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- Publisher Website: 10.1016/j.jimonfin.2021.102387
- Scopus: eid_2-s2.0-85102268820
- WOS: WOS:000651343200018
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Article: Risk-taking of Bank CEOs and Corporate Innovation
Title | Risk-taking of Bank CEOs and Corporate Innovation |
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Authors | |
Keywords | CEO risk-taking attitude Corporate innovation Bank syndicate loan R&D Tobin’s q |
Issue Date | 2021 |
Publisher | Pergamon. The Journal's web site is located at http://www.elsevier.com/locate/jimf |
Citation | Journal of International Money and Finance, 2021, v. 115, p. article no. 102387 How to Cite? |
Abstract | We find that banks with CEOs who postpone exercising deep in-the-money options are more likely to lend to firms that are smaller, riskier, and more engaged in corporate innovation. These borrowers also spend more on R&D than a matched sample after getting the loans. Subsequently, these borrowers have higher innovation outputs and achieve greater market valuations. Overall, our findings suggest that the bank CEOs who reveal a high risk-taking attitude by their option exercising behavior help facilitate technological progress via the syndicate loans. |
Persistent Identifier | http://hdl.handle.net/10722/297209 |
ISSN | 2023 Impact Factor: 2.8 2023 SCImago Journal Rankings: 1.351 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Bui, DG | - |
dc.contributor.author | Chen, Y | - |
dc.contributor.author | Lin, CY | - |
dc.contributor.author | Lin, TC | - |
dc.date.accessioned | 2021-03-08T07:15:43Z | - |
dc.date.available | 2021-03-08T07:15:43Z | - |
dc.date.issued | 2021 | - |
dc.identifier.citation | Journal of International Money and Finance, 2021, v. 115, p. article no. 102387 | - |
dc.identifier.issn | 0261-5606 | - |
dc.identifier.uri | http://hdl.handle.net/10722/297209 | - |
dc.description.abstract | We find that banks with CEOs who postpone exercising deep in-the-money options are more likely to lend to firms that are smaller, riskier, and more engaged in corporate innovation. These borrowers also spend more on R&D than a matched sample after getting the loans. Subsequently, these borrowers have higher innovation outputs and achieve greater market valuations. Overall, our findings suggest that the bank CEOs who reveal a high risk-taking attitude by their option exercising behavior help facilitate technological progress via the syndicate loans. | - |
dc.language | eng | - |
dc.publisher | Pergamon. The Journal's web site is located at http://www.elsevier.com/locate/jimf | - |
dc.relation.ispartof | Journal of International Money and Finance | - |
dc.subject | CEO risk-taking attitude | - |
dc.subject | Corporate innovation | - |
dc.subject | Bank syndicate loan | - |
dc.subject | R&D | - |
dc.subject | Tobin’s q | - |
dc.title | Risk-taking of Bank CEOs and Corporate Innovation | - |
dc.type | Article | - |
dc.identifier.email | Lin, TC: chunlin@hku.hk | - |
dc.identifier.authority | Lin, TC=rp01077 | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/j.jimonfin.2021.102387 | - |
dc.identifier.scopus | eid_2-s2.0-85102268820 | - |
dc.identifier.hkuros | 321677 | - |
dc.identifier.volume | 115 | - |
dc.identifier.spage | article no. 102387 | - |
dc.identifier.epage | article no. 102387 | - |
dc.identifier.isi | WOS:000651343200018 | - |
dc.publisher.place | United Kingdom | - |