Three Essays in Financial Markets. The Bright Side of Financial Derivatives: Options Trading and Firm Innovation
Title | Three Essays in Financial Markets. The Bright Side of Financial Derivatives: Options Trading and Firm Innovation PDF eBook |
Author | Iván Blanco |
Publisher | Ed. Universidad de Cantabria |
Pages | 90 |
Release | 2019-02-15 |
Genre | Business & Economics |
ISBN | 8481028770 |
Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
Three essays on empirical finance
Title | Three essays on empirical finance PDF eBook |
Author | Tse-Chun Lin |
Publisher | Rozenberg Publishers |
Pages | 146 |
Release | 2009 |
Genre | |
ISBN | 9036101514 |
Three Essays on Stock Market Volatility and Stock Return Predictability
Title | Three Essays on Stock Market Volatility and Stock Return Predictability PDF eBook |
Author | Shu Yan |
Publisher | |
Pages | 310 |
Release | 2000 |
Genre | Stock exchanges |
ISBN |
Three Essays in Accounting
Title | Three Essays in Accounting PDF eBook |
Author | Mingshan Zhang |
Publisher | |
Pages | 352 |
Release | 2005 |
Genre | Foreign exchange |
ISBN |
Essays in Dynamic General Equilibrium Theory
Title | Essays in Dynamic General Equilibrium Theory PDF eBook |
Author | Alessandro Citanna |
Publisher | Springer Science & Business Media |
Pages | 278 |
Release | 2006-01-11 |
Genre | Business & Economics |
ISBN | 3540271929 |
In the area of dynamic economics, David Cass’s work has spawned a number of important lines of research, including the study of dynamic general equilibrium theory, the concept of sunspot equilibria, and general equilibrium theory when markets are incomplete. Based on these contributions, this volume contains new developments in the field, written by Cass's students and co-authors.
American Doctoral Dissertations
Title | American Doctoral Dissertations PDF eBook |
Author | |
Publisher | |
Pages | 816 |
Release | 2000 |
Genre | Dissertation abstracts |
ISBN |
Essays on Top Management and Corporate Behavior
Title | Essays on Top Management and Corporate Behavior PDF eBook |
Author | Hui-Ting Wu |
Publisher | Rozenberg Publishers |
Pages | 196 |
Release | 2010 |
Genre | |
ISBN | 9036101913 |