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The Litigation of Financial Innovations

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Author Info
Josh Lerner

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Abstract

This paper examines the litigation of patents relating to financial products and services. I show that these grants are being litigated at a rate 27 to 39 times greater than that of patents as a whole. The patents being litigated are disproportionately those issued to individuals and to smaller, private entities, as well as those whose features may proxy for higher quality. Larger entities are disproportionately targeted in litigation. I discuss how the findings are in large part consistent with the theoretical literature on the economics of litigation.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14324.

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Date of creation: Sep 2008
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Handle: RePEc:nbr:nberwo:14324

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Find related papers by JEL classification:
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
O34 - Economic Development, Technological Change, and Growth - - Technological Change - - - Intellectual Property Rights

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  1. Lanjouw, Jean O & Schankerman, Mark, 2001. "Characteristics of Patent Litigation: A Window on Competition," RAND Journal of Economics, The RAND Corporation, vol. 32(1), pages 129-51, Spring.
  2. Miller, Merton H., 1986. "Financial Innovation: The Last Twenty Years and the Next," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 21(04), pages 459-471, December. [Downloadable!]
  3. Lanjouw, Jean O & Lerner, Josh, 2001. "Tilting the Table? The Use of Preliminary Injunctions," Journal of Law & Economics, University of Chicago Press, vol. 44(2), pages 573-603, October.
  4. Josh Lerner, 2000. "Where Does State Street Lead? A First Look at Finance Patents, 1971-2000," NBER Working Papers 7918, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Rosenberg, D. & Shavell, S., 1985. "A model in which suits are brought for their nuisance value," International Review of Law and Economics, Elsevier, vol. 5(1), pages 3-13, June. [Downloadable!] (restricted)
  6. Lanjouw, Jean O & Pakes, Ariel & Putnam, Jonathan, 1998. "How to Count Patents and Value Intellectual Property: The Uses of Patent Renewal and Application Data," Journal of Industrial Economics, Blackwell Publishing, vol. 46(4), pages 405-32, December. [Downloadable!] (restricted)
  7. Lerner, Josh, 1995. "Patenting in the Shadow of Competitors," Journal of Law & Economics, University of Chicago Press, vol. 38(2), pages 463-95, October.
  8. Tufano, Peter, 1989. "Financial innovation and first-mover advantages," Journal of Financial Economics, Elsevier, vol. 25(2), pages 213-240, December. [Downloadable!] (restricted)
  9. Robert C. Merton, 1992. "Financial Innovation And Economic Performance," Journal of Applied Corporate Finance, Morgan Stanley, vol. 4(4), pages 12-22. [Downloadable!] (restricted)
  10. Lerner, Josh, 2006. "The new new financial thing: The origins of financial innovations," Journal of Financial Economics, Elsevier, vol. 79(2), pages 223-255, February. [Downloadable!] (restricted)
  11. Patricia Munch Danzon, 1983. "Contingent Fees for Personal Injury Litigation," Bell Journal of Economics, The RAND Corporation, vol. 14(1), pages 213-224, Spring. [Downloadable!] (restricted)
  12. Bebchuk, Lucian Arye, 1988. "Suing Solely to Extract a Settlement Offer," Journal of Legal Studies, University of Chicago Press, vol. 17(2), pages 437-50, June.
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  13. Cooter, Robert D & Rubinfeld, Daniel L, 1989. "Economic Analysis of Legal Disputes and Their Resolution," Journal of Economic Literature, American Economic Association, vol. 27(3), pages 1067-97, September. [Downloadable!] (restricted)
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