| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7133 |
| DP7133 Finding Missing Markets (and a disturbing epilogue): Evidence from an Export Crop Adoption and Marketing Intervention in Kenya | |
| Xavier Gine; Dean Karlan; Nava Ashraf | |
| 发表日期 | 2009-01-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | This paper investigates how patent applications and grants held by new ventures improve their ability to attract venture capital (VC) financing. We argue that investors are faced with considerable uncertainty and therefore rely on patents as signals when trying to assess the prospects of potential portfolio companies. For a sample of VC-seeking German and British biotechnology companies we have identified all patents filed at the European Patent Office (EPO). Applying hazard rate analysis, we find that in the presence of patent applications, VC financing occurs earlier. Our results also show that VCs pay attention to patent quality, financing those ventures faster which later turn out to have high-quality patents. Patent oppositions increase the likelihood of receiving VC, but ultimate grant decisions do not spur VC financing, presumably because they are anticipated. Our empirical results and interviews with VCs suggest that the process of patenting generates signals which help to overcome the liabilities of newness faced by new ventures. |
| 主题 | Industrial Organization |
| 关键词 | Biotechnology Intellectual property rights Patents R& amp d Venture capital |
| URL | https://cepr.org/publications/dp7133 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535970 |
| 推荐引用方式 GB/T 7714 | Xavier Gine,Dean Karlan,Nava Ashraf. DP7133 Finding Missing Markets (and a disturbing epilogue): Evidence from an Export Crop Adoption and Marketing Intervention in Kenya. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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