Warrants in the financial management decisions of innovative firms
研究发现，由于会计保守原则，研发等无形资产投资被费用化而非资本化，导致无形资产密集型企业面临更多外部融资约束，它们越来越多地使用股权认股权证作为解决方案。
Abstract Intangible investments such as R&D are expensed rather than capitalized due to accounting conservatism. Thus, firms with mostly intangible assets are subject to more constraints in external financing than others and need alternatives. I find that they increasingly use equity warrants as a solution by developing a novel data set from textual analysis. Out of 181,425 annual reports submitted to the US Securities and Exchange Commission during 1994–2018, 10,300 discuss the fair value of warrants. The proportion of warrant firms increased from 0.4% in 1994% to 8% in 2018. Logistic regressions confirm that intangible investments and financial constraints explain warrants.