Patents as Signals for Startup Financing

Détails

ID Serval
serval:BIB_8ACAFFAEC03D
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Titre
Patents as Signals for Startup Financing
Périodique
NBER Working Paper
Auteur(s)
Conti A., Thursby J., Thursby M.
Statut éditorial
Publié
Date de publication
06/2013
Numéro
19191
Langue
anglais
Résumé
We examine the role of patents as signals used to reduce information asymmetries in entrepreneurial finance. A theoretical model gives conditions for a unique separating equilibrium in which startup founders file for patents to signal invention quality to investors, as well as appropriating value. The theory allows for heterogeneous investors and examine the optimal match of different types of startups, as defined by the quality of their technology, to investors who differ in the amount of non financial capital they provide. The empirical analysis is consistent with the model's predictions using a novel dataset of Israeli startups that received external funding during the period 1994-2011.
Open Access
Oui
Création de la notice
28/08/2018 11:05
Dernière modification de la notice
20/08/2019 15:49
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