THREE ESSAYS IN FINANCIAL MARKETS. THE BRIGHT SIDE OF FINANCIAL DERIVATIVES: OPT, BLANCO, IVÁN, WEHRHEIM, DAVID, BLANCO SANCHEZ, IVAN, ISBN: 9788481028775

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BLANCO, IVÁN, WEHRHEIM, DAVID, BLANCO SANCHEZ, IVAN

THREE ESSAYS IN FINANCIAL MARKETS. THE BRIGHT SIDE OF FINANCIAL DERIVATIVES: OPT

978-84-8102-877-5 / 9788481028775

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Autores:
BLANCO, IVÁN, WEHRHEIM, DAVID, BLANCO SANCHEZ, IVAN
Editorial:
UNIVERSIDAD DE CANTABRIA
Año:
2019
Colección:
< Genérica >
Materia:
Finanzas. Hacienda pública.

Comentarios

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.