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Abstract:
It is argued by many that one of the benefits of the patent system is that it creates a
property right to invention that enables firms to obtain financing for the
development of that invention. In this paper, I review the reasons why ownership of
knowledge assets might be useful in attracting finance and then survey the
empirical evidence on patent ownership and its impact on the ability of firms to
obtain further financing at different stages of their development, both starting up
and after becoming established. Studies that attempt to separately identify the role
of patent rights and the underlying quality of the associated innovation(s) will be
emphasized, although these are rather rare.
