{"title":"What Types of Bondholders Impede Corporate Innovative Activities?","authors":"I. Hasan, J. O’Brien, Pengfei Ye","doi":"10.2139/ssrn.2353791","DOIUrl":null,"url":null,"abstract":"This study investigates whether institutional bond blockholders (i.e., bond funds that hold more than 5% of a firm's outstanding bonds) impede firm innovative activities, and if they do, through which channels. We find that long-term bond blockholders do not discourage firms from conducting innovative activities. Short-term bond blockholders, however, significantly reduce both firm investments in RD Innovation; Investment Horizon; Wall Street Walk","PeriodicalId":103805,"journal":{"name":"Innovation & Organizational Behavior eJournal","volume":"47 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2013-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"20","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Innovation & Organizational Behavior eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2353791","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 20
Abstract
This study investigates whether institutional bond blockholders (i.e., bond funds that hold more than 5% of a firm's outstanding bonds) impede firm innovative activities, and if they do, through which channels. We find that long-term bond blockholders do not discourage firms from conducting innovative activities. Short-term bond blockholders, however, significantly reduce both firm investments in RD Innovation; Investment Horizon; Wall Street Walk
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