Theory offers conflicting predictions on whether and how lenders’ sectoral specialization would affect firms’ innovation activities. We show that the sign and magnitude of this effect vary with the degree of “asset overhang” across sectors, which is the risk that a new technology has negative spillovers on the value of a bank’s legacy loan portfolio. Using both patent data and micro-level innovation survey data, we find that lenders’ sectoral specialization improves…
Publicatie - Studie, onderzoeksrapport, analyse
NBB Working Paper, 2024, 458: Bank specialization and corporate innovation
Oorspronkelijke titel: Bank specialization and corporate innovation
Bron: nbb.be
02-10-2024
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Digitaal in de collectie
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