By Alexander Zureck

To make certain refinancing possibilities for SMEs, solutions for bridging the knowledge hole among investor and corporate are wanted; during this context, capital markets have gotten more and more very important. Alexander Zureck specializes in patents for example of intangible resources and on their significance for the monetary conversation among SMEs and the capital industry. a good correlation among patent program and inventory cost improvement underscores the significance of patents. according to his findings, the writer recommends to take patents and different intangible resources into company's monetary communication.

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Specht, G. et al. (2002), p. 13. Cp. , Burmester, R. (2005), p. 80. A. 104 The described possibility to generate a benefit for all engaged companies, is the reason for a lot of cooperation in field of Research and Development (R&D). Cooperating firms have the chance to profit from knowledge spillovers. Furthermore, there is less uncertainty due to costs and processes. Cooperating firms have the probability to share costs for R&D. 105 Patents are important in all industries. There are some industries which benefit disproportionately from patents.

43 Screening is a mechanism which is used by the principal. They have the possibility to screen the agent before getting into contract with the agent. Ex ante, the principal gets more information in connection with the agent’s characteristics and performance. The principal has several occasions to screen the agent. He can screen the agent in its presence or their absence by different tests, assessments or another media of information such as the internet. 44 Self-selection is a means for the principal.

Cp. Picot, A. et al. (2008), p. 74. 3 Financial Communication as Consequence of Information Asymmetry 15 tion with potential investors. At the end, bigger companies do not have a better performance than the smaller ones. 32 Moral hazard In contrast to adverse selection, moral hazard emerges in the course of an existing principal-agent relationship. The principal delegates several tasks to the agent. The agent executes these tasks. Simultaneously, the principal has to monitor the agent. In many cases, the principal is not able to monitor agent’s work.

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