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

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  • Josh Lerner

    (Harvard University and National Bureau of Economic Research)

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. Copyright The American Finance Association 2002.

Suggested Citation

  • Josh Lerner, 2002. "Where Does "State Street" Lead? A First Look at Finance Patents, 1971 to 2000," Journal of Finance, American Finance Association, vol. 57(2), pages 901-930, April.
  • Handle: RePEc:bla:jfinan:v:57:y:2002:i:2:p:901-930
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    1. repec:eee:ecanpo:v:54:y:2017:i:c:p:26-48 is not listed on IDEAS
    2. repec:eee:jbfina:v:86:y:2018:i:c:p:101-112 is not listed on IDEAS
    3. Essendorfer, Stephan & Diaz-Rainey, Ivan & Falta, Michael, 2015. "Creative destruction in Wall Street's technological arms race: Evidence from patent data," Technological Forecasting and Social Change, Elsevier, vol. 99(C), pages 300-316.
    4. W. Scott Frame & Lawrence J. White, 2009. "Technological change, financial innovation, and diffusion in banking," FRB Atlanta Working Paper 2009-10, Federal Reserve Bank of Atlanta.
    5. Corinne Langinier & Philippe Marcoul, 2016. "The Search of Prior Art and the Revelation of Information by Patent Applicants," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 49(3), pages 399-427, November.
    6. Nancy T. Gallini, 2002. "The Economics of Patents: Lessons from Recent U.S. Patent Reform," Journal of Economic Perspectives, American Economic Association, vol. 16(2), pages 131-154, Spring.
    7. Petra Moser & Joerg Ohmstedt & Paul W. Rhode, 2015. "Patent Citations and the Size of the Inventive Step - Evidence from Hybrid Corn," NBER Working Papers 21443, National Bureau of Economic Research, Inc.
    8. Dimitrios Bisias & Mark Flood & Andrew W. Lo & Stavros Valavanis, 2012. "A Survey of Systemic Risk Analytics," Annual Review of Financial Economics, Annual Reviews, vol. 4(1), pages 255-296, October.
    9. repec:bla:jrinsu:v:84:y:2017:i:2:p:631-660 is not listed on IDEAS
    10. Wagner, S. & Cockburn, I., 2010. "Patents and the survival of Internet-related IPOs," Research Policy, Elsevier, vol. 39(2), pages 214-228, March.
    11. Kim, Bongsun & Kim, Eonsoo & Miller, Douglas J. & Mahoney, Joseph T., 2016. "The impact of the timing of patents on innovation performance," Research Policy, Elsevier, vol. 45(4), pages 914-928.
    12. Mengus , Eric & Pancrazi , Roberto, 2015. "The Inequality Accelerator," Les Cahiers de Recherche 1108, HEC Paris.
    13. Herrera, Helios & Schroth, Enrique, 2011. "Advantageous innovation and imitation in the underwriting market for corporate securities," Journal of Banking & Finance, Elsevier, vol. 35(5), pages 1097-1113, May.
    14. Desyllas, Panos & Sako, Mari, 2013. "Profiting from business model innovation: Evidence from Pay-As-You-Drive auto insurance," Research Policy, Elsevier, vol. 42(1), pages 101-116.

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