000			01390nab a22001817a 4500
008			160615b2014 xxu||||| |||| 00| 0 eng d
100			_aFischer, Timo
245			_aWhat patents are used as collateral? _cAn empirical analysis of patent reassignment data / Fischer
260			_c2014
300			_a633-650
520			_aOnly 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.
650			_aMarket For Technologies
650			_aNon-Practicing Entities
650			_aPatent Monetization
650			_aPatents As Collateral
650			_aPatents
773			_aJournal of Business Venturing _dSetpember
999			_c41532 _d41532