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Patents as Loan Collateral in Sweden: An empirical analysis of what patent characteristics matter for collateralization
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.), Industrial Management.
2017 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

This study analyses empirically what patent characteristics matter for collateralization. In accordance with the finance literature, loan collateral is determined by the liquidation value of the asset which in turn depends on the three factors "physical attributes of the asset", "number of alternative users" and "financial strength of alternative users". Hence, the study is focusing on patent characteristics influencing the three factors of the liquidation value. To control for firm effects of the patent pledging firms, a treatment group of pledged patents and a comparison group of unpledged patents have been matched based on firm characteristics of the patent owner. The subsequent empirical analysis revealed that patent characteristics related to the physical attributes of patents enhancing their redeployability matter for collateralization. Patent characteristics related to the market liquidity measuring the financial strength of alternative users, are insignificant. Furthermore, the study confirms the additional function of patents as source of finance by offering them for loan collateral. Especially small and young firms, scare of tangible assets pledge patents for receiving debt finance.

Place, publisher, year, edition, pages
2017.
Keywords [en]
Patents, Loan Collateral, Coarsened Exact Matching
National Category
Economics
Identifiers
URN: urn:nbn:se:kth:diva-215496OAI: oai:DiVA.org:kth-215496DiVA, id: diva2:1148065
Educational program
Degree of Master - Economics of Innovation and Growth
Available from: 2017-10-24 Created: 2017-10-09 Last updated: 2017-10-24Bibliographically approved

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Patents as Loan Collateral(814 kB)54 downloads
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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf