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Tianjiao (Joy) Tong

Assistant Professor, Finance

Faculty >

Contact Information

Richard Ivey Building 3349
Contact By Email

Expertise

Corporate Finance
Entrepreneurial Finance
Innovation
Healthcare and Finance

Faculty by Expertise

Research Publications

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Joy Tong is an Assistant Professor in Finance at the Ivey Business School. See her personal website for more details.

Teaching

Finance (HBA1)

Programs Taught

HBA

Education

Ph.D. in Finance, Duke University, Fuqua School of Business
M.A. in Economics, Duke University
B.S. in Mathematics and Economics, University of Toronto

Recent Refereed Articles

Ma, S.; Tong, J. T.; Wang, W., 2022, "Bankrupt Innovative Firms", Management Science, September 68(9): 6971 - 6992.
Abstract: We study how innovative firms manage their innovation portfolios after filing for Chapter 11 reorganization using three decades of data. We find that they sell off core (i.e., technologically critical and valuable), rather than peripheral, patents in bankruptcy. The selling pattern is driven almost entirely by firms with greater use of secured debt, and the mechanism is secured creditors exercising their control rights on collateralized patents. Creditor-driven patent sales in bankruptcy have implications for technology diffusion—the sold patents diffuse more slowly under new ownership and are more likely to be purchased by patent trolls. This paper was accepted by Gustavo Manso, finance.
Link(s) to publication:
http://dx.doi.org/10.1287/mnsc.2021.4141

For more publications please see our Research Database

Work in Progress

"Health Care Costs and Corporate Investment"
"Advising Sophisticated Customers: Evidence from Health Insurance Brokers"