作者：Fang, Vivian W.; Tian, Xuan; Tice, Sheri
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Tsinghua University; Tulane University
摘要：We aim to tackle the longstanding debate on whether stock liquidity enhances or impedes firm innovation. This topic is of interest because innovation is crucial for firm- and national-level competitiveness and stock liquidity can be altered by financial market regulations. Using a difference-in-differences approach that relies on the exogenous variation in liquidity generated by regulatory changes, we find that an increase in liquidity causes a reduction in future innovation. We identify two p...
作者：Baghai, Ramin P.; Servaes, Henri; Tamayo, Ane
作者单位：Stockholm School of Economics; University of London; London Business School; University of London; London School Economics & Political Science; Center for Economic & Policy Research (CEPR)
摘要：Rating agencies have become more conservative in assigning corporate credit ratings over the period 1985 to 2009; holding firm characteristics constant, average ratings have dropped by three notches. This change does not appear to be fully warranted because defaults have declined over this period. Firms affected more by conservatism issue less debt, have lower leverage, hold more cash, are less likely to obtain a debt rating, and experience lower growth. Their debt spreads are lower than those...
