Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/309427 
Year of Publication: 
2025
Series/Report no.: 
QUCEH Working Paper Series No. 25-01
Publisher: 
Queen's University Centre for Economic History (QUCEH), Belfast
Abstract: 
How does patent examination influence access to finance for innovative firms? We exploit a reform to the UK's patent system that introduced substantive examination to the patent application process, improving the information available to potential investors on the value of firms' patents. Using a newly compiled firm-level dataset of exchange-listed corporations, we find that firms holding examined patents were able to borrow more, reflecting improved access to capital markets, and leading to firm growth. Our results highlight the role of patent examination in reducing information asymmetries, enhancing the signalling value of patents, and mitigating financial barriers to innovation.
Subjects: 
firm finance
debt
innovation
patents
patent examination
signalling
JEL: 
G32
N23
N43
O16
O31
O34
Document Type: 
Working Paper

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