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Title:The historical market for technology licenses: chemicals, pharmaceuticals, and electrical engineering in imperial Germany PDF Logo
Authors:Burhop, Carsten
Lübbers, Thorsten
Issue Date: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
Appears in Collections:Preprints of the Max Planck Institute for Research on Collective Goods

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