This paper reports on effects of recent administrative reforms at the European Patent Office (EPO). In EPO-granted patents, claims numbers started to decline in 2008 when new claims fees became effective, claims sections in patents became shorter, and independent claims longer and presumably more specific. The grant rate remained at relatively low levels, but the EPO was unable to stem the use of divisional filings. The developments at the EPO point to a high private value of delay options. Delay may be achieved either by making use of explicit statutory rules or by other means, such as filing divisional applications.

We examine empirically the role of lending relationships in determining the costs and collateral requirements for external funds. The data originate from a recently concluded survey of small and medium-sized German firms. In our descriptive analysis, we explore the borrowing patterns and the concentration of borrowing from financial institutions. Using data on L/C interest rates, collateral requirements, and the firm's use of fast payment discounts we find that relationship variables may have some bearing on the price of external funds, but much more so on loan collateralization and availability. Firms in financial distress face comparatively high L/C interest rates and reduced credit availability.

Through a survey, private economic value estimates were obtained on 964 inventions made in the United States and Germany and on which German patent renewal fees were paid to full-term expiration in, 1995. A search of subsequent U.S. and German patents yielded counts of citations to those patents. Patents renewed to full-term were significantly more highly cited than patents allowed to expire before their full term. The higher an invention's economic value estimate was, the more the patent was subsequently cited.