Patent Collateral, Investor Commitment, and the Market for Venture Lending

@inproceedings{Hochberg2014PatentCI,
  title={Patent Collateral, Investor Commitment, and the Market for Venture Lending},
  author={Yael V. Hochberg and Carlos San Juan Serrano and Rosemarie H. Ziedonis},
  year={2014}
}
The use of debt to finance risky entrepreneurial-firm projects is rife with informational and contracting problems. Nonetheless, we document widespread lending to startups in three innovation-intensive sectors and in early stages of development. At odds with claims that the secondary patent market is too illiquid to shape debt financing, we find that intensified patent trading increases the annual rate of startup lending, particularly for startups with more redeployable (less firm-specific… CONTINUE READING
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