those borrowers. We also show that the reduction in loan spreads is related to the expected value of the forthcoming patent …

the Sea to resolve the legal issues. This chapter concludes that in the meantime, the evolving system of patent law …

credible information regarding a positive future event – the granting of a patent, to provide evidence of a specific source of …'s industry. Finally, we document that the negative association between the patent information and loan spreads holds primarily … among borrowers with shorter patent-to-cash cycles in longer-term loans (where there is a greater likelihood that the patent …