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VC Acquisitions Paper (view source)
Revision as of 20:29, 19 February 2012
, 20:29, 19 February 2012→Using Patents
Patents might act to certify their patent-holders in the face of information asymmetries (see, for example, Hsu and Ziedonis, 2007). Thus firms with acquirers of targets with patents might value the certification of a venture capitalist less than when they consider targets without patents. Likewise, on average about 2/3rds of all patent citations are added by examiners (Alcacer and Gittelman, 2006 and Cotropia et al., 2010). Thus citation counts might represent the search costs associated with finding information about patents. That is, patents with more citations are the ones that are easiest to find, and so mitigate information asymmetries the most successfully.
At present I have the 2006 NBER patent data loaded up in a database. I could add in patents and citations up to 2006 with a day or two of work. I am working on the 2011 update to the NBER patent data (see: http://www.nber.com/~edegan/w/index.php) but this will NOT be done before the March 7th deadline.
===VC Reputations===
