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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. Griliches, Zvi, 1990. "Patent Statistics as Economic Indicators: A Survey," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 28(4), pages 1661-1707, December.
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  14. Robert C. Merton, 1973. "Theory of Rational Option Pricing," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 4(1), pages 141-183, Spring.
  15. Van Horne, James C, 1985. " Of Financial Innovations and Excesses," Journal of Finance, American Finance Association, American Finance Association, vol. 40(3), pages 621-31, July.
  16. Tufano, Peter, 1989. "Financial innovation and first-mover advantages," Journal of Financial Economics, Elsevier, Elsevier, vol. 25(2), pages 213-240, December.
  17. Persons, John C & Warther, Vincent A, 1997. "Boom and Bust Patterns in the Adoption of Financial Innovations," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 10(4), pages 939-67.
  18. Carter, Richard B & Manaster, Steven, 1990. " Initial Public Offerings and Underwriter Reputation," Journal of Finance, American Finance Association, American Finance Association, vol. 45(4), pages 1045-67, September.
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Cited by:
  1. 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.
  2. Helios Herrera & Enrique Schroth, 2005. "Developer's Expertise and the Dynamics of Financial Innovation: Theory and Evidence," Levine's Bibliography, UCLA Department of Economics 784828000000000290, UCLA Department of Economics.
  3. Bos, Jaap W.B. & Kolari, James W. & van Lamoen, Ryan C.R., 2013. "Competition and innovation: Evidence from financial services," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(5), pages 1590-1601.
  4. Josh Lerner, 2008. "The Litigation of Financial Innovations," NBER Working Papers, National Bureau of Economic Research, Inc 14324, National Bureau of Economic Research, Inc.
  5. 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.
  6. W. Scott Frame & Lawrence J. White, 2009. "Technological change, financial innovation, and diffusion in banking," Working Paper, Federal Reserve Bank of Atlanta 2009-10, Federal Reserve Bank of Atlanta.
  7. Shapiro, Carl, 2003. " Antitrust Limits to Patent Settlements," RAND Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 34(2), pages 391-411, Summer.
  8. Forero-Pineda, Clemente, 2006. "The impact of stronger intellectual property rights on science and technology in developing countries," Research Policy, Elsevier, Elsevier, vol. 35(6), pages 808-824, July.

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