Abstract

http://ssrn.com/abstract=2022235
 
 

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Credit Supply and Corporate Innovation


Mario Daniele Amore


Bocconi University

Cédric Schneider


Copenhagen Business School - Department of Economics

Alminas Zaldokas


Hong Kong University of Science & Technology - Department of Finance

March 31, 2013

Journal of Financial Economics (JFE), Forthcoming

Abstract:     
We present evidence that banking development plays a key role in technological progress. We focus on manufacturing firms’ innovative performance, measured by patent-based metrics, and employ exogenous variations in banking development arising from the staggered deregulation of banking activities across US states during the 1980s and 1990s. We find that interstate banking deregulation had significant beneficial effects on the quantity and quality of innovation activities, especially for firms highly dependent on external capital and located closer to entering banks. Furthermore, we find that these results are strongly driven by a greater ability of deregulated banks to geographically diversify credit risk.

Number of Pages in PDF File: 51

Keywords: financial development, banking deregulation, innovation, risk diversification

JEL Classification: G21, G32, O31

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Date posted: March 15, 2012 ; Last revised: August 9, 2014

Suggested Citation

Amore, Mario Daniele and Schneider, Cédric and Zaldokas, Alminas, Credit Supply and Corporate Innovation (March 31, 2013). Journal of Financial Economics (JFE), Forthcoming. Available at SSRN: http://ssrn.com/abstract=2022235 or http://dx.doi.org/10.2139/ssrn.2022235

Contact Information

Mario Daniele Amore
Bocconi University ( email )
Via Sarfatti, 25
Milan, MI 20136
Italy
Cédric Schneider
Copenhagen Business School - Department of Economics ( email )
Solbjerg Plads 3
Frederiksberg C, DK-2000
Denmark
Alminas Zaldokas (Contact Author)
Hong Kong University of Science & Technology - Department of Finance ( email )
Clear Water Bay, Kowloon
Hong Kong
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