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Plaintiff vs. Defendant: The Effects of Patent Litigation on Venture Capital Funding of Young Firms.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Plaintiff vs. Defendant: The Effects of Patent Litigation on Venture Capital Funding of Young Firms./
作者:	Mudigonda, Lakshmi.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2022,
面頁冊數:	151 p.
附註:	Source: Dissertations Abstracts International, Volume: 83-12, Section: A.
Contained By:	Dissertations Abstracts International83-12A.
標題:	Intellectual property. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29207367
ISBN:	9798834007302

Plaintiff vs. Defendant: The Effects of Patent Litigation on Venture Capital Funding of Young Firms.
Mudigonda, Lakshmi.

Plaintiff vs. Defendant: The Effects of Patent Litigation on Venture Capital Funding of Young Firms. - Ann Arbor : ProQuest Dissertations & Theses, 2022 - 151 p.

Source: Dissertations Abstracts International, Volume: 83-12, Section: A.

Thesis (Ph.D.)--State University of New York at Buffalo, 2022.

This item must not be sold to any third party vendors.

In this dissertation, we investigate the effects of patent litigation on young firms. Consistent with the existing literature, we define a young firm as a private venture in its seed or early stages of development, innovating to develop viable products (Azoulay &Shane, 2001). Most existing studies on litigation are focused on public firms, and fewer studies address the impacts on private firms. Existing literature connecting patent litigation and entrepreneurship predicted adverse effects at the industry level. At the firm level, the effects of various litigations on plaintiff firms are tested in D. J. Cumming et al.(2011). While negative implications on defendants are intuitive, none of the papers specifically tested the effects on young defendant firms in the context of patent litigations.To our knowledge, we are the first to investigate the effect of litigation on young defendant firms that are involved in patent litigation. We not only predict the nature of the effects but also quantify the effects. In three essays, we compare the effects of patent litigation on defendant firms to that of plaintiff firms. We analyzed the above effects using patent litigation data from the USPTO patent litigation database and venture capital investment data collected from ventureXpert. Our results suggest that defendant firms are more likely to raise subsequent funding rounds from VC investors than plaintiff firms. Defendant firms also raise larger capital amounts than young plaintiffs due to the litigation costs. Further, VCs perceive these investments as high-risk investments and thus fund defendant firms in more rounds and form larger syndicates. Interestingly, the defendants are able to exit successfully through IPO or M&A and suffer lesser chances of bankruptcy despite being defendants in the early stages (significant at 90% alpha level). This could be due to the benefits of syndication and staging. We discuss these results in more detail in the discussion section. The findings also suggest that VC investors continue to support promising defendant portfolio companies while being cautious about investing in plaintiff portfolio companies.

ISBN: 9798834007302Subjects--Topical Terms:

572975
Intellectual property.
Subjects--Index Terms:

Patent litigation

Plaintiff vs. Defendant: The Effects of Patent Litigation on Venture Capital Funding of Young Firms.
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