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Where Does State Street Lead? A First Look at Finance Patents, 1971-2000

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  • Josh Lerner

Abstract

This paper empirically examines patents for financial formulas and methods, whose patentability was recently confirmed in the litigation between State Street Bank and Trust and Signature Financial Group. The number of such filings and awards has been accelerating. Patent filings by academics have been very infrequent, which appears to be a consequence of a lack of awareness or interest on the part of faculty members, rather than any fundamental unsuitability of their research for patenting. The failure to cite academic research in this area appears to be problematic and may reflect patent examiners' limited exposure to finance research and patents. The final section discusses the challenges that these developments pose to academic finance.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 7918.

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Date of creation: Sep 2000
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Publication status: published as Journal of Finance, 57 (April 2002) 901-930.
Handle: RePEc:nbr:nberwo:7918

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  1. Zvi Griliches, 1990. "Patent Statistics as Economic Indicators: A Survey," NBER Working Papers 3301, National Bureau of Economic Research, Inc.
  2. repec:fth:harver:1473 is not listed on IDEAS
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  9. Borokhovich, Kenneth A, et al, 1995. " Finance Research Productivity and Influence," Journal of Finance, American Finance Association, American Finance Association, vol. 50(5), pages 1691-1717, December.
  10. 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.
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  13. Ariel Pakes, 1986. "Patents as Options: Some Estimates of the Value of Holding European Patent Stocks," NBER Working Papers 1340, National Bureau of Economic Research, Inc.
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  15. Bakshi, Gurdip & Madan, Dilip, 2000. "Spanning and derivative-security valuation," Journal of Financial Economics, Elsevier, Elsevier, vol. 55(2), pages 205-238, February.
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  17. Richard B. Carter & Frederick H. Dark & Ajai K. Singh, 1998. "Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks," Journal of Finance, American Finance Association, American Finance Association, vol. 53(1), pages 285-311, 02.
  18. Robert C. Merton, 1973. "Theory of Rational Option Pricing," Bell Journal of Economics, The RAND Corporation, vol. 4(1), pages 141-183, Spring.
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Citations

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Cited by:
  1. Carl Shapiro, 2003. "Antitrust Limits to Patent Settlements," Law and Economics, EconWPA 0303004, EconWPA.
  2. Josh Lerner, 2010. "The Litigation of Financial Innovations," Journal of Law and Economics, University of Chicago Press, vol. 53(4), pages 807 - 831.
  3. J.W.B. Bos & J. Kolari & R. van Lamoen, 2009. "Competition and innovation: evidence from financial services," Working Papers, Utrecht School of Economics 09-16, Utrecht School of Economics.
  4. Helios Herrera & Enrique Schroth, 2003. "Profitable Innovation Without Patent Protection: The Case of Derivatives," FAME Research Paper Series, International Center for Financial Asset Management and Engineering rp76, International Center for Financial Asset Management and Engineering.
  5. Helios Herrera & Enrique Schroth, 2005. "Developer's Expertise and the Dynamics of Financial Innovation: Theory and Evidence," Levine's Bibliography 784828000000000290, UCLA Department of Economics.
  6. Forero-Pineda, Clemente, 2006. "The impact of stronger intellectual property rights on science and technology in developing countries," Research Policy, Elsevier, vol. 35(6), pages 808-824, July.
  7. W. Scott Frame & Lawrence J. White, 2009. "Technological Change, Financial Innovation, and Diffusion in Banking," Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics 09-03, New York University, Leonard N. Stern School of Business, Department of Economics.
  8. Helios Herrera & Enrique Schroth, 2004. "Developer's Expertise and Dynamicsof Financial Innovation: Theory and Evidence," FAME Research Paper Series, International Center for Financial Asset Management and Engineering rp124, International Center for Financial Asset Management and Engineering.

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