کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
8965244 1646712 2018 23 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Creditor rights and innovation: Evidence from patent collateral
ترجمه فارسی عنوان
حقوق قرض دهنده و نوآوری: شواهد از وثیقه ثبت اختراع
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی
I show that patents are pledged as collateral to raise significant debt financing, and that the pledgeability of patents contributes to the financing of innovation. In 2013, 38% of US patenting firms had previously pledged patents as collateral, and these firms performed 20% of research and development expense and patenting in Compustat. Employing court decisions as a source of exogenous variation in creditor rights, I show that patenting companies raised more debt, and spent more on R&D, when creditor rights to patents strengthened. Subsequently, these companies exhibited a gradual increase in patenting output and the use of patents as collateral.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 130, Issue 1, October 2018, Pages 25-47
نویسندگان
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