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Article: Risk-taking of Bank CEOs and Corporate Innovation

TitleRisk-taking of Bank CEOs and Corporate Innovation
Authors
Issue Date2021
Citation
Journal of International Money and Finance, 2021, Forthcoming How to Cite?
AbstractWe 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 Identifierhttp://hdl.handle.net/10722/297209

 

DC FieldValueLanguage
dc.contributor.authorBui, DG-
dc.contributor.authorChen, YN-
dc.contributor.authorLin, CY-
dc.contributor.authorLin, TC-
dc.date.accessioned2021-03-08T07:15:43Z-
dc.date.available2021-03-08T07:15:43Z-
dc.date.issued2021-
dc.identifier.citationJournal of International Money and Finance, 2021, Forthcoming-
dc.identifier.urihttp://hdl.handle.net/10722/297209-
dc.description.abstractWe 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.languageeng-
dc.relation.ispartofJournal of International Money and Finance-
dc.titleRisk-taking of Bank CEOs and Corporate Innovation-
dc.typeArticle-
dc.identifier.emailLin, TC: chunlin@hku.hk-
dc.identifier.authorityLin, TC=rp01077-
dc.identifier.doi10.1016/j.jimonfin.2021.102387-
dc.identifier.hkuros321677-
dc.identifier.volumeForthcoming-

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