| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13508 |
| DP13508 Disruption and Credit Markets | |
| Bo Becker; Victoria Ivashina | |
| 发表日期 | 2019-02-04 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | In the past thirty years, defaults on corporate bonds have been substantially higher than the historical average. We show that this increase in credit risk can be largely attributed to an increase in the rate at which new and fast-growing firms displace incumbents (a phenomenon sometimes referred to as ‘disruptive innovation’). Industries with a lager presence of firms newly listed on the stock market, as well as industries that receive funding from venture capital, have a higher loss of revenue market share for established firms and subsequently see a rise in corporate bond defaults. Patent filings by individuals as opposed to corporations also predict defaults. These results are not affected by inclusion of controls for industry exposure to offshore manufacturing. |
| 主题 | Financial Economics |
| 关键词 | Disruption Default Corporate bonds |
| URL | https://cepr.org/publications/dp13508 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542325 |
| 推荐引用方式 GB/T 7714 | Bo Becker,Victoria Ivashina. DP13508 Disruption and Credit Markets. 2019. |
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