{"title":"Debt Financing and the Failure of Innovation Companies: The Application of the CHS Model in U.S. Stock Markets","authors":"Nguyễn Quang Mỹ, Mustafa Sayim, Hamid Rahman","doi":"10.1080/1226508X.2019.1588767","DOIUrl":null,"url":null,"abstract":"ABSTRACT This study aims to determine whether increasing a firm’s leverage significantly changes its level of bankruptcy risk in the innovative industry by using the CHS model [Campbell, J. Y., J. Hilscher, and J. Szilagyi. 2008. “In Search of Distress Risk.” The Journal of Finance 63 (6): 2899–2939] to test 395 American innovation companies. These companies are categorised into four groups based on their debt ratios and their performance on the NYSE and NASDAQ stock exchanges is analysed in three separate periods. The findings reveal that innovation companies with a higher debt level are no riskier than those with a lower debt level.","PeriodicalId":1,"journal":{"name":"Accounts of Chemical Research","volume":"55 1","pages":"180 - 212"},"PeriodicalIF":16.4000,"publicationDate":"2019-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounts of Chemical Research","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1080/1226508X.2019.1588767","RegionNum":1,"RegionCategory":"化学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"CHEMISTRY, MULTIDISCIPLINARY","Score":null,"Total":0}
引用次数: 3
Abstract
ABSTRACT This study aims to determine whether increasing a firm’s leverage significantly changes its level of bankruptcy risk in the innovative industry by using the CHS model [Campbell, J. Y., J. Hilscher, and J. Szilagyi. 2008. “In Search of Distress Risk.” The Journal of Finance 63 (6): 2899–2939] to test 395 American innovation companies. These companies are categorised into four groups based on their debt ratios and their performance on the NYSE and NASDAQ stock exchanges is analysed in three separate periods. The findings reveal that innovation companies with a higher debt level are no riskier than those with a lower debt level.
摘要本文采用CHS模型研究创新产业中增加企业杠杆是否会显著改变其破产风险水平[Campbell, J. Y. Hilscher, and J. Szilagyi. 2008]。“寻找遇难风险。”[j]科研管理，2013(6):1 - 4。这些公司根据负债率被分为四类，它们在纽约证交所(NYSE)和纳斯达克(NASDAQ)上市的表现被分三个时间段分析。研究结果显示，负债水平较高的创新型企业风险并不高于负债水平较低的创新型企业。
期刊介绍：
Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance.
Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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