Disruption and Credit Markets

• 成果类型: Article
• 署名作者: Becker, Bo; Ivashina, Victoria
• 署名单位: Stockholm School of Economics; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Harvard University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13187
• 发表日期: 2023
• 页码: 105-139
• 关键词: CORPORATE-DEBT; PRODUCTIVITY; entry; technologies; destruction; COMPETITION; EMPLOYMENT; INNOVATION; DYNAMICS; adoption

摘要

We show that over the past half-century, innovative disruptions were central to understanding corporate defaults. In a given year, industries experiencing abnormally high venture capital or initial public offering activity subsequently see higher default rates, higher segment exits by conglomerates, and higher yields on bonds issued by the firms in these industries. Overall, we find that disruption is a broad phenomenon, negatively affecting incumbent firms across the spectrum of age, valuation, and levers, with the exception of very large and low-leverage firms, in line with our central hypothesis.