Bankruptcy Treatment of Intellectual Property Assets: An Economic Analysis

With the rise of intellectual property in the modern economy, bankruptcy treatment of intellectual property assets has taken on ever greater importance. The law in this area must balance different approaches to asset management. Viewing the world from an ex ante perspective, intellectual property laws seek to foster investment in research and development. Freedom of contract plays a central role in maximizing the potential value of intellectual property by encouraging a robust licensing market to exploit the value of intellectual creativity. By contrast, the bankruptcy system generally views asset management from an ex post standpoint, focusing narrowly on how to maximize the value of a failing or failed enterprise. Thus, bankruptcy law affords trustees and debtors substantial leeway to rescind contracts and reorder the affairs of the failed entity. This article examines the rather complex rules governing the treatment of intellectual property assets in bankruptcy and suggests various reforms that could better promote economic efficiency

On non-gaussianities in single-field inflation

We study the impact of higher dimension operators in the inflaton Lagrangian on the non-gaussianity of the scalar spectrum. These terms can strongly enhance the effect without spoiling slow-roll, though it is difficult to exceed f_NL ~ 1, because the scale which suppresses the operators cannot be too low, if we want the effective field theory description to make sense. In particular we explicitly calculate the 3-point function given by an higher derivative interaction of the form (\nabla\phi)^4, which is expected to give the most important contribution. The angular dependence of the result turns out to be quite different from the minimal case without higher dimension operators.Comment: 10 page