Fischer, Timo <br/><br/>
What patents are used as collateral? 
An empirical analysis of patent reassignment data  / Fischer 
 -  2014 
 - 633-650 
<br/><br/> Only anecdotal evidence exists that ventures use patents as collateral to access debt financing. In this paper, we use a novel dataset on patent reassignments with a security interest to explore quantitatively what patents are used as collateral. We analyze characteristics of patents to disentangle whether it is the technology underlying a patent or the patent's exclusion right per se matters for collateralization. We do find empirical support only for technology-related characteristics, suggesting that lenders use patents to collateralize high-quality  technology that can, in case of default, be redeployed to ventures in similar technology fields. On the other hand, patent-related characteristics like scope, which are, in general, related to patent value and are particularly important for non-practicing entities, do not matter. 
<br/><br/><label>Subjects--Topical Terms: </label><br/>Market For Technologies<br/>Non-Practicing Entities<br/>Patent Monetization<br/>Patents As Collateral<br/>Patents