IDEAS home Printed from https://ideas.repec.org/a/eee/respol/v54y2025i1s0048733324001768.html
   My bibliography  Save this article

Patent litigation and narrative R&D disclosures: Evidence from the adoption of anti-troll legislation

Author

Listed:
  • Huang, Rui
  • Kim, Jeong-Bon
  • Lu, Louise Yi
  • Wang, Dongyue
  • Yu, Yangxin

Abstract

The last two decades have witnessed a sharp increase in patent litigation in the United States (U.S.), mainly driven by patent trolls. By exploiting the staggered adoption of Anti-Troll laws across 34 states as a plausible exogenous shock that reduces the risk of patent litigation by these trolls, we show that firms significantly increase their narrative R&D disclosures following the enactment of Anti-Troll laws. This effect is less pronounced in firms facing higher competitive pressure, and more pronounced in firms that are more exposed to threats from patent trolls. Further analyses alleviate the concern that the impact of Anti-Troll laws on disclosures is attributable to state-level economic or policy changes. Our results highlight the significant role of patent troll litigation in influencing the dissemination of narrative R&D information.

Suggested Citation

  • Huang, Rui & Kim, Jeong-Bon & Lu, Louise Yi & Wang, Dongyue & Yu, Yangxin, 2025. "Patent litigation and narrative R&D disclosures: Evidence from the adoption of anti-troll legislation," Research Policy, Elsevier, vol. 54(1).
    • Handle: RePEc:eee:respol:v:54:y:2025:i:1:s0048733324001768
    DOI: 10.1016/j.respol.2024.105127
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0048733324001768
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.respol.2024.105127?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. 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 129-151, Spring.
    3. Art Durnev & Claudine Mangen, 2009. "Corporate Investments: Learning from Restatements," Journal of Accounting Research, Wiley Blackwell, vol. 47(3), pages 679-720, June.
    4. Mark A. Lemley & Carl Shapiro, 2005. "Probabilistic Patents," Journal of Economic Perspectives, American Economic Association, vol. 19(2), pages 75-98, Spring.
    5. Chen, Tai-Yuan & Zhang, Guochang & Zhou, Yi, 2018. "Enforceability of non-compete covenants, discretionary investments, and financial reporting practices: Evidence from a natural experiment," Journal of Accounting and Economics, Elsevier, vol. 65(1), pages 41-60.
    6. Renhui Fu & Arthur Kraft & Xuan Tian & Huai Zhang & Luo Zuo, 2020. "Financial Reporting Frequency and Corporate Innovation," Journal of Law and Economics, University of Chicago Press, vol. 63(3), pages 501-530.
    7. Bereskin, Fred & Hsu, Po-Hsuan & Latham, William & Wang, Huijun, 2023. "So Sue Me! The cross section of stock returns related to patent infringement allegations," Journal of Banking & Finance, Elsevier, vol. 148(C).
    8. Qiu, Buhui & Wang, Teng, 2018. "Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 53(3), pages 1341-1370, June.
    9. Adam B. Jaffe & Manuel Trajtenberg & Rebecca Henderson, 1993. "Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 108(3), pages 577-598.
    10. Sarah Miller & Norman Johnson & Laura R Wherry, 2021. "Medicaid and Mortality: New Evidence From Linked Survey and Administrative Data," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 136(3), pages 1783-1829.
    11. Waymire, G, 1985. "Earnings Volatility And Voluntary Management Forecast Disclosure," Journal of Accounting Research, Wiley Blackwell, vol. 23(1), pages 268-295.
    12. Deepak Hegde & Kyle Herkenhoff & Chenqi Zhu, 2023. "Patent Publication and Innovation," Journal of Political Economy, University of Chicago Press, vol. 131(7), pages 1845-1903.
    13. Daniel Aobdia, 2018. "Employee mobility, noncompete agreements, product-market competition, and company disclosure," Review of Accounting Studies, Springer, vol. 23(1), pages 296-346, March.
    14. Thomas Bourveau & Yun Lou & Rencheng Wang, 2018. "Shareholder Litigation and Corporate Disclosure: Evidence from Derivative Lawsuits," Journal of Accounting Research, Wiley Blackwell, vol. 56(3), pages 797-842, June.
    15. Arts, Sam & Hou, Jianan & Gomez, Juan Carlos, 2021. "Natural language processing to identify the creation and impact of new technologies in patent text: Code, data, and new measures," Research Policy, Elsevier, vol. 50(2).
    16. Leonid Kogan & Dimitris Papanikolaou & Amit Seru & Noah Stoffman, 2017. "Technological Innovation, Resource Allocation, and Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(2), pages 665-712.
    17. Badertscher, Brad & Shroff, Nemit & White, Hal D., 2013. "Externalities of public firm presence: Evidence from private firms' investment decisions," Journal of Financial Economics, Elsevier, vol. 109(3), pages 682-706.
    18. Utpal Bhattacharya & Neal Galpin & Bruce Haslem, 2007. "The Home Court Advantage in International Corporate Litigation," Journal of Law and Economics, University of Chicago Press, vol. 50(4), pages 625-660.
    19. Wang, Yanzhi, 2023. "Trade secrets laws and technology spillovers," Research Policy, Elsevier, vol. 52(7).
    20. Thomas Bourveau & Guoman She & Alminas Žaldokas, 2020. "Corporate Disclosure as a Tacit Coordination Mechanism: Evidence from Cartel Enforcement Regulations," Journal of Accounting Research, Wiley Blackwell, vol. 58(2), pages 295-332, May.
    21. Richard Frankel & Joshua Lee & Zawadi Lemayian, 2018. "Proprietary costs and sealing documents in patent litigation," Review of Accounting Studies, Springer, vol. 23(2), pages 452-486, June.
    22. Gianluca Orsatti & Valerio Sterzi, 2024. "Patent assertion entities and follow-on innovation. Evidence from patent acquisitions at the USPTO," Industry and Innovation, Taylor & Francis Journals, vol. 31(4), pages 409-443, April.
    23. Re‐Jin Guo & Baruch Lev & Nan Zhou, 2004. "Competitive Costs of Disclosure by Biotech IPOs," Journal of Accounting Research, Wiley Blackwell, vol. 42(2), pages 319-355, May.
    24. Luigi Guiso & Giuseppe Parigi, 1999. "Investment and Demand Uncertainty," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 114(1), pages 185-227.
    25. Michele Boldrin & David Levine, 2002. "The Case Against Intellectual Property," American Economic Review, American Economic Association, vol. 92(2), pages 209-212, May.
    26. Leahy, John V & Whited, Toni M, 1996. "The Effect of Uncertainty on Investment: Some Stylized Facts," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(1), pages 64-83, February.
    27. Mark J. Garmaise, 2011. "Ties that Truly Bind: Noncompetition Agreements, Executive Compensation, and Firm Investment," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 27(2), pages 376-425.
    28. Kim, Jinhwan & Valentine, Kristen, 2023. "Public firm disclosures and the market for innovation," Journal of Accounting and Economics, Elsevier, vol. 76(1).
    29. Denise A. Jones, 2007. "Voluntary Disclosure in R&D†Intensive Industries," Contemporary Accounting Research, John Wiley & Sons, vol. 24(2), pages 489-522, June.
    30. Diamond, Douglas W & Verrecchia, Robert E, 1991. "Disclosure, Liquidity, and the Cost of Capital," Journal of Finance, American Finance Association, vol. 46(4), pages 1325-1359, September.
    31. Richard Lambert & Christian Leuz & Robert E. Verrecchia, 2007. "Accounting Information, Disclosure, and the Cost of Capital," Journal of Accounting Research, Wiley Blackwell, vol. 45(2), pages 385-420, May.
    32. Yuan Ji & Liang Tan, 2016. "Labor Unemployment Concern and Corporate Discretionary Disclosure," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 43(9-10), pages 1244-1279, October.
    33. Rajshree Agarwal & Martin Ganco & Rosemarie H. Ziedonis, 2009. "Reputations for toughness in patent enforcement: implications for knowledge spillovers via inventor mobility," Strategic Management Journal, Wiley Blackwell, vol. 30(13), pages 1349-1374, December.
    34. Grossman, Gene M. & Helpman, Elhanan, 1991. "Trade, knowledge spillovers, and growth," European Economic Review, Elsevier, vol. 35(2-3), pages 517-526, April.
    35. Choi, Jay Pil, 1998. "Patent Litigation as an Information-Transmission Mechanism," American Economic Review, American Economic Association, vol. 88(5), pages 1249-1263, December.
    36. Callaway, Brantly & Sant’Anna, Pedro H.C., 2021. "Difference-in-Differences with multiple time periods," Journal of Econometrics, Elsevier, vol. 225(2), pages 200-230.
    37. Bronwyn Hall, 2004. "The financing of research and development," Chapters, in: Anthony Bartzokas & Sunil Mani (ed.), Financial Systems, Corporate Investment in Innovation, and Venture Capital, chapter 2, Edward Elgar Publishing.
    38. Yonca Ertimur & Caleb Rawson & Jonathan L. Rogers & Sarah L. C. Zechman, 2018. "Bridging the Gap: Evidence from Externally Hired CEOs," Journal of Accounting Research, Wiley Blackwell, vol. 56(2), pages 521-579, May.
    39. Verrecchia, Robert E., 1983. "Discretionary disclosure," Journal of Accounting and Economics, Elsevier, vol. 5(1), pages 179-194, April.
    40. Jiang, Chao & Wintoki, M. Babajide & Xi, Yaoyi, 2021. "Insider trading and the legal expertise of corporate executives," Journal of Banking & Finance, Elsevier, vol. 127(C).
    41. Graham, John R. & Harvey, Campbell R. & Rajgopal, Shiva, 2005. "The economic implications of corporate financial reporting," Journal of Accounting and Economics, Elsevier, vol. 40(1-3), pages 3-73, December.
    42. Bushman, Robert M. & Smith, Abbie J., 2001. "Financial accounting information and corporate governance," Journal of Accounting and Economics, Elsevier, vol. 32(1-3), pages 237-333, December.
    43. Claude Crampes & Corinne Langinier, 2002. "Litigation and Settlement in Patent Infringement Cases," RAND Journal of Economics, The RAND Corporation, vol. 33(2), pages 258-274, Summer.
    44. Filippo Mezzanotti, 2021. "Roadblock to Innovation: The Role of Patent Litigation in Corporate R&D," Management Science, INFORMS, vol. 67(12), pages 7362-7390, December.
    45. Caleb Rawson, 2022. "Correction to: Manager perception and proprietary investment disclosure," Review of Accounting Studies, Springer, vol. 27(4), pages 1526-1526, December.
    46. Grabowski, Henry G & Baxter, Nevins D, 1973. "Rivalry in Industrial Research and Development," Journal of Industrial Economics, Wiley Blackwell, vol. 21(3), pages 209-235, July.
    47. Roychowdhury, Sugata & Shroff, Nemit & Verdi, Rodrigo S., 2019. "The effects of financial reporting and disclosure on corporate investment: A review," Journal of Accounting and Economics, Elsevier, vol. 68(2).
    48. Beatty, Anne & Liao, Scott & Yu, Jeff Jiewei, 2013. "The spillover effect of fraudulent financial reporting on peer firms' investments," Journal of Accounting and Economics, Elsevier, vol. 55(2), pages 183-205.
    49. Hung-Yuan Richard Lu & Jennifer Wu Tucker, 2012. "Nonearnings Corporate Guidance," Financial Management, Financial Management Association International, vol. 41(4), pages 947-977, December.
    50. Chen, Feng & Hou, Yu & Qiu, Jiaping & Richardson, Gordon, 2023. "Chilling effects of patent trolls," Research Policy, Elsevier, vol. 52(3).
    51. Fiona Murray & Siobhán O'Mahony, 2007. "Exploring the Foundations of Cumulative Innovation: Implications for Organization Science," Organization Science, INFORMS, vol. 18(6), pages 1006-1021, December.
    52. Yinghua Li & Yupeng Lin & Liandong Zhang, 2018. "Trade Secrets Law and Corporate Disclosure: Causal Evidence on the Proprietary Cost Hypothesis," Journal of Accounting Research, Wiley Blackwell, vol. 56(1), pages 265-308, March.
    53. Goodman-Bacon, Andrew, 2021. "Difference-in-differences with variation in treatment timing," Journal of Econometrics, Elsevier, vol. 225(2), pages 254-277.
    54. Caleb Rawson, 2022. "Manager perception and proprietary investment disclosure," Review of Accounting Studies, Springer, vol. 27(4), pages 1493-1525, December.
    55. Orie E. Barron & Donal Byard & Charles Kile & Edward J. Riedl, 2002. "High‐Technology Intangibles and Analysts’ Forecasts," Journal of Accounting Research, Wiley Blackwell, vol. 40(2), pages 289-312, May.
    56. Giovanni Peri, 2005. "Determinants of Knowledge Flows and Their Effect on Innovation," The Review of Economics and Statistics, MIT Press, vol. 87(2), pages 308-322, May.
    57. Appel, Ian & Farre-Mensa, Joan & Simintzi, Elena, 2019. "Patent trolls and startup employment," Journal of Financial Economics, Elsevier, vol. 133(3), pages 708-725.
    58. James J. Anton & Dennis A. Yao, 2004. "Little Patents and Big Secrets: Managing Intellectual Property," RAND Journal of Economics, The RAND Corporation, vol. 35(1), pages 1-22, Spring.
    59. Francis, J & Philbrick, D & Schipper, K, 1994. "Shareholder Litigation And Corporate Disclosures," Journal of Accounting Research, Wiley Blackwell, vol. 32(2), pages 137-164.
    60. Lauren Cohen & Umit G. Gurun & Scott Duke Kominers, 2019. "Patent Trolls: Evidence from Targeted Firms," Management Science, INFORMS, vol. 65(12), pages 5461-5486, December.
    61. Glaeser, Stephen, 2018. "The effects of proprietary information on corporate disclosure and transparency: Evidence from trade secrets," Journal of Accounting and Economics, Elsevier, vol. 66(1), pages 163-193.
    62. Sudipto Bhattacharya & Jay R. Ritter, 1983. "Innovation and Communication: Signalling with Partial Disclosure," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(2), pages 331-346.
    63. Darrough, Masako N. & Stoughton, Neal M., 1990. "Financial disclosure policy in an entry game," Journal of Accounting and Economics, Elsevier, vol. 12(1-3), pages 219-243, January.
    64. George Chondrakis & Carlos J. Serrano & Rosemarie H. Ziedonis, 2021. "Information disclosure and the market for acquiring technology companies," Strategic Management Journal, Wiley Blackwell, vol. 42(5), pages 1024-1053, May.
    65. Tseng, Kevin & Zhong, Rong (Irene), 2024. "Standing on the shoulders of giants: Financial reporting comparability and knowledge accumulation," Journal of Accounting and Economics, Elsevier, vol. 78(1).
    66. Bessen, James & Neuhäusler, Peter & Turner, John L. & Williams, Jonathan, 2018. "Trends in private patent costs and rents for publicly-traded United States firms," International Review of Law and Economics, Elsevier, vol. 56(C), pages 53-69.
    67. Zhong, Rong (Irene), 2018. "Transparency and firm innovation," Journal of Accounting and Economics, Elsevier, vol. 66(1), pages 67-93.
    68. Deepak Somaya & Ian O. Williamson & Xiaomeng Zhang, 2007. "Combining Patent Law Expertise with R&D for Patenting Performance," Organization Science, INFORMS, vol. 18(6), pages 922-937, December.
    69. Manuel Trajtenberg & Adam B. Jaffe & Michael S. Fogarty, 2000. "Knowledge Spillovers and Patent Citations: Evidence from a Survey of Inventors," American Economic Review, American Economic Association, vol. 90(2), pages 215-218, May.
    70. Deepak Somaya, 2003. "Strategic determinants of decisions not to settle patent litigation," Strategic Management Journal, Wiley Blackwell, vol. 24(1), pages 17-38, January.
    71. Kim, Jinhwan & Valentine, Kristen, 2021. "The innovation consequences of mandatory patent disclosures," Journal of Accounting and Economics, Elsevier, vol. 71(2).
    72. Baruffaldi, Stefano H. & Simeth, Markus, 2020. "Patents and knowledge diffusion: The effect of early disclosure," Research Policy, Elsevier, vol. 49(4).
    73. Dayani, Arash, 2023. "Patent Trolls and the Market for Acquisitions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 58(7), pages 2928-2958, November.
    74. Lang, M & Lundholm, R, 1993. "Cross-Sectional Determinants Of Analyst Ratings Of Corporate Disclosures," Journal of Accounting Research, Wiley Blackwell, vol. 31(2), pages 246-271.
    75. Zvi Griliches & Ariel Pakes & Bronwyn H. Hall, 1986. "The Value of Patents as Indicators of Inventive Activity," NBER Working Papers 2083, National Bureau of Economic Research, Inc.
    76. Kiebzak, Stephen & Rafert, Greg & Tucker, Catherine E., 2016. "The effect of patent litigation and patent assertion entities on entrepreneurial activity," Research Policy, Elsevier, vol. 45(1), pages 218-231.
    77. Bernard, Darren & Blackburne, Terrence & Thornock, Jacob, 2020. "Information flows among rivals and corporate investment," Journal of Financial Economics, Elsevier, vol. 136(3), pages 760-779.
    78. James Bessen & Michael J. Meurer, 2008. "Do Patents Perform Like Property?," Working Papers 0801, Research on Innovation.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Glaeser, Stephen & Lang, Mark, 2024. "Measuring innovation and navigating its unique information issues: A review of the accounting literature on innovation," Journal of Accounting and Economics, Elsevier, vol. 78(2).
    2. Callen, Jeffrey L. & Fang, Xiaohua & Zhang, Wenjun, 2020. "Protection of proprietary information and financial reporting opacity: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 64(C).
    3. Ahçi, Mustafa, 2023. "Essays on corporate disclosures, innovation, and investments," Other publications TiSEM 0dddb5f7-17e1-41ba-97da-0, Tilburg University, School of Economics and Management.
    4. Dyer, Travis A. & Glaeser, Stephen & Lang, Mark H. & Sprecher, Caroline, 2024. "The effect of patent disclosure quality on innovation," Journal of Accounting and Economics, Elsevier, vol. 77(2).
    5. Biehl, Henrike & Bleibtreu, Christopher & Stefani, Ulrike, 2024. "The real effects of financial reporting: Evidence and suggestions for future research," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 54(C).
    6. Kose John & Xiaoran Ni & Chi Zhang, 2025. "Does Accelerated Patenting Information Dissemination Affect Managers’ (Un)Ethical Behavior? Evidence from the American Inventor’s Protection Act and Crash Risk," Journal of Business Ethics, Springer, vol. 197(4), pages 739-759, April.
    7. Tseng, Kevin & Zhong, Rong (Irene), 2024. "Standing on the shoulders of giants: Financial reporting comparability and knowledge accumulation," Journal of Accounting and Economics, Elsevier, vol. 78(1).
    8. Yan Li & Yutao Li, 2020. "The effect of trade secrets protection on disclosure of forward‐looking financial information," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(3-4), pages 397-437, March.
    9. Daniel Aobdia, 2018. "Employee mobility, noncompete agreements, product-market competition, and company disclosure," Review of Accounting Studies, Springer, vol. 23(1), pages 296-346, March.
    10. Kim, Jinhwan & Valentine, Kristen, 2023. "Public firm disclosures and the market for innovation," Journal of Accounting and Economics, Elsevier, vol. 76(1).
    11. Zhangfan Cao & Chen Hua & Yan Tong & Xi Wang, 2023. "The crowding‐out effects of innovation information disclosure on peers' innovation: Evidence from innovation‐driven M&As in China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(5), pages 4883-4908, December.
    12. Yanrong Jia & Ananth Seetharaman & Yan Sun & Xu Wang, 2023. "Relative Performance Goals and Management Earnings Guidance," Journal of Business Ethics, Springer, vol. 183(4), pages 1045-1071, April.
    13. Park, Jihwon & Sani, Jalal & Shroff, Nemit & White, Hal, 2019. "Disclosure incentives when competing firms have common ownership," Journal of Accounting and Economics, Elsevier, vol. 67(2), pages 387-415.
    14. Filippo Mezzanotti, 2021. "Roadblock to Innovation: The Role of Patent Litigation in Corporate R&D," Management Science, INFORMS, vol. 67(12), pages 7362-7390, December.
    15. Durnev, Art & Mangen, Claudine, 2020. "The spillover effects of MD&A disclosures for real investment: The role of industry competition," Journal of Accounting and Economics, Elsevier, vol. 70(1).
    16. Liu, Qigui & Wang, Junyi & Chi, Wenqiang, 2022. "The spillover effects of innovation content disclosure in MD&A," Pacific-Basin Finance Journal, Elsevier, vol. 76(C).
    17. Mei Cheng & Yuan Zhang & Meiling Zhao, 2025. "The role of equity underwriters in shaping corporate disclosure," Review of Accounting Studies, Springer, vol. 30(1), pages 247-286, March.
    18. Jared Jennings & Jung Min Kim & Joshua Lee & Daniel Taylor, 2024. "Measurement error, fixed effects, and false positives in accounting research," Review of Accounting Studies, Springer, vol. 29(2), pages 959-995, June.
    19. Beyer, Anne & Cohen, Daniel A. & Lys, Thomas Z. & Walther, Beverly R., 2010. "The financial reporting environment: Review of the recent literature," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 296-343, December.
    20. Luminita Enache & Khaled Hussainey, 2020. "The substitutive relation between voluntary disclosure and corporate governance in their effects on firm performance," Review of Quantitative Finance and Accounting, Springer, vol. 54(2), pages 413-445, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:respol:v:54:y:2025:i:1:s0048733324001768. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/respol .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.