This paper examines the sources of financial innovations between 1990 and 2002, using Wall Street Journal articles as indicators of innovations. No evidence suggests that larger firms are particularly innovative; in many specifications, there is a disproportionate representation of smaller firms among the innovators. Less profitable firms and those with stronger academic ties also innovate more. The elasticity of innovation with respect to size appears to have increased sharply since the State Street decision that greatly accelerated the rate of financial patenting. I conclude by exploring how the origins of financial patents resemble or differ from those of innovations.
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10223.
Length: Date of creation: Jan 2004 Date of revision: Handle: RePEc:nbr:nberwo:10223
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Find related papers by JEL classification: G2 - Financial Economics - - Financial Institutions and Services O3 - Economic Development, Technological Change, and Growth - - Technological Change
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
John Bound & Clint Cummins & Zvi Griliches & Bronwyn H. Hall & Adam B. Jaffe, 1984.
"Who Does R&D and Who Patents?,"
NBER Chapters,
in: R & D, Patents, and Productivity, pages 21-54
National Bureau of Economic Research, Inc.
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John Bound & Clint Cummins & Zvi Griliches & Bronwyn H. Hall & Adam B. Jaffe, 1982.
"Who Does R&D and Who Patents?,"
NBER Working Papers
0908, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Hall, Bronwyn H & Griliches, Zvi & Hausman, Jerry A, 1986.
"Patents and R and D: Is There a Lag?,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 27(2), pages 265-83, June.
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