Leveraged Firms, Patent Licensing, and Limited Liability
2013/05/07
研討會日期 : 2013-05-07
時間 : 14:30
主講人 : Professor Wen-Jung Liang
地點 : Conference Room B110
演講者簡介 : Wen-Jung Liang received his Ph.D. in Economics from National Taiwan University in 1983. He is currently serving as Professor of Economics and Chairman of the Department of Economics at National Dong Hwa University. His research fields are regional economics, international trade, and industrial economics.
演講摘要 : This paper develops a licensing model, in which the strategic relationships among the outsider patentee’s licensing decision, the leveraged firms’ financial and output decisions are taken into account. The focus of the paper is on the limited liability effect of debt financing and the strategic effect of the licensing decision to output strategies. The main contribution of the paper is as follows. Provided that the leveraged firms produce homogeneous product and engage in Cournot competition, this paper shows that the optimal licensing contract for the outsider patentee is royalty licensing when the upper bound of the demand uncertainty is large in the presence of debt financing, while it is non-exclusive fixed-fee licensing otherwise.
