into consideration the role played by in-licensing of IP. Controlling for a variety of firm and market characteristics, we … find that firms facing more fragmented IP landscapes are more likely to report expenditures on in-licensing and for those … firms that do incur license costs we find a weak positive association between licensing expenditure and fragmented IP rights …

firms, taking into consideration the role played by in-licensing of IP. We find that firms facing more fragmented IP … landscapes have a higher probability of in-licensing. For firms with small patent portfolios we also find a positive association … between fragmentation and licensing costs as a share of sales. We observe a negative relationship between IP fragmentation and …

venture capital (VC) financing. We argue that investors are faced with considerable uncer-tainty and therefore rely on patents … British biotechnology companies we have identified all patents filed at the European Patent Office (EPO). Applying hazard rate … attention to patent quality, financing those ventures faster which later turn out to have high-quality patents. Patent …

manufacturing in 2000, it turns out that patents are important to protect intellectual property in the market, whereas secrecy seems …