| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11580 |
| DP11580 Patents as Substitutes for Relationships | |
| Farzad Saidi; Alminas Žaldokas | |
| 发表日期 | 2016-10-19 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Firms face a trade-off between patenting, thereby disclosing innovation, and secrecy. In this paper, we show how such public-information provision through patents acts as a substitute for private information acquired in financial relationships. As a shock to innovation disclosure, we use the American Inventor's Protection Act that made the content of firms' patent applications public within 18 months after filing, rather than at the grant date. Firms in industries that experienced a greater change in the publicity of their patent applications were significantly more likely to switch lenders. We also consider the reverse link of the substitution relationship, and explore the impact of improved lender informedness following the creation of universal banks on firms' patenting behavior. We find that firms patent less, without negatively altering their investment in innovation and its outcomes, such as new-product announcements. |
| 主题 | Financial Economics |
| 关键词 | Patenting Loan contracting Information acquisition Corporate disclosure Innovation |
| URL | https://cepr.org/publications/dp11580 |
| 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/540394 |
| 推荐引用方式 GB/T 7714 | Farzad Saidi,Alminas Žaldokas. DP11580 Patents as Substitutes for Relationships. 2016. |
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