

    Prior research shows that technology spillovers across firms increase innovation, productivity, and value. We study how firms finance their own growth stimulated by technology spillovers from their technological peer firms. We find that greater... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 188
    Inter-library loan:
    No inter-library loan

     

    Prior research shows that technology spillovers across firms increase innovation, productivity, and value. We study how firms finance their own growth stimulated by technology spillovers from their technological peer firms. We find that greater technology spillovers lead to higher leverage. This is the result of technology spillovers increasing asset redeployability, as evidenced by more collateralized borrowing and asset transactions. Borrowing costs also decrease. Exogenous variation in the R&D tax credits of other firms allows us to identify the causal effect of technology spillovers on a given firm.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/238616
    Series: ADBI working paper series ; no. 1259 (April 2021)
    Subjects: innovation; technology spillovers; research and development; financial policies; capital structure; asset redeployability; cost of debt
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  2. Information asymmetry and the pricing of privately placed debt
    Author: Dinkelaker, Kilian R.; Mattig, Andreas; Morkoetter, Stefan
    Published: January 19th, 2021
    Publisher:  School of Finance, University of St. Gallen, St. Gallen

    Based on a dataset including 11,636 private debt placements issued globally between 1999 and 2016, we investigate the association between borrower-lender information asymmetry and the cost of debt for issuers. We observe that information asymmetry... more

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    Resolving-System (kostenfrei)
    Verlag (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 314
    Inter-library loan:
    No inter-library loan

     

    Based on a dataset including 11,636 private debt placements issued globally between 1999 and 2016, we investigate the association between borrower-lender information asymmetry and the cost of debt for issuers. We observe that information asymmetry due to being a private or unrated firm is associated with higher cost of private debt. Our results equally inform corporate financing decisions and government initiatives aimed at promoting private debt markets in order to expand funding sources for the private sector

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working papers on finance ; no. 2021, 03
    Subjects: Private placement; cost of debt; information asymmetry; corporate structure
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen