(2026). Securing Debt in the Knowledge Economy: Evidence from Intellectual Property Registers Journal of Financial and Quantitative Analysis 2026, 1-41.
This study examines the role of intellectual property (IP) rights as loan collateral in debt financing. We use novel data from French IP registers combined with firm-level financial in formation to systematically document the characteristics of IP-backed loans and IP-pledging firms. Exploiting a major reform of French security law as a quasi-natural experiment, our anal ysis shows that IP collateral facilitates access to debt financing in knowledge-based economies, particularly for small, intangible-intensive private firms. We further provide evidence that trademarks and patents can be meaningful components of collateral packages and that the legal framework plays a central role in shaping their use.
