Corporate innovative efficiency: Evidence of effects on credit ratings

Griffin, Paul A.; Hong, Hyun A.; Ryou, Ji Woo

doi:10.1016/j.jcorpfin.2018.06.007

Cited by 39 publications

(29 citation statements)

References 77 publications

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“…See, for example,Rock (1986),Beatty and Ritter (1986),Benveniste and Spindt (1989),Welch (1992),Loughran and Ritter (2002),Liu and Malatesta (2006),Bongaerts et al (2012),Bolton et al (2012),Kedia et al (2017) andGriffin et al (2018).…”

mentioning

confidence: 99%

WITHDRAWN: Do multiple credit ratings reduce money left on the table? Evidence from U.S. IPOs

Goergen

Gounopoulos

Koutroumpis

2020

Journal of Corporate Finance

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mentioning

confidence: 99%

WITHDRAWN: Do multiple credit ratings reduce money left on the table? Evidence from U.S. IPOs

Goergen

Gounopoulos

Koutroumpis

2020

Journal of Corporate Finance

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“…While Czarnitzki and Kraft (2004) and Griffin et al (2018) have explored the relationship between patents and companies creditworthiness, empirical work examining the link between patents and credit risk remains sparse. In particular, patents may impact on companies' credit rating in very different ways across companies and industries.…”

Section: Literaturementioning

confidence: 99%

“…We build on this finding using a set of patent value indicators, allowing us to differentiate commercially valuable patents. Our approach also departs from the studies of Griffin et al (2018) and Hsu et al (2015), which consider how companies' innovation performance (i.e., patent output per dollars spent on R&D) is reflected in their credit rating and bond pricing, respectively. In contrast, we focus on the value of patents from a creditor perspective (i.e.…”

Section: Introductionmentioning

confidence: 99%

Patents and corporate credit risk

Frey

Neuhäusler

Blind

2019

Industrial and Corporate Change

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A vast literature documents a positive relationship between patents and companies stock market performance. Nevertheless, evidence on the influence of patents on companies’ debt capacity remains sparse. In this article, we examine the relationship between companies’ patent portfolios and their credit rating, providing relevant, albeit indirect, evidence on patents as a debt funding mechanism. Using a panel dataset on 155 U.S. firms, we find a positive relationship between companies’ credit rating and the size of their patent portfolio. Our indicators for valuable patents, however, provide a mixed picture. While there is a positive link between the average family size of a company’s patent portfolio and its credit ratings, we surprisingly find a significant negative relationship between patent forward citations and companies ratings. We hypothesize that this finding is the result of citations being associated with patent lawsuits, potentially incurring substantial losses on creditors.

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“…Several recent works analyze credit rating under managerial and financial perspectives (Bonsall IV et al 2017, Griffin, Hong and Ryou 2018, Kouvelis and Zhao 2017, Kisgen 2006, Karampatsas et al 2014, An and Chan 2008, Lim et al 2017.…”

Section: Introductionmentioning

confidence: 99%

Rating firms and sensitivity analysis

Magni

Malagoli²,

Marchioni

et al. 2019

Journal of the Operational Research Society

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This paper introduces a model for rating a firm's default risk based on fuzzy logic and expert system and an associated model of sensitivity analysis (SA) for managerial purposes. The rating model automatically replicates the evaluation process of default risk performed by human experts. It makes use of a modular approach based on rules blocks and conditional implications. The SA model investigates the change in the firm's default risk under changes in the model inputs and employs recent results in the engineering literature of Sensitivity Analysis. In particular, it (i) allows the decomposition of the historical variation of default risk, (ii) identifies the most relevant parameters for the risk variation, and (iii) suggests managerial actions to be undertaken for improving the firm's rating.

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Corporate innovative efficiency: Evidence of effects on credit ratings

Cited by 39 publications

References 77 publications

WITHDRAWN: Do multiple credit ratings reduce money left on the table? Evidence from U.S. IPOs

WITHDRAWN: Do multiple credit ratings reduce money left on the table? Evidence from U.S. IPOs

Patents and corporate credit risk

Rating firms and sensitivity analysis

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