Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/32238
Authors: 
Burhop, Carsten
Lübbers, Thorsten
Year of Publication: 
2009
Series/Report no.: 
Preprints of the Max Planck Institute for Research on Collective Goods 2009,25
Abstract: 
We investigate a sample of 180 technology licensing contracts closed by German chemical, pharmaceutical, and electrical engineering companies between 1880 and 1913. A regression analysis shows that licensing contracts closed before a patent was granted and contracts closed between firms and individual inventors had a higher probability of including a profit-sharing clause. This supports Jensen and Thursby's (2001) model, who propose equity-sharing licensing contracts to solve moral hazard problems. Moreover, we show that milestones were a substitute for profit shares. Furthermore, exclusive licences offered a significantly higher profit share to the licensor.
Subjects: 
Economic History
Germany
pre-1913
Licensing contracts
Technology transfer
JEL: 
N83
O32
L14
Document Type: 
Working Paper

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