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Patents as signals for startup financing

Author: Annamaria Conti; Jerry G Thursby; Marie Thursby; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2013.
Series: Working paper series (National Bureau of Economic Research), no. 19191.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
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  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Annamaria Conti; Jerry G Thursby; Marie Thursby; National Bureau of Economic Research.
OCLC Number: 852256410
Notes: Title from http://www.nber.org/papers/19191 viewed July 9, 2013.
"June 2013."
Description: 1 online resource (40, [10] pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 19191.
Responsibility: Annamaria Conti, Jerry Thursby, Marie C. Thursby.

Abstract:

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.

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