Warrants in the financial management decisions of innovative firms
Author
Abstract
Suggested Citation
DOI: 10.1002/fut.22266
Download full text from publisher
References listed on IDEAS
- Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
- Myers, Stewart C. & Majluf, Nicholas S., 1984.
"Corporate financing and investment decisions when firms have information that investors do not have,"
Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
- Myers, Stewart C. & Majluf, Nicolás S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Christopher A. Hennessy & Toni M. Whited, 2007. "How Costly Is External Financing? Evidence from a Structural Estimation," Journal of Finance, American Finance Association, vol. 62(4), pages 1705-1745, August.
- Rampini, Adriano A. & Viswanathan, S., 2013.
"Collateral and capital structure,"
Journal of Financial Economics, Elsevier, vol. 109(2), pages 466-492.
- S. Viswanathan & Adriano Rampini, 2009. "Collateral and Capital Structure," 2009 Meeting Papers 525, Society for Economic Dynamics.
- Lee Branstetter & Daniel Sichel, 2017. "The Case for an American Productivity Revival," Policy Briefs PB17-26, Peterson Institute for International Economics.
- Krasker, William S, 1986. "Stock Price Movements in Response to Stock Issues under Asymmetric Information," Journal of Finance, American Finance Association, vol. 41(1), pages 93-105, March.
- Merton H. Miller, 1989.
"The Modigliani‐Miller Propositions After Thirty Years,"
Journal of Applied Corporate Finance, Morgan Stanley, vol. 2(1), pages 6-18, March.
- Miller, Merton H, 1988. "The Modigliani-Miller Propositions after Thirty Years," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 99-120, Fall.
- Luigi Guiso & Luigi Pistaferri & Fabiano Schivardi, 2013.
"Credit within the Firm,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 80(1), pages 211-247.
- Luigi Guiso & Luigi Pistaferri & Fabiano Schivardi, 2009. "Credit within the Firm," Global COE Hi-Stat Discussion Paper Series gd09-097, Institute of Economic Research, Hitotsubashi University.
- Luigi Guiso & Luigi Pistaferri & Fabiano Schivardi, 2010. "Credit within the Firm," EIEF Working Papers Series 1008, Einaudi Institute for Economics and Finance (EIEF), revised Apr 2010.
- Luigi Pistaferri & Luigi Guiso & Fabiano Schivardi, 2010. "Credit within the firm," NBER Working Papers 15924, National Bureau of Economic Research, Inc.
- Guiso, Luigi & Pistaferri, Luigi & Schivardi, Fabiano, 2010. "Credit within the Firm," CEPR Discussion Papers 7793, C.E.P.R. Discussion Papers.
- L. Guiso & L. Pistaferri & F. Schivardi, 2010. "Credit within the firm," Working Paper CRENoS 201009, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
- Heitor Almeida & Murillo Campello, 2007. "Financial Constraints, Asset Tangibility, and Corporate Investment," The Review of Financial Studies, Society for Financial Studies, vol. 20(5), pages 1429-1460, 2007 12.
- Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters, in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626, National Bureau of Economic Research, Inc.
- Chen, Andrew H Y, 1970. "A Model of Warrant Pricing in a Dynamic Market," Journal of Finance, American Finance Association, vol. 25(5), pages 1041-1059, December.
- Haskel, J & Corrado, C & Jona-Lasinio, C & Iommi, M, 2012.
"Intangible capital and growth in advanced economies: measurement methods and comparative results,"
Working Papers
9913, Imperial College, London, Imperial College Business School.
- Carol Corrado & Jonathan Haskel & Cecilia Jona-Lasinio & Massimiliano Iommi, 2012. "Intangible Capital and Growth in Advanced Economies: Measurement Methods and Comparative Results," Economics Program Working Papers 12-03, The Conference Board, Economics Program.
- Corrado, Carol & Haskel, Jonathan & Jona-Lasinio, Cecilia & Iommi, Massimiliano, 2012. "Intangible Capital and Growth in Advanced Economies: Measurement Methods and Comparative Results," IZA Discussion Papers 6733, Institute of Labor Economics (IZA).
- Toni M. Whited & Guojun Wu, 2006. "Financial Constraints Risk," The Review of Financial Studies, Society for Financial Studies, vol. 19(2), pages 531-559.
- Lamont, Owen & Polk, Christopher & Saa-Requejo, Jesus, 2001.
"Financial Constraints and Stock Returns,"
The Review of Financial Studies, Society for Financial Studies, vol. 14(2), pages 529-554.
- Owen Lamont & Christopher Polk & Jesus Saa-Requejo, "undated". "Financial Constraints and Stock Returns."," CRSP working papers 451, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Owen Lamont & Christopher Polk & Jesus Saa-Requejo, 1997. "Financial Constraints and Stock Returns," NBER Working Papers 6210, National Bureau of Economic Research, Inc.
- Lawrence Slifman & Carol Corrado, 1999.
"Decomposition of Productivity and Unit Costs,"
American Economic Review, American Economic Association, vol. 89(2), pages 328-332, May.
- Carol Corrado & Lawrence Slifman, 1996. "Decomposition of productivity and unit costs," Staff Studies 1, Board of Governors of the Federal Reserve System (U.S.).
- Peters, Ryan H. & Taylor, Lucian A., 2017. "Intangible capital and the investment-q relation," Journal of Financial Economics, Elsevier, vol. 123(2), pages 251-272.
- Byoun, Soku & Moore, William T., 2003. "Stock vs. stock-warrant units: evidence from seasoned offerings," Journal of Corporate Finance, Elsevier, vol. 9(5), pages 575-590, November.
- Charles J. Hadlock & Joshua R. Pierce, 2010. "New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index," The Review of Financial Studies, Society for Financial Studies, vol. 23(5), pages 1909-1940.
- Sun, Qi & Xiaolan, Mindy Z., 2019.
"Financing intangible capital,"
Journal of Financial Economics, Elsevier, vol. 132(2), pages 472-496.
- Sun, Qi & Xiaolan, Mindy Z., 2019. "Financing intangible capital," Journal of Financial Economics, Elsevier, vol. 133(3), pages 564-588.
- Hall, Bronwyn H. & Lerner, Josh, 2010.
"The Financing of R&D and Innovation,"
Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 1, chapter 0, pages 609-639,
Elsevier.
- Bronwyn H. Hall & Josh Lerner, 2009. "The Financing of R&D and Innovation," NBER Working Papers 15325, National Bureau of Economic Research, Inc.
- Hall, Bronwyn H. & Lerner, Josh, 2010. "The Financing of R&D and Innovation," MERIT Working Papers 2010-012, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
- Claudio Michelacci & Vincenzo Quadrini, 2009.
"Financial Markets and Wages,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 76(2), pages 795-827.
- Claudio Michelacci & Vincenzo Quadrini, 2004. "Financial Markets and Wages," 2004 Meeting Papers 116, Society for Economic Dynamics.
- Quadrini, Vincenzo & Michelacci, Claudio, 2005. "Financial Markets and Wages," CEPR Discussion Papers 4867, C.E.P.R. Discussion Papers.
- Claudio Michelacci & Vincenzo Quadrini, 2005. "Financial Markets and Wages," NBER Working Papers 11050, National Bureau of Economic Research, Inc.
- Eberhart, Allan C., 2005. "Employee stock options as warrants," Journal of Banking & Finance, Elsevier, vol. 29(10), pages 2409-2433, October.
- Tim Loughran & Bill Mcdonald, 2016. "Textual Analysis in Accounting and Finance: A Survey," Journal of Accounting Research, Wiley Blackwell, vol. 54(4), pages 1187-1230, September.
- Rainer Baule & Philip Blonski, 2015. "The Demand for Warrants and Issuer Pricing Strategies," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 35(12), pages 1195-1219, December.
- Joan Farre-Mensa & Alexander Ljungqvist, 2016.
"Do Measures of Financial Constraints Measure Financial Constraints?,"
The Review of Financial Studies, Society for Financial Studies, vol. 29(2), pages 271-308.
- Joan Farre-Mensa & Alexander Ljungqvist, 2013. "Do Measures of Financial Constraints Measure Financial Constraints?," NBER Working Papers 19551, National Bureau of Economic Research, Inc.
- Ljungqvist, Alexander & Farre-Mensa, Joan, 2015. "Do Measures of Financial Constraints Measure Financial Constraints?," CEPR Discussion Papers 10326, C.E.P.R. Discussion Papers.
- Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
- Soku Byoun, 2004. "Stock Performance following Seasoned Stock-Warrant Unit Offerings," The Journal of Business, University of Chicago Press, vol. 77(1), pages 75-100, January.
- Haskel, Jonathan & Iommi, Massimiliano, 2012. "Intangible Capital and Growth in Advanced Economies: Measurement and Comparative Results," CEPR Discussion Papers 9061, C.E.P.R. Discussion Papers.
- Lim, Steve C. & Macias, Antonio J. & Moeller, Thomas, 2020. "Intangible assets and capital structure," Journal of Banking & Finance, Elsevier, vol. 118(C).
- Galai, Dan & Schneller, Meir I, 1978. "Pricing of Warrants and the Value of the Firm," Journal of Finance, American Finance Association, vol. 33(5), pages 1333-1342, December.
- Bodnaruk, Andriy & Loughran, Tim & McDonald, Bill, 2015. "Using 10-K Text to Gauge Financial Constraints," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 50(4), pages 623-646, August.
- Tim Loughran & Bill Mcdonald, 2011. "When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks," Journal of Finance, American Finance Association, vol. 66(1), pages 35-65, February.
- Lev, B & Zarowin, P, 1999. "The boundaries of financial reporting and how to extend them," Journal of Accounting Research, Wiley Blackwell, vol. 37(2), pages 353-385.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Schauer, Catharina & Elsas, Ralf & Breitkopf, Nikolas, 2019. "A new measure of financial constraints applicable to private and public firms," Journal of Banking & Finance, Elsevier, vol. 101(C), pages 270-295.
- Li, Xiafei & Luo, Di, 2019. "Financial constraints, stock liquidity, and stock returns," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 63(C).
- Nusrat Jahan, 2020. "Does Asset Durability Impede Financing? An Empirical Assessment," Carleton Economic Papers 20-17, Carleton University, Department of Economics, revised 07 Aug 2022.
- Gabriele Angori & David Aristei, 2020. "Heterogeneity and state dependence in firms’ access to credit: Microevidence from the euro area," SEEDS Working Papers 0220, SEEDS, Sustainability Environmental Economics and Dynamics Studies, revised Feb 2020.
- Wang, Jingwen & Shen, Guangjun & Tang, Dunzhe, 2021. "Does tax deduction relax financing constraints? Evidence from China's value-added tax reform," China Economic Review, Elsevier, vol. 67(C).
- Fatematuz Tamanna Ahamed & Muhammad Nurul Houqe & Tony van Zijl, 2023. "Meta‐analysis of the impact of financial constraints on firm performance," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 1671-1707, June.
- Luong, Thanh Son & Qiu, Buhui & Wu, Yi (Ava), 2021. "Does it pay to be socially connected with wall street brokerages? Evidence from cost of equity," Journal of Corporate Finance, Elsevier, vol. 68(C).
- Saira Qasim & Marian Rizov & Xufei Zhang, 2021.
"Financial constraints and the export decision of Pakistani firms,"
International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4557-4573, July.
- Qasim, Saira & Rizov, Marian & Zhang, Xufei, 2020. "Financial constraints and the export decision of Pakistani firms," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 1-17.
- Huang, Winifred & Mazouz, Khelifa, 2018. "Excess cash, trading continuity, and liquidity risk," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 275-291.
- Mamdouh Medhat & Berardino Palazzo, 2020. "Equity Financing Risk," Finance and Economics Discussion Series 2020-037, Board of Governors of the Federal Reserve System (U.S.).
- Malik, Muhammad Farhan & Nowland, John & Buckby, Sherrena, 2021. "Voluntary adoption of board risk committees and financial constraints risk," International Review of Financial Analysis, Elsevier, vol. 73(C).
- Naeem, Kashif & Li, Matthew C., 2019. "Corporate investment efficiency: The role of financial development in firms with financing constraints and agency issues in OECD non-financial firms," International Review of Financial Analysis, Elsevier, vol. 62(C), pages 53-68.
- Théo Nicolas, 2022. "Short-term financial constraints and SMEs’ investment decision: evidence from the working capital channel," Small Business Economics, Springer, vol. 58(4), pages 1885-1914, April.
- Falavigna, Greta & Ippoliti, Roberto, 2023. "SMEs’ behavior under financial constraints: An empirical investigation on the legal environment and the substitution effect with tax arrears," The North American Journal of Economics and Finance, Elsevier, vol. 66(C).
- Almaghrabi, Khadija S., 2023. "Non‐operating risk and cash holdings: Evidence from pension risk," Journal of Banking & Finance, Elsevier, vol. 152(C).
- Dang, Viet Anh & Kim, Minjoo & Shin, Yongcheol, 2014. "Asymmetric adjustment toward optimal capital structure: Evidence from a crisis," International Review of Financial Analysis, Elsevier, vol. 33(C), pages 226-242.
- Samuel Jebaraj Benjamin, 2019. "The Effect of Financial Constraints on Audit Fees," Capital Markets Review, Malaysian Finance Association, vol. 27(2), pages 59-87.
- He, Yiqing & Ding, Xin & Yang, Chuchu, 2021. "Do environmental regulations and financial constraints stimulate corporate technological innovation? Evidence from China," Journal of Asian Economics, Elsevier, vol. 72(C).
- Moritzen, Mark Raun & Schandlbauer, Alexander, 2020. "The impact of competition and time-to-finance on corporate cash holdings," Journal of Corporate Finance, Elsevier, vol. 65(C).
- Söhnke M. Bartram, 2017. "Corporate Postretirement Benefit Plans and Real Investment," Management Science, INFORMS, vol. 63(2), pages 355-383, February.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:jfutmk:v:42:y:2022:i:2:p:276-295. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.interscience.wiley.com/jpages/0270-7314/ .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.