Prior literature documents mixed evidence about how research and development activities affect corporate creditworthiness. We investigate whether publicly available patent information is incrementally useful in assessing the benefits and risks of corporate innovation from bondholders'...

We study how private R&D investment in France was affected by the tightening of credit conditions during the European Sovereign Debt Crisis. Using detailed R&D information on more than 25000 French companies, we show that financially constrained firms were relatively more likely to scale back...

This study provides a first comprehensive picture of the use of intellectual property (IP) rights as loan collateral, its determinants, and its impact on firm trajectories. Using novel administrative data, we exploit the French institutional setting and show that a broad set of firms from...