KDI 한국개발연구원 - 경제정책정보 - 국외연구자료 - 최신자료 - Disruption and Credit Markets

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최신자료

Disruption and Credit Markets

CEPR 2019.06.11
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In the past thirty years, defaults on corporate bonds have been substantially higher than the historical average. We show that this increase in credit risk can be largely attributed to an increase in the rate at which new and fast-growing firms displace incumbents (a phenomenon sometimes referred to as 'disruptive innovation'). Industries with a lager presence of firms newly listed on the stock market, as well as industries that receive funding from venture capital, have a higher loss of revenue market share for established firms and subsequently see a rise in corporate bond defaults. Patent filings by individuals as opposed to corporations also predict defaults. These results are not affected by inclusion of controls for industry exposure to offshore manufacturing.

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