作者：Roberts, Michael R.
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Using data from Securities and Exchange Commission filings, I show that the typical bank loan is renegotiated five times, or every nine months. The pricing, maturity, amount, and covenants are all significantly modified during each renegotiation, whose timing is governed by the financial health of the contracting parties and uncertainty regarding the borrowers' credit quality. The relative importance of these factors depends on the duration of the lending relationship. I interpret these result...
作者：Chang, Xin; Fu, Kangkang; Low, Angie; Zhang, Wenrui
作者单位：Nanyang Technological University; INSEAD Business School; Chinese University of Hong Kong
摘要：We provide empirical evidence on the positive effect of non-executive employee stock options on corporate innovation. The positive effect is more pronounced when employees are more important for innovation, when free-riding among employees is weaker, when options are granted broadly to most employees, when the average expiration period of options is longer, and when employee stock ownership is lower. Further analysis reveals that employee stock options foster innovation mainly through the risk...
