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Article: Innovate to survive: The effect of technology competition on corporate bankruptcy

TitleInnovate to survive: The effect of technology competition on corporate bankruptcy
Authors
Issue Date2011
PublisherWiley-Blackwell Publishing, Inc.. The Journal's web site is located at http://www.wiley.com/bw/journal.asp?ref=0046-3892
Citation
Financial Management, 2011, v. 40 n. 4, p. 1087-1117 How to Cite?
AbstractThis paper establishes a strong relation between technology competition and corporate bankruptcy. Using detailed firm-level patent data, we show that: 1) the capability of firms to innovate predicts future bankruptcies better than the typical measures such as Z-score and credit rating, 2) technology-related bankruptcies are less sensitive to the business cycle and industry success, and 3) firms that go bankrupt as a result of technology competition experience larger declines in earnings and stock prices. © 2011 Financial Management Association International.
Persistent Identifierhttp://hdl.handle.net/10722/164732
ISSN
2015 Impact Factor: 0.774
2015 SCImago Journal Rankings: 0.837
SSRN
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorEisdorfer, Aen_HK
dc.contributor.authorHsu, PHen_HK
dc.date.accessioned2012-09-20T08:08:44Z-
dc.date.available2012-09-20T08:08:44Z-
dc.date.issued2011en_HK
dc.identifier.citationFinancial Management, 2011, v. 40 n. 4, p. 1087-1117en_HK
dc.identifier.issn0046-3892en_HK
dc.identifier.urihttp://hdl.handle.net/10722/164732-
dc.description.abstractThis paper establishes a strong relation between technology competition and corporate bankruptcy. Using detailed firm-level patent data, we show that: 1) the capability of firms to innovate predicts future bankruptcies better than the typical measures such as Z-score and credit rating, 2) technology-related bankruptcies are less sensitive to the business cycle and industry success, and 3) firms that go bankrupt as a result of technology competition experience larger declines in earnings and stock prices. © 2011 Financial Management Association International.en_HK
dc.languageengen_US
dc.publisherWiley-Blackwell Publishing, Inc.. The Journal's web site is located at http://www.wiley.com/bw/journal.asp?ref=0046-3892en_HK
dc.relation.ispartofFinancial Managementen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rightsThis is the accepted version of the following article: [Financial Management, 2011, v. 40 n. 4, p. 1087-1117], which has been published in final form at [http://dx.doi.org/10.1111/j.1755-053X.2011.01172.x]. In addition, authors may also transmit, print and share copies with colleagues, provided that there is no systematic distribution of the submitted version, e.g. posting on a listserve, network or automated delivery.-
dc.titleInnovate to survive: The effect of technology competition on corporate bankruptcyen_HK
dc.typeArticleen_HK
dc.identifier.emailHsu, PH: paulhsu@hku.hken_HK
dc.identifier.authorityHsu, PH=rp01553en_HK
dc.description.naturepostprint-
dc.identifier.doi10.1111/j.1755-053X.2011.01172.xen_HK
dc.identifier.scopuseid_2-s2.0-83155189122en_HK
dc.identifier.hkuros210272en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-83155189122&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume40en_HK
dc.identifier.issue4en_HK
dc.identifier.spage1087en_HK
dc.identifier.epage1117en_HK
dc.identifier.eissn1755-053X-
dc.identifier.isiWOS:000297736900010-
dc.publisher.placeUnited Statesen_HK
dc.identifier.ssrn1300638-
dc.identifier.scopusauthoridEisdorfer, A=23466567800en_HK
dc.identifier.scopusauthoridHsu, PH=8974031100en_HK

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