کد مقاله کد نشریه سال انتشار مقاله انگلیسی ترجمه فارسی نسخه تمام متن
984546 934328 2014 13 صفحه PDF سفارش دهید دانلود رایگان
عنوان انگلیسی مقاله ISI
How patenting informs VC investors – The case of biotechnology
ترجمه فارسی عنوان
چگونه اختراعات، سرمایه گذاران VC را مطلع میکند- مورد بیوتکنولوژی
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
سفارش ترجمه تخصصی
با تضمین قیمت و کیفیت
کلمات کلیدی
سیگنالینگ؛ سیستم ثبت اختراع، بدهی تازه؛ سرمایه گذاری؛ بیوتکنولوژی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی


• We investigate how information generated during the patenting process affects the financing decisions of Venture Capitalists.
• We utilize a unique dataset on German and British biotechnology companies seeking VC financing.
• We find that the filing of patent applications is positively related to VC financing.
• The subsequent examination process at the patent office generates valuable technological and commercial information via search reports, citations and opposition procedures.
• Our results suggest that the patenting process supports investors in updating their expectations regarding the quality of new ventures.

In the presence of asymmetric information, economic agents need to communicate their quality to investors and other parties. This paper investigates how information generated during the patenting process affects the ability of new ventures to attract VC financing. While much of the literature on information asymmetries focuses on patent applications, we argue that the entire examination process should be considered, including information that emerges in the course of patent examination and review. We test several hypotheses using a sample of British and German companies that seek venture capital. We find that the filing of patent applications is positively related to VC financing. Moreover, the examination process at the patent office generates valuable technological and commercial information via search reports, citations and opposition procedures which affect the likelihood of VC financing. Our results suggest that the patenting process supports investors in updating their expectations regarding the quality of new ventures.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research Policy - Volume 43, Issue 8, October 2014, Pages 1286–1298
نویسندگان
, , ,
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
سفارش ترجمه تخصصی
با تضمین قیمت و کیفیت