Patents as collateral
Copyright policy )Patents as collateral
This paper studies how the assignment of patents as collateral determines the savings of firms and magnifies the effect of innovative rents on investment in research and development (R&D). We analyse the behaviour of innovative firms that face random and lumpy investment opportunities in R&D. High growth rates of innovations, possibly higher than the real rate of interest, may be achieved despite financial constraints. There is an optimal level of publicly funded policy by the patent and trademark office that minimizes the legal uncertainty surrounding patents as collateral and maximizes the growth rate of innovations.
O4 - Economic Growth and Aggregate Productivity, JEL: O - Economic Development, Patents,Collateral,Growth,Innovation,Research and Development,Credit rationing, Intellectual Property Rights, G2 - Financial Institutions and Services, Research and Development, Collateral (Security), Collateral Patents Research and development Credit rationing Growth Innovation, Growth, O3 - Innovation, [SHS.ECO] Humanities and Social Sciences/Economics and Finance, Patents, Collateral, Patents, Research and Development, Credit rationing, Growth, Innovation., JEL: G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G24 - Investment Banking • Venture Capital • Brokerage • Ratings and Ratings Agencies, Goodwill, ddc:330, Two, JEL: D - Microeconomics/D.D9 - Intertemporal Choice/D.D9.D92 - Intertemporal Firm Choice, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, and Multisector Growth Models, G32 - Financing Policy, and Growth/O.O3 - Innovation • Research and Development • Technological Change • Intellectual Property Rights/O.O3.O34 - Intellectual Property and Intellectual Capital, Collateral, Patent, and Financing, D9, Capital and Ownership Structure, 330, Venture Capital, D92 - Intertemporal Firm Choice, O3, Growth theory, O1 - Economic Development, O4, O1, Financial Risk and Risk Management, G3, G2, Innovation, Ratings and Ratings Agencies, Capacity, Research, G24 - Investment Banking, JEL: G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill, Technological Change, Credit rationing, Brokerage, and Growth/O.O1 - Economic Development/O.O1.O16 - Financial Markets • Saving and Capital Investment • Corporate Finance and Governance, G3 - Corporate Finance and Governance, Value of Firms, Investment, and Growth/O.O4 - Economic Growth and Aggregate Productivity/O.O4.O41 - One, jel: jel:G24, jel: jel:D9, jel: jel:G2, jel: jel:G3, jel: jel:D92, jel: jel:O1, jel: jel:G32, jel: jel:O3, jel: jel:O4
O4 - Economic Growth and Aggregate Productivity, JEL: O - Economic Development, Patents,Collateral,Growth,Innovation,Research and Development,Credit rationing, Intellectual Property Rights, G2 - Financial Institutions and Services, Research and Development, Collateral (Security), Collateral Patents Research and development Credit rationing Growth Innovation, Growth, O3 - Innovation, [SHS.ECO] Humanities and Social Sciences/Economics and Finance, Patents, Collateral, Patents, Research and Development, Credit rationing, Growth, Innovation., JEL: G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G24 - Investment Banking • Venture Capital • Brokerage • Ratings and Ratings Agencies, Goodwill, ddc:330, Two, JEL: D - Microeconomics/D.D9 - Intertemporal Choice/D.D9.D92 - Intertemporal Firm Choice, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, and Multisector Growth Models, G32 - Financing Policy, and Growth/O.O3 - Innovation • Research and Development • Technological Change • Intellectual Property Rights/O.O3.O34 - Intellectual Property and Intellectual Capital, Collateral, Patent, and Financing, D9, Capital and Ownership Structure, 330, Venture Capital, D92 - Intertemporal Firm Choice, O3, Growth theory, O1 - Economic Development, O4, O1, Financial Risk and Risk Management, G3, G2, Innovation, Ratings and Ratings Agencies, Capacity, Research, G24 - Investment Banking, JEL: G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill, Technological Change, Credit rationing, Brokerage, and Growth/O.O1 - Economic Development/O.O1.O16 - Financial Markets • Saving and Capital Investment • Corporate Finance and Governance, G3 - Corporate Finance and Governance, Value of Firms, Investment, and Growth/O.O4 - Economic Growth and Aggregate Productivity/O.O4.O41 - One, jel: jel:G24, jel: jel:D9, jel: jel:G2, jel: jel:G3, jel: jel:D92, jel: jel:O1, jel: jel:G32, jel: jel:O3, jel: jel:O4
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