Intellectual property securitization: alternative funding source in corporate finance
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Saarbrücken
VDM Verlag Dr. Müller
2007
|
| Ausgabe: | 1. Aufl. |
| Schlagworte: | |
| Online-Zugang: | Inhaltstext Inhaltsverzeichnis |
| Beschreibung: | IX, 133, CLI S. |
| ISBN: | 9783836408745 3836408740 |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV022407011 | ||
| 003 | DE-604 | ||
| 005 | 20100901 | ||
| 007 | t | ||
| 008 | 070430s2007 gw |||| 00||| eng d | ||
| 015 | |a 07,N15,0342 |2 dnb | ||
| 016 | 7 | |a 983536236 |2 DE-101 | |
| 020 | |a 9783836408745 |c Pb. : EUR 59.00, sfr 95.00 |9 978-3-8364-0874-5 | ||
| 020 | |a 3836408740 |c Pb. : EUR 59.00, sfr 95.00 |9 3-8364-0874-0 | ||
| 024 | 3 | |a 9783836408745 | |
| 035 | |a (DE-599)DNB983536236 | ||
| 040 | |a DE-604 |b ger |e rakddb | ||
| 041 | 0 | |a eng | |
| 044 | |a gw |c XA-DE-SL | ||
| 049 | |a DE-M382 | ||
| 082 | 0 | |a 658.15 |2 22/ger | |
| 084 | |a 330 |2 sdnb | ||
| 100 | 1 | |a Kirsch, Alexander C. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Intellectual property securitization |b alternative funding source in corporate finance |c Alexander C. Kirsch |
| 250 | |a 1. Aufl. | ||
| 264 | 1 | |a Saarbrücken |b VDM Verlag Dr. Müller |c 2007 | |
| 300 | |a IX, 133, CLI S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 0 | 7 | |a Geistiges Eigentum |0 (DE-588)4136832-0 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Finanzierung |0 (DE-588)4017182-6 |2 gnd |9 rswk-swf |
| 689 | 0 | 0 | |a Finanzierung |0 (DE-588)4017182-6 |D s |
| 689 | 0 | 1 | |a Geistiges Eigentum |0 (DE-588)4136832-0 |D s |
| 689 | 0 | |5 DE-604 | |
| 856 | 4 | 2 | |q text/html |u http://deposit.dnb.de/cgi-bin/dokserv?id=2932851&prov=M&dok_var=1&dok_ext=htm |3 Inhaltstext |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015615564&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-015615564 | |
Datensatz im Suchindex
| _version_ | 1805088932439785472 |
|---|---|
| adam_text |
OUTLINE
I. LIST OF ABBREVIATIONS.V
II. LIST OF FIGURES.VII
III. LIST OF TABLES.IX
1. INTRODUCTION.10
2. CHALLENGES OF CORPORATE FUNDING.16
3. INTRODUCTION TO INTELLECTUAL PROPERTY.23
3.1 Definition and classification.23
3.2 Different types of intellectual property.27
3.2.1 Patents.27
3.2.2 Trademarks.32
3.2.3 Copyrights.35
3.2.4 Other types of intellectual property.38
3.3 Economic weight of intellectual property.40
4. INTELLECTUAL PROPERTY: A NEW ASSET CLASS IN SECURITIZATION? .44
4.1 Securitization - the tool in brief.44
4.2 Definition of IP in the securitization arena.48
4.3 Market overview.50
4.4 Benefits and hindrances of IP securitization.58
4.4.1 Corporates.58
4.4.2 Investors.64
4.4.3 Banks.66
4.4.4 Hindrances of market growth.67
4.5 Funding conditions.71
4.6 Case Study: BioPharma Royalty Trust.74
5. IDENTIFICATION OF SECURITIZABLE INTELLECTUAL PROPERTY.76
6. MAJOR ISSUES IN THE STRUCTURING PROCESS.87
6.1 Transaction structure.87
6.1.1 Introductory remarks.87
6.1.2 Direct IP securitization.89
6.1.2.1 IP true sale structure.89
6.1.2.2 IP sale and lease-back structures.90
6.1.3 Indirect IP securitization.92
6.1.3.1 Basic IP royalties structure.92
6.1.3.2 Conditional assignment structure.94
6.1.3.3 Secured IP loan structure.96
6.2 Servicing.97
6.3 Credit enhancement.99
6.3.1 Introductory remarks.99
6.3.2 Internal credit enhancement tools.100
6.3.3 External credit enhancement tools.105
7. EXECUTION OF AN IP BACKED SECURITIZATION.109
7.1 Introductory remarks.109
7.2 Transaction preparation.110
7.3 Documentation.113
7.4 Rating Process.114
7.5 Marketing and distribution.122
7.6 Other borrower obligations.125
8. CONCLUSION.127
IV. APPENDIX.CXXXIV
V. BIBLIOGRAPHY.CXL
IV
II. LIST OF FIGURES
Figure 1: Classification of intangible assets.25
Figure 2: Intellectual property types.26
Figure 3: Number of patents granted in the Europe from 1997 to 2003.30
Figure 4: Share of intangible assets in S P 500 corporations in 1979 and 1997.41
Figure 5: The transition from the 'Labour Economy' to the .Knowledge Economy'.42
Figure 6: Securitizable asset types.46
Figure 7: Growth in worldwide ABS and CDO issuance by region.47
Figure 8: Asset backed securities outstanding in 2003 by asset type.47
Figure 9: Worldwide number and volume of IP securitization issuance.52
Figure 10: Worldwide volume of IP securitization: broad vs. the narrow definition.52
Figure 11: Number and volume of IP deals by deals size clusters.53
Figure 12: Historical IP asset type distribution by number of deals.54
Figure 13: Historical IP asset type distribution by volume of deals.54
Figure 14: IP deal distribution by sector and number of deals.55
Figure 15: IP asset class distribution by volume of deals.56
Figure 16: Historical IP securitization by number of deals and country of originator.57
Figure 17: Historical distribution of funding terms in clusters.59
Figure 18: Historical average deal size per industry.69
Figure 19: Structure diagram of the BioPharma Royalty Trust deal.75
Figure 20: Requirements of IP assets to be securitizable.76
Figure 21: Example for an amortization cycle of an average movie.78
Figure 22: Zerit® cash-flow history.79
Figure 23: Distribution of success multiples of major US film studios in 1989.81
Figure 24: Securitizability analysis for the HIV drug Zerit®.85
Figure 25: Transaction type distribution by deal volumes.88
Figure 26: IP true sale structure.89
Figure 27: IP sale and lease-back structure.91
Figure 28: Sale and lease-back IP investment trust structure.92
Figure 29: Basic IP royalties structure.93
VII
Figure 30: Conditional assignment structure.95
Figure 31: Secured IP loan structure.96
Figure 32: Increase of credit enhancement via sequential amortization.101
Figure 33: Average transaction size by number of tranches.102
Figure 34: Example for the functionality of the excess spread mechanism.104
Figure 35: Illustrative example of typical sales curves of music works.118
Figure 36: Investor base: IP deals vs. European CMBS.123
VIII
III. LIST OF TABLES
Table 1: IP deal structurers and their track records.57
Table 2: Practical example for a timetable of a CMBS transaction.109
Table 3: Advantages and drawbacks of IP securitization.128
Table 4: Requirements of IP assets to be securitizable.129
IX |
| adam_txt |
OUTLINE
I. LIST OF ABBREVIATIONS.V
II. LIST OF FIGURES.VII
III. LIST OF TABLES.IX
1. INTRODUCTION.10
2. CHALLENGES OF CORPORATE FUNDING.16
3. INTRODUCTION TO INTELLECTUAL PROPERTY.23
3.1 Definition and classification.23
3.2 Different types of intellectual property.27
3.2.1 Patents.27
3.2.2 Trademarks.32
3.2.3 Copyrights.35
3.2.4 Other types of intellectual property.38
3.3 Economic weight of intellectual property.40
4. INTELLECTUAL PROPERTY: A NEW ASSET CLASS IN SECURITIZATION? .44
4.1 Securitization - the tool in brief.44
4.2 Definition of IP in the securitization arena.48
4.3 Market overview.50
4.4 Benefits and hindrances of IP securitization.58
4.4.1 Corporates.58
4.4.2 Investors.64
4.4.3 Banks.66
4.4.4 Hindrances of market growth.67
4.5 Funding conditions.71
4.6 Case Study: BioPharma Royalty Trust.74
5. IDENTIFICATION OF SECURITIZABLE INTELLECTUAL PROPERTY.76
6. MAJOR ISSUES IN THE STRUCTURING PROCESS.87
6.1 Transaction structure.87
6.1.1 Introductory remarks.87
6.1.2 Direct IP securitization.89
6.1.2.1 IP true sale structure.89
6.1.2.2 IP sale and lease-back structures.90
6.1.3 Indirect IP securitization.92
6.1.3.1 Basic IP royalties structure.92
6.1.3.2 Conditional assignment structure.94
6.1.3.3 Secured IP loan structure.96
6.2 Servicing.97
6.3 Credit enhancement.99
6.3.1 Introductory remarks.99
6.3.2 Internal credit enhancement tools.100
6.3.3 External credit enhancement tools.105
7. EXECUTION OF AN IP BACKED SECURITIZATION.109
7.1 Introductory remarks.109
7.2 Transaction preparation.110
7.3 Documentation.113
7.4 Rating Process.114
7.5 Marketing and distribution.122
7.6 Other borrower obligations.125
8. CONCLUSION.127
IV. APPENDIX.CXXXIV
V. BIBLIOGRAPHY.CXL
IV
II. LIST OF FIGURES
Figure 1: Classification of intangible assets.25
Figure 2: Intellectual property types.26
Figure 3: Number of patents granted in the Europe from 1997 to 2003.30
Figure 4: Share of intangible assets in S P 500 corporations in 1979 and 1997.41
Figure 5: The transition from the 'Labour Economy' to the .Knowledge Economy'.42
Figure 6: Securitizable asset types.46
Figure 7: Growth in worldwide ABS and CDO issuance by region.47
Figure 8: Asset backed securities outstanding in 2003 by asset type.47
Figure 9: Worldwide number and volume of IP securitization issuance.52
Figure 10: Worldwide volume of IP securitization: broad vs. the narrow definition.52
Figure 11: Number and volume of IP deals by deals size clusters.53
Figure 12: Historical IP asset type distribution by number of deals.54
Figure 13: Historical IP asset type distribution by volume of deals.54
Figure 14: IP deal distribution by sector and number of deals.55
Figure 15: IP asset class distribution by volume of deals.56
Figure 16: Historical IP securitization by number of deals and country of originator.57
Figure 17: Historical distribution of funding terms in clusters.59
Figure 18: Historical average deal size per industry.69
Figure 19: Structure diagram of the BioPharma Royalty Trust deal.75
Figure 20: Requirements of IP assets to be securitizable.76
Figure 21: Example for an amortization cycle of an average movie.78
Figure 22: Zerit® cash-flow history.79
Figure 23: Distribution of success multiples of major US film studios in 1989.81
Figure 24: Securitizability analysis for the HIV drug Zerit®.85
Figure 25: Transaction type distribution by deal volumes.88
Figure 26: IP true sale structure.89
Figure 27: IP sale and lease-back structure.91
Figure 28: Sale and lease-back IP investment trust structure.92
Figure 29: Basic IP royalties structure.93
VII
Figure 30: Conditional assignment structure.95
Figure 31: Secured IP loan structure.96
Figure 32: Increase of credit enhancement via sequential amortization.101
Figure 33: Average transaction size by number of tranches.102
Figure 34: Example for the functionality of the excess spread mechanism.104
Figure 35: Illustrative example of typical sales curves of music works.118
Figure 36: Investor base: IP deals vs. European CMBS.123
VIII
III. LIST OF TABLES
Table 1: IP deal structurers and their track records.57
Table 2: Practical example for a timetable of a CMBS transaction.109
Table 3: Advantages and drawbacks of IP securitization.128
Table 4: Requirements of IP assets to be securitizable.129
IX |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Kirsch, Alexander C. |
| author_facet | Kirsch, Alexander C. |
| author_role | aut |
| author_sort | Kirsch, Alexander C. |
| author_variant | a c k ac ack |
| building | Verbundindex |
| bvnumber | BV022407011 |
| ctrlnum | (DE-599)DNB983536236 |
| dewey-full | 658.15 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1. Aufl. |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nam a2200000 c 4500</leader><controlfield tag="001">BV022407011</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20100901</controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">070430s2007 gw |||| 00||| eng d</controlfield><datafield tag="015" ind1=" " ind2=" "><subfield code="a">07,N15,0342</subfield><subfield code="2">dnb</subfield></datafield><datafield tag="016" ind1="7" ind2=" "><subfield code="a">983536236</subfield><subfield code="2">DE-101</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9783836408745</subfield><subfield code="c">Pb. : EUR 59.00, sfr 95.00</subfield><subfield code="9">978-3-8364-0874-5</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">3836408740</subfield><subfield code="c">Pb. : EUR 59.00, sfr 95.00</subfield><subfield code="9">3-8364-0874-0</subfield></datafield><datafield tag="024" ind1="3" ind2=" "><subfield code="a">9783836408745</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)DNB983536236</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakddb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">gw</subfield><subfield code="c">XA-DE-SL</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-M382</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">658.15</subfield><subfield code="2">22/ger</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">330</subfield><subfield code="2">sdnb</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Kirsch, Alexander C.</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Intellectual property securitization</subfield><subfield code="b">alternative funding source in corporate finance</subfield><subfield code="c">Alexander C. Kirsch</subfield></datafield><datafield tag="250" ind1=" " ind2=" "><subfield code="a">1. Aufl.</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Saarbrücken</subfield><subfield code="b">VDM Verlag Dr. Müller</subfield><subfield code="c">2007</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">IX, 133, CLI S.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Geistiges Eigentum</subfield><subfield code="0">(DE-588)4136832-0</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Finanzierung</subfield><subfield code="0">(DE-588)4017182-6</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Finanzierung</subfield><subfield code="0">(DE-588)4017182-6</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Geistiges Eigentum</subfield><subfield code="0">(DE-588)4136832-0</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="q">text/html</subfield><subfield code="u">http://deposit.dnb.de/cgi-bin/dokserv?id=2932851&prov=M&dok_var=1&dok_ext=htm</subfield><subfield code="3">Inhaltstext</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">HBZ Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015615564&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-015615564</subfield></datafield></record></collection> |
| id | DE-604.BV022407011 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T17:20:29Z |
| indexdate | 2024-07-20T09:15:52Z |
| institution | BVB |
| isbn | 9783836408745 3836408740 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015615564 |
| open_access_boolean | |
| owner | DE-M382 |
| owner_facet | DE-M382 |
| physical | IX, 133, CLI S. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | VDM Verlag Dr. Müller |
| record_format | marc |
| spelling | Kirsch, Alexander C. Verfasser aut Intellectual property securitization alternative funding source in corporate finance Alexander C. Kirsch 1. Aufl. Saarbrücken VDM Verlag Dr. Müller 2007 IX, 133, CLI S. txt rdacontent n rdamedia nc rdacarrier Geistiges Eigentum (DE-588)4136832-0 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Finanzierung (DE-588)4017182-6 s Geistiges Eigentum (DE-588)4136832-0 s DE-604 text/html http://deposit.dnb.de/cgi-bin/dokserv?id=2932851&prov=M&dok_var=1&dok_ext=htm Inhaltstext HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015615564&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kirsch, Alexander C. Intellectual property securitization alternative funding source in corporate finance Geistiges Eigentum (DE-588)4136832-0 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4136832-0 (DE-588)4017182-6 |
| title | Intellectual property securitization alternative funding source in corporate finance |
| title_auth | Intellectual property securitization alternative funding source in corporate finance |
| title_exact_search | Intellectual property securitization alternative funding source in corporate finance |
| title_exact_search_txtP | Intellectual property securitization alternative funding source in corporate finance |
| title_full | Intellectual property securitization alternative funding source in corporate finance Alexander C. Kirsch |
| title_fullStr | Intellectual property securitization alternative funding source in corporate finance Alexander C. Kirsch |
| title_full_unstemmed | Intellectual property securitization alternative funding source in corporate finance Alexander C. Kirsch |
| title_short | Intellectual property securitization |
| title_sort | intellectual property securitization alternative funding source in corporate finance |
| title_sub | alternative funding source in corporate finance |
| topic | Geistiges Eigentum (DE-588)4136832-0 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Geistiges Eigentum Finanzierung |
| url | http://deposit.dnb.de/cgi-bin/dokserv?id=2932851&prov=M&dok_var=1&dok_ext=htm http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015615564&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT kirschalexanderc intellectualpropertysecuritizationalternativefundingsourceincorporatefinance |