Selling Innovation in Bankruptcy∗

نویسندگان

  • Song Ma
  • Joy Tianjiao Tong
  • Wei Wang
  • Heather Tookes
  • Wenyu Wang
  • Dong Yan
چکیده

We construct a comprehensive dataset of patent sales conducted by all US public firms in Chapter 11 bankruptcy from 1981 to 2012. We document that 40% of firms sell, on average, 18% of their patents during bankruptcy reorganizations. Innovation sales concentrate in the first two quarters after bankruptcy filing. Firms sell more redeployable and liquid patents, as opposed to selling underexploited patents. This pattern is driven by firms that face “fire-sale” pressures and lack access to external financing. Our results are consistent with the view that imminent financing needs in bankruptcy drive innovation sales, and firms proactively avoid market trading frictions in the process. JEL Classification: G33 O34

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تاریخ انتشار 2018