Patent collateral, investor commitment, and the market for venture lending
We explore the market for lending to start-ups and two mechanisms that facilitate trade within it: (1) the salability of patent collateral and (2) the credible commitment of equity investors. Intensified trading in the secondary patent market is strongly related to lending, particularly for start-up...
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| Published in | Journal of financial economics Vol. 130; no. 1; pp. 74 - 94 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Amsterdam
Elsevier B.V
01.10.2018
Elsevier Sequoia S.A |
| Subjects | |
| Online Access | Get full text |
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| Abstract | We explore the market for lending to start-ups and two mechanisms that facilitate trade within it: (1) the salability of patent collateral and (2) the credible commitment of equity investors. Intensified trading in the secondary patent market is strongly related to lending, particularly for start-ups with more redeployable patent assets. Utilizing the crash of 2000 as a severe and unexpected capital supply shock for venture capitalists, we further show that lenders continue to finance start-ups with recently funded investors better able to credibly commit to refinance their portfolio companies while withdrawing from otherwise promising projects that could have needed their funds the most. |
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| AbstractList | We explore the market for lending to start-ups and two mechanisms that facilitate trade within it: (1) the salability of patent collateral and (2) the credible commitment of equity investors. Intensified trading in the secondary patent market is strongly related to lending, particularly for start-ups with more redeployable patent assets. Utilizing the crash of 2000 as a severe and unexpected capital supply shock for venture capitalists, we further show that lenders continue to finance start-ups with recently funded investors better able to credibly commit to refinance their portfolio companies while withdrawing from otherwise promising projects that could have needed their funds the most. |
| Author | Ziedonis, Rosemarie H. Serrano, Carlos J. Hochberg, Yael V. |
| Author_xml | – sequence: 1 givenname: Yael V. surname: Hochberg fullname: Hochberg, Yael V. email: hochberg@rice.edu organization: Jones School of Management, Rice University, 6100 Main Street, MS-531, Houston, TX 77005, USA – sequence: 2 givenname: Carlos J. surname: Serrano fullname: Serrano, Carlos J. email: carlos.serrano@upf.edu organization: Department of Economics and Business, Universitat Pompeu Fabra, Carrer de Ramon Trias Fargas, 25-27, 08005 Barcelona, Spain – sequence: 3 givenname: Rosemarie H. surname: Ziedonis fullname: Ziedonis, Rosemarie H. email: rmz@bu.edu organization: National Bureau of Economic Research, USA |
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| Title | Patent collateral, investor commitment, and the market for venture lending |
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