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- W3140636853 abstract "This paper investigates how market liquidity condition of corporate bonds can affect firm investment policy, specifically its risk taking. We hypothesize that bond liquidity can affect firm's risk taking via the disciplinary function of trading. Indeed, we document a positive relationship between bond illiquidity and firms' risk taking, specifically a one standard deviation in Amihud illiquidity measure is associated with nearly 20% increase in investment ratio. Using introduction of TRACE in 2002 as an exogenous shock to bond trading infrastructure, our findings suggest that the relationship is causal. Finally, we document that the shift in risk taking increase the volume but not necessarily the quality of innovation output. Our empirical results have important implications for firms risk policy and growth as well as for designing of market microstructure." @default.
- W3140636853 created "2021-04-13" @default.
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- W3140636853 date "2019-01-01" @default.
- W3140636853 modified "2023-09-27" @default.
- W3140636853 title "Bond Liquidity, Risk Taking and Corporate Innovation" @default.
- W3140636853 doi "https://doi.org/10.2139/ssrn.3328968" @default.
- W3140636853 hasPublicationYear "2019" @default.
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